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2022-04-05-accounts

Registered Charity 231860

DELVES CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS

YEAR-ENDED 5 APRIL 2022

DELVES CHARITABLE TRUST

CONTENTS

Legal and Administrative Information 1
Trustees’ Annual Report 2
Independent Auditor’s Report 6
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12

DELVES CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

C Breeze E Breeze G Breeze J Breeze M Breeze W Breeze (Chair)

Trust Administrator

Luminary Finance LLP PO Box 135 Longfield DA3 8WF

This is also the registered address of the Trust

Auditor

Warner Wilde Limited 4 Marigold Drive Bisley GU24 9SF

Banker

CAF Bank Limited 25 Kings Hill Avenue West Malling ME19 4JQ

Investment Adviser

Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN

1

DELVES CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT

The Trustees of the Delves Charitable Trust present their annual report covering the Trust’s activities for the year ended 5 April 2022.

Structure

The Trust was established under a Deed of Appropriation and Appointment of new Trustees, dated 5 October 1955, in respect of an indenture dated 6 March 1922 known as the original Trust deed. A deed of appointment dated 5 October 1946 was also relevant.

The Trust is a registered charity, number 231860.

The Trust deed states the objects as being “for or to such charitable objects, purposes, institutions or societies as the Trustees may in their discretion think fit,” with no defined beneficial area.

Governance and Management

The names of the Trustees who have acted during the year are set out on page 1. One of the Trustees serves as the Chair, elected by the other Trustees, for a 3-year term. There are no term limits on the tenure of Trustees or the number of terms a Chair can serve. The Trustees can appoint new Trustees at any time by deed, up to a maximum of 7.

All Trustees give their time freely; no remuneration is paid. The notes to the financial statements disclose details of Trustee expenses reimbursed (note 5) and related party transactions (note 14).

Trustees are required to disclose all relevant interests and these are recorded on a central register. In accordance with the Trust’s policy, they are required to withdraw from any decision where there is a potential conflict of interest.

The Trustees meet annually in June to approve the previous year’s accounts and reporting, and to plan their grant making for the coming year. Additional meetings are held during the year as required for specific matters.

Trustees are able to receive training as appropriate.

Luminary Finance LLP is engaged as the Trust Administrator, to support the Trustees and for the day-to-day administration of the Trust’s affairs.

The Trust is a member of the Association of Charitable Foundations. The ACF provides helpful information on good practice and changes in the law affecting charities. It also acts as an authoritative body to speak for charitable foundations with the government and regulators.

Objectives and Activities

The Trust supports objectives at the Trustees’ discretion, via grants to charitable institutions.

The bulk of the Trust’s grants are made by way of defined term programmes (also referred to as subscriptions.) Grant programmes will seek to maximise the impact the Trust’s grants have on outcomes. This will often lead to supporting smaller charities.

The Trust does not have any geographical restriction on the ambit of its activities

Applications for funding

The Trust does not accept unsolicited applications for funding.

Public Benefit

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s objectives and activities.

The Trustees only release grants to organisations with charitable or Community Interest Company status; in practice almost exclusively UK registered charities. As all UK registered charities are required to operate for the public benefit, the Trustees can have a higher level of confidence that the Trust’s resources will be effectively used.

The objective and anticipated outcomes of each proposed grant programme are considered by the Trustees before adoption, progress is reviewed annually, and final outcomes are reviewed on completion of the grant term.

2

DELVES CHARITABLE TRUST

ANNUAL REPORT [Continued]

Achievements

During the year, in furtherance of the Trust’s objectives:

The largest grants made in the year, aggregated by recipient, were:

Charity Amount Comprising
Médecins Sans Frontières £26,500 2 unrestricted grants
Disasters Emergency Committee £18,500 1 grant to their Emergency Fund
Macular Disease Society £15,000 1 grant to a specific project
Client Earth £15,000 1 grant to a specific project
SHINE £12,500 1 grant to a specific project

Financial Review

The financial statements have been drawn up under the historical cost convention as modified by the revaluation of investments. The statements have been prepared in accordance with the rules of the Trust and the current Statement of Recommended Practice ‘Accounting and Reporting by Charities’ applicable to charities preparing their accounts in accordance with FRS 102.

Over the last year, there has not been any significant change in the Trust’s activities or the manner in which these activities have been carried out. The Trustees did, however, resolve to transition from relying on investment income to fund expenditure, to a total return approach of drawing-down funds from the investment portfolio in order to fund expenditure. A total return approach does not alter how the Trust’s activities are carried-out, but will increase the proportion of the Trust’s resources deemed appropriate to use for current expenditure.

The investment income for the year was £228,437, a decrease on the previous year of £23,936.

Grants totalling £219,000 (2021 - £119,500) were made in the year. An overview is given in the Achievements section above and details are disclosed in note 4 of the financial statements, starting on page 14 below.

In managing and administering the Trust, investment advisers’ fees of £47,841 (2021 - £43,581), costs of grant-making of £2,800 (2021 - £2,400), governance costs of £27,869 (2021 - £29,122), and other support costs of £357 (2021 - £545) were incurred in the year.

The value of the Trust’s investments increased by £509,402 during the year, comprised of £334,960 of net realised gains, £174,117 of net unrealised gains, and £325 of foreign exchange gains on uninvested cash (2021 – the value increased by £2,129,336, comprised of £210,552 of net realised gains and £1,918,784 of net unrealised gains).

The overall surplus for the year of £439,972 was added to reserves brought forward from the previous year (2021 - £2,186,561 surplus added to reserves).

Investment policy

The Trustees’ investment powers are defined by the general power of investment granted by the Trustee Act 2000. The Trustees are empowered to use the investments in the same manner as income and there is therefore no fixed endowment fund and no restricted investment.

The Trust’s investment portfolio is professionally managed by their investment adviser, Investec Wealth and Investment, on a discretionary basis.

The investment adviser operates under a written mandate, the Trustees’ Statement of Investment Principles, which

is reviewed regularly.

As the Trustees’ working presumption is for the Trust to continue in perpetuity, they seek a diversified portfolio, which over the long term provides a sustainable annual return to spend on charitable activities, while maintaining the real terms value (or better) of the investments, in a balanced way and without taking undue risk. In 2021, the Trustees resolved to transition to a total return approach; as such they are now indifferent whether the investment return arises from income or capital, and the funds drawn down to fund charitable activities can come from income or capital.

3

DELVES CHARITABLE TRUST

ANNUAL REPORT [Continued]

The Trustees’ Socially Responsible Investment policy forms part of the investment adviser’s written mandate and limits investments in companies significantly engaged in armaments, environmental damage, the manufacture or irresponsible marketing of alcohol, gambling, the manufacture or sale of tobacco, or human rights abuses.

Each quarter the Trust’s investment adviser reports on the performance of the investments. Twice a year, representatives of the Board of Trustees meet with the investment adviser to review strategy, policy and performance, and discuss developments.

The Trustees use a number of measures to appraise the investment adviser’s financial performance:

The Trust’s investments under-performed the benchmark during the year: while the Trust’s portfolio recorded a total return of 6.6%, the benchmark return was 10.9%.

The Trust’s investments are held in nominee accounts of the Trust’s investment adviser at Rensburg Client Nominees Limited, Ferlim Nominees Limited, CREST or Euroclear, or to the investment adviser’s order at the Bank of New York.

Designated funds

Designated funds are amounts that have been put aside out of unrestricted funds at the discretion of the Trustees for particular purposes. The designation is for administrative purposes only and does not legally restrict the Trustees’ discretion to apply the funds.

The Trustees have created a designated Investment fund, principally comprising the investments held in the Trust’s investment portfolio, to provide the resources necessary to maintain the Trust's charitable activities.

The remaining funds of the Trust comprise a general fund, representing unrestricted income expendable at the discretion of the Trustees in the furtherance of the objects of the Trust.

Such funds may be held in order to finance both working capital and capital investments.

Details of movements in the funds are set out in note 11 on page 18.

Reserves

The Trustees’ policy is to maintain free reserves of £20.000. This policy is formed with regard to the nature of the Trust’s operations and expenditure commitments, experience of the requirement to draw on reserves, and the designated Investment fund available.

The actual free reserves at 5 April 2022 were £17,294 (the balance on the unrestricted general fund.)

The Trustees are satisfied that sufficient reserves are held. The Trustees note the strength of the Trust’s Investment Fund and lack of other commitments or liabilities. At 5 April 2022, the Trust’s funds stood at £10,964,890, comprising an Investment fund of £10,947,596 and a general fund of £17,294.

Risk Management

Having regard to the Trust’s organisation and activities, it is the Trustees’ view that the major risks to which the Trust may be exposed are largely financial in nature. Primary among these would be events causing a significant reduction in the return generated by the investments. Regular meetings and contact are maintained with the Trust’s investment adviser to understand, prepare for, and react to such events. In addition, the Trustees seek to maintain free reserves at the levels indicated above.

4

DELVES CHARITABLE TRUST

ANNUAL REPORT [Continued]

To mitigate risks to effective grant-making, the Trustees dedicate time to understanding the progress of the Trust’s grant programmes. Each programme has to pass an annual review before any further grant is authorised for payment.

The Trustees review the major risks that the Trust faces on a regular basis.

The Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.

Future Plans

The Trustees intend to continue to make grants, out of the resources provided by the Investment fund, to pursue the Trust’s objectives.

At 5 April 2022, there were planned grants to existing grant programmes totalling £66,500 for 2022/23, of which £56,500 is planned to continue into 2023/24. Further grant programmes were adopted at the 2022 AGM.

Trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for preparing the Trustees' Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

A resolution to re-appoint Warner Wilde Limited as the Trust’s auditor was passed at the Annual General Meeting.

Approved by the Board of Trustees and signed on its behalf by

W Breeze Chair of the Board of Trustees 18.01.23

5

DELVES CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT

Warner Wilde Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006. We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Opinion

We have audited the financial statements of Delves Charitable Trust (the 'Trust') for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and the Notes to the financial statements 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).

In our opinion the financial statements:

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 Trust 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 Trust’s ability to continue as a going concern for a period of at least 12 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.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report of the Trustees 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.

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

6

DELVES CHARITABLE TRUST

AUDITOR’S REPORT [Continued]

Matters on which we are required to report by exception

The Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

We have nothing to report in this respect.

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the financial statements, for being satisfied that they 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 Trust'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 cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

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:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

7

DELVES CHARITABLE TRUST

AUDITOR’S REPORT [Continued]

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

F J Wilde For and on behalf of Warner Wilde Limited Chartered Certified Accountants Statutory Auditor Bisley 20.01.23

8

DELVES CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES Year ended 5 April 2022

Note
Income from
Investments
3
Expenditure on
Raising funds: investment adviser’s fees
Charitable activities
4
Total expenditure
Net (expenditure)/income before gains and losses on investments
Net gains on investments
7
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11
2022
£
228,437
47,841
250,026
297,867
(69,430)
509,402
439,972
10,524,918
10,964,890		 2021
£
252,373
43,581
151,567
195,148
57,225
2,129,336
2,186,561
8,338,357
10,524,918

All activities derive from continuing operations. All of the funds are unrestricted and designated.

There was no recognised gain or loss other than as shown in this statement.

9

DELVES CHARITABLE TRUST

BALANCE SHEET As at 5 April 2022

Note
Fixed Assets
Investments
8
Current Assets
Debtors
9
Bank balances and deposits
Liabilities
Creditors: amounts falling due within one year
10
Net Current Assets
Net Assets
The funds of the charity
Unrestricted designated Investment fund
Unrestricted general fund
Unrestricted income funds
11		 £
28,387
21,494
49,881
(15,730)		 2022
£
10,930,739
34,151
10,964,890
10,947,596
17,294
10,964,890		 £
26,368
18,417
44,785
(16,202)		 2021
£
10,496,335
28,583
10,524,918
10,449,701
75,217
10,524,918

Approved by the Board of Trustees on and signed on its behalf by

W Breeze J Breeze Chair of the Board of Trustees Trustee 18.01.23 13.01.23

10

DELVES CHARITABLE TRUST

STATEMENT OF CASH FLOWS Year ended 5 April 2022

Note
Cash flows from operating activities
Net cash provided by/(used in) operating activities
12
Cash flows from investing activities
Dividends and interest from investments
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
2022
£
(214,674)
217,751
3,077
18,417
21,494		 2021
£
(258,239)
245,281
(12,958)
31,375
18,417

11

DELVES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2022

1. General information

Delves Charitable Trust is a charity registered with the Charity Commission for England & Wales. Its registered address is The Trust Administrator, Luminary Finance LLP, PO Box 135, Longfield, DA3 8WF.

2. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with:

The financial statements 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, rather than the equivalent Statement of Recommended Practice effective from 1 April 2005 but which has since been withdrawn.

The financial statements have been drawn up under the historical cost convention as modified by the revaluation of investments.

The functional currency of the Trust is considered to be Pounds Sterling and amounts are rounded to the nearest whole pound.

The Trust constitutes a public benefit entity as defined by FRS 102.

Fund accounting

Designated funds are amounts which have been put aside out of unrestricted funds. The Trustees have created a designated Investment fund, principally comprising the investments held in the Trust’s investment portfolio, to provide the resources necessary to maintain the Trust’s charitable activities. The remaining funds of the Trust comprise a general fund, representing unrestricted income expendable at the discretion of the Trustees in the furtherance of the objects of the Trust. Such funds may be held in order to finance both working capital and capital investments.

Income recognition

Income is recognised when the conditions for receipt have been met, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Therefore:

Expenditure recognition

Expenditure is accounted for on an accruals basis. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

12

DELVES CHARITABLE TRUST

NOTES [Continued]

2. Accounting policies [Continued]

Charitable activities

The expenditure on charitable activities comprises grants plus support costs.

Grants

Financial grants are made to third parties to undertake work that contributes to the Trust’s objectives.

Grants comprise programme grants and donations. Programme grants are the predominant form of grantmaking, intended to support a particular project or activity; the Trust’s grant-making is supplemented by oneoff donations.

The grants made in the year are shown in note 4.

Support costs

Costs are incurred in facilitating the Trust’s charitable activity and are divided into 3 categories:

The analysis of the Trust’s support costs between these categories is shown in note 5.

Investments

Listed investments are stated at the closing middle market price immediately prior to the end of the financial year. For fixed interest securities, the market value shown includes accrued interest. All movements in value are shown in the Statement of Financial Activities.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All exchange differences are shown in the Statement of Financial Activities.

Financial Instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Amounts receivable and payable

Debtors and creditors with no interest rate and receivable or payable within one year are recorded at transaction price.

13

DELVES CHARITABLE TRUST

NOTES [Continued]

3. Investment Income

Investment Income
Dividends and interest from quoted investments
Interest on deposits		 2022
£
228,422
15
228,437		 2021
£
252,363
10
252,373

4. Charitable activities

Grant programmes
Alzheimer's Society, for the UK Dementia Research Institute
British Museum
ChemTrust
ClientEarth
Crisis
The Forgiveness Project
Freedom From Torture
Macular Disease Society
Médecins Sans Frontières
Motivation
National Star
Practical Action
Royal Horticultural Society
Samaritans
SHINE
Sightsavers
Society for the Protection of Ancient Buildings
Tree Aid
Trees for Cities
Woodland Trust
Action Medical Research
Alzheimer's Society
Parkinson's UK
Total expenditure on grant programmes		 2022
£
10,000
10,000
10,000
15,000
5,500
8,000
8,000
15,000
8,000
5,000
8,000
5,000
5,000
10,000
12,500
10,000
6,000
10,000
10,000
6,000
-
-
-
177,000		 2021
£
10,000
-
5,000
-
5,500
-
8,000
-
-
5,000
8,000
5,000
-
10,000
12,500
-
4,000
10,000
-
6,000
8,000
5,000
12,500
114,500

14

DELVES CHARITABLE TRUST

NOTES [Continued]

4. Charitable activities [Continued]

Charitable activities [Continued]
Donations
Disasters Emergency Committee - Emergency Fund
Fine Cell Work
Médecins Sans Frontières
British Red Cross – Beirut emergency appeal
Total expenditure on donations
Grants
Grant programmes (as above)
Donations (as above)
Total Grants
Support costs(note 5)
Grant making
Governance
Other
Total Support costs
Charitable activities
Grants (as above)
Support costs (as above)
Total Charitable activities		 2022
£
18,500
5,000
18,500
-




2021
£
-
-
-
5,000
42,000 5,000
177,000
42,000		 114,500
5,000
219,000 119,500
2,800
27,869
357		 2,400
29,122
545
31,026 32,067
219,000
31,026
119,500
32,067
250,026 151,567

All grants were made to institutions.

There was a grant programme and a donation in the year to Médecins Sans Frontières. The total grants in the year to the Médecins Sans Frontières were £26,500 (2021 - nil).

In the prior year there 2 separate grant programmes supporting the Alzheimer’s Society. The total grants in the year to the Alzheimer’s Society were £10,000 (2021 - £15,000).

15

DELVES CHARITABLE TRUST

NOTES [Continued]

5. Support costs

The Trust’s support costs of £31,026 (2021 - £32,067) are allocated between Grant-making, Governance, and Other as follows:

Trust administration
Auditor’s remuneration
Trustees’ expenses
Professional subscriptions
Bank charges		 Grant making
2022
2021
£
£
2,800
2,400
-
-
-
-
-
-
-
-
2,800
2,400		 Governance
2022
2021
£
£
23,600
24,982
4,248
4,140
21
-
-
-
-
-
27,869
29,122		 Other
2022
2021
£
£
-
-
-
-
-
-
258
475
99
70
357
545		 Other
2022
2021
£
£
-
-
-
-
-
-
258
475
99
70
357
545
545

Trust administration costs are apportioned between Costs of grant-making and Governance on the basis of time spent.

The Trustees, as listed on page 1, did not receive any emoluments during the year or the preceding year.

Trustees’ expenses: when Trustees incur out-of-pocket expenses for travel on Trust business, they can claim reimbursement by the Trust.

The Trust has no employees (2021 - none).

6. Auditor’s remuneration

Auditor’s remuneration
2022 2021
£ £
Fees payable to the Trust’s auditor
for the audit of the Trust’s annual accounts 4,248 4,140

7. Net gains on investments

Net gains on investments
Net foreign exchange gain on translation of uninvested cash
Net realised investment gains (note 8)
Net unrealised investment gains (note 8)		 2022
£
325
334,960
174,117
509,402		 2021
£
-
210,552
1,918,784
2,129,336

16

DELVES CHARITABLE TRUST

NOTES [Continued]

8. Investments

Investments
Quoted Investments
Market value at the start of the year
Additions
Disposals
Net realised gains
Net unrealised gains
Market value at the end of the year
Uninvested cash
Historical cost
The market value is divided:
UK Government Bonds
UK Corporate Bonds
Non-UK Government Bond funds
UK Equities
UK Unit & Investment Trusts
Europe (ex UK) Equities
Europe (ex UK) Unit & Investment Trusts
North America Equities
North America Unit & Investment Trusts
Rest of World Unit & Investment Trusts
Property funds
Infrastructure funds
Commodity funds		 2022
£
-
518,053
358,399
2,465,642
774,384
277,036
275,053
2,228,947
883,450
1,059,883
615,401
499,453
92,342
10,048,043



2021
£
97,432
654,603
293,796
3,223,969
2,003,346
-
346,749
-
1,663,561
1,130,676
532,907
324,260
78,637
10,349,936		 2022
£
10,349,936
4,962,676
(5,773,646)
334,960
174,117
10,048,043
882,696
10,930,739
7,835,381
2022
%
-
5.2
3.6
24.5
7.7
2.8
2.7
22.2
8.8
10.5
6.1
5.0
0.9
100		 2021
£
8,186,229
1,677,457
(1,643,086)
210,552
1,918,784
10,349,936
146,399
10,496,335
6,851,395
2021
%
0.9
6.3
2.8
31.2
19.4
-
3.4
-
16.1
10.9
5.1
3.1
0.8
100

There were 39 disposals during the year producing the net gain of £334,960 (2021 – net gain of £210,552).

No investment in the portfolio exceeds 5% of the total portfolio value.

17

DELVES CHARITABLE TRUST

NOTES [Continued]

9. Debtors

Debtors
2022 2021
£ £
Accrued investment income 28,387 26,368

10. Creditors: amounts falling due within one year

2022 2021
£ £
Accrued expenses 15,730 16,202

11. Statement of movements on unrestricted funds

Designation
Investment fund
General fund
Unrestricted funds
In 2021 the movements
Designation
Investment fund
General fund
Unrestricted funds		 Balance at
6 April
2021
£
Income
£
10,449,701
228,434
75,217
3
10,524,918
228,437
were as follows:
Balance at
6 April
2020
£
Income
£
8,320,365
252,363
17,992
10
8,338,357
252,373		 Transfers
£
(192,100)
192,100
-
Transfers
£
(208,782)
208,782
-		 Expenditure
£
(47,841)
(250,026)
(297,867)
Expenditure
£
(43,581)
(151,567)
(195,148)		 Gains/
(losses)
£
509,402
-
509,402
Gains/
(losses)
£
2,129,336
-
2,129,336		 Balance at
5 April
2022
£
10,947,596
17,294
10,964,890
Balance at
5 April
2021
£
10,449,701
75,217
10,524,918

18

DELVES CHARITABLE TRUST

NOTES [Continued]

12. Reconciliation of net income to net cash flow from operating activities

Net (expenditure)/income before gains on investments for the
reporting period, as per the Statement of Financial Activities
Net gains on investments
Net income for the reporting period
as per the Statement of Financial Activities
Adjustments for
(Gains)/losses on investments
Deduction of dividends and interest from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Transfers between funds
Net cash provided by/(used in) operating activities		 2022
£
(69,430)
509,402
439,972
(509,402)
(228,437)
(2,019)
(472)
85,684
(214,674)		 2021
£
57,225
2,129,336
2,186,561
(2,129,336)
(252,373)
(1,888)
3,139
(64,342)
(258,239)

13. Taxation

Delves Charitable Trust is a registered charity and as such is exempt from tax on income and gains falling within Part 10 Income Tax Act 2007 and Section 256 Taxation of Chargeable Gains Act 1992 respectively, to the extent that they are applied to its charitable objectives.

14. Related Parties

Luminary Finance LLP

Luminary Finance LLP is a related party of the Trust by virtue of the family relationship between a Member of the firm and the Trustees.

Luminary Finance LLP provides administration services to the Trust on an arm’s length basis under a standard letter of engagement and terms of business.

The trust administration costs in note 5 above include £26,400 relating to services provided by Luminary Finance LLP in the year, comprised of £22,000 of fees and £4,400 of irrecoverable VAT (2021 - £27,382 total, being £22,818 of fees and £4,564 of VAT). The balance due to Luminary Finance LLP at the end of the year was £nil (2021 - £1,500).

15. Going concern

The Trustees consider that there is no material uncertainty about the Trust’s ability to continue as a going concern.

19