2023-04-05-accounts - Northcott Trust

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THE NORTHCOTT TRUST

ANNUAL REPORT AND RECEIPTS AND PAYMENTS ACCOUNTS

YEAR ENDED 5 APRIL 2023

THE NORTHCOTT TRUST

I N D E X

Year ended 5 April 2023

	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

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 2023

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

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 2023

The trustees submit the annual report together with the accounts of the charity for the year to 5 April 2023. 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 £18,500 (2022 - £2,250) 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 2024

THE NORTHCOTT TRUST

A C C O U N T A N T S ’ R E P O R T

Year ended 5 April 2023

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 2023 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 2024

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 2023

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 2022 Cash balance carried forward at 5 April 2023	Income £ 11,583 599 - 12,182 (18,500) - (18,500) - (18,500) (6,318) 39,758 33,440 9,773 43,213	Capital £ - - 23,974 23,974 - (4,642) (4,642) - (4,642) 19,332 (39,758) (20,426) 33,356 12,930	2023 2022 Total Total £ £ 11,583 8,904 599 11 23,974 195,170 36,156 204,085 (18,500) (2,250) (4,642) (7,109) (23,142) (9,359) - (174,315) (23,142) (183,674) 13,014 20,411 - - 13,014 20,411 43,129 22,718 56,143 43,129

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 2023

Funds held by the Trustees Note Fixed assets Investments (market value £442,516, 2022 - £526,951) 4 Current assets Cash at bank Current liabilities Creditors – accountancy Net current assets Total assets less liabilities	2023 £ 355,019 56,143 (4,081) 52,062 407,081	2022 £ 373,103 43,129 (2,641) 40,488 413,591

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

2024

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 2023

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.

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 2023

1. Charitable donations British Waterfowl Association Cats Protection (formerly Cats Protection League) Dallagio RugbyWorks Duchenne UK Motiv 8 Petersfield Open Air Pool Royal Marsden Cancer Save the Turtles Starlight Children’s Foundation Team Margot Foundation Wildfowl and Wetlands Trust	2023 £ - - 1,000 500 5,000 5,000 2,500 2,500 1,000 - 1,000 18,500	2022 £ 1,000 250 - - - - - - - 1,000 - 2,250


2. Professional fees and charges Income Capital £ £ Investment management - 4,554 Accountancy fees - - Bank charges - 88 - 4,642	Total 2023 £ 4,554 - 88 4,642	Total 2022 £ 5,701 1,320 88 7,109

3. Related party transactions

During the year, the Trustees made £nil donations to the British Waterfowl Association, a charity of which Mrs R Sharpe is also a trustee (2022 - £1,000).

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 2023

4. Investments

4. Investments
ALVARIUM INVESTMENT MANAGERS Equities and Funds AVI Global Trust PLC ORD GBP0.02 Biotech Growth Trust Ord GBP 25p Biopharma Credit PLC ORD 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 Investor AB Ser B NPV JPMorgan American Investment Trust Ord 5p 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 US Solar Fund plc Ord USD0.01 (GBP) Vina Capital Vietnam Opportunity FD Ord Warehouse REIT plc Ord 1p		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		Purchases Cost £ - - - - 56 - - - - - - - - - - - 56			Sales Gain over Cost £ 5,834 - - - - - - - - - - - - - - - 5,834		A	t 5 April 2023 Market Value £ - 14,937 28,134 13,306 28,470 13,049 25,418 30,417 40,193 23,604 27,990 29,100 123,429 18,292 10,519 15,658 442,516	Unrealised	gains/(losses)
	Holding 12,665 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		Holding - - - - - - - - - - - - - - - -		Holding 12,665 - - - - - - - - - - - - - - -	Proceeds £ 23,974 - - - - - - - - - - - - - - -		Holding - 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 £ - 17,069 26,974 11,395 17,081 15,000 12,825 5,622 9,169 11,575 16,343 32,494 134,400 20,925 7,091 17,056		This period £ - (2,852) (287) 440 945 193 (7,188) (1,431) (4,140) (3,914) (10,260) (1,547) (15,818) (1,512) (1,660) (10,181)	Since purchase £ - (2,132) 1,160 1,911 11,389 (1,951) 12,593 24,795 31,024 12,029 11,647 (3,394) (10,971) (2,633) 3,428 (1,398)
		373,103					23,974			355,019		(59,212)	87,497