THE NORTHCOTT TRUST
ANNUAL REPORT AND RECEIPTS AND PAYMENTS ACCOUNTS
YEAR ENDED 5 APRIL 2022
THE NORTHCOTT TRUST
I N D E X
Year ended 5 April 2022
| Page | |
|---|---|
| General information | 2 |
| Trustees’ annual report | 3 |
| Accountants’ report | 4 |
| Receipts and payments account | 5 |
| Statement of assets and liabilities | 6 |
| Accounting policies | 7 |
| Notes to the financial statements | 8 |
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THE NORTHCOTT TRUST
G E N E R A L I N F O R M A T I O N
Year ended 5 April 2022
Trustees F R Northcott Esq Mrs K A Northcott Mrs R Sharpe Address 22 Chancery Lane London WC2A 1LS Accountants Dixon Wilson 22 Chancery Lane London WC2A 1LS Charity no 239754 Trust deed date 26 February 1963
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THE NORTHCOTT TRUST
T R U S T E E S ' A N N U A L R E P O R T
Year ended 5 April 2022
The trustees submit the annual report together with the accounts of the charity for the year to 5 April 2022. The accounts comply with current statutory requirements. The report should be read in conjunction with the general information provided on page 2.
Administrative information
The Northcott Trust is a charity registered with the Charity Commission, registration number 239754. It is governed by a trust deed dated 26 February 1963.
Trustees
The trustees who have served during the year are those shown on page 2.
The appointment of new trustees is considered by the existing trustees.
Object for the public benefit
The object of the charity, as set out in the trust deed, is to pay or apply the income of the trust fund for the benefit of such charitable institutions or objects as the trustees at their sole discretion shall decide. Without prejudice to the generality of the trustees’ discretion, the trustees may pay or apply the income or the capital of the trust fund in making grants on the recommendation of the Headmaster or otherwise for the education of any boys who shall be or who may have been pupils at Blundells School, and may pay and apply the income or the capital of the trust fund to institutions and other bodies whose objects are regarded as charitable for income tax purposes and for the public benefit.
Organisation
The charity's affairs are carried on by its trustees, who meet as necessary for this purpose.
Public benefit
The trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 4 of the Charities Act 2006, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 3 of the same act.
Risk management
The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.
Review of activities and results
During the year the charity made grants of £2,250 (2021 - £12,013) for charitable purposes. The trustees expect to continue to make similar grants in the future.
Reserves
The majority of the charity’s funds are expendable endowment and the balance in reserves is maintained at a level to meet its immediate requirements.
On behalf of the trustees
F R Northcott Esq Trustee 2022
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THE NORTHCOTT TRUST
A C C O U N T A N T S ’ R E P O R T
Year ended 5 April 2022
Chartered Accountants’ report to the Trustees of the Northcott Trust on the Unaudited Financial Information of the Northcott Trust
In accordance with the engagement letter dated 19 November 2018, we have prepared for your approval the accounts of the Northcott Trust for the year ended 5 April 2022 set on pages 5 to 9 from the entity’s accounting records and from information and explanations supplied to us by you, the trust’s bankers and investment advisers.
Other than the work we have done, as detailed below, we have not necessarily carried out any additional work to verify the accuracy or completeness of the accounting records or information and explanations supplied to us and we do not, therefore, express an opinion on the accounts.
The work we have done includes:
-
Analysing receipts and payments, posting to the ledgers and reconciling with the bank statements
-
Analysing investment transactions, posting to the ledgers and reconciling with investment managers’ statements
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Reconciling investment income to tax certificates
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
Our work has been undertaken solely to prepare for your approval the accounts of the Northcott Trust and state those matters that we have agreed to state to you in this report in accordance with the guidance of the ICAEW as detailed at icaew.com/compilation. These accounts have been prepared solely for the use by the trustees and the income beneficiaries. They have not been prepared for any other users. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trustees of the Northcott Trust for our work or for this report.
DIXON WILSON Chartered Accountants 22 Chancery Lane London WC2A 1LS 2022
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THE NORTHCOTT TRUST
R E C E I P T S A N D P A Y M E N T S A C C O U N T
Year ended 5 April 2022
| Note Incoming resources Investment income Bank interest Proceeds on disposal of investments Total incoming resources Resources expended Charitable donations 1 Professional fees and charges 2 Purchase of investments Total resources expended Net cash movements before transfers Transfers between capital/income Net cash movements for the year Cash balance brought forward at 6 April 2021 Cash balance carried forward at 5 April 2022 |
2022 2021 Income Capital Total Total £ £ £ £ 8,904 - 8,904 7,953 11 - 11 - - 195,170 195,170 74,667 8,915 195,767 204,085 82,620 (2,250) - (2,250) (12,013) (1,320) (5,789) (7,109) (8,306) (3,570) (5,789) (9,359) (20,319) - (174,315) (174,315) (101,465) (3,570) (180,104) (183,674) (121,784) 5,345 15,066 20,411 (39,164) - - - - 5,345 15,066 20,411 (39,164) 4,428 18,290 22,718 61,882 9,773 33,356 43,129 22,718 |
|---|---|
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THE NORTHCOTT TRUST
S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S
At 5 April 2022
| Funds held by the Trustees Note Fixed assets Investments (market value £526,951, 2021 - £500,770) 4 Current assets Cash at bank Current liabilities Creditors – accountancy Net current assets Total assets less liabilities |
2022 £ 373,103 43,129 (2,641) 40,488 413,591 |
2021 £ 342,992 22,718 (2,520) 20,198 363,190 |
|---|---|---|
In accordance with the engagement letter dated 19 November 2018, we approve the accounts as set out on pages 5 to 9. We acknowledge our responsibility for the accounts, including the appropriateness of the accounting policies as set out on page 7, and for providing Dixon Wilson with all information and explanations necessary for its compilation.
F R Northcott Esq Trustee
Mrs K A Northcott Trustee
Mrs R Sharpe Trustee
2022
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THE NORTHCOTT TRUST
A C C O U N T I N G P O L I C I E S
Year ended 5 April 2022
The financial statements have been prepared in accordance with applicable accounting standards. The particular accounting policies adopted are described below.
Basis of accounting
The accounts have been prepared on a receipts and payments basis.
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THE NORTHCOTT TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2022
| 1. Charitable donations British Waterfowl Association Cats Protection (formerly Cats Protection League) Frensham Heights Educational Trust Rosemary Foundation (Petersfield) Royal Marsden Cancer Team Margot Foundation Wildfowl and Wetlands Trust |
2022 £ 1,000 250 - - - 1,000 - 2,250 |
2021 £ 500 - 5,513 1,000 4,500 - 500 12,013 |
|---|---|---|
| 2. Professional fees and charges Income Capital £ £ Investment management - 5,701 Accountancy fees 1,320 - Bank charges - 88 1,320 5,789 |
Total 2022 £ 5,701 1,320 88 7,109 |
Total 2021 £ 5,262 2,943 101 8,306 |
|---|---|---|
3. Related party transactions
During the year, the Trustees made a donation of £1,000 to the British Waterfowl Association, a charity of which Mrs R Sharpe is also a trustee (2021 - £500).
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THE NORTHCOTT TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 5 April 2022
4. Investments
| 4. Investments | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ALVARIUM INVESTMENT MANAGERS Equities and Funds AVI Global Trust PLC ORD GBP0.1 BH (Brevan Howard) Global Ltd Ord GBP NPV Biotech Growth Trust Ord GBP 25p Biopharma Credit PLC ORD Caledonia Investments Ord 5p Coupland Cardiff Funds Japan Income & Growth Founder Inc Guardcap Global Equity Fund Guardcap UCITS Funds PLC Emerging Markets Equity HG Capital Trust plc Ord GBP 25p Highbridge Multi-Strategy Fund Ltd Ord NPV GBP Investor AB Ser B NPV JPMorgan American Investment Trust Ord 5p Lazard Global Active Funds Listed Infrastructure Equity Instl Dis Nav Polar Capital Technology Trust GBP 25p RIT Capital Partners Ord £1 TwentyFour Select Monthly Income Fund Ord 1p TB New Sarum Real Return Income B UK Mortgages Ltd Ord GBP 1p US Solar Fund plc Ord USD0.01 (GBP) Vina Capital Vietnam Opportunity FD Ord Warehouse REIT plc Ord 1p |
A | t 5 April 2021 Market Value £ 24,215 28,402 21,272 10,301 84,800 12,204 19,938 5,766 21,582 107 27,537 34,903 16,909 22,144 35,925 20,460 68,988 8,370 11,631 10,266 15,050 500,770 |
Purchases Cost £ 18,140 - 7,077 15,152 - - 5,012 10,000 3,024 - - - - 5,063 - 32,494 64,401 - 8,925 - 5,039 174,327 |
Sales Gain over Cost £ - 10,162 - - 35,112 - - - - (87) - - 6,444 - - 349 - (1,026) - - - 50,954 |
A | t 5 April 2022 Market Value £ 25,279 - 17,789 28,421 - 12,866 27,469 12,856 32,606 - 31,848 44,333 - 27,518 38,250 30,647 139,247 - 19,804 12,179 25,839 526,951 |
Unrealised | gains/(losses) | |||||
| Holding 2,533 1,487 1,457 14,705 3,200 661 796 477 660 10,743 475 5,750 10,376 993 1,500 21,906 41,619 11,341 15,717 2,407 11,667 |
Cost £ 18,140 18,193 9,992 11,822 64,965 11,395 12,013 5,000 9,801 87 5,622 9,169 11,000 6,512 16,343 20,490 69,999 11,341 12,000 7,091 12,017 |
Holding 12,655 - 524 21,753 - - 188 836 887 - - - - 215 - 28,642 36,958 - 12,295 - 3,217 |
Holding 2,533 1,487 - - 3,200 - - - - 10,743 - - 10,376 - - 21,906 - 11,341 - - - |
Proceeds £ 18,140 28,355 - - 100,077 - - - - - - - 17,444 - - 20,839 - 10,315 - - - |
Holding 12,655 - 1,981 36,458 - 661 984 1,313 1,547 - 475 5,750 - 1,208 1,500 28,642 78,577 - 28,012 2,407 14,884 |
Cost £ 18,140 - 17,069 26,974 - 11,395 17,025 15,000 12,825 - 5,622 9,169 - 11,575 16,343 32,494 134,400 - 20,925 7,091 17,056 |
This period £ 7,139 - (10,560) 2,968 - 662 2,519 (2,910) 8,000 - 4,311 9,430 - 311 2,325 (1,847) 5,858 - (752) 1,913 5,750 |
Since purchase £ 7,139 - 720 1,447 - 1,471 10,444 (2,144) 19,781 - 26,226 35,164 - 15,943 21,907 (1,847) 4,847 - (1,121) 5,088 8,783 |
|||||
| 342,992 | 195,170 | 373,103 | 35,117 | 153,848 |
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