## **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| 1 ## **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 2 ## **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 3 ## **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 - 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 4 ## **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_| |---|---| 5 ## **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 6 ## **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. 7 ## **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). 8 ## **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| 9