Registered Charity Number 229579
THE CHARITIES OF JOHN AND FRANCES WEST FOR PENSIONERS
TRUSTEE’S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
The Charities of John and Frances West for Pensioners Trustee’s Report Year Ended 31 August 2022
Christ’s Hospital, the corporate Trustee body of the Charities of John and Frances West for Pensioners (the Charity), presents its Report and audited Financial Statements for the year ended 31 August 2022. These comply with the governing documents of the Charity, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Status
The Charity was constituted by a Trust Deed dated 1724 as amended by Schemes of the Charity Commission dated 1906, 1970, 2005, 2008 and 2016. The Charity is registered under number 229579.
Charitable Objects
The object of the Charity is the relief of financial need, hardship or distress amongst persons of 60 years or above (preference being given to members of John and Frances West’s family) by any appropriate means, including pensions or grants.
Connected Charities
Effective 1 September 2017, by a Charity Commission Scheme dated 29 August 2017, Christ’s Hospital became the Trustee of the Charity and a number of linked charities, including Christ’s Hospital Foundation.
During the year Christ’s Hospital (registered charity number 1120090) provided administration services to the Charity and received a management fee.
Members of the Board of Directors of the Trustee, known as The Council of Christ’s Hospital, are listed on page 4.
Grant Making Policy
The Trustee’s policy is to make grants to individuals and block grants to organisations where they satisfy the criteria set out in the charitable objects. All grants are subject to means testing and regular monitoring by the Trustee. Individuals who qualify for ongoing financial support (“pensioners”) are assessed in April and October of each year. Pensioners are granted funding for a term of three years and, providing they remain eligible, may apply for further grants on expiry of that term.
Public Benefit
The Charities Act 2011 requires charities to demonstrate that their aims are clearly for the public benefit. In considering public benefit, the Trustee has given due regard to public benefit guidance issued by the Charity Commission. All applications from potential beneficiaries of the Charity are assessed in order to ensure that the resources of the Charity are used to benefit those in greatest need.
-1-
Review of Charitable Activities
Objectives, achievements and performance for 2021/22
During the year 7 new pensioners were elected and 71 pensioners re-elected. At the year-end there were 236 recipients of pensions (2020/21: 236). The future commitment for pensions to these individuals, over the next three years, totals £194,620.
The review of the effectiveness of the Charity’s grants programme with Age UK Berkshire and Age UK Horsham has been carried forward to 2022/23.
Objectives for 2022/23
The Trustee will review the effectiveness of its grants programme with Age UK Berkshire and Horsham and assess whether similar programmes may be an effective way of extending the Charity’s reach.
Recruitment, Induction and Training of Council Members
When new Council Members are appointed by the Trustee, they are required to attend a briefing on the governance structure of the Charity and an outline of their responsibilities in compliance with the Charity Commission’s publication CC3, “The Essential Trustee”. They are issued with a “Trustee Pack” which includes details of the Trust, the Annual Financial Statements and CC3. Arrangements are made for them to attend such training courses as may be appropriate and further training and development is offered individually or to the Council as a whole as required.
Council Members carry out these responsibilities through meetings and, as necessary, temporary working groups to examine and make recommendations on specific matters.
Financial Results
The funds in which the Charity invests do not distribute dividends, so the financial results are measured in terms of investment growth on funds invested. In the year to 31 August 2022, there was significant volatility on global investment markets following Russia’s invasion of Ukraine resulting in a negative total return of 11.2% (2021: positive return of 18.3%). This was significantly below the long-term target of inflation plus 3%. Overall total funds held by the Charity decreased to £7,072,000 from £8,105,000.
Investment Policy
The Trustee’s investment powers are governed by the Trust Deed. In October 2008, consent was given by the Charity Commission for the investments to be managed on the basis of total return. Investments are managed with the objective of maximising total return (income plus capital growth) subject to a moderate level of risk. The Trustee’s policy is to preserve the real value of the investments and the assets of the Charity are invested across a range of diversified asset classes. The Trustee is advised in its policy and decision-making process by its Investment Committee.
Reserves Policy
The Trustee’s policy is to maintain or enhance in real terms the value of the Charity’s Endowment. Under the Total Return policy, amounts required for the grants programme each year are transferred from the Unapplied Total Return to Unrestricted Funds. Because the Charity is an endowed charity, with a significant level of Unapplied Total Return, the level of Free Reserves has less significance than in an unendowed charity. Significant volatility on
-2-
global investment markets in the year has resulted in a decrease in the value of the Unapplied Total Return to £5,624,000 (2021: £6,657,000).
Fundraising
The Charity does not undertake fundraising and is therefore not registered with the Fundraising Regulator.
Principal Risks and Uncertainty
The Trustee considers that the most significant risk faced by the Charity is lower than expected investment returns, resulting in reductions in the funds available to beneficiaries. This risk is actively managed through the establishment of an appropriate investment policy monitored by the Investment Committee of the Trustee.
Forecasts and cash flows covering the next 36 months have been prepared including a scenario that considers the impact of a significant decline in investment returns. Results of this analysis indicate that the cash reserves and liquid investments of the Charity are adequate to meet its obligations as they fall due.
Statement of the Trustee’s Financial Responsibilities
The Trustee is responsible for preparing the Report of the Charities of John and Frances West for Pensioners and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.
Under charity law the Trustee must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the Charity and of its net incoming or outgoing resources for that period. In preparing these financial statements, the Trustee is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate.
The Trustee is responsible for ensuring that the Charity keeps proper accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and to enable the Trustee to ensure that the financial statements comply with the Charities Act 2011. The Trustee is 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.
Auditor
Crowe U.K. LLP has expressed its willingness to continue as auditor for the next financial year.
-3-
The Council of Christ’s Hospital
Christ’s Hospital is the Trustee of the Charity. The Board of Directors of the Trustee, known as The Council of Christ’s Hospital, who served in office during the year and subsequently are:
Christopher Steane, MA, LLB, Treasurer and Chairman Nick Atkinson, MA, FCCA Nick Bensted-Smith, BSc, JP, CC Judy Evans, MA, MBBS, FRCS(Ed) Plast Marianne Fredericks Diana Garnham BA, MA, LLD, DSc Thomas Garnier, BSc Prem Goyal, OBE, JP Robert Judson, FRAeS, FCMI, MIoD, RAF(Retd) Miriam McKay, BA James Maclean, BSc(Hons) (to 31 March 2023) Neil Maidment, MA, FCII (from 1 October 2021) Pamela Roberts, FRSA, FRHistS, JP (from 1 October 2021) Jenny Williams, BSc(Hons), PGCE (from 1 October 2021) John Yeomans, MA, FIET, CEng
-4-
Principal Office and Professional Advisers
Principal Office
Auditor
The Avenue Christ’s Hospital Horsham West Sussex RH13 0LJ
Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW
Banker
Solicitor
Mills & Reeve LLP Botanic House 100 Hills Road Cambridge CB2 1PH
Barclays Bank plc 2 Carfax Horsham West Sussex RH12 1DN
Investment Adviser
Partners Capital LLP 5 Young Street London W8 5EH
Approved by The Council of Christ’s Hospital on 21 April 2023 and signed on its behalf by:
Christopher Steane Treasurer and Chairman of the Council of Christ’s Hospital 21 April 2023
-5-
Independent Auditor’s Report to the Trustees of the Charities of John and Frances West for Pensioners
Opinion
We have audited the financial statements of the Charities of John and Frances West for Pensioners (‘the Charity’) for the year 31 August 2022 which comprise the Statement of Financial Activities, Balances Sheet and notes to the financial statements, including 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).
In our opinion the financial statements:
-
give a true and fair view of the state of the Charity’s affairs as at 31 August 2022 and of its income and expenditure, 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 Auditor’s 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 UK, including the FRC’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 Trustee's 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 Trustee with respect to going concern are described in the relevant sections of this report.
Other information
The Trustee are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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 in relation to which the Charities
-6-
(Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the Trustees’ report; or
-
sufficient and proper accounting records have not been kept by the Charity; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Statement of the Trustee’s Financial Responsibilities (set out on page 3), the Trustee are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee 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 Trustee 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 Trustee either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts 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 auditor’s 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.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.
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 auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation and health and safety legislation.
-7-
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustee and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, valuation of investments and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Trustee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, analytical review and sample testing of income, vouching year end valuations to third party data, reviewing accounting estimates for biases particularly in relation to investment valuations, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the Charity’s Trustee, 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 Trustee those matters we are required to state to them in an auditor’s 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 the Charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP
Statutory Auditor
London
Date 21 April 2023
Crowe U.K. LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
-8-
The Charities of John and Frances West for Pensioners Statement of Financial Activities Year Ended 31 August 2022
| £000s Endowment Funds Notes INCOMING RESOURCES Incoming resources from generated funds Investment income - TOTAL INCOME AND ENDOWMENTS - EXPENDITURE ON: Raising Funds Investment management costs 2 (35) Charitable activities Grants payable 3 - Operating costs 4 - TOTAL EXPENDITURE (35) NET (OUTGOING) FUNDS FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT (LOSSES) / GAINS (35) (Losses) / gains on investments 5 (811) Transfer between funds (187) NET MOVEMENT IN FUNDS (1,033) Reconciliation of funds: Total funds brought forward 1 September 8,105 TOTAL FUNDS CARRIED FORWARD 7,072 |
£000s Endowment Funds Notes INCOMING RESOURCES Incoming resources from generated funds Investment income - TOTAL INCOME AND ENDOWMENTS - EXPENDITURE ON: Raising Funds Investment management costs 2 (35) Charitable activities Grants payable 3 - Operating costs 4 - TOTAL EXPENDITURE (35) NET (OUTGOING) FUNDS FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT (LOSSES) / GAINS (35) (Losses) / gains on investments 5 (811) Transfer between funds (187) NET MOVEMENT IN FUNDS (1,033) Reconciliation of funds: Total funds brought forward 1 September 8,105 TOTAL FUNDS CARRIED FORWARD 7,072 |
General Funds - |
2022 2021 Total Total - - - - (35) (34) (155) (172) (32) (32) (222) (238) (222) (238) (811) 1,406 - - (1,033) 1,168 8,105 6,937 7,072 8,105 |
|---|---|---|---|
| - | - | ||
| (35) - - |
- (155) (32) |
||
| (35) | (187) | ||
| (35) (811) (187) |
(187) - 187 |
||
| (1,033) | - | ||
| 8,105 | - | ||
| 7,072 | - |
The notes on pages 12 to 17 form part of these financial statements.
-9-
The Charities of John and Frances West for Pensioners Balance Sheet At 31 August 2022
| £000s Endowment Funds Notes FIXED ASSETS Investments 6 7,072 CURRENT ASSETS Debtors 7 - Cash at bank and in hand - - CREDITORS Due within one year 8 - NET CURRENT (LIABILITIES) / ASSETS - TOTAL ASSETS LESS CURRENT LIABILITIES 7,072 CREDITORS Due after more than one year 9 - TOTAL NET ASSETS AT 31 AUGUST 7,072 Endowment Funds General Funds |
£000s Endowment Funds Notes FIXED ASSETS Investments 6 7,072 CURRENT ASSETS Debtors 7 - Cash at bank and in hand - - CREDITORS Due within one year 8 - NET CURRENT (LIABILITIES) / ASSETS - TOTAL ASSETS LESS CURRENT LIABILITIES 7,072 CREDITORS Due after more than one year 9 - TOTAL NET ASSETS AT 31 AUGUST 7,072 Endowment Funds General Funds |
General Funds 87 |
2022 2021 Total Total 7,159 8,162 19 47 124 142 143 189 (154) (159) (11) 30 7,148 8,192 (76) (87) 7,072 8,105 7,072 8,105 - - 7,072 8,105 |
|---|---|---|---|
| - - |
19 124 |
||
| - - |
143 (154) |
||
| - | (11) | ||
| 7,072 - |
76 (76) |
||
| 7,072 | - | ||
The notes on pages 12 to 17 form part of these financial statements.
These financial statements were approved by the Council of Christ’s Hospital on 21 April 2023 and signed on its behalf by:
Christopher Steane
Treasurer and Chairman of the Council of Christ’s Hospital 21 April 2023
-10-
The Charities of John and Frances West for Pensioners Cash Flow Year Ended 31 August 2022
| £000s NET CASH (OUTFLOW) FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of investment securities Purchase of investment securities NET CASH INFLOW FROM INVESTING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS FOR THE PERIOD Cash balance at 1 September CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR Reconciliation Net (outgoing) resources (Decrease) in creditors Decrease / (increase) in debtors Net cash (outflow) from operating activities |
2022 2021 (210) (289) 786 438 (594) (150) 192 288 (18) (1) 142 143 124 142 (222) (238) (16) (4) 28 (47) (210) (289) |
|---|---|
The notes on pages 12 to 17 form part of these financial statements.
-11-
The Charities of John and Frances West for Pensioners Notes to the Financial Statements Year Ended 31 August 2022
1. Accounting Policies
1.1 Basis of Preparation and assessment of going concern
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the 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 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2015 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Charities of John and Frances West for Pensioners (“the Charity”) is registered with the Charity Commission in England and Wales under charity number 229579 and constitutes a public benefit entity as defined by FRS 102. The Principal Office of the Charity is set out on page 5.
The most significant areas of adjustment and key assumptions that affect items in the accounts relate to estimating the liability from multi-year grant commitments (see note 1.4 and notes 8 and 9 for more information). The most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets (see the Investment Policy and Principal Risks sections of the Trustee’s report for more information).
The functional currency of the Charity is considered to be pounds sterling because that is the currency of the primary economic environment in which it operates. Forecasts and cash flows covering the next 36 months have been prepared including a scenario that considers the impact of a significant decline in investment returns. Results of this analysis indicate that the cash reserves and liquid investments of the Charity are adequate to meet its obligations as they fall due. Accordingly, the Trustee believes that the Charity’s financial resources are sufficient to ensure the Charity will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis.
1.2 Income
Income is accounted for when receivable.
1.3 Expenditure
Resources expended are accounted for on an accruals basis.
1.4 Grants
Provision is made for future grants committed during the current and previous years.
-12-
The Charities of John and Frances West for Pensioners Notes to the Financial Statements Year Ended 31 August 2022
1.5 Fixed asset investments
Investments, for which there is a quoted market, are valued at the bid-price ruling at the Balance Sheet date. Investments which are held in funds which themselves invest in publicly quoted securities are shown on the Balance Sheet in accordance with the information provided by the fund managers. Other investments, comprising illiquid assets, are included at the most recent audited quarterly reports provided by the fund managers.
Realised investment gains are calculated by reference to disposal proceeds and either book value or cost if purchased in the year. All gains and losses are included in the Statement of Financial Activities.
1.6 Financial instruments
Financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are valued as described above. Financial assets held at amortised cost comprise cash at bank and in hand. Cash at bank and in hand is defined as all cash held in instant access bank current and deposit accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors. Assets and liabilities held in foreign currency are translated to pounds sterling at the balance sheet date at an appropriate exchange rate.
1.7 Total return accounting
The Charity Commission permitted the Charity to adopt the use of total return in relation to its permanent endowment on 3 October 2008. The power permits the Trustee to invest the permanent endowment to maximise total return and to make available an appropriate portion of the total return to fund expenditure each year.
The Trustee has used the value of the permanent general endowment at 31 July 1995, £1,448,000, to represent the ‘Preserved Value’ of the original gift. This is the minimum permissible level of the endowment which is to be used to produce the income for the Charity and which itself cannot be spent.
1.8
Taxation
The Charity's activities are exempt from income and corporation tax. The Charity is not registered for Value Added Tax. VAT is included with the item of expenditure to which it relates.
-13-
The Charities of John and Frances West for Pensioners Notes to the Financial Statements Year Ended 31 August 2022
| 2. Expenditure on raising funds £000s Investment management costs 3. Grants payable £000s Grants paid and payable to: Individuals 4. Operating costs £000s Administration fee payable to Christ's Hospital Audit fee 5. Losses / gains on investments £000s Realised and unrealised (losses) / gains |
2022 2021 35 34 2022 2021 155 172 155 172 2022 2021 30 30 2 2 32 32 2022 2021 (811) 1,406 |
|---|---|
-14-
The Charities of John and Frances West for Pensioners Notes to the Financial Statements Year Ended 31 August 2022
6. Fixed Asset Investments
| 6. Fixed Asset Investments | ||
|---|---|---|
| £000s | 2022 | 2021 |
| Securities | ||
| Market value at 1 Sept 2021 | 8,162 | 7,044 |
| Additions to the portfolio | 594 | 150 |
| Disposals from the portfolio | (786) | (438) |
| Investment income, realised and unrealised (losses) / gains | (811) | 1,406 |
| Market value at 31 August 2022 | 7,159 | 8,162 |
| Securities comprise: | ||
| The Master Portfolio C Limited (managed | 7,159 | 8,162 |
| by Partners Capital LLP) | ||
| 7,159 | 8,162 | |
| The net book value of investments included in the above was as follows: | ||
| £000s | ||
| Investment assets overseas | 7,159 | |
| 7,159 | ||
| At 31 August 2022 and 31 August 2021, there were no listed investments. | ||
| 7. Debtors | ||
| £000s | 2022 | 2021 |
| Trade debtors | 19 | 47 |
| 19 | 47 | |
| 8. Creditors - amounts falling due within one year | ||
| £000s | 2022 | 2021 |
| Grants payable | 129 | 134 |
| Trade creditors | 25 | 25 |
| 154 | 159 |
-15-
The Charities of John and Frances West for Pensioners Notes to the Financial Statements Year Ended 31 August 2022
9. Creditors falling due after more than one year
| 9. Creditors falling due after more than one year | ||
|---|---|---|
| £000s | 2022 | 2021 |
| Grants payable - between one and two years | 63 | 76 |
| - between two and three years | 13 | 11 |
| 76 | 87 |
10. Administration and Trustee
During the year Christ’s Hospital (company number 06232556 and registered charity number 1120090) provided administration services to the Charity and received a management fee.
The Trustee received no remuneration or reimbursed expenses in its capacity as Trustee from the Charity during the year.
11. Statement of Total Return
| £000s Total return for the period Investment losses Investment management costs Net total return for the period Application of total return for the period Unapplied total return brought forward 1 September 2021 Unapplied total return carried forward 31 August 2022 Preserved value at 31 August 2022 Total Endowment value at 31 August 2022 |
2022 (811) (35) |
|---|---|
| (846) (187) 6,657 |
|
| 5,624 1,448 |
|
| 7,072 |
-16-
The Charities of John and Frances West for Pensioners Notes to the Financial Statements Year Ended 31 August 2022
12. Prior Year Statement of Financial Activities - Comparative figures by fund type
| £000s Endowment Funds Notes INCOMING RESOURCES Incoming Resources from generated Funds Investment Income - TOTAL INCOME AND ENDOWMENTS - EXPENDITURE ON: Raising Funds Investment Management Costs 2 (34) Charitable Activities Grants Payable 3 - Operating Costs 4 - TOTAL EXPENDITURE (34) NET (OUTGOING) FUNDS FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT GAINS (34) Gains on Investments 5 1,406 Transfer between funds (204) NET MOVEMENT IN FUNDS 1,168 Reconciliation of funds: Total Funds brought forward 1 September 6,937 TOTAL FUNDS CARRIED FORWARD 8,105 |
£000s Endowment Funds Notes INCOMING RESOURCES Incoming Resources from generated Funds Investment Income - TOTAL INCOME AND ENDOWMENTS - EXPENDITURE ON: Raising Funds Investment Management Costs 2 (34) Charitable Activities Grants Payable 3 - Operating Costs 4 - TOTAL EXPENDITURE (34) NET (OUTGOING) FUNDS FROM OPERATIONS BEFORE TRANSFERS AND INVESTMENT GAINS (34) Gains on Investments 5 1,406 Transfer between funds (204) NET MOVEMENT IN FUNDS 1,168 Reconciliation of funds: Total Funds brought forward 1 September 6,937 TOTAL FUNDS CARRIED FORWARD 8,105 |
General 2021 Funds Total - - - - - (34) (172) (172) (32) (32) (204) (238) (204) (238) - 1,406 204 - - 1,168 - 6,937 - 8,105 |
|---|---|---|
| - | ||
| (34) - - |
||
| (34) | ||
| (34) 1,406 (204) |
||
| 1,168 | ||
| 6,937 | ||
| 8,105 |
-17-