Roglstered Crtty Number 229m THE CHARMES OF JOHN AND FRANCES ¥knEsf FOR PENSIONE98 TRU8TEfs REPOFYf AND FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 AUGusf 2023
The Charitie8 of John and Frances West for Pensioners Trustee's Report Year Ended 31 August 2023 Christ's Hospltal. the corporate Trustee body of the chareS of John and Frances West for Pensioners (the Charity), presents its Report 2nd audited Financial Statements for the year ended 31 August 2023. These compty wlth the governing documents of thé Charity, the Charitles Act 2011 and Accounting and Reporting by Charities.. Ststement of Recommended Practicè applicable to Charities preparing their accounts in accordance wrth Financial Reporting Standard appIlble in the UK and Republic of Ireland IFRS102). ststus The ChartyS constituted by a Trust Deed daled 1724 as amended by Schemes oflhe Charty Commission daled 1906, 1970, 2005, 2008 and 2016. The Charity is Tegistered under number 229579. Charllable Objects The object of the Charty Is the rellef of flnanclal need, hardship or distress amongst persons of 60 years or at)ove (preference being given to members of John and Frances West's family) by any appropriate means, including pensions or grants, Connectsd Charftla• Effective 1 September 2017, by a Charty Commission Stheme dated 29 August 2017, Christ's Hospltal became the Trustee of the Charity and a number of linked charities. including Chrisfs Hospital Foundation. During the year Christ'5 Hospital (registered charity number 11200901 provided administration services to the Charity and received a management fee. Members of the 808rd of Dlrectors of the Trustee, known as the Council of Chri8t'8 Hospital, are listed on page 4. Grant Maklng Pollcy The Trustee's policy is to make grants lo indivlduals and block grants to organisations where they satisfy the criteria set out in the charitable objects. All grants are sublecl to means lesling and regular monitoring by the Trustee. Individuals qualfy for ongoing financial support I'pensioners.) are 8ssessed in April and October of each year. Pensioners are grarrted funding for a term of three years and, providing Ihey remain eligit4e, may appty ft)rfurthergrants on expiry of that tenn. Public 8eneflt The Charities Act 2011 requires charitles to demonstrate that their aims are clearty for the public benefrt. In considering public benefit, the Trustee has gwen due regard lo public benefil guidan issued by Ihe Charrty Commission. All applications from polential beneficiaries of the Charity are a$se$sed in order lo ensure that the resources of the Charity are used to benefit those in greatest need.
Revlew of Charftable Actlvltles Objectives, achlevements and perfomance for 2022123 During Ihe year 8 new pens)ners were eleded and 71 pensioners relected. At the year-end there were 214 reapients of pensions (2021122.. 2361. The future commitment for pensions lo these indlvlduals, over the next three years, totsb £203,360. Due to the volatilty of Investment markets during the year, the rewew of th8 8ffectiveness ofthe Charty's grarrts programme with Age UK Berkshire and Age UK Horsham has been carried fovwaid to 2023124. Objectlves for 2023124 The Trustee will review the effectiveness of its grants programme with Age UK Berkshire and Horsham and assess whether similar prograrnmes may be an effecuve way of extending the Charity's reach. Recrultjnent, Inductlon and Tralnlng of Councll Members When new Council Members are appointed by the Trustee, they are requlred to attend a briefing on the governance slructure of the Charity and an outline of their responsibilrties In compliance with the Clarity Commission's publicatlon CC3, 'The Essentlal Trustee.. They are Issued with a 'Trustee Pack" whlch includes details of the Trusl, the Annual Flnancial 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 wholg as required. Council Members carry out these responsibilities through meetings and. as necessary. temporary working groups to examine and make recommendations on specific matters. Flnanclal Re¥ult8 The funds in whith the Charty invests do not distribute diwdends, so th8 financi81 resuhs are measured in lerms of inveslment growth on funds invested. In the year to 31 August 2023, the rtfolio's risk ass81s saw a partial recovery from 2022 11$1 ts govemment l)ond and intsllon linked l)ond positions continued thelr dedine due lo rising Inflation and interest rates across most of the developed markets, resuming in a posilive total retum o12.8¥012022'. negative retum of 11.20/0). Overall total funds held by the Charty decreased to £7,046,000 from £7,072,000. Investment Pollcy The Trustee's investment pmrs are govemed by the Trust Oeed. In october 2008, consent was given by the Charfy Commissicn f(K the investmenls to be managed on the basis of Ii)tal return. Investsments are managed wilh the objeciive of maximi$ing total retum (income plu5 capital growth) subject to a moderate level of risk. The Trustee's Follcy is lo preserve the real value of the investments and the assets of the Charty are invested across a range of diversified asset classe5. TheTruslee is advised in its polw and decL8ion•making proces5 by ils Investment Committ*. Reserves Policy The Trustee's policy Is to m8intain or enhance in real teTrns the value of the Charity's Endowment. Under the Total Relum 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 signrficant level of Unapplied Total Return. the level of Free Reserves has less signrficance Ihan in an unendowed charity. Significant volatility on
global investment markets in the year has meant that investment gains were not yet SLrfficient to cover the costs of the charity for the year, this has resulted in a slvJhl decrease in the value of the Unapplied Total Return to £5,598,000 (2a22'. £5,624,000). Fundraising The Charty does not undertake fundralsing and is therefore not registered wh the Fundraising Regulator. Prlnclpal Rlsks and Uncertainty The Trustee considers that the rnost significant Tisk faced bythe Charfty is lower than expected Investment returns, resutting in reductlons in the funds available to benefiuaTies. Thi5 risk Is actively managed Ihrough Ihe establishment of an appropriate investment polry 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 significanl dedine in investment retums. Results of this analysis indicate that the cash reserv8s and liqukl Investments of the Charity are adequate to meel ils obligation5 as they fall due. statement of the Tru•ts•'• Flnanclal Re•poMlblllll•• The Trustee is responsible for preparing the Report of the Charilies of John and Frances West for Pensioners and the financlal slalements in accordance wilh applicable law and regulations. Charity law requires Ihe Trustee lo prepare financial statements for each flnanclal year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Stsndard81 and appllcable law. Under charity law the Trustee must nol approve the financial statements unless It 18 satisfied that they give a true and fair view of the slate of affairs of the Charty and of ils net incoming or outgoing re50UTces for that periixl. In preparing Ihese financial statements, the Trustee is required to.. select suitable accounting policies and then 8ppty Ihem consislenlly., • make judgements and estimates that are reasonable and Prudent., state whether applicable accounting standards have been folbwed, subject lo any material departures dlsclosed 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 11 continuè to operate. The Trustee 15 responsible for ensuring Ihal Ihe Charlty keeps proper accounting records that 8re Sufflent lo show and explain the Charity's transactions and dlsclose with reasonable accuracy at any time the financial posttion of the Charity and to enable the Truslee to ensure that the financial statements comply wlth the Charities Act 2011. The Trustee is a150 responsible for safeguarding the assels of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor Crowe U.K. LLP has expressed Its willingnegs to continue as auditor for the next financial year.
The Councll of Chrlst's Hospltal Christ's Hospital is the Trustee of the Charity. The Board of Directors of the Trustee, known as The Counril of Chrisf s Hosprtal. who served in offlce during Ihe year and subsequenty are: Christopher Steane, MA, LLB, Treasurer and Chairman Nlck Atkinson, MA, FCCA Jamel Banda. CC, BA (Honsl (from 28 March 2023) Nick Bensted-smith, Bsc, JP, CC Judy Evans, MA, MBBS, FRCSIEd) Plast Marianne Fredericks Diana Garnham BA. MA, LLD, DSC Thomas Garnier, Bsc Prem Goyal, OBE, JP (to 31 August 2023) Robert Judson, FRAeS, FCMI, MIOD, RAF(Retd> (to 31 August 2023) Miriam McKay. BA James Maclean, BSclHonsl Ito 31 March 20231 Robert Palmer, BA, MA (from 1 September 2023) Neil Maidmenl, MA, FCII Pamela Roberts, FRSA, FRHists, Jp Jenny Williams, BSclHons), PGCE John Yeomans, MA, FIET, CEng
Prlnclpal Offl¢e and Profe88lonal Advisers Prlnclpal Office Audltor The Avenue Chrlst's Hoswtal Horsham West Sussex RH13 OLJ Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Sollcltor 8Jnknr Mills & Reeve LLP Botanlc House 100 Hills Road Cambridge C82 1PH Barclays Bank plc 2 Carfax Horsham West Sussex RH12 1DN Invutment Advlser Partners Capltal LLP 5 Young Street London W8 5EH Approved by The Council of Christ's Hospital on 30 November 2023 and slgned on its behair Christoph Steane Treasurer and Chairman ofthe Coundl of Chrlst's Hosy'tal 30 November 2023
Independent Auditor's Reporttothe Trustees of the Charltles of John and Frances West lor Pensloners Oplnion We have audited the financial slalemenls of the Charilies of John and Frances West for Pensioners (the Charity.) the year 31 August 2023 which comprise the Stalement of Financial Activities, Balances Sheet and notes lo the finanaal statements, induding significant accounting poliues. The financial reporting framework that has been applied in Iheir preparation is applicab 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 Ihe financial statements: give a true and fair vlew of the state of the Charity's affairs as at 31 August 2023 and of its income and expenditure, for the year then ended; have been propedy prep8red in accordance with United Klngdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Stsndard5 on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Audilols responsibllrties f the audit of the financial statements section of our report. We ar8 independent of the Charity In accordance th the ethical requlremenls that are relevant to oui audit of the financial statements in Ihe UK, including the FRC'S Ethical SlandaTd, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that th8 audrt evidence we hav8 obtained is sufficient and appropriate to provide a basls for our opinion. Conclualons relatlng to golno concem In auditing the financial slalements, we have concluded that the Trustee's use of the going concèrn basis of accounting in the preparation of the financial slalements is approprlate. Based on the work we have perfonned. wé hav8 not identified any material uncertainties relating lo events or conditions that, indivldually or collectively, may casl significant doubt on the Charity's ability to continue as a going concem for a period of at least Iwelve monlhs from when the financial statements ara authorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concem are described in the relevant sections of this report. Other Inforniatlon The Trusteè are responsible for the other Infomallon contained vhlhSn the annual report. The other infoTmats'on comprises the informalion included in the annual report, other than the financial statements and our auditols report thereon. Our opinion on the financial statements does not cover the other infomation and. except to the extenl otherwise explicitty slated in our report, we do not express any form of assurance condusion thereon. Our responsibility is to read the other information and, in doing 50, Consider whether the olher infornialion is materially inconsislent wth the financial stalements or our knowledge obtained in the audit or otheN4ise appears to be materially misslated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives ri$e lo a material rnisstatement in the finanual statements themselves. If, based on the work we have perfomed, we Conclude thal there is a material misstalement of this other infomiation, 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
(Accounts and Reports) RegLtlations 2008 requires us to report to you rf, in our opinion: the infomation given in the financial slalements is inconsistent in any material respect with the Truslee5' report.. or sufficient and proper accounting records have not been kept by the Charity,. or the financial statements are not in agreement wf(h the accounting records and Tetums., or we have nol receNed all the inforrnation and explanations we require for our audh. Responslblllties of Trusteeg As explained more fully in the Ststement of the Trustee's Financial Responsibilities {set OLrt on page 3), the Trustee are responsible for the preparation of the financial statements and for being satisfied that they gNe a true and fair view, and for such internal control as the Trustee del8rmine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fT8ud or error. In preparing the financial statemènts, the Trustee are responsible for assessing the Charty's abillty to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Trustee either intend to liquidale the Charty or to cease operations, have no realistic altemativ8 bul to do so. Audltor's responslbllltles for the audlt of th• flnincial statements We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and r818vant regulations made or having effect thereunder. Our oblectives are to obtain reasonable assurance about whether the financial statements as whole are free from material misstatemenl, whether due to fraud or error, and to issue an auditor's report that indudes our opinlon. Reasonable assurance is a high level of assurance, but is not a guarantee Ihal an audit conducted in accordance with ISAS (UK) will always delect material misstatem8nt 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 flnancial slalemenls. Details of the extent to which the audit was conBldered capable of delecting irregularities, Including fraud and non-compliance with laws and r8gulalion3 are set out below. A further description of our responsibilrties for the audit of the financial statements is located on the Fin8ncial Reporting Council's website at.. wThw.frc. This description forms part of our auditots report. Extsnt to whlch the audlt was considered capable of detectlng Irregularities, Sncludlng fraud Irregularities, including fraud, are instances ol non-compliance wlth laws and regulations. We identified and assessed the Tisks of material misstatement of the financi81 st8tements from irreoularities, whelher du8 to fraud or error, and discussed these beeen our audrt team members. We then designed and performed audit procedures responsive lo those risk5, including obtaining audil evidence sufficient and appropriate to provide a basis for our opinion. We obtsined an understanding ofthe leg81 and regulatory framework5 withln which the Charity operates, focusing on those laws and regulations that have a direct effect on the detemiination of material amounts and disdosures in the financial slalements. The laws and regulation5 we considered in this context were the Charities Act 2011 together Wlth the Charities SORP IFRS 102). We a55e55ed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement rtems. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bLrt compliance wth which might be fundamental to the Charitys ability to operate or to avoid a material penalty. We 81so considered the opportunitie5 and incentives that may exist within the Charity and the group for fraud. The laws and regulats'on5 we considered in this context for the UK operations were General Data Protection Regulation and health and safety legislation.
Audtling standards limit the required audit procedures to identfy 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 malerial impact on the financial stalements from irregularities. including fraud, to be within the liming of recognltion of income, valuation of inveslmenls and the override of controls by management. Our audil 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, anatytical rewew and sample lesting of income, vouching year end valuations to third paty data, revi8wing accounting estimates for biases partj'cularty in relation to investment valuations, reviewing regulalory correspondence with the Charity Commission, and reading minutes of meetings of those charged wth goveTll8nce. Owing to the inherent limitations of an audlt, there is an unavoidable risk that we may not have detected some material misstatements in the finanaal slalements, even though we have properly planned and perfomed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the event5 and transactions reflected in the financial statements, the less likety the inherentty limiled procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of noTrdelection of irregularitj'es. as th85e may involve collusion, forgery, intentional omission5, misrepresentations, or the ov8rride of internal controls. We are not responsible for preventing non-compliance and cannot be expected to delect non-compliance with all laws and regulation8. U•e of our report This report is made solaly to the Charfty's Trustee. as a body, in accordance with Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to Ihe Charity's Trustee those matters we are required to state lo them In an auditorfs 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 Charty and the Charty's Trustee as body, for our audtt work, for this report, or for the opinions we have formed. Crowe U.K. LLP Slatutory Auditor London Date 14 Decemb8r 2023 Crowe U.IQ LLP tliglble for app)Intment as auditor of Ihts Charfty by yirtue ol its eligiblity for appointrrenl auditor of a company und•T aèdon 1212 of the Companie$ Act 2006.
The Chavltles of John and Frances Welt for Pensloners Statement of Financlal Actlvltlos Yèar Ended 31 August 2023 ETrJthvment Ger Funth Fun 2023 Tot•1 2022 Total INCOMING RESOURCES Incon9 r•oU0 fr¢mo•n•r•t•d ldI Ccfft• TOT IMCQME W40 ENOO%IIIENT8 ExPENDvRE ON: R•l•lno Fund• htr•nt rn•r4&m•ntco•ts 1311 (35) Charltabh act1•¥ Grants payabk• Operatin9 Ca•t• 11921 1351 11•2) 1351 (155) (32) TOT EXPENDrruRE NET IOUTaoiNOI FUN03 FROM OPERATION8 BEFORE TR1•48FERS P14D INVESTMENT GN5 I ILOSSESI 1311 12271 1222) G•ln• IILoM••l on Inv•thnt• Tr•n•l•r b•iw•on fund• 1811) NET MOIEMENT 14 FVND8 1261 R•concilatlon of fvnd•.' TCAAI funth brought fward 1 Swemt 7,072 7m2 4105 TOT FUNDS RIED FORW*RD T,OT2 The notes on pages 12 to 17 fomi part of these financial statements.
The Charities of John and Frances West for Pensioners Balance Sheet At 31 August 2023 EThl¢Mnent Gwer Fund& Funds 2023 Total 2022 FeD SErs 53 7. 159 CURRENT 3S8 t)ebtor& Cash at ba ¥nd In hwd 17 185 202 17 124 143 202 ¢ReorroRS Duewthkn on? y 11741 11741 (IN) IIET CURRENT SET8 IluBLIEal 28 TOT SET8 LE88 CURRENT UABIUTIES 81 7,1zr 7,14 CREOITOR8 Dy¢ Bfter more than otKI y••r (70) TOTPL NET sET3 AT 31 AUQU8T 7,046 T,072 Endrywmt Furd• Genero1 Fwds 7,072 7,072 The notes on pages 12 to 17 fomi part of these financial slatem8nts. These finanal statements were approved by the Councll of Christ's Hospltal on 30 November 2023 and signed on its behaw by.. Christopher leane Treasurer and Chairman of the Council of Christ's Hospital 30 November 2023 -10-
The Chariti08 of John and Frances We$t for Pensioners Cash Flow Year Ended 31 August 2023 )c 2023 2022 NÉT CA8H IOUTFLOWJ FROM OPERATING PLTMTIQS 12311 f210) CSH FLO FROM INVESTING XTiwfiES Proceeds frcm sale of wM15trnent Mcurrt Purchase of investrnent •eBurits• 742 14601 (594) NET CISH INFLOWFROM hllVESTING £TMnE8 292 192 HMIGE IN CASH Pt4D CA8H EQuIvENTs POR THE PERIOD (18) CA•h b•lw¢• at 18•pt•n•r 124 142 W4D C*3H EauNENTS AT THE END OF THE YEAq 186 124 R•conclllatlon Net loutgolngl rnsour Tea8e I IdecNiel In ¢r•drtor8 Decreue In debtorn 12S81 (222) (16J 28 N•t fA•h louffiowj from OP•Mtlng •¢tlvlU•• 231 210 The notes on pages 12 to 17 fomi part of these financial statements. -11-
The Charities of John and Frances West for Pensloners Nots8 to the Financial Statements Year Ended 31 August 2023 Accountlng Pollcles Basls of Preparation and assessment of golng concern The financial statements have been prepared in attordance ¥Mth the Charities SQRP IFRS 102) applicable to charilies preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charlties Act 2011 and the Statement of Reccmmended Practi applicab to charities preparing their accounts in accordan( with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102)- effective 1 Januwy 2019. The financial statements have been prepared to give a 'true and faif view and have departed from the Chartik8s (Accnunts and Reports) Regulations 2008 onty to the extent required to provide a'true and fairvlew. This departure has invofved folk)wing Accounting and Reporting by Charities preparing their accounts In accordan vith the Financial Reporting Standard applicable in the UK and Republic of Iren0 IFRS 1021 issued on 16 Juty 2015 rather than Ihe Accounting and Reporting by Chanties.. Statement of Recommended Pracalce effecllve from 1 April 2005 whrh has since been wthdrawn. The Charities ofJohn and Frances Wesl for Pensloners I the Charrty'l is registered with the Charity Commission in England and Wales under chaty number 229579 d constitutes a public benefit entty as defined by FRS 102. The Prindpal Offu of the Charty Is set out on page 5. The most SP3nfflcant areas of adjustnwnt and key a8sumptions that affect rt8ffts in the acuunts relate to eslimaling the liabilty from mutiyear grant comnNtment5 (see note 1.4 and notes 8 and 9 for more infomation). The most slgnrficant areas of unwtainty that affect the carrying value of assets held by the Charity are the level of investn*nl retum and the performance of inveslrnent markets (see the Investrnent PoliGy and Principal Risks sections of the Tnjstee's report for m¢xe Information). The fvnctional currency of Ihe Chanty is considered to be pounds sterling because that is the currency of the primary economic envlronment in which it operates. Forecasts and cash flows covering the next 36 monlhs have been prepared including a scenario Ihat consider5 the impact of a significant decline in inveslmenl returns. Results of this analysis indicale that the cash reserves and liquid inveslments of the Chanty are adequate to meel its obligations as they fall due. Accordingly, the Trustee believes that the Charity's financial resources are Suff8t lo ensure the Charty wll continue as a going concem for Ihe foreseeable future, being at least 12 rnonlhs from Ihe date of approval of the financlal statements and have thefore epared the finanaal statements on a going concem basis. Income InLy)me is accounted forvthen receivable. Expendlturè Resources expended are ac£ounted for on an accru81s basis. 1.4 Grants Provision is made for future grants committed during the current and prevlous years. -12-
The Charltles of John and Frances West for Pensioners Notes to the Finan¢lal Statements Year Ended 31 August 2023 Flxed asset Investrnents Investments, for 1¢h there is a quoted markè( ar8 valued at the bi&price ruling at the Balan Shéet date. Investments which are held in fvnds which themselves invest in publicly quoted securrties are shown on the Balance Sheet in accordance th the inf0miaon provided by the fund manager5. Other investments, comprising illiquid assets, are included at the most recent audited quarterly reports provided by thé fund managers. Reallsed Investment gains are calculated by referenc& to dwiosal proceeds and either boc4( value or cost rf purchased in th8 year. Al gains and losses are included in the Statement of Financial Activities. 1.8 Flnanclal In•truments Financi81 instruments are Inillally recognised at transaction value and subsequentty measured at amortised cost wilh 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 15 defined as all Cash held in instant access bank current and deposit accounts and used as working caprtal. Financial liabilities held at amortised cost comprise all creditors. Assets and liabilities held in foreign currency are trandated to pounds steriing at the balance sheet date at an appropriate exchange rate. Total return •ccounllng The Charty Commission pemiitted the Charity lo adopt the us8 of totsl retum in relation lo rts penaent endowment on 3 October 2006. The power pemrts the Trustee lo invest the pemianent endowment to maximise total Teturn and to make available an appropriate wtion of the total TetUTn to fund expenditure each year. The TNslee has used the value of the pernanent general endowment al 31 July 1g95, £1,448,000, to represent the 'Preserv8d Value, of the original gfft. This is the minimum permissible level of the endovmient which is to be used to Produce the invJme for the Chartty and which itsell cannot be spent. Taxatlon The Charty's actNities are exempt frorn income and Corporation tsx. The Charity is not registered for Value Added Tax. VAT is indude(i with the itern of expenditure to which it relates. -13-
The Charities of John and Frances West for Pfrnsloners Notes to the Financial Statsments Year Ended 31 August 2023 2023 2022 2. Expfrndlture on raising funds £0008 InbEstment management costs 31 35 3. Grants payable £OOOs Grants pald and payth to.. Individuals Organi8atk>n8 2023 2022 167 25 155 192 155 4. Operatlng co•t• £OOOJ Administratlon fee payable to Chrf8fs Hosp1 Jdit fee 2023 2022 32 30 32 2023 2022 S. Oalns I IloBse8) on Invegtrnnt• £0005 Realised and unrealised gains l (losses) 811 -1
The Charities of John and France8 West for Ponsloner• Notès to the Financial Ststements Year Ended 31 August 2023 . Flxed P4S•t Inv••trnnt• £OOOs Securltles bPorket valug at 1 Sept 2022 thi1K$ to th8 portfdio Dlsp)sds from the p Inveslment incorrn, r•alisad and unrealTsed galns I IIoBses} 2023 2tr22 7.159 450 (74¥ 232 8, 162 IT86) (811) arket value 8t 31 A4usl 2023 7.099 7, 159 S•curltlo5 coThprth•: The @ster Pcrftrolio C Limited {maged P¥r$ Captsl LLP) 7,099 7, 159 valu& ol in¥estmth)ts kncludèj in thè abovo Was 88 f(IIthv8'. £OOO• hw8trnent 888et8 over8èal 7,099 7,099 At 31 ¥v$t 2tr23 8r#l 31 AUSt 2022. tr*re were rb) listed InveBlmonts. 7. O•btor• 2023 2022 Trade debtors 17 19 17 19 & Cr•dltOrn- 4munt8 flIng du• ¥h1th Oh• s••r 2023 2022 Grants payable Tradè C[torS 129 25 174 154 -1
The Charities of John and Frances West for Pensloners Notes to the Financial Statements Year Ended 31 August 2023 9. Creditors falllng due after nK•re than on• yoar £0005 2023 2022 Grants payatle. befv4een one and two yews - betsveen Iwo and three years 69 12 13 76 10. Admlnistratlon and Tru•tse Durfng the year Christ's Hospital (company number 06232556 and registered charity number 11200901 pro¥ided MInIStration seniic8s to the Charlty and reNed rnanagent fe8. The Trustee received no remuneration or relmbursad expenses in its capacity as Trustee from the Charity during the year, 11. 8tatsTrwJnt of Total Return 2023 Total retum for the pthod knvestment gains h*stsnent management Gosts Net total retum fc¢ the perits hcation of lolal rer ts the pericd UnapF4ied totsl return t{Jght forward 1 Septembw 2022 Unapplied total retum camed forward 31 August 2023 311 201 1227) 5,624 5,598 Preserved value at 31 August 2023 Total EndovAThnt valuo at 31 Algust 2023 -16-
The Charftles of John and Frances West for P6nsloners Nots• to the Financial Statements Year Ended 31 August 2023 12. Prlor Year Statement of Anancial Activttles- Comparatlve flgures by fLtnd type EThJowmenl General Fund$ Funds Zozz Total INCOPAING RESOURCES Inconmng resources from gen•rat•d funds Investment incomts TOTIL INCOME ENDOMIENTS EXPENOITURE ON: Raising Fund¥ Inveslmenl management Costs {351 {351 Charitabl• •¢tlvltl•• ants payatlo Operating costs 11551 1321 1155) (321 TOTAL EXPENDITURE (351 {187) NET IOUTGOINGI FUNDS FROM OPERATIONS BEFORE TRW4SFERS INVESTMENT LOSSES 351 {18n 1222) Lo•M• on Inve•tnwnts Transfor b•tw••n fund 18111 11871 187 NET MO*EMENT IN FUNDS 1,033 1,033 Roconclllatlon of funds: Total funds broutht foThvard 1 September 8.105 8,105 TOT FUNDS CARRIED FORWARD 7.072 7,072 -17-