Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 Charity registratlon nUM￿r 24%77 MR & MRS J A PYE'S CHARITABLE SETTLEMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT LEGAL AND ADMINISTRATIVE INFORMATION TnBtees P A R Mulcare G Flint V Buzzard Charity number 242677 AdmSnlstrative offic• Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX12EP Auditors Griffin Slone Moscrop & Co 21-27 Lamb's c(￿dUlt Street London WC1N 3GS Bankero Nat￿n81 Westminster Bank 32 Commawket Straet Oxford OX13HQ Sollcltors Knighls Profes510nal Services Limf(ed Mkjland House West Way Oxford OX2 OPH Clarksleg81 LLP One Forbury Squarg 1 The FL>rbury Reading Berkshire RG1 3EB Investment advisors Adam & Company ￿alth Management 40 Prince8 Street Edinburgh EH2 2BY Propety managers Ministar SeNces Limited Unil 1 Oa Optima Business Park Pindar Road Hoddesdon EN11 ODY Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT LEGAL AND ADMINISTRATIVE INFORMATION Grants Administrator Lucy McCallum-Toppin Springfield Faringdon Road Soulhmoor Oxlordshire OX13 5BG Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT CONTENTS Page Trustees, repjrt Slalernent of trustees, regponsibilities Independent auditors. 18port ststement of fin8nGial activities Balan¢e sheet Statemenl of cash flows 10 Notes to thè financLal statements Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present their annual report and financial ststements for the year ended 31 Dwxmb6r 2022. The financial statements have been prepared in ar their payment. Handling of complaints 11 is the trustees. policy for compl8ints to b& considered al their meetings. The trustees, retKKt was approved by the Board of Trustees and &gned on ils behalf by.. PARMulGa Trustee Dated.. ¥o..p.l.A>.kA. Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees are responsble for preparing the Trustees, Rep)rt and the finanaal statements in ac￿rdancE with applicab￿ law and United Kingdom Ac(x>unting Standards Iunited Kirodom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial staternenls for each financial year whLh give a true and fair view of the state of affairs of the Settlement and of the incoming resources and application of resources of the Settlement for that year. In prep8Ting thèse financkgl ststements, the twslees are requiied to.. - select suitable aecounts'ng poliaes and then 8pply them consistèntly-, obgaNe the methods and principle8 in the Charities SORP- - make judgements and estimates that are reasonable and prudent., stsle whether applitxble accounting standards have been followed, subjec* to any rnalerial departures disclosed and expLgined in the financi81 statements., and PTepare the financial statements on the gging can￿M basi5 unless it is inappropriate to presume that the charity will continue in operation. The trustges are responsitA8 for keeping suffici8nt 8CCO￿)tIng records that disdose wrth re8wnablè accuracy at any lime the financial position of the Settlement and enable them lo ensure that the financial statetllents comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and ttrE provisions of Ihe trust deed. They are also responsible foT safeguarding the assets of the SetUern8nt and hence for takin9 reasonable steps for the prevention and detection of fraud and other iTregu18tttiès. Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF MR & MRS J A PYE'S CHARITABLE SEThLEMENT Opinion We have audited the financial stalgments of Mr & Mrs J A Pye'$ Charf(able Settlernent (the 'Selllemenl'l for the year ended 31 Deeember 2022 which comprise the slatement of financial activities. the balall￿ sheet, the statement of eash flows and notes to the financial stat8menls, including significant a¢xounting poliries. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Siandard 102 The FinanGial Reporting Standard &p￿1¢able in the UK and Republic of lfyland (United Kingdom Generally Ac£epted Accounting Practice). In our opinion, the )Inanoal stslements-. gtve a true and fair view Of the stale of the Settlement's affairs as at 31 December 2022 and of ts incoming resources and application of resources, for the year then ended., have been property prepared in accordance with United Kingdom Genar8lly A￿pIed Armation The other infomialion comprises the information included in the annual report other than the financi81 statements and our 8uditots' reFY)rt thereon. ThE trustees are responslble for the other information contsined within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other iTrformation is m*erially inconsislenl with the financi81 statements or our knowledge obtained in the course of the audit, or othèrwise appears to be materially misslated. If we identrfy such material inconsi$tenu$s or apparent material misstatements, we are required to delemine whether this gives rise to a material misst8tement in the financial statements themselves. 11. b8$ed on the work we have performed, we concludè that there Is a material misstatement of this other information, we are required lo report that fact. We have nothing to réport in this regard. Mattors on which we are rèquired to report by exception We have nothing to report in respect of thè following matters in relation to which the Charftles (Ar￿unIS and Reports) Regulations 2008 require us to report lo you if, in our op"nion'. the information given in Ihe finana81 statements is inconsistent in any rnaterial respèct with the tru$tees' report., or suffiaent accounting records have not been kept.. or the fin8ncial staternents are not in agreement with the accounting records", L¥ we have not re¢eived all tha information and exFAanalions we require for our audrt. Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT INDEPENDENT AUDITORS. REPORT ICONTINUED) TO THE TRUSTEES OF MR & MRS J A PYE'S CHARITABLE SETTLEMENT Rèsponsibilities of trustee5 As explained mijre fulty in the statement of trustees. responsibilities. the Iwstees are responsible for the preparation of financjal statements and for being satisfied Ihat they give 8 tru8 and fair view, and for such internal control as the trustees delemiine is necessary to enable the preparation of finanrial statemènts that are free from material misstaternent, whether due to fraud or error. In preparing the finanoal $t*ements, the truslees are responsible for assessing the Setuement's ability to continije as a going concem, disdosing, as applicable, matters related to going con￿rn and using the going Con￿r￿ basis 018¢counting unless the trustees erther intend lo cease operations, or have no realistic allemalive but to do so. Audltorfs responsibilitie5 for the audit of the financlal statements We have been appointed as audbtor under secllon 144 of the Charities Act 2011 and report in accoid8n¢e with Ihe Act and relevanl regulations made or having effed Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statem8nts as 8 whole are free from material misstatement, whether due to fraud or error. and lo issue an auditors, rèport that includes our opinion. Reasonable assuran￿ is a high level of assuran￿ bLrt is not a guarantee that an audiL conducted in accordance wkh ISAS IUKI will always detect a material misstatement when it exists. Mi5Statements can arise from fraud or error and are considered matèrial rf. individually or in the aggregate, they could reasonably be expected to influen the economic decisiorw of useis tsken ￿ the basis of th6se financial statements. Irregularities, including fraud, are instances of non-compliance wrth laws and regulations. We design prO￿dureS in line with our responsibilities, outlined above, lo ￿et￿t material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecting irregularities, including fraud, is detailed below. Performing audit work over Ihe risk of Enanagemenl override ol controls, induding testing of joumal enlries and other adjustments for appropriateness. evaluating the rationale of signrficant tranSaCt￿n$ outSKle the normal course of business and reviewing accountiw estimates for bias., Carrying out $ubstantivè thèeking to supporting documentation, on a sampb basis, of individual Iransaetions wrthin income and expenditure to give comfort that the statement of financial activities does not cont84n any irte9ular items., Verifyng that material balances within the balance sheet are supported by third paty evidence lo Confirm existence and valuation at the balan￿ sheet dale., Enquiry (sf tnanagement and tho98 chargÈd with 9ovÈm8ncè gitsund actu81 and pot8nti81 litl9ation an(J daims- and Rtrviewing minutes oftrustee meètings. Be(xu5e of the inherent limrtations of an audit, the￿ is a risk that we will not detect all irregularities, incjuding those ading to a material misstatement in the financial statemenks or non-compliance with regulation. This risk increases the more that ￿)mplianCe with a law or regulation is removed from the event5 and transactions reflected in the finanaal statements, as we will be less likely to becorne aware of instances of notFcompIian￿. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, ojlusion, omission or misrepresentation. Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT INDEPENDENT AUDITORS, REPORT {CONTINUED) TO THE TRUSTEES OF MR & MRS J A PYE'S CHARITABLE SETTLEMENT A8 part of an audit in ac(x)rdance with ISAS {UKI. we exercise professional jud9èrnent and maintain professK)nal sceplirism thrtsughout the audit. We also. Identify and assess the risks ol material misstatement of the financial ststements, whether due to fraud or error design and perform audit procedures responsive to those risks, and obtain audit ￿Idence that is sufficient and appropriate lo provide a basis for our os%nion. The risk of not detecting a Mate￿al misstaternent resulting from fraud is higher than for one ￿SUlting from error, as fraud may involve collusion, forgery, intentional omi&8ions, rnisrepresentatsons. or the overrM1e of intemal ￿ntrOl. Obtain an understanding of intemal control relèv8nl to the audit in order lo design audit procedures that are appropnale in the uicumstances, but not for Ihe purposè of expressing 8n opinion on the eff4ctivene$s of the Settlemént's inlemal (xjnlrol. Evaluate the approwiateness of aco)unting policjes used and the reasonableness of 8ccounting estimate$ and related disdosures made by the trustees. Conclude on the appropriateness of the trustees, us8 of the going concern basis of accounting and, based on the audit evidence obtairEd, whether a material uncertainty exists related tr) events or conditions that may cast significant doubt on the S6tdement's abilty to continue 88 a going concem. If we wnclude that a material ncertainty exists. we are required to draw attention in our auditors, report to the related disc105ures in th8 financAal staternents or, if such disclosures are inadequate, to modify our opinion. Our conclusions are base(S on the audit evidence obtained up to the dale of our auditors, report. However. future events or wnditions may cause the Settlement to cease to continue 8$ a going concern. Evauale the over811 p￿sentatiOn, Structure and content ol th• financial statements, including the disdosures, and whether the financial statements represent the underlying transactions and evènts in a manner that achieves fair presentation {ie. gives a true and fair view). We communieale with those ¢harged with gove[nan￿ regarding. amng Other mattefs, the planned scope and liming of the audit and signtfitrAnl audit findings, induding any significant deficiencAes in internal control that we identify during our audit. Use of our report This report is made solely to the Settlement's trustees. as a body. in accordance wth part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the Settlement's trustees those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not a￿pt gr assurne resp()nsibility to anyone other than the Settlement and the Seltlement's trustees as a body, for our audit work, for thi5 report, or for the opinions wo have formed. 21/7/2023 Grlffin Ston• Mo$¢rop & Co Chartered Accountants Statutory AuditorJ 21-27 Lamb's Conduit Street London WC1N 3GS Griffin Stone Moscrop & Co is eligible fer appointment a5 auditor of the Settlement by vlrtue of its oliglbllity for appointment as auditor of a company uThJer $oCtion 1212 of the Cornpanies Act 20CE. Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEAIBER 2022 Unrestricted Unrègtrietèd funds funds 2022 2021 Notes Income from- Inveslmonls 625,537 616,054 nditura on: Raising funds 105,765 95,251 Charitable activitEs 488,095 486,389 Total expenditur¢ 593,860 581,640 Net Income before net I105sesllgains fm Invesknents 31,677 34,414 Net {kJsses)/gains on investmen18 1997,1051 619,605 Net movement in funds 1965.428) 654.019 Fund balances at 1 January 2022 15,208.661 14,554,642 Fund balances at 31 Docember 2022 14,243,233 15.208,661 The $latement of finanLyal activities indudes all gains and losse$ r￿gnISed in thè ye8r. All ncome and èxpenditure derives from continuing activsties. Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT BALANCE SHEET AS A T 31 DECEMBER 2022 2022 2021 Notys Fixed as¥ets Investment properties Investments 10 11 6,157.000 7,687,766 6,157,100 8,715,738 13,844,76e Current assets Debtors Cash at bank and in hand 14,872,838 14 60,492 416,984 25,935 401,925 477,476 Creditors: amounts falllng due within one year 427,860 15 (79,009) (92.037) Nel current assets 398,467 335,823 Net •$#•ts 14,243.233 15,208,661 Ineome fund$ Designated funds. Maidèn Lane reserve General unrestricled fund8 17 172,174 14,071.059 1￿).841 15.058,020 Totsl funds 14,243,233 15,208,661 The financial statemants were approved by the Trustees on ..... ... .. 20 PA R Mulcare TNstèe V Buzza Trustee Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Notes Cash flow¥ from operatlng activlties Cash absorbed by operat￿)n￿ 1641,4451 1561,0421 Cash flows from investing activities Proceed$ on disposal of investment property Purchase of other investrnenls Proceeds on disposal of other investments Investment income received 27,468 11,532,243) 1,535,742 625,537 15,329,170} 5,370,092 616.054 Net eash g•norated from investing activitles 656.51 68e,976 N8t Ga$h used In financlng activities Net iner•ase sn cash and cash equivalents 15,059 95,934 Cash and cash equNal$nls at beginnitYJ of year 401,925 305,991 Cash and cash equlvalents at end of year 416,984 401,925 10- Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Charity inforniation Mr & Mrs J A Pye's Charitable Settjement is a registered charity. It is registered with the England and Wa￿8 Charity Commission. Its administrative Offi￿ address is Critchieys LLP, Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP. 1.1 Accountlng conv•ntion The financial slalemenls have been prepared in accordance with the Settlement's Trust Deed. thè Charihes Act 2011, 'Accounting and Reporting by Charities.. Statement of Recommended PraLlice applicable lo charities preparing their accoLJnts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (effective 1 January 20191" and the Financial Reporting Standard applicable li the UK and Republic of Ireland IFRS1021. The Settlement Is a Public BÈnerrt Entity as defined by FRS 102. The financial statetnents have been prepared to give a "true and faiff, view and have dèparted from the Charities IAccounls and Reports) Regulations 2008 only to the extent required lo provide a "trLJÈ and fairf, view. This departure has involved fowowing Accounting and Reporting by Charities.. Stalernent of RecorTvnended Practi￿ applicable to chanlies preparing their accounts in accordance bwlh the Financial Rèporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 rather than A￿Ounting and Reporting by Charities.. Statement of Recommended Piactice effectwe from 1 April 2005 which has since been withdrawn. The financial $lalement$ are prepared in sterling, which is the fu￿tIOnal Cur￿neY of the Setdernenl. Monetary amounts in these financial statements are rounded lo the nearest £. The financAI $tatemen18 have been prepared under the historical ￿st convention, modified to includ& investment properties and certain financkgl in8twments at fair value. The principal acegunting policies adopted are Set out below. 1.2 Aeeounting estimates The prepèTalion of financial statoments in compliance wth the Charities SORP IFRS 1021 requires the use of rtain crib"¢>l acc￿unIng estimates. It also requires management to exerase judgement in apptying the tharity's accounting policies. 1.3 Golng concern At the tlme of approvlng the financi81 statements, the trustees have a reason8ble expectation that the Settlement has adequate resources to continue in operational existenc& for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounfjng in preparing the finanual statements. 1.4 Charltable ftjnds Unrestiicted funds are available for use at the discretion ￿ the tru¥lees in furtherance of their (￿arita￿e obj'ectwes. In the year ended 31 Deomber 2015 the tr￿lee$ creatèd a resetwe foT capit81 expendittjre in respect of Maiden Lane Shopping Centre and this was allocated to a designated fund. In the year ended 31 Decembèr 2016 the trustees created a reserve for a donation from Mrs Yvonne Pye and this was allocated to a designated fund, however in the year 8nded 31 December 2021 the trustees agreed to undesignale thls fund. The detatls are shown in note 17. 1.5 Incom¢ Income is recognised when the Settlem&nl is legalty entitled to it after any performance conditK)ns have been mel. the amounts can be measured reliably. and it is probable that income will be received. Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcies IContlnued} ITtvesbnent in¢ome Dividends are included In the statement of financial activits.es when they are receivab￿. Gross bank inlerest is induded in the statement of financial activities Ès it arises. Rental income is induded on a receiv8ble basis. Wieie rent is received in advance it is r￿rded a8 deferred income and released lo the statement of financia1 activrties in the period lo which rt relates. 1.6 Expendlture Expendrture is recognised On￿ there is a legal or eonslructive oblvJation to transfer economic beneffit tr) a third party, It is probabk that a transfer of eeonomic ben8fits will be requirèd in settlement, and the arnount of the oblvJation can be measured reliabty. Grants are ￿COgnised when they become payable. Classlfication of èxpenditure Expenditure Is charged to the gtatement of fin8naal activrties as Tt is incJJrred. Govemance costs comprise cx)sls for the running of thè Settlement itself as an organisation. Governance wsts are apportloned btheen expendrture on raising funds and charitable activities based on lime spent. 1.7 Investsnent properties Investment property, which is property held to eam rentals an(Vor for caprtal 8ppreoation, 18 Irif(ially recognised al cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured èt fair value al eaeh reporting date. Tha fair value is on the basis of advice from independent propèrty valuers. The suiplus or def1Cit on revaluation is recognised in net incornelexpenditure. 1.8 Fixed asset Invesknents Fixed asset invèstments are inf(ially me8sured al Iransadion pri￿ excluding tiansaction costs, and are subsequendy measuied at fair value at each rgporting date. Charhyes in fair value are re¢ognised in nel incomelexp8ndilure. Transaction costs are expertsed as incurred. 1.9 Loans From titre lo time the trustees receive requests for substantial grant lunding to which they would like to aC￿de. In many ￿Se$ it helps the benefiei8ry charity for funding to be spread over a numbec of years. In sorne cases, however, it is clear thai the nature of the project requires immediate rash and in such ca8e8 It 18 the policy of the truslees lo lend mtsney in order lo assist the benefiryary charity to start a projed and enablé the grantee to match funding from other sources. The terms of such loans are always expressed to be frèè of interest and repayable on dernand. Loans are reduced either by repayment (x by a waiver authorised by the trustees. Loans made are accounted for when aulhorwd by the trustees. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with b8FTrk9, other short-temi liquid investments with tsriginal maturities of three months or less. 8nd bank overdrafts. Bank overdrafts ar& shown within borrowngs in current liabllhtlès. 12 Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 A¢countlng policlas Icontinuèdl 1.11 Financial instruments The Settlernent hag elected to apply the provisions of Section 11 'Basic Financial Instrun￿nts, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to 811 of its financial instruments. Finana81 instrumènts are recognised in the Settlement's balar￿ sheet when the Settlement be¢om&s party to the contractU81 provisions of tha instrument. Financial assets and liabilities are offset, with the net amounts presented in the fin8naal statèments. when there 1$ a legally enforceable right t9 Set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic finaneia1as￿ts Basic financAal assets, which indude debtors and cash and bank balances, are inttialty rneasured at transaction price including transaction costs and are subsequently ￿rried ai amortk%ed cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the futuie re￿ip1S discount￿ at a market rate of interest. Financial assets ckssified as re￿1vable within one year are not 8mOrtised. Basi¢ financial liabilities Basic f Inan￿81 liabilities, induding creditors and bank k)an8 are initSalty recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rata of interest. Ftnanaal liabilities classified as payab within one year are not arnortised. Debt instruments are subsequently carried at 8mortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or ServI￿S that have been a¢quired in the ordinary course of operations from suppliers. Amounts payable aro dassified as current liabilities if payment is due within one year or less. If not, they are p￿Sented as non-ojrrent liabilities. Trade creditors are recognised initially at Iransaetion pri￿ and subsequer)Ily measured at amortised cost using the effectivè interest method. D•recognition of financlal Ilablllties Financial liabilittes are der8¢x)gnised when the Setuemenys conlra(*ual obligations explre or are discharged or cancelled. Critical accounting estimates and judgements In the 8pplicatlDn of the Settlement's attounting Folicles. the trustees are required to make judgements, estimates and assumptions aboth the cairying amount of assets and liabilities that are not readily apparent from other sources. The estirrales and assoaated assumptions are based on historical experience and other factors that ale considerèd lo be relevant. Actual resutts may dtffei from these e81imates. The estimates and Under￿ing a88ump1ions are reviewed on an ongoing basis. Revisions to aco)unting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the pfyriod of the revision and future periods where the revision affects both current and future periods. 13- Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Income from investments Unrgstrlcted Unrestricted funds funds general general 2022 2021 Rental income Income from listed investrnents Interest receivable 451,163 173,3e1 1,013 447,268 168,777 625,537 616,054 Expendi￿re on ralsing fund8 Unr•strlet8d Unrestricted ftJnd8 funds genernl general 2022 2021 Propety expenses Share Df governance costs (see note 7) Investment management costs 61,438 5,828 38,499 47,201 6,411 41,639 105,765 95,251 Expendlture on oharltable actlvities Unre5triet•d Unrestricted funds funds general general 2022 2021 Grdnt funding of adivities (see note 61 Share of govgm8nce rA)Stg (see note n 451,270 38,825 452,054 34,335 488,095 486,389 14- Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Grants payable During the year the Settlement distributed £4S1.270 to 111 institulions12021.. £452,054 to 108 Instilulions), in accordan(* with the Setllement'$ objectives. As stated in the trustees, report, the charity seeks to support organisations fO￿Sedl8rgeJY in Oxfordshire and the surrounding area concerned Mth environmentsl matters, education and the alleviation of hardship. A number of thèse organisations fall into two or more of the above categories and therefore the truste&s consider it more useful to the reader of thè financial statements tg list all recipients who have benefited from grants of £501 or more, ialher than cla$s4fy the grants made ty the actwities being fundgd. No Institutlon 2022 2021 Music at Oxford Aspire Oxfordshire Magdalen College Sthcm Association for Post-Nalal Illness SOFEA Pegasus Theatre Style Acre Donnington Doorstep The Pump House Project 10 CLIC Sargent Daybreak Oxftsrd 12 Didcot TRAIN 13 Oxford 88by Bank 14 Oxford Victoria County History Trust 15 OxfordshirèAge UK 16 Oxfordshirè Youth 17 Place2Bo 18 Refugee Re80urce 19 ROSY 20 RSPB 21 Seesaw 22 St Luke'5 Hospital 23 The Mulberry Bush 24 The Oxford Playhouse 25 The Story Museum 26 Wld OxfordshKo 27 Idlrfe Conservation Re$earch Unil 28 A8ylum Welcome 29 Southmoor Pre-Sch(>ol 30 The Friends of Oxford Botanic Gardon and HarcourtArboretum 31 Cherwell Theatre Company 32 Home-slart Oxford 33 Stonehill Community Garden Bridewell Organi¢ Gardens Connection Support, Oxfordshire Dementia UK- Young Oementia Oxfordshire 37 Home-St8rt B8nbury, Bicestér and Chipping Norton 38 Kalharine House H05Pi 39 Oxfordshiie Assttalion for the Blind 40 Response 41 Th6 Friends of Botley Sch￿1 42 Oxford Fo(Kl Hub 75,000 35,￿0 30,mO 20.000 20.000 10,000 10,000 6,000 6,000 5,000 5,000 5,CM)O s,ooo 5,000 5,000 5,000 5,000 5,000 5,000 10rJ,000 10,000 30,000 20,000 10,000 10,000 10.000 5.CKJO s,000 2,0 5.rx)o 5,000 5.000 5,000 5,000 5.000 5.000 5,000 4,OOD 4.OOCI 4,00 5.lJOO 3,CX)O 3,500 3,120 3,000 3.QOO 2,000 1,450 3.000 3,OQh) 3,0(KS 3.0 3.000 1.500 2,$00 15 Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Grants payabl• Icontinu¢dl 43 Wilney & West Oxfordshire Foodbank Wolvercote Young People's Club 45 TheArchway Foundation Berkshire. Buckingham5hire & Oxfordshire Wildlife Trust 47 Joss Searchllght Pusey House 49 The Abingdon Bridge 50 The Help Hub 51 Viva 52 Bromsgrove Day Centre, Faringdon 53 Christ Church Cathedra1 Music Trust Combè C of E Primary School Dovecote Project Emmaus Oxford 57 Friends of OorchesterAbbey 58 HENRY 59 Oxford Churches Debt Centre 60 Oxft)rdshire Discovery Collége 61 Sebastian'sAction Trust 62 Sound Resource 63 Sl Stephens House, O)rtord (SJE Arts) 64 Friends of Baidwoll Sthool 65 The Listening Centre ITLCI 66 The North Wall Arts Centre 67 The Unl￿M Trust Modern Art Oxford 69 Lifè Education Wessex and Thamès Valley 70 Adoplion UK 71 Arts at The Old Fire Station 72 ATThe Bus 73 Blad(bird L8ys Adventure Playground 74 Child Brain Injury Trust 75 Fight Against Blindness 76 My Lrfe My Choice 77 Root & Branch 78 The Kidlington Good Neighbour Scheme 79 Oxfordshiie Play Assoualion 80 Youth Challenge Oxfordshire C(oCO} 81 Wootton St Peters C of E Primary Scthool 82 Active Oxford5hi 83 Ark.T 84 Clean Slate 85 Earth Trust 86 Frozen Light 87 Headington School Jacari 89 Oxford & District Mencap go Oxford Hub 91 Oxford Playing F￿ldsA$S0￿at￿n 92 Oxfordshirè MIND 93 Rose Hill Jun￿rYoUth Club 3.CKJO 3,CKJO 2,650 2,YJO 2,0 2,500 2,500 2,500 2,500 2.500 2,500 2.500 2,CLIO 2.wo 2,000 2,000 2,0 55 2,000 2,(X)O 2,0(Xl 2,000 2.000 2,000 2,000 2,000 2,000 2.000 2,(￿0 2,000 2,000 1,750 1,720 1,50D 1,500 1,500 1.500 1,500 1.500 1,500 1.500 1,500 1,500 1,500 1,450 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,OOD 2,IXJO 2.000 2,0()rJ 2.000 1,575 2,(XlO 1,250 1,500 2,500 1,000 1.DJO 1,CKJO 16- Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Grants payable (Continued) The Big Issue Foundation 95 The Thomas Gifford Trust Yellow Submarine 97 Oxford PreserV￿lon Trust Banbury Museurn The Gatehouse 100 Helen & Douglas Htrusg 101 8ertnsfield Information and Voluntegr Centre 102 Be Free Young Carers 103 Fam)Ability 104 CLIC Sargent 105 Naomi House & Jack$pl￿e 106 The Prince'8 Trust 107 The Radley Lakos Trust 108 Walthngfoid Food Bank 109 Barrack5 Lane Community Garden 110 The Cedar CommLJnity Club 111 The Porch 112 MS Therapy Centre 113 Abingdon Food Bank 114 Banbury Young Homeless Project 115 Open Univer5ity- The Floodplain Mèadow Partnèrship 116 Blad(bird Leys Neighbourhood Support Scheme Ltd, known as The Agnas Smith Advice Centre 117 Innovista, Thrive 118 Oxford Comtnunily Wotk Agency 119 Th8 Guide Dogs for the Blind A880ciation 120 The Maple Tree 121 The Sunshine Centre 122 Combe Cornmunty Hub 123 Edge Housing 124 Family Links 125 Helen Arkell Dyslexia Charity 126 Maggie's Oxford 127 On&Eighty 128 Oxford City Farm 129 OxfordshiTe Family Support 130 Oxfordshire Sexual Abu8e and Rape Crisis Centre 131 SAFEI 132 SSNAP 133 Teenage Can￿r Trust 134 The Letcombe Brooke Project 135 The Woodland Centre 136 Waterperry Opera Festival 137 NeW￿ry Sea Cadets 138 Gingèrbread 139 Blue Stye Thinking 140 Disabled Sailors Assoaation 141 Earth Vwdlch 142 EnryeA Oxfordshire 143 Leafield Pre-school 1,000 1,000 1,OC 720 1,000 s,coo 10,000 10.000 7,500 6.LX)O 5,000 5,000 5,000 5,0( 5,000 5,CX)O 5.000 4,125 3,500 3,303 3,250 3.CKJO 3,OCQ 2,500 2,500 2,500 2,OCKJ 2,CKIO 2.(XJO 2,CK)O 2,000 2.000 2,000 2,000 2.000 2,000 2,000 2,000 2.0 2,000 1,633 1,100 1,000 1,000 1,OC 1,OQKJ 17 Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Grants payable (Continu￿) 144 Lffelites 145 Oxfordshire Crossroads 146 Response Giving 147 Ridin9 foi the Disabled Association, Abingdon 148 Sapere 149 The Mill Arts Centre 150 Dogs for Good 151 Grants below £501 {14}12021'. 7) 1,IX)O 1,CM)O 1,000 1,000 1,000 I,(x)o 788 7,￿0 451,270 452,054 There were no commitmgnts in r￿nn￿tIOn with unpaid grants 8t 31 0￿mber 2022. The trustees intend to make further grants to be funded from futur8 income as follows.. Payments which at 811 lines remain subject to the trustees. complglè dls(xetion, indicated bul not committed or provlded for in these fin8wal statements.. 2022 2021 Potentialty payable withln one year Potentially payable withln two to fNe years 31,000 61.wo 201,000 92,000 92,(KXI 293,000 Movements on grants payab￿ were as follows= 2022 2021 At l January 2022 IDecreaselAncrease in ptstentialty payable grants Paid during the year 293,000 385,000 125,0001 120,000 1176.0001 P12,LX)01 Al 31 December 2022 92,000 293,000 18- Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Governance costs Governance o$t8 2022 Govemance cDsts 2021 Audit fees Accountsncy Legal and professional Adrninistrat￿n f6es Grant administrator fees Tnjstees, expenses Other prOfèS￿Onal fees Bank charges and commission 7,320 7,320 9,440 7.000 9.080 600 10,494 12,000 161 732 7,000 9,080 600 10.494 12,000 181 732 11,088 13,582 414 11,088 13,562 414 85 744 744 679 879 42,653 42,653 40,746 40,746 Analysed befvthn.. Raising fvnds Charitable actNrties 5,828 36,825 5,828 36,825 6,411 34,335 6,411 34,335 42,653 42,653 40,746 40,746 Govemance Costs indudes payments to the auditors of £7,45012021.. £7,0￿) for audit fee& Trustees None of the trustées (or any parsons connected with them) received any remuneration or benefrts frorn the Settlement during the year. Expenses for travel and subsistence were paid lo 2 InBlees totallin9 £414 {2021'. 1 twslee totalling £1611. Net I1088esllgalns on inveBtments Unre$tricted Unrè51ricted fund$ funds g•neral gener81 2022 2021 Revaluation of investment pr¢)perty Loss on disKx)sal of investment propety Revaluation of fixed a5sset investm6nts 29,650 (2.2821 {1.024,473} 619,605 1997,105} 619,605 19- Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10 Investment properties 2022 2021 Fair value At 1 January 2022 Disposals Revaluation 6,157,100 (29,750} 29,650 6,157.100 At 31 December 2022 6,157,OOCS 8,157,1 The market value for the freehold inve8trnent properties is based on valualp)ns provided to the trustees by Independent property valuers. The trustees, policy is to have the investment propertie5 valued extemally every five years, with the tiustee5 then revtewing the valuation annually lo ensure that the carying value 18 equivalent to market value. The investment prtsperties held in trust for the Settlement by Forkpalm Limited were brought into the Settlements financial statements during 2015 at a value provided to the Irustggs by indepèndent eomm&rclal property valuers. The properties weie revalued at 31 December 2020 to £905,OC(I by Adam Smylie MRICS of Kirkby Diamond. Chartered SurveyorB. The other investment properties are held directly by the SèttlÈmÈnt. Maidèn Lane Shopping Centre. Rèading wa5 valued al a market value of £5,022,000 as al 7 February 2020 by Peter Memmott. FRICS, of Fairweathers Chartered Surveyors. The Potteries, Tilehurst was r8valued at 26 February 2020 by Peter Memmotl and the value w88 ￿ViSed to £230,000. In the year ended 31 December 2022 land held at Haughley Green was Tevalued to £29,750 by Richard Couling MRICS, of Sworders. This land was subsequently sold for £27,468 Inel of selling coslsl. -20- Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 11 Fixed as$•t inveskn•nts Llst8d inv8stsnents Cash in portrollo Total Valuation At 1 January 2022 Additions Valuation changes Disposals 8,338,319 1,532.243 11,024.4731 11,395,790> 377,419 8,715,738 1,532,243 11,024,473) {139.9521 11.535,742} Al 31 December 2022 7,450,299 237,467 7,687,766 Carrylng amount At 31 De￿mber 2022 7,450,299 237.467 7,687,786 Al 31 December 2021 8,338.319 377,419 8,715.738 2022 2021 Investments at fair value comprise.. UK & overseas fixed intèrest Equrties Collective investments Adam & Co Wealth Management ¢83h capital 2,596,( 1,857.710 2,996.529 237,467 2,515,933 2,242,524 3,579.862 377,419 7,687.786 ,715,738 21 Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 31 DECEAIBER 2022 12 Subsidiary ¢oMpan￿9 The Settlement has wholty-owned subsidiary companies, as (letsiled bdow. The shares of both subsidiaries are held in Irust by the Settlgmenl's Irustees. Forkpalm Limited Forkpalm Limited, a cornpany rpgiSle￿d Tn England and Wales, was pur¢h8sed by the Settlement on 27 June 2007. Until 31 December 2015 the Company's activity was to hold the freehold reversion of investment properties and charge ground rents. 11 don8tad its taxable proffts to the SeWement by gift aid. Since 1 January 2016 Forkpalm Limited has béèn dom8nt. On 31 December 2015 the diredor5 of Fotkpalm ￿Mited resolved to hold the assets Of the company in twst absolutely for the Settlement. The property held by Forkpalrn Limited had alTeady been shown in the Settlèmènt's balance sheet, but the company's bank account was brought into the Settlement's balance sheet. Furthermore, the property Ir￿Me receivable as at 31 December 2015 and the accountancy fees P8yabl8 at that date in respect of Forkpalm Limited were re(x)gnised on thè Seitlement's balance sheet. Due to the above re-organisation, no consolidated a￿Ounts have been prepared for the year ended 31 December 2022. Maiden Lane Development Management Company Limited Maiden Lane Development Management Company Limitod, a CoMpa￿Y also registered in England and Wales, was purchased by the Settlement on 20 Febnjary 1998. The company's activity is to manage the prop*ty known as Maiden Lane Centre, Lower Earlèy. Reading. Ajthough the shares are held in trust by the Settlement's Irustees, the Settlement has no finanrial interest in this company. There i8 therefore no quirement to prepare consolidated financial Slalemerrt5 in respect of this company. 13 Financial instruments 2022 2021 Carying amount of flnancial assets Instruments measured at fair value through income and expenditure 7,687.766 8,715,738 Financial instruments measured at fair value through in¢x)rne and expendf(ure ¢omprt8e ffixed asset Investments. 14 Dgbtor¥ 2022 2021 Amt)unts falllng due wlthln one year. Rental income debtors Othèr dèbtors {see below) Prepayments and accru8d incoma 49,062 2,500 6,430 14,045 4,3 57,992 20,935 2022 2021 Amounts falllng due after mor• than one year: Other debtors (see belcwl Tolal dgbtor5 60,492 25,935 -22- Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 14 Debtors {Continu•d} Other debtor8- loans to charltie 2022 2021 Pusey Hou8e 7,500 Repayable within one year Repayable after on& y88r 2,5 2.5 5.000 5.(M)O 7,500 15 Creditors.. amounts fallin9 due within one year 2022 2021 Note¥ Taxation and so¢lal security Deferred income Trade Creditors Other ¢reditors Accruals 11,438 31.CE2 12,836 7,147 16,528 15.477 38,577 13,748 8,855 16,380 79,009 92.037 16 Deferred Incom 2022 2021 Rental I￿￿)me invoiced in advance 31,062 38,577 2022 2021 Deferred income at 1 January 2022 Released from previou8 years Resources deferred in the period 38,S77 138,5771 31,062 44,143 144.1431 38,577 Deferred income at 31 De￿mber 2022 31,062 38,577 23- Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 17 Deslgnated funds The income funds of the charty indude the following designated funds which have b8en set aside out of unrestricted furKls by the trustees for specffjc purposas.. Balance at 1 January 2021 Transfors Balanc8 at 1 J¥n¥ary 2022 Transfor6 Balantè at 31 l>¢¢&mbor 2022 Maiden LarE reserve Yvonne Pye fund 129.622 194,266 21,019 (194,2861 150.641 21,533 172.174 323,888 {173,2471 150,641 21.533 172.174 18 Analysls of net assets between fund5 General Designated unrestricted funds fund¥ 2022 Totsl General Designated unreslricfrd funds funds 2021 Total 2022 2022 2021 2021 Fund balan￿5 at 31 December 2022 8rg represented by- Investment properties Investments Current assets Current liabilities 6,157,000 7,887,766 305,302 179,0091 6.157,000 6,157,100 7.687,766 8,715,738 477,476 277,219 179,009} 192,0371 6,157,100 8,715,738 427,860 192,037) 172,174 1S),641 14,071,059 172,174 14,243,233 15,058.020 150,641 15,208,661 19 Related party transadons There were no dlsdosable related party transactions during the year12021'. none). The Trust Dèad etsnt8in9 an èxprèss power for payments to be made to trustees for prolessional services In relation to the administrab.on of the Setllement. During the year, none of the trustees reTrived any muneralion or benefits in kind. Expenses were reimbursed as detailed in note 8. -24_ Docusign En¥ÈlopÈ ID". 3DFFOS98-ASB6-43F2-9284-3008813F1717 MR & MRS J A PYE'S CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 20 Cash generated from operations 2022 2021 IDefi¢illlsurpus for the year 1965,4281 654.019 Adjustments fr)r'. Investment incomè recognised in statement of finanaal aci￿￿￿$ F8ir value gains and 5osse8 on investment5 1625,537) 997,105 1616.0541 1619.6051 Movements in working capital.. Ilncreaselldecrease in debtors (Decrease) in credit￿$ lexcluding d￿arred incxjme) IDecre&8el in deferred income (34.557) {5,513) (7,5151 45,113 118,9491 15,5661 Ga¥h absort)ed by operations 1841,445) 1561,042} 21 Analysis of changes in net funds At 1 January 2022 C48h IIow8 At 31 Oecembor 2022 Cash at bank and in hand 401,925 15.059 418,984 401,925 15.059 418,984 The Settlement had no debt during the year. -25-