THE BELLING CHARITABLE SErrLEMENT ANNUAL REPORT AND FINANCIAL STATEMENTS For the year to 31 December 2023 Contents Legal and administrative infomiation Trustees. Annual Report 6-9 Report of the Independent Auditors io Statement of Financial Activitie5 li Balance Sheet 12-18 Notes to the Financial Statements
THE BELLING CHARITABLE SETTLEMENT LEGAL ANO ADMINISTRATIVE INFORMATION For the Year ended 31 December 2023 The Settlement was created by Charles Reginald Belling by Deed of Trust dated 20 August 1964. It is charity re8lStered with the Charity Commission. number 237187. Trustees Mr R E Belling Rosmerrin Restronguet Point Feock, Truro Cornwall TR3 6RB Mrs A M Horlock The Vicarage 37a Quickley Lane Chorleywood Herts WD3 SAE Mrs D P Chinn-shaw Northern House The Drive Sawbridgeworth HERTS CM219EP Mr K Wright Osprey House Malpas Road Truro Cornwall TRI IUT Adminlstrators Roundhouse Associates Limited Clo Northern House The Drive Sawbridgeworth HERTS CM219EP Bankers Barclays Bank PIC I Churchill Place Canarywharf E14 5HP Sollcitors Stephens & Scown Osprey House Malpas Road, Truro Cornwall TRI IUT Statutory Auditors Pitts & Seeus Chartered Accountant5 and Statutory Auditors Studio 6 6 Hornsey Street London N7 8GR Investment advisor5 Charles Stanley & Co. Ltd 25 Luke Street. London EC2A 4AR
THE BELLING CHARITABLE SEfTLEMENT TRUSTEES ANNUAL REPORT For the Year ended 31 December 2023 The trustees present their report and the financial statements of the charityfor the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out on pages 12 to 18 and comply with the Charities Act 2011, the provisions of the trust deed and Accounting and Reporting by Charities- Statement of Recommended Practi applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Structure. governance and management The settlement wa5 established by an initial gift of £l(l) 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 doe5 not raise funds for its activities. The trustees named on page 2 have served throughout the year. The settlement operates as an unincorporated charitsble trust. 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. Tnjstees may art by majority if there are three or more in number. Normal practice is for the trustees to meet every six months. 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 makin& 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 the trustee meetings. in person or remotely, as required. The trustees keep the requirements fortheTrustee 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 artItieS The trustees have absolute discretion to distribute the capital and income for education and the rellef of poverty. In the Deed of Settlement, without prejudice to the generality of the foregoing, reference is made to education within the electronics sector and the relief of poverty, in its widest sense. of persons involved in the electronics 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 bythe Settlor in 1964. Grant Makin8 The trust has historically provided grant5 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
THE BELLING CHARITABLE SErrLEMEiir TRUSTEES ANNUAL REPORT For the Year ended 31 December 2023 size and complexity of secondary school bids. the trust is generally limited to helping one secondary school per year. Flnancial review, achievements and perfomiance At the start of 2023, the trustees controlled total funds of £1.487,165 {2021 £2.171,0391. At the end of 2023, these funds had increased after distributions of capital and income and payment of expenses to £1.574.133. The investment portfolio performance is closely monitored throughout the year. with the year*nd value determining the level of expenditure on educational grants in the following year. Dividend income was down on the prior yearf5 levels, although not sufficient by itself to cover the trust's running expenses. The portfolio suffered a large downturn at the start of 2022. due primarily to the Russia/Ukraine situation and inflationary pressures. This has Started to recover gradually throughout 2022 and 2023. The trust made payments to ex-members of the Belling Group staff and their dependants of £71,41112022 £80,221). This amount comprised 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 Insuran Co Ltd. The trust also granted funds to provide ICT equipment for educational purposes in primary and secondary schools and other institutions. These totalled £222,590 {2022 £201,191). In addition, engineering scholarship5 were advanced to Engineering undergraduates via the Ilnstitution of Engineering and Technology) totalling E25,211{2022 - £22.6LK)l. In 2021 and 2022. this included a scholarship for £3,IXX) to the son of trustee Keith Wright. The scholarship is being awarded on the same terms as other IET scholarships lover a four-year maximum period). The Trust continues to provide grants to the Engineering Development Trust IEDll totalling £15,(KX)12022 - £5,CMX)l. This helped fund the EDT'S Industrial Cadets projert for school pupils in years 8 and 9. as well as bursaries for pupils to attend various 'routes into STEM, days. In 2023, the trust supported Bath University with a one-year scholarship for £3,000 for biology undergraduates, undertaking a one-year placement at Yamaguchi University in Japan. For 2023, the student supported was a son of trustee Keith Wright. The trust has agreed to continue this scholarship for the next three years, supporting two students per year at a cost of £4,000 per year. Total management and administration costs during 2023 were £58.87812022- £59,75SI. Reserves poliry It is the Trust's aim to maintain net reserves at a minimum capital figure that will enable the settlement to meet the estimated future costs of paying all voluntary pension5 and shortfall pensions from its own resources. To that end. it is the Trusys policy to maintain net reserves between £l.SM and £2.5M. In past years. where the portfolio value each year, the Trust was able to provide for educational grants and the relief of poverty from its own capit31. The fa11 in the portfolio value 15 recent years ha5 resulted in reserves falling below the desired £1.5M, hence during since 2022, applications recoMMend to the trustees of the Belling Staff Settlement to fund any balance of the capital figure required.
THE BELLING CHARrrABLE sErrLEMEf TRUSTEES ANNUAL REPORT For the Year ended 31 December 2023 Statement of trustees, responslblllties In relatlon to the flnanclal ststsments The trustees are responsible for preparing the Trustees, Annual Report and the financial staternents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prartice}. 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 fair wew 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 IFRS 1021- make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards and statements of ¢0MMended practice have been followed, subject to any material departures dis¢105ed and explained in the financial 5tatements- prepare the financial statements on a going conrn basis unless it is inappropriate to presume that the charity will continue in operation. The trustees a responsible for keeping accounting records which disclose with reasonable accuracy at anv 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 2LX)8 and the provisions of the trust deed. They are also responsible for safeguarding the asset5 of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Public benefft 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 sertor 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 .......-....-....... and signed by them: Richa E Belling Kelth Wright Alexandra M Horlock Debbie Chinn-shaw
ThE BELLING CHARrrABLE SErrLEMENT REPORT OF THE INDEPENDENT AUDITORS TO ThE TRUSTEES OF THE BELLING CHARITABLE sELEMENT For the Year ended 31 December 2023 Oplnlon We have audited the financial statements of the Belling Charitable Settlement ("the charit) for the year ended 31 December 2023 on page5 10 to 18. The financial reporting framework that has been applied in their preparation 15 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 charitvs affairs as at 31st December 2023, 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 Charitie5 Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI 11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethic31 requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fUilled 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 relatlng to golng concern In auditing the financial statements. we have concluded that the trustee< use of the going concern basls 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 condition5 that. individually or collectively, may cast significant doubt on the charitys ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for i55ue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report. including the tru5tees' report other than the financial statements and our auditorf5 report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not expre55 any form of assurance conclusion thereon.
IN ARABLE ErrLEMEKr REPORT OF THE INDEPENDENT AUDITORS TO THE TRusfEES OF THE BELLING CHARITABLE sELEmEIT For the Year ended 31 December 2023 Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of our audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identrfied 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 infomiation and explanations we require for our audit. Responsibilities of trustees for the flnanclal statements As explained more fully in the trustee5' responsibilities Statement (set out on page 51, 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 a free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charit¢s ability to continue as a going concern, disclosing, a5 applicable, matters related to going concem 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 altemative but to do so. Auditorfs responslbilitses for the audlt of the flnanclal statements We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, whether due to fraud or error. and to Issue an audltorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit condurted in accordance with ISAS IUKI 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 a88regate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
THE BELLING CHARITABLE SETfLEMEr REPORT OF THE INDEPENDENT AUDITORS TO THE TRusfEES OF THE BELL114G CHARITABLE SErrLEMEMr For the Year ended 31 December 2023 Irregularities, includin8 fraud, are instances of non-complian with law5 and regulations. We design procedures in line with our responsibilities. Outlined above. to detert 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 whlch the audit was considered capable of detecting irregularltles. Includlng 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 Wlth trustees, and from our knowledge ofthe 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 identif led 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 susceptibilty of the chariws financial statements to material mi55tatement, including obtaining an understanding of how fraud might occur, by= making enquiries of management as to where they considered there was a sU5ceptibility to fraud, their knowledge of actual. suspected and alleged fraud- considerin8 the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To addres5 the risk of fraud through management bias and override of controls, we.. pèrformed analytical procedures to identify any unusual or unexpected relationships- tested journal entries to identify unusual transaction5; 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 govemance,. enquiring of management as to actual and potential litigation and claims: reviewing correspondence with HMRC and with relevant regulators such as the Charity Commission.
THE BELLING CHARrrABLE SErnEMEKr REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BELLING CHARITABLE SETfLEMEMr For the Year ended 31 December 2023 There are inherent limitations in our audit procedures described above. The risk increase5 the MO that laws and regulations are removed from financial transactions. the less likely it 15 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 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 Flnanclal Reportin8 Council's website at: www.frc.or8.uvauditorsresponsibilities. This description forrns part of our auditorfs report. Use of our report This report is made Sole to the charity's trustees. as a body, in accordance with the Charities Act 2011. 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. Anil Seechurnlsenior Statutory Auditor) for and on behalf of Pitts & Seeus Chartered Accountants and Statutory Auditors Studio 6 6 Hornsey Street London N7 8GR Date:
THE BELLING CHARITABLE SErrLEMENT STATEMENT OF FINANCIAL ACflVlnES For the Year ended 31 December 2023 2112> 2•23 2•23 22 Tgtsl rolal Inv?6trnonl Lknl•nd on q¥ot•d Grnnts and dDnal•Jns 31.•74 31.974 J50.0ts0 36.39r SQ.DDO 350.000 Totsj I1• Jl,974 35•.000 3•1 974 6.391 Inv85trnenl rrAA•yrnnt W51S 15.35• 15.359 r7.179 Problfi gncouragemènt ol •thK•lv)M R•th•f of pov•rty 1.79• 231.791 00.221 71A11 Grawrt rniklng 4nd gv••rnirK• Tfusla• f•9$ and and aruuntancy 20.541 10.995 5.040 8,211 2.420 18,571 Incoff lax Totsl •xp•ndkn• 373015 599 OOIJ 371.767 1N.074 104 074 398 498 PT INCO(ExpE14TINIEl & ier WJVEIthE• IM Fim 5.•09 •1.•5• 683.874 4•J.• 923.557 1.487.165 2.lYI,Q3 56•A17 1,004.118 1.574.133 1.487.165 io
THE BELLING CHARrrABLE SErrLEMENT BALANCE SHEEr As at 31 December 2023 FIXED ASSETS 5540 975 1,354,785 121,042 1,475.827 aiRRENT ASHTS ar£la)s Bank pic Orles Stardry Income 36.214 37.014 CUIEAENr UMES AmrArts l•lllrf 4kn y• 6J77 6.591 9,442 31 45&J L198 Adrnirdstraviffi a(cfAys IrStme manrfemelrt lee5 fee5 Rellef 25.675 N£r CUARÉNT Asseys 11,338 1.487.165 27.7Y6 NET ASS L574133 1,487,165 O•ARifY FUNDS Rostrittd Fluwts Llwestrlctod Fur¥ls LI,616 569517 923,557 $63.6( TOTALOIAAITY FU14DS 574,lJJ 1,487,165 7/74 . D P ¢)tr5tr4* li
THE BEWNG CHARITABLE SEMEMENT NOTES TO THE Accoui¥rs For the Year ended 31 December 2023 ACCOUNnNG POUCIES Basls of preparatlon 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 statement5. lal 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 notes 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 IFRS 1021 second edition issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Trust is not required to prepare a Statement of cash flows in accordance with SORP IFRS 102) with update Bulletin l {paragraph 3.12). The settlement constitutes a public benefrt entity as defined by FRS 102. The financial statement5 are presented in sterling (£1 which is also the functional currency forthe 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. 2024. 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. {bl Funds structure The funds of the settlement have been historically provided by the re-investment of turnS from listed shares and bygrants made by the Belling Staff Settlement, for both the relief of poverty and the development of education. These funds have been and are grdnted on the basis that the funds are to be used for Specific purposes and as such, have been classified as restrirted funds. Restricted funds are f und5 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 trusteesto establish a designated restricted fund specifically to aid the finance of future pension payments to ex members of Belling & Co. Limited and their dependents. The trustees await all of the information required in connection with these ex-members to allow them to establish such a fund. Ic } 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 receivables are recognised on a sums due basis. 12
THE BELLING CHARITABLE SErrLEMENT NOTES TO THE ACCOUNtS For the Year ended 31 December 2023 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 15 normally upon notification by the investment advisor. Idl Expenditu 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 C05t5 and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (h}. Grants payable are payments made to third parties in the furtherance of the charitable objettives 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 a5 the trustees do not consider grants provided for at the balance sheet date to be payable beyond one year from that date. lel Irrecoverable value added tsx VAT is not recoverable by the charity. and is therefore charged against the category of resources expended for which it was incurred. Costs of generating funds Costs of generating funds consist solely of investment management fees. Igl Charitsble activities Charitable activity costs include grants made and support costs as shown in note 4 to the financial statements. Ihl Allocation of support and governan 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. Flxed a55ets Investments Investments held 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. 13
THE BEWNG cHARABLE SErrLEME NOTES TO THE ACCOUNTS For the Year ended 31 December 2023 The settlement does not acquire put options, derivative5 or other complex financial instruments. The main fomi 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 concerningequities and within particular sectors or sub Sectors. ') Realised gains and105ses All gains and1055es 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. Ikl Debtors and credltors 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. Contlngent Liabilitie5 In accordance with the SORP, a contingent liability is disc105ed 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) Taxatlon 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 Art 2011. 14
THE BELLING CHARITABLE SErrLEMENT NOTES TO THE ACCOUNTS For the Year ended 310ecember 2023 INVESTMENTS 88 8 88 %$ 8 8=8 8 8 8 8 8 13 15
THE BELLING CHARtTABLE SErrLEMENT NOTES TO THE Accourirs For the Year ended 31 tlecember 2023 INVESTMENTS (cont'd) 888?
li 16
THE BELLING CHARITABLE SEr[LEMEr NOTES TO THE Accoumrs For the Year ended 31 December 2023 1023 2022 lh• ytarth8 s8tt18nnl fpcewed fffjm th• B•hig Slaff setnI to be used by the s•tUBrnBnl lof both qd4Kalxinal purpos•8 and th8 T8pf ol povety. 350.000 SD.OL 350 000 50.IPOO R••trlcl•d Th• setU8mBnl ts o)4rtablo aelfvtss tIHough grnnt and grnnts to a nurt••i of and m51kn115 lutth8rdnc• of Is •ctNitw. Proylslon ar•1 •ncow49•m•nl of •thallort Bud4hav•n SqrAJndary SthooF l E T- 5co&iThttp5 Engrn9 Dpveioprnwni Trn IED T8n Torn Empltrrni Lkn4 E¥eThloy Prmary Sthool 91,650 25.2QO 1S.OQO 3.003 122,223 3,000 1.715 93.707 22.6OQ 3.000 Fal1 Sthool Sl Paufs PNr4ty S(ttool Thomas l¥Jht StholaTrh Sthool Hprtfoid Scouts. Wotsl 97.260 3,QOO 6,024 1.200 ZO1790 231. 791 R•llof of pov•rty VoJntary and Eaty R•lt4• P•nsK>tt$ 88kng RotsvThnl PIBll Sttortla• PenwJns 1•.525 51,881 25.086 55.135 5 PIIOVISIOMS FOR LIAOILMES AF c+lGE8 Educalwn•l grnnls pay4blB one )war al 1si January 2023 Yff 1.043 761.043 27.776 PM5) 4131 st OBcBnbo1 2023 The abovè educaknnal gAnts prOd•d for rnlale to fur8 to be 5uppBd lo sthoob and trle • a01 lo gry• rn• lo a paiqmnl of £27.776 ol 31•11)Kffbw 2Q23. 17
THE BELUNG CHARITABLE SErrLEMENT NOTES TO THE ACCOUNTS For the Year ended 31 December 2023 RELATED PA ThANSAcfioNS AND TRUSTEE REMUNERATION The trustees received no remuneration12022= NIL) from the settlement during the year. In accordance with the provisions of the deed of settlement, trustee fees and expenses were chargedlincurred as follows: D P Chinn-shaw charged fees and meeting expenses of £18,45112022- £18,573) in respect of professional and trustee duties performed for the settlement. As at 31st December 2023 £6,27712022 - £5,4681 was owed to D P Chinn-shaw in respect of fees. During the year. the settlement incurred c05t5 of £16,34612022 - £16,719) for administration services from Roundhouse Associates Limited, a company whose director is the sister of Mr5 D P Chinn-shaw. As at 31st December 2023, the settlement owed Roundhouse Associates Ltd £8,85112022- £9,443}. R E Belling charged no fees but received expenses of £1,237 - accommodation for meetings12022- travel expenses of £1,666) in respect of trustee duties performed for the settlement. K Wright ¢haiged no fees {2022- £Nill and received no expense$12022 - £Nil} in respect of professional and trustee duties performed for the settlement. In addition. a scholarship in the sum of £3.(12022 - £3.1X) was made during the year for the benefit of the son of trustee Mr K Wright. Mrs A Horlock char8ed no fees12022 - £Nill and charged travel expenses of £Nil 12022 travel expenses of £3021 in respect of trustee duties performed for the settlement. All professional fees, where charged. were below normal commercial rates. AMALYSts OF AUDif FEE5 Autht sÈrn4tes FUMO OALANCES Restrlcted FtThl less WONi5iLm lor liatslitlts. 923J57 LJrwestrfrtd FkxKI. rewtstnted both rt twrent assets and nJ*d assets 569J17 561608 L574,133 1,487.165 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 I to the financial statements. The basis upon which incoming grants f rom the Belling Staff Settlement are made. provided that the income arislng 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 a5 an unrestricted fund. 18