Charity number. 226747 MARJORIE COOTE OLD PEOPLE'S CHARITY FUND UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
MARIORIE COOTE OLD PEOPLFS CHARITY FUND CONTENTS Pa8e Reference and admlnlstratl¥e detalls of the charStYi Its Trust•es and adv15ers Trustees, report Independent examiner's report ststement of Ilnanclal act]v5tle5 Balance sheet Notes to the financial 5t*ernents 8-15
MARJORIE COOTE OLD PEOPLE'S CHARITY FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD EAIDED 31 MARCH 2024 Trustees Lady Neill DL Mr NJAHutton MBE Dr C J Lawrenson Mrs S D Neill Mr5 P Mjewitt CharSty registered number 226747 Prlnclpal office Marjorie Coote Old People'5 Charity Fund arn Cottage Lindrick Cornmon Work50P S8188A Contact EmaS1: mcop@neillcharitie5.com Website.. neillcharities.comlrncop Accountants BHP LLP 2 Rutland Park Sheffield 510 2PD Bankers National Westminster Bank plc 42 High Street Sheffield 512GE Sollcltors Wrigleys Solicitors Derwent House 150 Arundel Gate Sheffield SI 2FN Investment ad¥isor5 Rathbone5 (incorporating Investec Wealth & Investment IUKII 61 Napier Street Sheffield 5118HA Independent examlner Rachel Heath FCCA DChA BHPLLP 2 Rutland Park Sheffield 510 2PD Page I
MAIUORIE C(IOTE OLO PEOPLE'S CHARITY FUND TRUSTEES, REPORT FOR THEPERIOD ENDED 31 MARCH 2024 The Trustees present their report and accounts for the period ended 31 March 2024. The period end date was changed to 31 March during the period. This mean5 that the current period is 361 days rather than a fvll year and 50 the figure5 are not entirely comparable with the prior year. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Charity Fund's Deed, the Charities Act 2011 and A£counting and Reporting by Charlties.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland Ipubli5hed in October 20191. Structure• governonce atmonDeMent a. Constltution The Charity Fund wa5 established by a Trust Deed dated 29 September 1958 with gifts made by Marjorle Wlke Coote, a daLtghter of James Neill and an aunt of the late Sir Hugh Neill. The Trustees who served during the period are.. Lady Neill DL Mr NJAHutton MBE Dr C J LawTen50n Mrs S D Neill Mrs P M Jewitt b. Methods of appolntment or electlon of Trustees Trustees are appointed by existing Trustees with the appointment being confirmed in writing. All Trustees give their tirne freely and no Trustee wa5 remunerated in the period. ¢. Fin¥n¢ial risk monasement The Principal risks to which the charity is exposèd are the security and perforrnan of the Investments and cash. The Trustees are satisfied that thèy have arrangements in place to mitigate those risks. ObiectNes pnd urtNitles a. Polities and objertives Marjorie Coote Old People's Charity Fund is to bè applied by the Trustees in such manner as they shall in their absolute discretion think fit for the benefit of old petsple of 5rnall means who were born in. or have resided for not le5S 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 fundin8 area. It is the policy of the Trustees to concentrate their support mainly on established charitable organi5ation5 which work actively for the benefit of old people in the area of jurisdiction. The Trustees meet In September each year to consider appeals, whlch should be submitted by email durin8 the month of July. Appeals reIved at other times of the year are deferred until the following Septembei unle55 they require consideration fo¥ an sjrgent grant for a specific project. Page 2
MARIORIE COOTE OLD PEOPLE'S CHARITY FUND TRUSTEES. REPORTICONTINUEDI FOR THE PERIOD ENDED 31 MARCH2024 Oblectlves and artlvltles Icontlnued) b. Pub15c benefrt The Trustees have complied with the duty In sectlon 17 of the Charitie5 Act 2011 to have due regard to publlc benefit guidance published by the Charlty Commission. Detsi15 gf the activities carried out to deliver a public benefit are set out in the achievements and performance section below. Athievements tsndperforn?once . Maln achlevement5 of the ¢harftv During the period, the Trustees provided financial support totallin8 £147,00012023- £137,250) to 22 organlsatlon512023'. 241. Details of support and the grants made are set out in the notes to the accounts. nonciulrevlew a. Revlew of the perlod The attached account5 Show the current state of the charity'5 finances. Total income fo¥ the period was £156,18512023- £153.0881. Total expenditure for the period was £176,998 12023= £163,634). Investment management cost5 were £17,829 12023.. £18,432). Grant5 to institution5 were £147,00012023.. E137,2501. Support costs were £12.16912023- £7.9521. Net incorne for the period wa5 £18,98912023.' £219,257 net expenditure) after taking intij account the gain on investment a55et5 of £39,802 12023.. £208,711 losses). There was a deficit on the unrestricted fund of £6,60112023- £4531 and a Surplus on the endowment fund of £25.59O12023: £218,804 deficit). Total funds carrled forward at 31 March 2024 are £3.462,074 12023.. £3.443.0851 of which ondowment funds 2r@ £3,207,92112023- £3,182,331) and unrestricted funds are £254,15312023.. £260,754). The Trustee5 consider the overall finances of the charity to be sound. RÈser¥es pollcy At 31 March 2024 the charity had unrestrlcted reserves amounting to £254,153. The TrusteES consider it to be prudent to hold reserve5 of this order partly so that the level of grants in the immediate future can be sustained the event of anv unforeseen fall in incoming re50urce5 and partly to enable the Trustees to make one or more particularly substantial grants without prejudicing the normal pattern of grant making. c. fjoln8 concern There are no material unrtaIntieS in relation to going concern. Further details about the adoptlon of the going concern basis are given in ntste 1.2 to the acco¥Jnts. Page 3
MARJORIE COOTE OLD PEOPLE'S CHARITY FUND TRUSTEES, REPORT ICONTINUEDI FOR THEPERIOD ENDED 31 MARCH 2024 d. Investment pollcy The expendable endowrnent fund assets are held substantially in quoted 5ecuritie5 covering a (thver5ified ran8e of a55et5 including Fixed Interest, UK and Oversèas Equities, Commerclal Property and Alternative Investments. The investment objective is to maxirnise the fund5 of the charity throvgh a mixture of the above assets, achievlng a level of incorne commensurate to the 455et mix and capital growth ahead of inflation over time. This objective should be ach%eved undertaking only a moderate level of risk. Around 60% of the unrestricte(l income fund Is currently held In quoted securities. The balance of the expendable endowment fund and the unrestricted income fund 15 held in cash on deposit. The Trustees, investmenis are managed by the Investment advlsors on a dlscretlonary basls. e. Asset cover for fund5 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 basls. Statèment of Trustees. responslbllltles The Trustees are responsible for preparing the Trustees, report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give 8 true Bnd fair view of the State of affairs of the charity and of its incoming re50urce5 and appl6cation 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 IFRS 1021.. make ludgmenrs and accountlng estlmates that are reasonable and prudent.. state whether applicable UK Accounting Standards IFRS 1021 have been followed; prepare the financial statements on the goinB concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are iesponsible 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 A 2011, the Charity (Accounts and Reports) Regulations 2008 and the provision5 of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventlon and detectlon of fraud and other irregularities. Approved by order of the members of the board of Tiustèes and signed on their behalf by= Lady Nelll DL Date.. Page 4
MAIUORIE COOTE OLD PEOPLE'S CHARITY FUND INDEPENDENT EXAMINER'S REPORT FOR THEPERIOD ENDED 31 MARCH 2024 Indeplndent Examlner's ReFXJrt to the Trustees of Marlorle Coote Old People's Charity Fund I'the charitv'l I report to the charity Trustees on my examination of the accounts of the charity for the period ended 31 March 2024. Responslbllitie5 and Basls of ft•port As the Trustees of the charity you are responsible for the preparation of the ac¢ount5 in accordance with the requirements of the Ch3rities Act 20111'the 2011 Act'l. I report in respect of my examination of the charity'5 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 Commi55ion under section 14515llbl of the 2011 Act. Independent Emamlnerfs Staiement I have cornpleted my examination. I confirm that no matters have come to my attention in tonnection with the examination givin8 me cause to believe that in any rnaterial respect.. atcounling records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the accounts do not accord wlth those recoTds,' or the accounts do not comply wlth the applicable requirements concerning the form and contènt of accounts sèt out in the Charltie5 (Accounts and Repoitsl Regulations 2008 other than any requirèment that the accounts give a 'true and fair, vlew 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 whlch attention should be drawn in thi5 report in order to enable a proper understanding of the accounts lo be reached. Signeil- Dated.. 1711012024 Signei ID.- WKOLTHN6RI. Rachel Heath FCCA DChA BHPLLP 2 Rutland Park Sheffield 510 2PD Page 5
MARIORIE COOTE OLD PEOPLE'S CHARITY FUND STATEMENT OF FINANCIALACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2024 Unrestrirted funds 2024 Endowment fund5 2024 Total fund5 2024 Total fund5 2023 Note Income and Èndowmènts from.. Investments 156.185 156.185 153,088 Total income and endmyments 156.185 156,185 153,088 Expendlture on: Raising funds Charitable activities.. 17,829 17,829 18,432 Grants 147,000 11169 147,000 IZ,169 137,250 7,952 Support costs Tofal expendlture 159,169 I729 176.998 163,634 Net expendlture before net110ssesll8alns on Investments (19841 (3.6171 117.8291 43A19 120.8131 Y9,802 110.5461 1208,7111 Net IlosseslJBains on investments Net movement in fund5 {6.601} 25.590 18.989 1219.2571 Re({£1114t1on of fund5: Total funds brought forward Net movement In funds 260.754 (6,601) 3.182.331 25,590 3A43,085 3.662.342 1219,2571 18,989 Total funds ¢3rrled fonmard 254,153 3,207,921 3A62.074 3,443,08S The Statement of Financial Activitie5 includes all gain5 and losses recognised In the perlod. All Income and expenditure amounts relate to continuin8 actlvities. Page 6
MAJUORIE COOTE OLD PEOPLE'S CHARITY FUND BALANCE SHEET ASA T31 MARCH 2024 41 March 2024 5 April 2023 Note Flxed assets Inve5trnen15 3.460.293 3,314,673 3,460,293 3.314,673 Current assets Cash at bank and in hand 5.765 132,246 5.765 132,246 Creditors= amounts falllng due within one year 13,8341 Net current aS5et5 1,781 128.412 Total net assets 3,462,074 3,443,085 Charltyfunds Endowment fund5 io 3.207.921 3.182.331 260,754 Unrestricted funds ID 254,153 Total funds 3A62,074 3,443,085 The financial statements were aPPTove(t and authorlsed for issue by the Trusiees and 518ned on their behalf by= Lady Nelll DL Date: The notes on pa8e5 8 to 15 fomi part of these financial statements. Page 7
MAIUORIE COOTE OLD PEOPLVS CHARITY FUND NOTESTO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Accountlng policles 1.1 Basis of prepttrotNon ofAinonciulstqt¢ments The financial statements have been prepared in accordance with the Charitie5 SORP IFRS 1021 Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charltles preparlng thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irèland IFRS 1021 (published in October 20191, the Financial Reporting Stand3rd applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2L)11 and UK Generally Accepted Accountin8 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 IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l 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 OT 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 item5 ai fair value. The financial 5taternents are prepared in sterlin& which is the functional currency of the charity and rounded to the nearest E. 2.2 Golfw concern The financial Statements have been prepared on a going concern basls as the trustees believe that no material uncertaintie5 exist. The trustees have considered the level of funds held and the expected level of incorne and expenditure for 12 months from authorising these financial stateme*)ts. The charity has sufficient reserves to enable it to cot)tinue 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 All income is reco8ni5ed once the company ha5 entitlement to the income, it Is probable that the income will be received and the amount of income receivable can be measured reliablv. 1.4 Expendlture Expenditure is included on an accruals basis inclusive of any irrecoverable VAT. Grants payable are charged in the period 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 conditlOn5 which have not been met at the periodend are noted as a commltment. but not accrued as expenditure. All 8overnance and secretarial costs are akin to support cost5 under the Charities SORP IFR5 1021. All costs other than investment fees are therefore shown as support costs under charitable expenditure. Pa8e 8
MARIORIE COOTE OLD PEOPLE'S CHARITY FUND NOTESTO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Accounting pollcles Icontlnuedl 1.4 Expendlture (¢ontlnuedJ Expenditure on raising funds includes all expenditure incurred by the charlty to raise funds for its charitable purpose5 and include5 Costs of all fundraisin8 activities events and non-charitsble trading. Expenditure on charitable actsvities 15 incurred on directly undertaking the activities whlch further the charlty's objectives. as well as any associated support costs. JS Taxatlon The charity is considered to pass the tests set out in Sch. 6, para. l of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potènti3lly exempt from taxation in respect of income or capital gains received within categorie5 covered by Income Tax Act 2007, Part 10 s521- s537 or s. 256 of the Taxation of Chargeable Galns Art 1992. to the extent that such income or 8ain5 are applied exclu5ivety to charitable purposes. 1.6 Ink*estments Investments are included at their market value on 31 March and the unrealised net gains or losses arisirsg frorr the revaluation are recognised in the Statement of Financial Activitie5. Trade and other debtors are recogni5ed at the settlement amount after any trade discount offered. Prepayments are valued at the arnount prepaid net of any trade discounts due. 1.8 Cash at bonlr qndin Imnd Cash at bank and in hand includes cash and shon-term highly liquid Investments with a short rnaturity of three rnonths ol les5 from the date of acquisition or opening of the deposit or similar account. 1.9 Cffditor5 undpmvlslons Creditors and provisions are Tecognised where the charity has a present obligation resulting from a past event that will probably result in the tran5feT of fund5 to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 and provisions are normally recognised at their settlemènt amount after allowing for any trade discount5 due. LIO Finonciulinstruments The charity only has financial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. Basic financlal instruments are initlally recognised at transaction value and subse4uentlv measured at thelr settlement value with the exception of bank loans which are subsequently measured at arnort15ed cost using the effective interest method. Page 9
MAIUORIE COOTE OLD PEOPLE'S CHARITY FUND NOTES TO THE FINANCIAL STATEMENTS FOR fHE PERIOD ENDED 31 MARCH 2024 A¢countlng pollcles Icontlnued) 1.11 Fund accountinq Expendable Endovfflient Fund This fund represents the value of the original gift to the charlty In 1958, togeiher with the net investment gain5, realised and unreallsed, slnce that tlme. This comprises funds that may be held in perpptuity which the Trustees are able to use in accordance with the charltable objects detailed in the Trust Deed. Therefore the Trusteès 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 chariW5 objertives. Investment income Unrestrkted funds 2024 Total funds 20Z4 Totsl funds 2023 Income from local listed investments 155.331 854 155331 854 152,836 252 Investment income 156,185 156,185 153,088 Total 2023 153.088 153.088 Raisinglunds Endowment funds Z024 Total fund5 2024 Total funds 2023 Investment management costs 17.829 17029 18.432 Total 2023 18.432 18.432 Page 10
MARJORIE COOTE OLD PEOPLfs CHARITY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH2024 Grants payable UnrestTiCted fund5 2024 Total funds 2024 Total funds 2023 Grants 147.000 147,000 137,250 Total 2023 137,250 137.250 31 March 2024 5 April 2023 Grnnts comprtse.. Active for Life Solutions CIC 2,51X) 11.000 Age UK Barnsley Age UK Rotherham Age UK Sheffield BIADS 13,OOD 13,000 23,0110 11,000 22,000 5,000 Barn51ey H05pice B..Friend 10,000 00 Care in Crosspool Carmel Care Centre 500 2,rx)o 15.C Cavendlsh Cancer Care 17.0(Kl Cruse 3.0110 500 Hi8h Street Centre Ignite Imaginations Lost Chord 2,000 2,000 1.000 2AIOO Manor Comrnunity Transport MHA Communltles 3AIOO 2AKIO Motor Neurone Disease Association 2.000 Pace5 Sheffield 500 Re-engage Rotherham Hosplce Royal Voluntary Service Sheffield Churthes, Council for Community Carè Sheffield Hospital CharTty 1,000 S(K) 5CKI 3,000 1.250 Page 11
MAIIIORIE COOTE OLD PEOPLE'S CHARtrY FUND NOTES TO THE FINANCIAL STATEMEWS FOR THEPERIOD ENDED 31 MARCH 2024 Grants payable- contlnued 31 Mah 2024 5 April 2023 Sheffield Royal Society for the Blind Sheffield Dial a Ride Club Sheffield Mpncap & Gatewav st Luke's Hospice St Mary's Community Centre 5t Paul's WoTd5worth Avenue (Capital appeal St Wilfrid's Centre stocksbridge Community Care Group Ltd The Foundry Voluntary Actlon Sheffield I,(M)O 10,000 25,000 2,SOO 2.000 3,500 2.000 2,000 10.000 10,000 147,lJOO 137.2x1 Support costs 31mah 2024 5 April 2023 Accountancy charges Independent examination charges Bank charges Legal charge5 Administration c95ts 3,410 574 3,282 552 29 3.176 4,986 4,089 12,169 7,952 Trustees, remuneratlon and expenses During the period. no Trustees received any mUneratIon or othei benefits12023- £nill. During the period ended 31 March 2024. expenses totalling £135 were reimbursed or paid directly to l Trustee 12023- £147 to l Trustee) in respect of postage, stationery and other office costs during the period. Employee5 There were no employees during either period. Page 12
MARJORIE COOTE OLD PEOPLE'5 CHARITY FUND NOTESTO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Fixed asset Investments UnrestrrctÈd Endowment funds funds Total 2023 Total 2022 Ustedinvertments.. At 6 Aprll 2023 Addition5 148,708 76,671 176,6711 3,154,617 462,470 146B,6121 3.303,325 539,141 1545,2831 3,534.074 518.603 1540,6411 DisPOsa15 Revaluations 12,5301 42,332 39,802 1208.7111 At 31 March 2024 146,178 3,190,807 3,336.985 3.303,325 Investment cash 123,241 67 123,308 11,348 At 31 Mard) 2024 269,419 3,190.874 3.460,293 3,314,673 Historical cost 190,930 2,790,778 981,708 2,756.189 Credltors: Amounts falllng due wlthln one year 31 Marth 2024 5 ApTiI 2023 Accruals 3,984 3.834 Page 13
MARJORIE COOTE OLD PEOPLE'S CHARITY FUND NOTES TO THE FINANCIAL5TATEMENTS FOR THE PERIOD ENDED 31 MARCH2024 io. Statemerrt ol funds Statement of funds- ¢urrent period Balance at6 Awil 2023 Balance at 31 March 2024 Inrne ExPendIre (Losses} Unrestrlrtedfvnd5 General funds 260,754 156.185 1159,1691 13.6171 254,153 Endowmentfvnds Expendable endowment fund 3,182.331 117,829) 43019 3,207,921 Totoloffvnds 3,443.085 156.185 1176,998) 3902 3,462,074 statement of funds- prlor perlod Balance at 6 April 2022 Gainsl ILossesl Balance at 5 April 2023 Income Expenditure Unrestrfrtedfunds General funds 261.207 153,088 1145,2021 18.3391 260,754 Endowmentfvnds Expendable endowmernt fund 3.401.135 118.4321 1200,3721 3,182,331 Totul offvnds 3,662,342 153,088 1163,6341 1208,7111 3.443,085 Descriptions for the above funds can be found In the accounting policy in note 1.11. Page 14
MARJORIE COOTE OLD PEOPLE'S CHARITY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THEPERIOD ENDED 31 MARCH2024 ii. Analysls of net a55et5 bètween funds Analys15 of net asset5 between lunds- current perSod Unrestricted Endowment funds funds 31 Marth 31 MaY(h 2024 2024 Total fund5 31 March 2024 Fixed a55et investments 269,419 111.2821 3,9841 3,190,874 I7,(7 3,460,293 5.765 13,9841 Current a55ets CreditiJr5 due within one year Total 254,153 3,207.921 3,462x174 Analysls of assets between funds- prior period Unrestricted funds 5 April 2023 Endowment funds 5 April 2023 Total fund5 5 April 2023 Fixed asset investments 148,708 115,880 13,8341 3.165,965 16,366 3,314.673 132,246 13.8341 Current assets Creditors due within one year Tothl 260,754 3,182,331 3,443,085 12. Related party transadions The charlty paid £2s,012023.' £25.Ocl to St Luke's Hospice of which Lady Nelll DL Is Presi(Jent. The charity paid £5,00012023.' £10.OQOI to Sheffield Dial A Ride Club of which Mr N J A Hutton MBE Is a Trustee. The charity paid £23,0l2023'. £22,C4JOI to Age UK Sheffield of whlch Mf N J A Hutton MBE 15 President. Page 15