2020-12-31-accounts

THE BELLING CHARITABLE SETTLEMENT

ANNUAL REPORT AND FINANCIAL STATEMENTS For the year to 31 December 2020

Contents
2	Legal and administrative information
3-5	Trustees’ Annual Report
6-9	Report of the Independent Auditor
10	Statement of Financial Activities
11	Balance Sheet
12-19	Notes to the Financial Statements

THE BELLING CHARITABLE SETTLEMENT

LEGAL AND ADMINISTRATIVE INFORMATION For the Year ended 31 December 2019

The Settlement was created by Charles Reginald Belling by Deed of Trust dated 20 August 1964. It is a charity registered with the Charity Commission, number 237187.

Trustees Mr R E Belling Mrs A M Horlock Rosmerrin The Vicarage Restronguet Point 37a Quickley Lane Feock, Truro Chorleywood Cornwall Herts TR3 6RB WD3 5AE Mrs D P Chinn-Shaw K Wright Northern House Osprey House The Drive Malpas Road Sawbridgeworth Truro HERTS Cornwall CM21 9EP TR1 1UT Administrators Roundhouse Associates Limited Bankers Barclays Bank Plc C/o Northern House 1 Churchill Place The Drive Canary Wharf Sawbridgeworth E14 5HP HERTS CM21 9EP Solicitors Stephens & Scown Statutory Balfour Sanson Osprey House Auditor Chartered Accountants Malpas Road, Truro and Statutory Auditors Cornwall 17 Bourne Court TR1 1UT Southend Road Woodford Green Essex, IG8 8HD Investment Charles Stanley & Co. Ltd advisors 25 Luke Street, London EC2A 4AR

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THE BELLING CHARITABLE SETTLEMENT

TRUSTEES ANNUAL REPORT For the Year ended 31 December 2020

The trustees present their report and the financial statements of the charity for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out on pages 12 to 15 and comply with the Charities Act 2011, the provisions of the trust deed and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

Structure, governance and management

The settlement was established by an initial gift of £100 from Charles Reginald Belling on 20 August 1964. Subsequent increases in capital have been made by the Belling Staff Settlement whose objects permit the passing of capital funds to this charity. The settlement does not raise funds for its activities. The trustees named on page 2 have served throughout the year.

Appointment of trustees is governed by the trust deed of the settlement. Trustees are authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. There is a minimum requirement of three trustees in the trust deed. No maximum number exists. Trustees may act by majority if there are three or more in number.

Normal practice is for the trustees to meet every six months. This has not been possible in 2020 due to Covid19 restrictions, although remote meetings have taken place. An agenda is prepared and contributed to by all trustees and includes broad strategy and areas of activity for the settlement, including consideration of grant making, investment, reserves and risk management policies and performance. The day-to-day administration of grants and the processing and handling of applications prior to consideration by the trustees, is delegated to the administrators, Roundhouse Associates Limited. The stockbrokers, Charles Stanley Ltd, also attend, in person or remotely, the trustee meetings as required.

The trustees keep the requirements for the Trustee Body under review and in the event that a trustee retires, or an additional trustee is required, the trustees would agree to make an appropriate appointment.

Objectives and activities

The trustees have absolute discretion to distribute the capital and income for education and the relief of poverty. In the Deed of Settlement, without prejudice to the generality of the foregoing, reference is made to electrical education and the relief of poverty, in its widest sense, of persons involved in the electrical industry and of their dependents.

The objects of the settlement are deliberately wide as this settlement is intended to last indefinitely and must be able to cope with time and circumstances that could not have been envisaged by the Settlor in 1964.

Grant Making

The Trust has historically provided grants to primary schools in the Enfield and Cornwall regions. In recent years, the Trust has tried to ensure that secondary schools are also helped each year. Where secondary schools are concerned, the Trustees stipulate that funds are to be used for STEM projects only. Given the

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THE BELLING CHARITABLE SETTLEMENT

TRUSTEES ANNUAL REPORT

For the Year ended 31 December 2020

size and complexity of secondary school bids, the Trust is generally limited to helping one secondary school per year.

Financial review

At the start of 2020, the trustees controlled total funds of £2,512,289 (2019 £2,419,352). At the end of 2020, these funds had decreased after distributions of capital and income and payment of expenses to £2,277,213.

The investment portfolio performance is closely monitored throughout the year, with the year-end value determining the level of expenditure on educational grants in the following year. Dividend income fell during the year but was still sufficient to cover the Trust's running expenses. The portfolio did suffer a large downturn at the start of the Covid-19 pandemic in March 2020, but recovered well during the year until a further downturn in November 2020. The portfolio had recovered again by the end of December 2020.

The Trust made payments to ex-members of the Belling Group staff and their dependants of £84,584 (2019 - £87,084). This amount comprises voluntary pensions paid to early and ill health retirees as well as pension shortfall payments. The trustees currently fund the whole of the shortfall in pensions paid by the Belling Retirement Pension Plan, through Legal & General Insurance Co Ltd.

The Trust also granted funds to provide ICT equipment for educational purposes in primary and secondary schools and other institutions. These totalled £297,812 (2019 - £295,222). In addition, engineering scholarships were advanced to Engineering undergraduates via the IET (Institution of Engineering and Technology) totalling £20,000 (2019 - £24,000). For the second time, the Trust provided grants to the Engineering Development Trust (EDT) totalling £15,000. This helped fund the EDT's 'Go4Set' project for school pupils in years 8 and 9.

Total management and administration costs during 2020 were £54,040 (2019 - £57,413).

Reserves policy

The trustees reviewed their reserves policy during 2020, with the aim of maintaining net reserves at a minimum capital figure that will enable the settlement to meet the estimated future costs of paying all voluntary pensions and shortfall pensions from its own resources. The Trust's capital had been increasing over recent years, reaching almost £3M at the end of 2017. The trustees therefore considered that it was appropriate to begin reducing the capital to around £2.5M. To this end, the Trust commenced providing for educational grants and the relief of poverty from its own capital since 2017. The settlement's funds will be reviewed on an ongoing basis and applications will continue to be made to the trustees of the Belling Staff Settlement in order to fund any balance of the capital figure required.

Statement of 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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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THE BELLING CHARITABLE SETTLEMENT

TRUSTEES ANNUAL REPORT

For the Year ended 31 December 2020

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2015 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements ;

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 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.

Public benefit

It is common knowledge that neither the Department of Education nor most individual schools are able to fully fund the substantial capital required to meet the IT educational needs for pupils in the UK. It therefore falls upon the private and not for profit sector to make funds available to schools in order that UK students are able to compete in industry and commerce both at home and abroad. Schools that cannot provide up to date IT equipment and services are more likely to fall behind.

In setting the objectives of the settlement and planning its activities, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit. The trustees are confident that given the activities of the settlement and the access to funding that they make available, the settlement is fully compliant with its public benefit obligations.

This report was approved by the trustees on 18 October 2021 and signed by them:

Richard E Belling

Keith Wright

Alexandra M Horlock

Debbie Chinn-Shaw

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THE BELLING CHARITABLE SETTLEMENT

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE BELLING CHARITABLE SETTLEMENT For the Year ended 31 December 2020

Opinion

We have audited the financial statements of the Belling Charitable Settlement (“the charity”) for the year ended 31 December 2020 on pages 10 to 19. 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 the 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 31st December 2020, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 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 contained within the annual report. The other information comprises the information included in the trustees’ 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.

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THE BELLING CHARITABLE SETTLEMENT

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE BELLING CHARITABLE SETTLEMENT For the Year ended 31 December 2020

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.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require 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 accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement (set out on pages 4 and 5), the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

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THE BELLING CHARITABLE SETTLEMENT

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE BELLING CHARITABLE SETTLEMENT For the Year ended 31 December 2020

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:

The extent to which the audit was considered capable of detecting irregularities, including fraud

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:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charity through discussions with trustees, and from our knowledge of the charity sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011.

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

• making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions; and

• investigated the rationale behind significant or unusual transactions.

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

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims;

• reviewing correspondence with HMRC and with relevant regulators such as the Charity Commission.

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THE BELLING CHARITABLE SETTLEMENT

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE BELLING CHARITABLE SETTLEMENT For the Year ended 31 December 2020

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 noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees 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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

NL Balfour FCA (Senior Statutory Auditor) for and on behalf of Balfour Sanson Chartered Accountants and Statutory Auditors 17 Bourne Court Southend Road Woodford Green Essex IG8 8HD

Date:

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THE BELLING CHARITABLE SETTLEMENT

STATEMENT OF FINANCIAL ACTIVITIES For the Year ended 31 December 2020

					Note		2020		2020		2020		2019
							£		£		£		£
Incoming from:							Unrestricted		Restricted		Total		Total
	Investment income
		Dividends on quoted investments			2		36,657		-		36,657		57,270
	Grants and donations				3		-		50,000		50,000		-
	Total income						36,657		50,000		86,657		57,270
Expenditure on:
	Investment management costs						21,698		-		21,698		17,179
	Charitable activities
	Provision and encouragement of education				4		-		297,812		297,812		295,222
	Relief of poverty				4		-		84,584		84,584		87,084
	Grant making and governance costs
	Trustees fees and expenses				6		-		15,135		15,135		21,808
	Administration and accountancy						7,914		7,914		15,827		16,656
	Auditors fees				7		460		920		1,380		1,770
	Income tax deducted										-		-
	Total expenditure						30,071		406,365		436,436		439,719
Net gains on investments					2		-		114,702		114,702		475,387
NET INCOME/(EXPENDITURE) & NET MOVEMENT IN FUNDS							6,586		241,662 -		235,076 -		92,938
FUND BALANCES B/FWD							541,899		1,970,390		2,512,289		2,419,351
FUND BALANCES C/FWD							548,485		1,728,728		2,277,213		2,512,289

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THE BELLING CHARITABLE SETTLEMENT

BALANCE SHEET

For the Year ended 31 December 2020

										2020				2019
						Notes				£				£
FIXED ASSETS
	Quoted securities at market value					2				2,203,704				2,467,997
	Investment bank account									19,647				13,103
										2,223,351				2,481,100
CURRENT ASSETS
	Cash Balances
		Barclays Bank plc.						96,138				54,273
		Charles Stanley Income account						801				1,070
								96,939				55,342
CURRENT LIABILITIES
	Amounts falling due within one year
		Trustees fees and expenses						5,613				6,621
		Administration and accounts						8,748				8,773
		Investment management fees						5,542				6,253
		Audit fees						1,950				1,770
		Relief of poverty						1,225				736
								23,077				24,153
NET CURRENT ASSETS										73,861				31,189
TOTAL ASSETS LESS CURRENT LIABILITIES										2,297,213				2,512,289
PROVISION FOR LIABILITIES AND CHARGES						5				20,000 -				-
NET ASSETS										2,277,213				2,512,289
CHARITY FUNDS
		Restricted Funds				8				1,728,728				1,970,390
		Unrestricted Funds				8				548,485				541,899
TOTAL CHARITY FUNDS										2,277,213				2,512,289
Approved by the Trustees on 18 October 2021
	R E Belling						D P Chinn-Shaw
	K Wright						A M Horlock

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THE BELLING CHARITABLE SETTLEMENT

NOTES TO THE ACCOUNTS

For the Year ended 31 December 2020

1 ACCOUNTING POLICIES

(a) Basis of preparation and assessment of going concern

The Belling Charitable Settlement has been created by deed and operates in the United Kingdom. The address of the administration office is given in the charity information on page 2 of these financial statements.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1st January 2015.

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 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust is not required to prepare a Statement of cash flows in accordance with SORP (FRS 102) with update Bulletin 1 (paragraph 3.12).

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

The financial statements are presented in sterling (£) which is also the functional currency for the settlement and rounded to the nearest £.

The trustees consider that there are no material uncertainties about the settlement's ability to continue as a going concern. With respect to the next reporting period, 2020, the most significant areas of uncertainty that affect the carrying value of assets held by the Settlement are the level of investment return and the performance of investment markets.

(b) Funds structure

The funds of the settlement have been historically provided by the re-investment of returns from listed shares and by grants made by the Belling Staff Settlement, for both the relief of poverty and the development of education. These funds have been and are granted on the basis that the funds are to be used for specific purposes and as such, have been classified as restricted funds.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed on them by the donor or trust deed. It is the intention of the trustees to establish a designated restricted fund specifically to aid the finance of future pension payments to ex members of Belling & Co. Limited and their dependents.

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THE BELLING CHARITABLE SETTLEMENT

NOTES TO THE ACCOUNTS

For the Year ended 31 December 2020

The trustees await all of the information required in connection with these ex members to allow them to establish such a fund.

(c ) Incoming resources

All incoming resources are recognised once the settlement has entitlement to the resources; it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Grants receivable are recognised on a sums due basis.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank/broker. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor.

(d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (h) below.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the settlement. A liability for grants payable is recognised when the trustees have approved the grant, the subject matter of the grant is installed and when a copy of the agreed supplier's VAT invoice has been received by the settlement. Provisions are made where there is uncertainty as to the timing of the grant or the amount of the grant payable. This could occur where trustees have approved the payment of the grant but the equipment has not yet been installed and therefore no VAT invoice can be supplied. No discounting of grants payable is applied as the trustees do not consider grants provided for at the balance sheet date to be payable beyond one year from that date.

(e) Irrecoverable value added tax

VAT is not recoverable by the charity, and is therefore charged against the category of resources expended for which it was incurred.

(f) Costs of generating funds Costs of generating funds consist solely of investment management fees.

(g) Charitable activities Charitable activity costs include grants made and support costs as shown in note 4 to the financial statements.

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THE BELLING CHARITABLE SETTLEMENT

NOTES TO THE ACCOUNTS For the Year ended 31 December 2020

(h) Allocation of support and governance costs

Governance costs comprise all costs involving the public accountability of the settlement and its compliance with regulation and good practice. These costs include costs related to trustees fees and expenses, statutory audit and legal fees and other related overhead costs. Where appropriate these costs are allocated by the trustees between restricted and unrestricted funds on a time expended basis.

(i) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The settlement does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

(j) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

(k) Debtors and creditors receivable/payable within one year

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

(l) Contingent Liabilities

In accordance with the SORP, a contingent liability is disclosed for those grants, which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees' control.

(m) Taxation

The settlement has charitable status. Its income is not subject to taxation, by virtue of being an exempt charity within the meaning of schedule 3 of the Charities Act 2011.

(n) Impact of Covid 19 The impact of Covid 19 on the UK economy in 2020 has been very significant and, generally, adverse. The trustees have taken all measures necessary to ensure the smooth operation of the settlement in response to the pandemic. The spread of risk of equities within the investment portfolio has mitigated major

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THE BELLING CHARITABLE SETTLEMENT

NOTES TO THE ACCOUNTS

For the Year ended 31 December 2020

reductions in valuations to December 2020, however the trustees are prudent and cautious with the Coronavirus impact into 2021.

Cash flows for the settlement are constantly monitored to ensure that running expenses and distributions are adequately met. No government assistance available under the Coronavirus has been sought.

On the basis of the above, the trustees are confident that the settlement continues to be a going concern.

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THE BELLING CHARITABLE SETTLEMENT

NOTES TO THE ACCOUNTS For the Year ended 31 December 2020

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2. INVESTMENTS
(£) 1,312.50 1,312.50 88.44 146.55 149.65 588.49 221.25 1,006.29 454.45 538.00 837.80 655.31 907.98 753.77 1,167.93 0.52 196.20 298.80 626.50 299.25 268.74 257.13 314.37 263.16 462.85 391.22 359.61 303.96
Amount
Dividend Income
Date 8-Jan 17-Jul 7-Jul 5-Feb 30-Apr 31-Jul 30-Oct 19-Mar 24-Jul 24-Feb 28-May 1-Oct 22-May 9-Apr 8-Oct 10-Jan 5-Feb 1-Oct 11-Jun 8-Oct 3-Feb 3-Mar 1-Apr 30-Apr 30-Mar 9-Jul 1-Oct 30-Dec
M/value (£) 86,850.00 132,020.00 73,146.79 108,022.25 32,054.00 44,012.50 65,234.00 47,134.72 65,960.00 79,145.00 72,158.82 42,906.00 73,470.00 89,800.00 54,000.00 49,420.00 95,261.25
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(£) 49,417.52 107,811.38 36,693.35 74,352.24 14,684.20 33,033.70 60,580.00 39,459.52 17,702.86 40,102.83 20,188.86 35,102.97 8,533.61 20,734.37 50,000.00 22,961.21 24,793.83
Cost
Units 7,500 - 11,500 - 200 - 425 - 550 - - 25,000 - - 26,000 - - - - 5,017 - - - - - - - 1,000 - - - 2,750 - - 625 - 200 - - 3,000 - 4,000 - - 50,000 875 - 3,500 -
At 31 December 2020
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(£) 47.60 20,172.31 13,563.51 5,361.79 (7,418.25) 29,066.55 1,393.40 25,188.22 (5,348.79) 9,759.60
Gain/loss
6.71 87318
(£) 86,961.00 43,821.35 25,540.35 40,759.47 58,717.31 40,739.00 13,301.58
Proceeds 59617.66
(£) (47.60) 39,445.35 - - - 73,397.49 6.71 38,459.56 32,958.60 11,692.92 57,323.91 - - - - 15,550.78 - 92,666.79 3,541.98
Cost
Units 215 4,100 - 32,461 2,000 659 480 3,000 90,000 500
Disposals
(£)
60,580.00 57,323.91 50,000.00
Cost
Units 26,000 480 50,000
Acquisitions
Date 24-Feb 09-Nov 20-Apr 03-Dec 14-Apr 29-Sep 22-Apr 04-Dec 14-Apr 08-Oct 10-Mar 09-Oct
(£)
M/value 82,350.00 126,845.00 103,310.64 74,349.50 24,744.50 40,137.50 109,675.00 63,826.00 50,882.62 37,800.00 84,940.80 88,013.75 64,710.32 34,118.00 63,480.00 103,600.00 51,205.00 90,738.00 97,290.00
- - - - - - - - - - - - - - - - - - - - - - - - -
(£) 49,417.52 107,763.78 76,138.70 74,352.24 14,684.20 33,033.70 73,397.49 39,466.23 38,459.56 32,958.60 29,395.78 40,102.83 20,188.86 35,102.97 8,533.61 36,285.15 22,961.21 92,666.79 28,335.81
Cost
Units 7,500 - 11,500 - 415 - 425 - 550 - - 25,000 - - - 4,100 - 4,700 - - 32,461 - 2,000 - - 1,700 - - 2,750 - - 625 - 200 - - 3,000 - 7,000 - 875 90,000 4,000 -
At 31 December 2019
3I Group ord Aberdeen Standard Fund Managers Adobe Aubrey Global Emerging Markets (Fundrock Management SA Baillie Gifford & Co Japanese Sml Cos Blackrock Fund Managers Ltd Continental Euro Income Blackrock Fund Managers Ltf European Dynamic FD INC BMO Investments (Ireland) (formerly F&C Real Estate) Bovis Homes Group (Now Vistry Group) Ord 0.50 CC Japan Income & Growth Trust PLC Ord GBP 0.01 Compass Group PLC Ord. 0.1105 Croda Intl Deutsche Boerse Diageo Plc ordinary 28p shares Findlay Park Funds Plc GAM (Juls Baer) Multipartners Robeco Sam Smart Halma Ordinary ordinary 10p shares Herald Invertment Trust Home Reit PLC Intertek GP Investec Fund Managers Ishares S&P £500
UK Ordinary shares
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16

THE BELLING CHARITABLE SETTLEMENT

NOTES TO THE ACCOUNTS

For the Year ended 31 December 2020

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2. INVESTMENTS (cont’d)
350.00 888.64 1,574.46 4,044.80 1,577.60 867.35 1,530.00 585.20 433.20 478.80 497.80 284.00 497.00 154.35 281.40 231.00 282.45 1,146.20 229.35 932.09 642.00 272.00 1,196.57 2,182.50 718.41 426.20 43.35 44.17 41.55 41.69 36,657.35
Amount
Dividend Income
Date 27-Nov 16-Apr 15-Oct 4-Jun 24-Sep 29-May 30-Sep 6-Mar 26-May 21-Aug 20-Nov 14-Sep 14-Dec 3-Feb 30-Apr 31-Jul 30-Oct 15-May 28-Sep 13-Jan 28-May 2-Sep 26-Mar 5-Feb 6-May 28-Oct 4-Mar 2-Jun 2-Sep 2-Dec
M/value 94,980.00 85,184.00 50,477.25 55,100.00 19,645.70 58,009.35 74,085.00 61,385.42 138,150.00 100,440.00 119,472.00 58,135.00 29,631.04 48,414.35
2,203,704.44
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Cost 74,476.06 67,929.28 35,049.19 46,456.00 19,438.52 61,007.10 34,016.16 29,789.63 46,849.56 52,059.84 80,679.72 40,840.51 32,542.66 37,539.88 1,314,826.56 1,314,826.56 2,203,704.44 888,877.88 157,348.35 888,877.88 (931,523.74) 114,702.49
Units - - - 60,000 - - 32,000 - 25,500 - 38,000 - - 710 - 10,500 5,500 - - - - - - - - 240 - 22,500 - 45,000 - - 80,000 - - - - 3,850 - - 87 - 400 - -
At 31 December 2020
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
60,244.00 838.47 13,644.24 515.78 (9,724.97) 44.88 157,348.35
Gain/loss
69,899.00 51,583.06 32,275.60 17,915.65 44.88 628,500.62
Proceeds
Net gains on investments: Realised in year Unrealised at 31 December 2020 Unrealised at 31 December 2019
- - - - - - - - - - -
9,655.00 50,744.59 18,631.36 (515.78) 27,640.62 471,152.27
Cost
Units 10,000 372 2,000 6,363
Disposals
Cost 29,620.40 19,438.52 32,542.66 249,505.49
Units 20,000 710 87
Acquisitions
Date 06-Nov 29-May 20-Aug 05-Jun 27-Oct 19-Aug 27-Oct
M/value 80,700.00 104,928.00 96,960.00 13,046.00 55,480.00 63,349.65 79,695.00 62,586.83 38,110.00 58,748.88 106,087.50 81,675.00 99,664.00 24,446.65 70,551.25 39,951.69 2,467,997.08
- - - - - - - - - - - - - - - - - - - - - - -
Cost 9,655.00 74,476.06 67,929.28 5,428.79 46,456.00 61,007.10 34,016.16 50,744.59 18,631.36 29,789.63 46,849.56 51,544.06 80,679.72 27,640.62 40,840.51 37,539.88 1,536,473.34 1,536,473.34 2,467,997.08 931,523.74
Units 10,000 - - 60,000 - - 32,000 - 5,500 - 38,000 - - 10,500 5,500 - - 372 - - 2,000 - 240 - 22,500 - 45,000 - - 80,000 - 6,363 - - 3,850 - - 400 - -
At 31 December 2019
European Opportunities ordinary £1 shares (was Jupiter) Lazard Global ActiveFunds Legal & General Group M&G PLC (Split from Prudential) Montanaro Uk Smaller Cos Persimmon Ord 0.10 Polar Capital Funds Prudential ordinary 5p shares Prusik Umbrella Ucits Fund Plc Reed Elsevier 0.1444 (Relx Plc) Roche Holdings Ag Genusscheine Schroder Asia Pacific Fund ordinary 10p shares Schroder Unit trust Global Healthcare Skyline Umbrealla Fund Smith (DS) Ord. .10 Smith & Nephew Ord USD 0.20 Thermo Fisher Scientific Inc Zoetis Inc J P Morgan Global Convert. 1.25% Govt Stock 22/11/17 Unrealised net investments gains: Cost MV Difference
UK Ordinary shares
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17

THE BELLING CHARITABLE SETTLEMENT

NOTES TO THE ACCOUNTS For the Year ended 31 December 2020

								2020		2019
								£		£
3		GRANTS AND DONATIONS RECEIVED
		During the year the settlement received amounts from the Belling Staff
		Settlement to be used by the settlement for both educational
		purposes and the relief of poverty.
					Belling Staff Settlement			50,000		-
								50,000		-
4		ANALYSIS OF CHARITABLE EXPENDITURE						Restricted		Restricted
		The settlement undertakes its charitable activities through grant making
		and awarded grants to a number of individuals and institutions in
		furtherance of its activities.
		Provision and encouragement of education
			2019 & 2020 I E T - Scholarships					16,000		24,000
			Ten Tors Explorer Unit					2,600		4,250
			Highlands Secondary School					43,829		53,684
			Engineering Development Trust (EDT)					15,000		11,000
			Portreath Primary School					35,977		-
			Kea Church					9,000		-
			Marlborough School					40,000		-
			Firs School					6,000		-
			Alma School					89,592		-
			Pencoys School					39,814		-
			St Day & Carharrack Primary School					-		42,354
			Lanner Primary School					-		39,808
			St Neot Primary School					-		7,521
			Harrowbarrow Primary School					-		18,294
			St Mary's Bodmin Primary School					-		5,637
			St Andrews Primary School					-		72,400
			Capel Manor Primary School					-		6,755
			High Wych Primary School					-		9,520
								297,812		295,223
		Relief of poverty
			Voluntary and Early Retiree Pensions					26,782		29,281
			Belling Retirement Plan Shortfall Pensions					57,802		57,803
								84,584		87,084
5		PROVISIONS FOR LIABILITIES AND CHARGES
			Educational grants payable within one year:					£		£
			Provision at 1st January 2020					-		1,482
			Increase in provision during the year					20,000		1,482 -
			Provision at 31st December 2020					20,000		-
The above educational grants provided for relate to funds to be supplied to schools and the provision is expect
to give rise to a resulting payment of £20,000 within twelve months of 31st December 2020.

18

THE BELLING CHARITABLE SETTLEMENT

NOTES TO THE ACCOUNTS For the Year ended 31 December 2020

6. RELATED PARTY TRANSACTIONS AND TRUSTEE REMUNERATION

The trustees received no remuneration (2019: NIL) from the settlement during the year. In accordance with the provisions of the deed of settlement, trustee fees and expenses were charged/incurred as follows:

D P Chinn-Shaw charged fees and meeting expenses of £14,900 (2019 - £19,647) in respect of professional and trustee duties performed for the settlement. As at 31st December 2020 £5,594 (2019 - £6,621) was owed to D P Chinn-Shaw in respect of fees. During the year, the settlement incurred costs of £15,686 (2019 - £16,519) for administration services from Roundhouse Associates Limited, a company whose director is the sister of Mrs D P Chinn-Shaw. As at 31st December 2020, the settlement owed Roundhouse Associates Ltd £8,749 (2019 - £8,774).

R E Belling charged no fees but received printer expenses of £216 (2019 – meeting, mileage and travel expenses of £1,816) in respect of trustee duties performed for the settlement. As at 31 December 2020, the settlement owed Mr Belling £NIL for expenses (2019: £Nil). K Wright charged no fees (2019 - £Nil) and received no expenses (2019 - £Nil) in respect of professional and trustee duties performed for the settlement. Mrs A Horlock charged no fees (2019 - £Nil) and charged travel expenses of £19 (2019 – mileage expenses of £346) in respect of trustee duties performed for the settlement.

All professional fees, where charged, were below normal commercial rates.

7		ANALYSIS OF AUDIT FEES	ANALYSIS OF AUDIT FEES	ANALYSIS OF AUDIT FEES						2020		2019
										£		£
		Audit services								1,380		1770
8		FUND BALANCES								2020		2019
										£		£
		Restricted Fund - represented by fixed assets and net current assets
				less provision for liabilities.						1,728,728		1,970,390
		Unrestricted Fund - represented by both net current assets and fixed								548,485		541,899
				assets
										2,277,213		2,512,289

Under the Trust Deed dated 20 August 1964, the trustees have authority to distribute the capital as well as the income of the settlement.

The funds held within the restricted fund have been granted to the settlement by the Belling Staff Settlement. The purpose for which this fund can be used is as outlined in note 1 to the financial statements. The basis upon which incoming grants from the Belling Staff Settlement are made, provided that the income arising from these grants can be used wholly at the discretion of the settlement's trustees. As such, this income is available to be spent for any purpose of the settlement and the unspent balance appears above as an unrestricted fund.

19