Charity number: 228466
The Grantham Yorke Trust
Trustees' Report and Financial Statements
For the Year Ended 05 April 2022
The Grantham Yorke Trust
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Trust, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Auditors' Report on the Financial Statements | 6 - 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 - 23 |
The Grantham Yorke Trust
Reference and Administrative Details of the Trust, its Trustees and Advisers For the Year Ended 5 April 2022
| Trustees | Tim Clarke, Co-Optative Trustee, Chairman from 7 June 2021 |
|---|---|
| Howard Belton, Co-Optative Trustee, Chairman until 7 June 2021 | |
| Sue Butler, Co-Optative Trustee | |
| Sonia Kaur, Co-Optative Trustee (resigned 7 March 2022) | |
| Beverley Momenabadi, Co-Optative Trustee | |
| Hugh Sherriffe, Nominative Trustee | |
| Phillip Smiglarski, Co-Optative Trustee | |
| The Very Reverend Matthew Thompson, Nominative Trustee | |
| Charity registered number 228466 Principal office The Estate Office Wharf Cottage Broombank, Newnham Bridge Tenbury Wells Worcestershire WR15 8NY Clerk to the Trustees Christine Norgrove Independent auditors Dains Audit Limited 15 Colmore Row Birmingham B3 2BH Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Veale Wasbourough Vizards LLP 3 Brindley Place Birmingham B1 2JB Investment Advisers Investec Wealth & Investment Limited Colmore Plaza Colmore Circus Birmingham B4 6AT |
Page 1
The Grantham Yorke Trust
Trustees' Report For the Year Ended 5 April 2022
The Trustees present their annual report together with the audited financial statements of the Trust for the 6 April 2021 to 5 April 2022.
Structure, governance and management
a. Constitution
The Grantham Yorke Trust is a registered charity, number 228466, and is constituted under a Charity Commission Scheme dated 12 December 1975 as amended on 4 March 2019.
b. Methods of appointment or election of Trustees
The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Charity Commission Scheme.
c. Organisational structure and decision-making policies
All matters of policy and management are determined by the Trustees who meet quarterly and at such other times as circumstances require. The Chairman is authorised to sanction emergency grants which are reported to the Trustees at their next meeting.
The Trustees have appointed an Investment Sub-Committee of Howard Belton, Phillip Smiglarski and Tim Clarke. The Committee meets half-yearly and at such other times as market conditions require. The Committee is advised on investment matters by Investec Wealth & Investment Limited who manage the Trust's portfolio on a discretionary basis.
d. Policies adopted for the induction and training of Trustees
When complete, the body of Trustees consists of nine Co-Optative Trustees and two Nominative Trustees.
Power to appoint Co-Optative Trustees rests with the existing Trustees. One Nominative Trustee is nominated by Barnardo's and the other by the Provost of the Cathedral Church of St. Philip, Birmingham and the Rector of the Parish of St. Martin, Birmingham. Co-Optative Trustees will be appointed for a term of seven years and Nominative Trustees for a term of four years.
When recruiting new Trustees individuals are sought whose skills and experience can make a significant contribution to the management of the Trust.
New Trustees are made aware of their responsibilities and are helped to familiarise themselves with the practical and financial operations. To assist them they are provided with a copy of the Trust's constitution, the latest published accounts and appropriate Charity Commission publications.
e. Financial risk management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trustees continue to keep under review the major operational and strategic risks to which the Trust is exposed.
Plans for future periods
The Trustees have sought to consolidate the Trust's financial position in order to ensure that a sufficient income stream will be available to maintain an appropriate level of grants for the foreseeable future.
Page 2
The Grantham Yorke Trust
Trustees' Report (continued) For the Year Ended 5 April 2022
Objectives and activities
a. Policies and objectives
The Trustees are required, subject to the payment of expenses, to apply the income of the Trust for the benefit of persons under the age of 25 years who are in need as well as individuals and orgainsations in the West Midlands area, in all or any of the following ways:
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a) in advancing the education and physical and social training of such persons;
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b) in providing financial assistance, outfits, clothing, tools, instruments, equipment or books to help such persons on leaving school, university or other educational establishment, to prepare for, or to enter, a profession, trade or calling;
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c) in apprenticing such persons to some useful profession, trade or calling;
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d) in promoting or assisting the education or rehabilitation of such persons who are in need of physical, mental or moral care;
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e) in assisting by way of education and training the prevention of juvenile delinquency, the abuse of drugs, alcohol and gambling, the procreation of unwanted children and the neglect or ill-treatment of children; f) in assisting by way of advice, education and training such persons who are parents in the upbringing of their children;
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g) in assisting in the upbringing of such persons by advising, educating and training the parents of such persons;
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h) in providing for such persons facilities for recreation and other leisure-time occupation in the interests of social welfare with the object of improving their conditions of life and helping them so to develop their physical, mental and spiritual capacities, self reliance and individual responsibility that they may grow to full maturity as individuals and members of society.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Review of activities
The Trust's financial statements are set out on pages 10 to 23.
Distributable income increased from £218,578 to £242,654. With undistributed income of £211,013 at 6 April 2021, a total of £453,667 was available to be used for the Trust's charitable objects.
£246,966 was distributed to organisations (2021 - £260,981) and £7,366 to individuals (2021 - £11,291). Previous grants repaid in the year amounted to £3,098 (2021 - £300). After support costs of £4,099 (2021 - £4,033) and governance costs of £4,751 (2021 - £4,571), the balance of undistributed income of £193,583 (2021 - £211,013) is carried forward to be added to the income of the following year.
Sales of investments resulted in realised gains of £270,840 (2021 - realised losses of £56,511). The value of the Trust's investments stand at £7,155,798 at the year end (2021 - £6,877,265).
The Trustees are of the opinion that the balance sheet discloses funds adequate for the purpose of fulfilling the obligations of the Trust.
b. Investment policy and performance
As the Trustees need to have an income which is constantly rising in real terms, their investment policy is to buy long term holdings which are calculated to provide steady capital growth without undue risk and which in turn should lead to steady, long term income growth which will outpace inflation.
Page 3
The Grantham Yorke Trust
Trustees' Report (continued) For the Year Ended 5 April 2022
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
At the year end, the charity had restricted reserves of £6,906,015 (2021 - £6,552,182), designated reserves of £250,000 (2021 - £250,000) and unrestricted reserves of £193,583 (2021 - £211,013). It is the policy of the Trustees to distribute, as far as possible, the Trust's annual income in four equal instalments during the year. Any over or under distribution of income will be adjusted for in the subsequent financial year. Consequently, the Trustees plan to carry only a minimum amount of undistributed income forward to the following financial year.
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 which give a true and fair view of the state of affairs of the Trust and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust 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 Charity Commission Scheme. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Page 4
The Grantham Yorke Trust
Trustees' Report (continued) For the Year Ended 5 April 2022
Auditors
The trustees, having been notified of the cessation of the partnership known as Dains LLP, resolved that Dains Audit Limited be appointed as successor auditor with effect from 1 April 2022. The designated trustees will propose a motion reappointing Dains Audit Limited at a meeting of the trustees.
Approved by order of the members of the board of Trustees on 12 September 2022 and signed on their behalf by:
_________ Tim Clarke Chair of Trustees
Page 5
The Grantham Yorke Trust
Independent Auditors' Report to the Members of The Grantham Yorke Trust
Opinion
We have audited the financial statements of The Grantham Yorke Trust (the 'charity') for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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.
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.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 5 April 2022 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 6
The Grantham Yorke Trust
Independent Auditors' Report to the Members of The Grantham Yorke Trust (continued)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 7
The Grantham Yorke Trust
Independent Auditors' Report to the Members of The Grantham Yorke Trust (continued)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the financial reporting legislation, Charities Act 2011, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC, relevant regulators and the charity’s legal advisors.
Page 8
The Grantham Yorke Trust
Independent Auditors' Report to the Members of The Grantham Yorke Trust (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Morris (Senior Statutory Auditor) Dains Audit Limited
Statutory Auditor Chartered Accountants
Birmingham 12 September 2022
Dains Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
The Grantham Yorke Trust
Statement of financial activities For the Year Ended 5 April 2022
| Note Income from: Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 6 Total expenditure Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 242,654 242,654 - 260,084 260,084 - (17,430) 461,013 (17,430) 443,583 |
Restricted funds 2022 £ - - 52,289 5,363 57,652 411,485 353,833 6,552,182 353,833 6,906,015 |
Total funds 2022 £ 242,654 242,654 52,289 265,447 317,736 411,485 336,403 7,013,195 336,403 7,349,598 |
Total funds 2021 £ 218,578 |
|---|---|---|---|---|
| 218,578 | ||||
| 47,506 285,939 |
||||
| 333,445 | ||||
| 1,276,612 | ||||
| 1,161,745 | ||||
| 5,851,450 1,161,745 |
||||
| 7,013,195 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 23 form part of these financial statements.
Page 10
The Grantham Yorke Trust Registered number:
Balance Sheet As at 05 April 2022
| Note Fixed assets Investments 11 Current assets Debtors 12 Investments 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
5,714 186,195 13,379 205,288 (11,488) |
2022 £ 7,155,798 193,800 7,349,598 7,349,598 6,906,015 443,583 7,349,598 |
6,606 122,590 11,387 140,583 (4,653) |
2021 £ 6,877,265 135,930 |
|---|---|---|---|---|
| 7,013,195 | ||||
| 7,013,195 | ||||
| 6,552,182 461,013 |
||||
| 7,013,195 |
The financial statements were approved and authorised for issue by the Trustees on 12 September 2022 and signed on their behalf by:
_________
Tim Clarke Chair of Trustees
The notes on pages 12 to 23 form part of these financial statements.
Page 11
The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
1. General information
The Grantham Yorke Trust is a charitable Trust registered with the Charity Commission for England and Wales. The address of the principal office is given in the reference and administration section. The nature of the charitable Trust's activities are detailed in the Trustees' report.
2. Accounting policies
2.1 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.
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.
The Grantham Yorke Trust 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.
2.2 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Support costs are those costs incurred directly in support of expenditure on the objects of the Trust and include project management carried out at Headquarters.
Governance costs are those incurred in connection with administration of the Trust and compliance with constitutional and statutory requirements.
Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes.
Page 12
The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
2. Accounting policies (continued)
2.3 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made 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.
All expenditure is inclusive of irrecoverable VAT.
2.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.5 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.
2.6 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.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.8 Financial instruments
The Trust 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.
Page 13
The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
2. Accounting policies (continued)
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Investment income
| Unrestricted funds 2022 £ Income from listed investments 242,654 Unrestricted funds 2021 £ Income from listed investments 218,578 |
Total funds 2022 £ 242,654 |
|---|---|
| Total funds 2021 £ 218,578 |
4. Investment management costs
| Restricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Investment management fees | 52,289 | 52,289 |
Page 14
The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
4. Investment management costs (continued)
| Restricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Investment management fees | 47,506 | 47,506 |
5. Analysis of grants
| Grants Previous grants repaid Total 2022 Grants Previous grants repaid Total 2021 |
Grants to Institutions 2022 £ 246,966 - 246,966 Grants to Institutions 2021 £ 260,981 - 260,981 |
Grants to Individuals 2022 £ 7,366 (3,098) 4,268 Grants to Individuals 2021 £ 11,291 (300) 10,991 |
Total funds 2022 £ 254,332 (3,098) |
|---|---|---|---|
| 251,234 | |||
| Total funds 2021 £ 272,272 (300) |
|||
| 271,972 |
During the year, the Trust made 102 (2021 - 96) grants to organisations and 16 (2021 - 18) grants to individuals.
At 5 April 2022 the Trustees held the sum of £Nil (2021 - £Nil) in respect of awards agreed subject to additional terms and conditions or which are payable in annual instalments. These awards are paid only when those terms and conditions have been met or on the agreed future dates and will therefore be shown in the financial statements for the year in which they are paid. Should the special terms not have been met after three years, the award will fall back into and form part of the Trust's distributable income.
Page 15
The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
6. Analysis of expenditure on charitable activities
Summary by fund type
| Support costs Grants Governance costs Previous grants repaid Total 2022 Support costs Grants Governance costs Previous grants repaid Total 2021 |
Unrestricted funds 2022 £ 4,099 254,332 4,751 (3,098) 260,084 Unrestricted funds 2021 £ 4,033 272,272 4,571 (300) 280,576 |
Restricted funds 2022 £ 5,363 - - - 5,363 Restricted funds 2021 £ 5,363 - - - 5,363 |
Total 2022 £ 9,462 254,332 4,751 (3,098) |
|---|---|---|---|
| 265,447 Total 2021 £ 9,396 272,272 4,571 (300) |
|||
| 285,939 |
Expenditure is apportioned between Charitable, Support and Governance costs as appropriate to the nature of the expense.
7. Analysis of expenditure by activities
| Support costs Grants Governance costs Previous grants repaid |
Grant funding of activities 2022 £ - 254,332 - (3,098) 251,234 |
Support costs 2022 £ 9,462 - 4,751 - 14,213 |
Total funds 2022 £ 9,462 254,332 4,751 (3,098) |
|---|---|---|---|
| 265,447 |
Page 16
The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
7. Analysis of expenditure by activities (continued)
| Support costs Grants Governance costs Previous grants repaid |
Grant funding of activities 2021 £ - 272,272 - (300) 271,972 |
Support costs 2021 £ 9,396 - 4,571 - 13,967 |
Total funds 2021 £ 9,396 272,272 4,571 (300) |
|---|---|---|---|
| 285,939 |
Analysis of support costs
| Secretarial and administration Sundry expenses Bank fees Accountancy fees Total 2022 |
Support Costs 2022 £ 9,019 298 145 - 9,462 |
Governance Costs 2022 £ 731 - - 4,020 4,751 |
Total funds 2022 £ 9,750 298 145 4,020 |
|---|---|---|---|
| 14,213 |
| Secretarial and administration Sundry expenses Bank fees Accountancy fees Total 2021 |
Support Costs 2021 £ 9,019 286 91 - 9,396 |
Governance Costs 2021 £ 731 - - 3,840 4,571 |
Total funds 2021 £ 9,750 286 91 3,840 |
|---|---|---|---|
| 13,967 |
8. Auditors' remuneration
The auditors' remuneration amounts to an auditor fee of £930 (2021 - £890) and accounts preparation services of £3,090 (2021 - £2,950).
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The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
9. Staff costs
The Trust has no employees other than the Ttrustees, who did not receive any remuneration (2021 - £Nil).
No employee received remuneration amounting to more than £60,000 in either year.
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL). During the year ended 5 April 2022, no Trustee expenses have been incurred (2021 - £NIL).
11. Fixed asset investments
| Cost or valuation At 6 April 2021 Additions Disposals Revaluations At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 |
Listed investments £ 6,877,265 1,895,922 (1,758,034) 140,645 |
|---|---|
| 7,155,798 7,155,798 |
|
| 6,877,265 |
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The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
| 11. Fixed asset investments (continued) Breakdown of investments UK Fixed Interest Overseas Fixed Interest UK Equities European Equities North American Equities Japanese Equities Far East & Australasian Equities Emerging Economies UK Property Alternative Assets 12. Debtors Due within one year Accrued interest Tax recoverable 13. Current asset investments Cash held by investment managers 14. Creditors: Amounts falling due within one year Accruals and deferred income |
Book cost 2022 £ 875,166 374,360 2,236,351 269,890 688,500 219,840 308,965 96,090 588,744 1,079,245 6,737,151 2022 £ 4,027 1,687 5,714 2022 £ 186,195 2022 £ 11,488 |
Current value 2022 £ 853,438 380,703 2,179,522 278,471 1,054,845 223,596 341,793 113,905 544,409 1,185,116 |
|---|---|---|
| 7,155,798 | ||
| 2021 £ 4,919 1,687 |
||
| 6,606 | ||
| 2021 £ 122,590 |
||
| 2021 £ 4,653 |
Page 19
The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
15. Statement of funds
| Statement of funds | ||||
|---|---|---|---|---|
| Statement of funds - current year Balance at 6 April 2021 £ Unrestricted funds Designated funds Designated Funds 250,000 General funds General Funds 211,013 Total Unrestricted funds 461,013 Restricted funds Restricted Funds 6,552,182 Total of funds 7,013,195 |
Income £ - 242,654 242,654 - 242,654 |
Expenditure £ - (260,084) (260,084) (57,652) (317,736) |
Gains/ (Losses) £ - - - 411,485 411,485 |
Balance at 5 April 2022 £ 250,000 |
| Unrestricted funds Designated funds Designated Funds General funds General Funds Total Unrestricted funds Restricted funds Restricted Funds Total of funds |
||||
| 193,583 | ||||
| 443,583 | ||||
| 6,906,015 | ||||
| 7,349,598 |
Page 20
The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
| 15. Statement of funds (continued) Statement of funds - prior year Balance at 6 April 2020 £ Unrestricted funds Designated funds Designated Funds 250,000 General funds General Funds 273,011 Total Unrestricted funds 523,011 Restricted funds Restricted Fund 5,328,439 Total of funds 5,851,450 16. Summary of funds Summary of funds - current year Balance at 6 April 2021 £ Designated funds 250,000 General funds 211,013 Restricted funds 6,552,182 7,013,195 |
Income £ - 218,578 218,578 - 218,578 Income £ - 242,654 - 242,654 |
Expenditure £ - (280,576) (280,576) (52,869) (333,445) Expenditure £ - (260,084) (57,652) (317,736) |
Gains/ (Losses) £ - - - 1,276,612 1,276,612 Gains/ (Losses) £ - - 411,485 411,485 |
Balance at 5 April 2021 £ 250,000 |
|---|---|---|---|---|
| 211,013 | ||||
| 461,013 | ||||
| 6,552,182 | ||||
| 7,013,195 | ||||
| Balance at 5 April 2022 £ 250,000 193,583 6,906,015 |
||||
| 7,349,598 |
Page 21
The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
16. Summary of funds (continued)
Summary of funds - prior year
| Designated funds General funds Restricted funds |
Balance at 6 April 2020 £ 250,000 273,011 5,328,439 5,851,450 |
Income £ - 218,578 - 218,578 |
Expenditure £ - (280,576) (52,869) (333,445) |
Gains/ (Losses) £ - - 1,276,612 1,276,612 |
Balance at 5 April 2021 £ 250,000 211,013 6,552,182 |
|---|---|---|---|---|---|
| 7,013,195 |
17. 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 2022 £ 249,783 205,288 (11,488) 443,583 |
Restricted funds 2022 £ 6,906,015 - - 6,906,015 |
Total funds 2022 £ 7,155,798 205,288 (11,488) |
|---|---|---|---|
| 7,349,598 |
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 325,083 140,583 (4,653) 461,013 |
Restricted funds 2021 £ 6,552,182 - - 6,552,182 |
Total funds 2021 £ 6,877,265 140,583 (4,653) |
|---|---|---|---|
| 7,013,195 |
The Trust has two funds, the Principal Fund which is restricted and which represents the Trust's endowment and the Income Fund which is unrestricted.
Page 22
The Grantham Yorke Trust
Notes to the Financial Statements For the Year Ended 5 April 2022
18. Related party transactions
The Trust has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Trust at 5 April 2022.
Page 23