DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
**Charity registration number 242677**
**MR & MRS J A PYE'S CHARITABLE SETTLEMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|G Flint|
|---|---|
||V Buzzard|
||P Marsh
(Appointed 14 December 2023)|
|**Charity number**|242677|
|**Administrative office**|Critchleys Audit LLP|
||Beaver House|
||23-38 Hythe Bridge Street|
||Oxford|
||OX1 2EP|
|**Auditors**|Griffin Stone Moscrop & Co|
||21-27 Lamb's Conduit Street|
||London|
||WC1N 3GS|
|**Bankers**|National Westminster Bank plc|
||32 Cornmarket Street|
||Oxford|
||OX1 3HQ|
|**Solicitors**|Knights Professional Services Limited|
||Midland House|
||West Way|
||Oxford|
||OX2 0PH|
||Clarkslegal LLP|
||One Forbury Square|
||1 The Forbury|
||Reading|
||Berkshire|
||RG1 3EB|
|**Investment advisors**|Adam & Company Wealth Management|
||40 Princes Street|
||Edinburgh|
||EH2 2BY|
|**Property managers**|Ministar Services Limited|
||Unit 10a Optima Business Park|
||Pindar Road|
||Hoddesdon|
||EN11 0DY|
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Grants Administrator**
Lucy McCallum-Toppin Springfield Faringdon Road Southmoor Oxfordshire OX13 5BG
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Statement of trustees' responsibilities|5|
|Independent auditors' report|6 - 8|
|Statement of financial activities|9|
|Balance sheet|10|
|Statement of cash flows|11|
|Notes to the financial statements|12 - 26|
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Settlement's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The Settlement's objects are general charitable objectives.
The overall policy of the trustees is to support under-funded charities in their fields of interest in order to assist those charities to play a fuller role in the community. Unfortunately, due to the demands made it is not possible to support all applications even though they may meet the charity’s criteria. However, the trustees particularly recognise the difficulty many smaller charities experience in obtaining core funding in order to operate efficiently in today’s demanding environment. In addition major support is given to a limited number of causes in the fields of environment, music, education and medicine. This approach has been rewarded by significant results obtained by beneficiaries.
The Settlement’s website describes its grant-making policy and applicants are encouraged to send their applications electronically using the Settlement’s email address: PyeCharitableSettlement@gmail.com.
In making grants the trustees seek to continue the settlors’ interests while expanding them to encompass other causes. They focus their grant-making on Oxfordshire and its surrounds whilst continuing their support to charitable causes espoused by the Pye family and individual trustees.
The following list is by no means exhaustive and is given for guidance only:
## **Environmental**
This subject particularly deals with organic farming matters, conservation generally and health-related matters such as pollution research and some wildlife protection.
## **Education**
Nursery, Primary, Secondary or Higher Institutions (not individuals).
## **Alleviation of Hardship**
This includes causes concerned with poverty, health and care generally.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Settlement should undertake.
By making grants to other charitable causes, the trustees ensure that their objectives for public benefit are met. Due to the size of the Settlement, the trustees mostly restrict the grants to charities operating in Oxfordshire and the surrounding areas as they feel that in this way they are able to make a more significant contribution to the communities in the area. Applications from national charities with a specific project within the set area are also welcomed. The trustees outline elsewhere in the trustees’ report the main areas that they tend to support, but all donation requests will be considered. Due to the varied interests of the settlors and the current trustees, a wide variety of causes are supported, thus making sure that the benefits reach people of all backgrounds. The trustees are particularly keen to support smaller charities that may struggle to find funding for worthwhile projects, many of which have a very direct impact on the people in the community within which the charity operates.
The trustees review the activities of the donees on a regular basis, giving due regard to the guidance published by the Charity Commission on public benefit.
The Settlement does not hold any funds as a custodian trustee.
- 1 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **Achievements and performance**
## **Grants**
In the year under review, grants amounting to £399,315 (2022: £451,270) have been made to 101 (2022: 111) charities concerned with environmental matters, education and the alleviation of hardship. As many of the organisations the Settlement supports fall within more than one of the above categories, the trustees feel that it is more meaningful to provide a list of all recipients who have benefited from grants of £501 or more in 2023 and 2022 and consequently no separate list of the grants classified by the activities being funded is included in the financial statements.
As disclosed at the end of note 6 the trustees have a forward programme of grants to be wholly funded out of future income. It is the policy to make clear to all beneficiary charities that forward grant programmes are always subject to annual reconsideration and therefore cannot be relied upon until confirmed by the trustees on an annual basis.
In view of this policy and practice the trustees are of the opinion that any recognition of this forward programme in the financial statements, other than as disclosed in note 6, would be misleading.
## **Financial review**
In comparison with 2022 the Settlement’s total income increased by £21,129 during the year. Income from the investment portfolio increased by £47,640 and rental income from investment properties decreased by £40,067. Grants awarded decreased by £51,955 and other expenditure increased by £31,347.
The trustees continue to keep their costs of administration and those of the property portfolio under review in order to avoid duplication, engaging appropriate expertise and saving costs.
As detailed in note 11 to the accounts, the investment properties have been valued by an external firm of Chartered Surveyors. The valuation at 31 December 2023 reflected a decrease in the carrying value of the properties at that date compared to previous valuations. The investment properties continue to benefit from high occupancy levels and the history of bad debts is minimal due to the substantial efforts of the property management agent who deals with the tenants on a day to day basis. The trustees view is that the valuation at 31 December 2023 is on a “very” cautious basis and believe that the returns currently being obtained in the form of rental income is obtaining a return on investment that could not currently be matched by investing the trust funds elsewhere.
Total fund balances at 31 December 2023 were £12,763,995 (2022: £14,243,233).
## **Reserves policy**
The trustees have established a reserves policy, whereby 5% of the annual rental income is set aside for any improvements and capital expenditure required for the Maiden Lane Shopping Centre. This is so that the trustees may manage their investment in Maiden Lane Shopping Centre proactively, without affecting their ability to meet their charitable objectives. The balance on this reserve at 31 December 2023 is £191,704.
## **Investment policy and performance**
Investment policy for the combined equity and bond portfolios under discretionary management is to maintain the real value of the capital invested and, subject to this, to generate income to satisfy current and anticipated donations to the Settlement’s beneficiaries. The value of the Settlement's investments at 31 December 2023 stood at £8,051,369 (2022: £7,687,766). The trustees have no special policy on social, environmental or ethical considerations.
## **Risk assessment and management**
The trustees have assessed the major risks to which the Settlement is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
- 2 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees keep under review the risks of maintaining the integrity of the Settlement and have concluded that there are no untoward risks in the approach and management of the Settlement. In conducting this review they considered particularly the areas of fraud, the policy of holding the portfolio in nominee names, and investment policy as executed by managers. The managers provide an annual independent security report to the trustees. Since it is directed to institutions regulated by the Charity Commission and supplemented by assessments by the Grants Administrator, the trustees consider they have minimised any risk in their distribution policy.
The general business environment remains challenging for many tenants. The trustees are in regular contact with the tenants through the managing agent to ensure that there is a continued dialogue and all efforts to support tenants on a reasonable and practical basis are taken. The trustees will continue to monitor this situation and revise their considerations accordingly.
## **Plans for the future**
The trustees plan to continue their present mode of operating as outlined in the report.
## **Structure, governance and management**
The Settlement is a Registered Charity (No: 242677) constituted by a Trust Deed made 5 March 1965 between the late Mr and Mrs J A Pye and the original trustees (Mr G C Pye, Mr G W F Archer and Mr R H LangdonDavies) under which the trust fund together with the income from it is held for the benefit of such charitable purposes as the trustees shall select. Following the deaths of the settlors the power to appoint new trustees is vested in the trustees for the time being.
The trustees who served during the year and up to the date of signature of the financial statements were: P A R Mulcare (Resigned 13 December 2023)
G Flint V Buzzard P Marsh (Appointed 14 December 2023)
The trustees administer the Settlement. They have no fixed retirement date.
The trustees undergo training either through courses or functional experience. New trustees are inducted in the same way.
Decisions of the trustees are taken by them at their regular meetings which are held at least four times a year. The business of the meetings is to review the affairs of the Settlement and to consider the awarding of grants. Applications for grants are sent, in the first instance, to the Grants Administrator, Mrs Lucy McCallum-Toppin, who then presents them, together with her assessment, for discussion at trustees’ meetings. The Grants Administrator arranges for the payment of grants and is involved in correspondence and meetings with beneficiary charities.
On an annual basis one or more of the trustees meet representatives of all beneficiaries receiving major awards and reports are received from other beneficiaries.
## **Safeguarding**
The Settlement confines its charitable activities to the awarding of grants to other charitable organisations. It is the trustees’ policy to ensure that the recipients of its grants have safeguarding policies in place in accordance with Charity Commission guidelines.
## **Payment of staff**
Since they currently have no staff the trustees have not felt it necessary to adopt a policy for their payment.
## **Handling of complaints**
It is the trustees' policy for complaints to be considered at their meetings.
- 3 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
**TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees' report was approved by the Board of Trustees and signed on its behalf by:
.............................. **V Buzzard** Trustee Dated: .........................20.6.2024
- 4 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 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 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;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Settlement and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Settlement and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 5 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **INDEPENDENT AUDITORS' REPORT**
## **TO THE TRUSTEES OF MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **Opinion**
We have audited the financial statements of Mr & Mrs J A Pye's Charitable Settlement (the ‘Settlement’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and 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 Settlement's affairs as at 31 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 Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditors' responsibilities for the audit of the financial statements_ section of our report. We are independent of the Settlement in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled 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 relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis 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 conditions that, individually or collectively, may cast significant doubt on the Settlement’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditors' 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 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 information is materially inconsistent with the financial statements or our knowledge obtained in the course of the 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**
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 information and explanations we require for our audit.
- 6 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **INDEPENDENT AUDITORS' REPORT (CONTINUED)**
## **TO THE TRUSTEES OF MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Settlement’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 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 misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures designed and implemented to detect irregularities, including fraud, are detailed below:
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Carrying out substantive checking to supporting documentation, on a sample basis, of individual transactions within income and expenditure to give comfort that the statement of financial activities does not contain any irregular items;
- Verifying that material balances within the balance sheet are supported by third party evidence to confirm existence and valuation at the balance sheet date;
- Enquiry of management and those charged with governance around actual and potential litigation and claims; and
- Reviewing minutes of trustee meetings.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
- 7 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE TRUSTEES OF MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Settlement’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Settlement’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Settlement to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view).
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies 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 with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state 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 accept or assume responsibility to anyone other than the Settlement and the Settlement’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
|Erffiv. Storr Moscrop & (»||
|---|---|
||24/6/2024|
|**Griffin Stone Moscrop & Co**|.........................|
|**Chartered Accountants**||
|**Statutory Auditors**|21-27 Lamb's Conduit Street|
||London|
||WC1N 3GS|
Griffin Stone Moscrop & Co is eligible for appointment as auditor of the Settlement by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 8 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2023**|**2022**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Investments|**3**|646,666|625,537|
|**Expenditure on:**||||
|Raising funds|**4**|127,318|105,765|
|Charitable activities|**5**|445,934|488,095|
|**Total expenditure**||573,252|593,860|
|**Net income before net gains/(losses) on investments**||73,414|31,677|
|Net gains/(losses) on investments|**10**|(1,552,652)|(997,105)|
|**Net movement in funds**||(1,479,238)|(965,428)|
|Fund balances at 1 January 2023||14,243,233|15,208,661|
|**Fund balances at 31 December 2023**||12,763,995|14,243,233|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
- 9 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2023**_
||||**2023**|**2023**||**2022**|
|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**|**£**|
|**Fixed assets**|||||||
|Investment properties|**11**|||4,210,000||6,157,000|
|Investments|**12**|||8,051,369||7,687,766|
|||||12,261,369||13,844,766|
|**Current assets**|||||||
|Debtors|**15**|50,027|||60,492||
|Cash at bank and in hand||536,685|||416,984||
|||586,712|||477,476||
|**Creditors: amounts falling due within**|**Creditors: amounts falling due within**||||||
|**one year**|**16**|(84,086)|||(79,009)||
|Net current assets||||502,626||398,467|
|**Net assets**||||12,763,995||14,243,233|
|**Income funds**|||||||
|Designated funds:|||||||
|Maiden Lane reserve|**18**|191,704|||172,174||
|General unrestricted funds||12,572,291|||14,071,059||
||||||||
|**Total funds**||||12,763,995||14,243,233|
|The financial statements were approved by the Trustees on .........................|The financial statements were approved by the Trustees on .........................|The financial statements were approved by the Trustees on .........................
20.6.24|||||
|..............................|..............................
YAfexgerel||||..............................
P. Warah||
|G Flint|V Buzzard||||P Marsh||
|**Trustee**|**Trustee**||||**Trustee**||
- 10 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|||**2023**||**2022**||
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Cash flows from operating activities**||||||
|Cash absorbed by operations|**21**||(557,710)||(641,445)|
|**Cash flows from investing activities**||||||
|Proceeds on disposal of investment property||-||27,468||
|Purchase of other investments||(2,248,329)||(1,532,243)||
|Proceeds on disposal of other investments||2,279,074||1,535,742||
|Investment income received||646,666||625,537||
|**Net cash generated from investing**||||||
|**activities**|||677,411||656,504|
|**Net cash used in financing activities**|||-||-|
|**Net increase in cash and cash equivalents**|||119,701||15,059|
|Cash and cash equivalents at beginning of year|||416,984||401,925|
|**Cash and cash equivalents at end of year**|||536,685||416,984|
- 11 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **Charity information**
Mr & Mrs J A Pye's Charitable Settlement is a registered charity. It is registered with the England and Wales Charity Commission. Its administrative office address is Critchleys LLP, Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Settlement's Trust Deed, the Charities Act 2011, "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Settlement is a Public Benefit Entity as defined by FRS 102.
The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Settlement. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Accounting estimates**
The preparation of the financial statements in compliance with the Charities SORP (FRS 102) requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the charity's accounting policies.
## **1.3 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the Settlement has adequate resources to continue in operational existence for the foreseeable future and confirm there are no material uncertainties about the Settlement's ability to continue. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.4 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
In the year ended 31 December 2015 the trustees created a reserve for capital expenditure in respect of Maiden Lane Shopping Centre and this was allocated to a designated fund. The details are shown in note 17.
## **1.5 Income**
Income is recognised when the Settlement is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
- 12 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **Investment income**
Dividends are included in the statement of financial activities when they are receivable. Gross bank interest is included in the statement of financial activities as it arises.
Rental income is included on a receivable basis. Where rent is received in advance it is recorded as deferred income and released to the statement of financial activities in the period to which it relates.
## **1.6 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Grants are recognised when they become payable.
## **Classification of expenditure**
Expenditure is charged to the statement of financial activities as it is incurred. Governance costs comprise costs for the running of the Settlement itself as an organisation. Governance costs are apportioned between expenditure on raising funds and charitable activities based on time spent.
## **1.7 Investment properties**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date. The fair value is on the basis of advice from independent property valuers. The surplus or deficit on revaluation is recognised in net income/expenditure.
## **1.8 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/expenditure. Transaction costs are expensed as incurred.
## **1.9 Loans**
From time to time the trustees receive requests for substantial grant funding to which they would like to accede. In many cases it helps the beneficiary charity for funding to be spread over a number of years. In some cases, however, it is clear that the nature of the project requires immediate cash and in such cases it is the policy of the trustees to lend money in order to assist the beneficiary charity to start a project and enable the grantee to match funding from other sources. The terms of such loans are always expressed to be free of interest and repayable on demand. Loans are reduced either by repayment or by a waiver authorised by the trustees. Loans made are accounted for when authorised by the trustees.
## **1.10 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 13 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.11 Financial instruments**
The Settlement has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Settlement's balance sheet when the Settlement becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to 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 financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially 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 rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Settlement’s contractual obligations expire or are discharged or cancelled.
## **2 Critical accounting estimates and judgements**
In the application of the Settlement’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 14 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **3 Income from investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**general**|general|
||**2023**|2022|
||**£**|£|
|Rental income|411,096|451,163|
|Income from listed investments|221,001|173,361|
|Interest receivable|14,569|1,013|
||646,666|625,537|
## **4 Expenditure on raising funds**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**general**|general|
||**2023**|2022|
||**£**|£|
|Property expenses|84,589|61,438|
|Share of governance costs (see note 7)|5,984|5,828|
|Investment management costs|36,745|38,499|
||127,318|105,765|
## **5 Expenditure on charitable activities**
||**Unrestricted**|
Unrestricted|
|---|---|---|
||**funds**|
funds|
||**general**|general|
||**2023**|2022|
||**£**|**£**|
|Grant funding of activities (see note 6)|399,315|451,270|
|Share of governance costs (see note 7)|46,619|36,825|
||445,934|488,095|
- 15 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **6 Grants payable**
During the year the Settlement distributed £399,315 to 101 institutions (2022: £451,270 to 111 institutions), in accordance with the Settlement’s objectives. As stated in the trustees' report, the charity seeks to support organisations focused largely in Oxfordshire and the surrounding area concerned with environmental matters, education and the alleviation of hardship. A number of these organisations fall into two or more of the above categories and therefore the trustees consider it more useful to the reader of the financial statements to list all recipients who have benefited from grants of £501 or more, rather than classify the grants made by the activities being funded.
|**No**|**Institution**|**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
|1|Magdalen College School|30,000|30,000|
|2|Oxfordshire Sexual Abuse and Rape Crisis Centre (OSARCC)|16,000|-|
|3|Aspire Oxfordshire|12,500|35,000|
|4|The Porch - Stepping Stone|12,500|-|
|5|Arts at The Old Fire Station|10,000|1,500|
|6|Banbury Young Homelessness Project (BYHP)|10,000|-|
|7|Didcot TRAIN|10,000|5,000|
|8|FarmAbility|10,000|-|
|9|One-Eighty|10,000|-|
|10|Oxfordshire Youth|10,000|5,000|
|11|SeeSaw|10,000|5,000|
|12|Gatehouse (Homeless People and the Oxford Churches)|10,000|-|
|13|CLIC Sargent (Young Lives Vs Cancer)|7,500|5,000|
|14|The Mulberry Bush School|7,500|5,000|
|15|Edge Housing (Oxfordshire Community Churches Edge Housing Project)|7,000|-|
|16|Oxfordshire Age UK|5,000|5,000|
|17|Citizens Advice Oxfordshire South & Vale|5,000|-|
|18|Helen and Douglas House|5,000|-|
|19|Home-Start Banbury, Bicester and Chipping Norton|5,000|3,000|
|20|Home-Start Oxford|5,000|3,500|
|21|Home-Start Southern Oxfordshire|5,000|-|
|22|Music at Oxford|5,000|75,000|
|23|Oxford Against Cutting|5,000|-|
|24|RAW Workshop|5,000|-|
|25|Refugee Resource|5,000|5,000|
|26|SOFEA|5,000|20,000|
|27|Style Acre|5,000|10,000|
|28|Thames Valley Air Ambulance|5,000|-|
|29|The University of Oxford - Plant Conservation Hub|5,000|-|
|30|Wild Oxfordshire|5,000|5,000|
|31|Yellow Submarine|5,000|1,000|
|32|Fitzwaryn School (The Propeller Academy Trust)|4,000|-|
|33|The Friends of Oxford Botanic Garden and Harcourt Arboretum|4,000|4,000|
|34|The Parasol Project|3,380|-|
|35|Assisted Reading for Children Oxfordshire (ARCh)|3,180|-|
|36|Abingdon Foodbank|3,000|-|
|37|Cherwell Theatre Company|3,000|3,860|
|38|Dementia UK|3,000|-|
|39|Grove C of E Primary School|3,000|-|
|40|My Life My Choice|3,000|1,500|
|41|MyVision Oxfordshire|3,000|-|
|42|The Open University, Floodplain Meadows Partnership|3,000|-|
- 16 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**6**|**Grants payable**|**Grants payable**||**(Continued)**|
|---|---|---|---|---|
||43|Oxford Hospitals Charity|3,000|-|
||44|Root & Branch|3,000|1,500|
||45|Teenage Cancer Trust|3,000|-|
||46|The Kidlington Good Neighbour Scheme|3,000|1,500|
||47|Witney & West Oxfordshire Food Bank|3,000|3,000|
||48|Earthwatch|2,960|-|
||49|Abingdon Carousel|2,500|-|
||50|Auditory Verbal UK|2,500|-|
||51|Barracks Lane Community Garden|2,500|-|
||52|Dementia Active|2,500|-|
||53|Joss Searchlight|2,500|2,500|
||54|Leys Community Development Initiative|2,500|-|
||55|Oxford Urban Wildlife Group|2,500|-|
||56|Pusey House|2,500|2,500|
||57|St James CE Primary School, Hanney (Friends of St James)|2,500|-|
||58|The Branch Trust|2,500|-|
||59|Oxford Baby Bank|2,500|-|
||60|Thomley|2,500|-|
||61|Peeple|2,250|-|
||62|1st Stonesfield Scouts|2,000|-|
||63|Bridewell Organic Gardens|2,000|3,000|
||64|Footsteps Foundation|2,000|-|
||65|Friends of Larkrise (Oxford)|2,000|-|
||66|Helen Arkell Dyslexia Charity|2,000|-|
||67|Jacari|2,000|1,000|
||68|Kennington Youth Club|2,000|-|
||69|Maggie's Oxford|2,000|-|
||70|Oxford and District Mencap|2,000|-|
||71|Oxford Churches Debt Centre|2,000|2,000|
||72|Riding for the Disabled Abingdon|2,000|-|
||73|Future Trees Trust|2,000|-|
||74|The Human Story Company|2,000|-|
||75|The Listening Centre (TLC)|2,000|2,000|
||76|The Mint House, Oxford|2,000|-|
||77|The Theatre Chipping Norton|2,000|-|
||78|Witney Baby Bank|2,000|-|
||79|Child Brain Injury Trust|1,750|1,500|
||80|LEAF|1,525|-|
||81|Clear Sky Children's Charity|1,500|-|
||82|Fight Against Blindness|1,500|1,500|
||83|Frozen Light|1,500|1,000|
||84|Guideposts Trust|1,500|-|
||85|Oxfordshire Play Association|1,500|1,500|
||86|Life Education Wessex|1,050|-|
||87|24th Abingdon Scouts|1,000|-|
||88|Adventure Plus|1,000|-|
||89|Clean Slate|1,000|-|
||90|ExVac|1,000|-|
||91|Living Paintings|1,000|-|
||92|Oxfordshire Breastfeeding Support|1,000|-|
||93|Quest for Learning|1,000|-|
- 17 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**6**|**Grants payable**|**Grants payable**||**(Continued)**|
|---|---|---|---|---|
||94|Rosetta Life|1,000|-|
||95|St Nicholas Church, Fyfield|1,000|-|
||96|SUDEP Action|1,000|-|
||97|Sue Ryder|1,000|-|
||98|Tandem|1,000|-|
||99|Abingdon Music Centre|1,000|-|
||100|The Thomas Gifford Trust|1,000|1,000|
||101|Oxford Preservation Trust|720|720|
||102|Association for Post-Natal Illness|-|20,000|
||103|Pegasus Theatre|-|10,000|
||104|Donnington Doorstep|-|6,000|
||105|The Pump House Project|-|6,000|
||106|Daybreak Oxford|-|5,000|
||107|Oxford Baby Bank|-|5,000|
||108|Oxford Victoria County History Trust|-|5,000|
||109|Place2Be|-|5,000|
||110|ROSY|-|5,000|
||111|RSPB|-|5,000|
||112|St Luke's Hospital|-|5,000|
||113|The Oxford Playhouse|-|5,000|
||114|The Story Museum|-|5,000|
||115|Wildlife Conservation Research Unit|-|5,000|
||116|Asylum Welcome|-|4,000|
||117|Southmoor Pre-School|-|4,000|
||118|Stonehill Community Garden|-|3,120|
||119|Connection Support, Oxfordshire|-|3,000|
||120|Dementia UK - Young Dementia Oxfordshire|-|3,000|
||121|Katherine House Hospice|-|3,000|
||122|Oxfordshire Association for the Blind|-|3,000|
||123|Response|-|3,000|
||124|The Friends of Botley School|-|3,000|
||125|Oxford Food Hub|-|3,000|
||126|Wolvercote Young People's Club|-|3,000|
||127|The Archway Foundation|-|2,650|
||128|Berkshire, Buckinghamshire & Oxfordshire Wildlife Trust|-|2,500|
||129|The Abingdon Bridge|-|2,500|
||130|The Help Hub|-|2,500|
||131|Viva|-|2,500|
||132|Bromsgrove Day Centre, Faringdon|-|2,000|
||133|Christ Church Cathedral Music Trust|-|2,000|
||134|Combe C of E Primary School|-|2,000|
||135|Dovecote Project|-|2,000|
||136|Emmaus Oxford|-|2,000|
||137|Friends of Dorchester Abbey|-|2,000|
||138|HENRY|-|2,000|
||139|Oxfordshire Discovery College|-|2,000|
||140|Sebastian's Action Trust|-|2,000|
||141|Sound Resource|-|2,000|
||142|St Stephens House, Oxford (SJE Arts)|-|2,000|
||143|Friends of Bardwell School|-|2,000|
||144|The North Wall Arts Centre|-|2,000|
- 18 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**6**
**Grants payable**
145
The Unicorn Trust
146
Modern Art Oxford
147
Life Education Wessex and Thames Valley
148
Adoption UK
149
AT The Bus
150
Blackbird Leys Adventure Playground
151
Youth Challenge Oxfordshire (YoCO)
152
Wootton St Peters C of E Primary School
153
Active Oxfordshire
154
Ark-T
155
Clean Slate
156
Earth Trust
157
Headington School
158
Oxford & District Mencap
159
Oxford Hub
160
Oxford Playing Fields Association
161
Oxfordshire MIND
162
Rose Hill Junior Youth Club
163
The Big Issue Foundation
164
Grants below £501 (0) (2022: 14)|**(Continued)**
-
2,000
-
1,750
-
1,720
-
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
-
7,000
399,315
451,270|**(Continued)**
-
2,000
-
1,750
-
1,720
-
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
-
7,000
399,315
451,270|
|---|---|---|
|||451,270|
There were no commitments in connection with unpaid grants at 31 December 2023. The trustees intend to make further grants to be funded from future income as follows:
Payments which at all times remain subject to the trustees' complete discretion, indicated but not committed or provided for in these financial statements:
|Potentially payable within one year
Potentially payable within two to five years
Movements on grants payable were as follows:
At 1 January 2023
(Decrease)/Increase in potentially payable grants
Paid during the year
At 31 December 2023|**2023**
**2022**
**£**
**£**
31,000
31,000
30,000
61,000
61,000
92,000
**2023**
**2022**
**£**
**£**
92,000
293,000
-
(25,000)
(31,000)
(176,000)
61,000
92,000|**2022**
**£**
31,000
61,000|
|---|---|---|
|||92,000|
|||92,000|
- 19 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**7**
**Governance costs**
**Governance**
**costs**
**2023**
Governance
costs
**£**
**£**
£
Audit fees
7,800
7,800
7,320
Accountancy
10,085
10,085
9,440
Administration fees
14,888
14,888
11,088
Grant administrator fees
18,000
18,000
13,562
Trustees' expenses
346
346
414
Other professional fees
750
750
85
Bank charges and
commission
734
734
744
52,603
52,603
42,653
Analysed between:
Raising funds
5,984
5,984
5,828
Charitable activities
46,619
46,619
36,825
52,603
52,603
42,653
Governance costs includes payments to the auditors of £7,800 (2022: £7,450) for audit fees.
**8**
**Net movement in funds**
**2023**
**£**
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
7,800|2022
£
7,320
9,440
11,088
13,562
414
85
744|
|---|---|
||42,653|
||5,828
36,825|
||42,653|
||**2022**
**£**
7,320|
## **9 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Settlement during the year.
Expenses for travel and subsistence were paid to 3 trustees totalling £346 (2022: 2 trustees totalling £414).
## **10 Net gains/(losses) on investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**general**|general|
||**2023**|2022|
||**£**|£|
|Revaluation of investment property|(1,947,000)|29,650|
|Loss on disposal of investment property|-|(2,282)|
|Revaluation of fixed asset investments|394,348|(1,024,473)|
||(1,552,652)|(997,105)|
- 20 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**11**
**Investment properties**
**2023**
**£**
**Fair value**
At 1 January 2023
6,157,000
Disposals
-
Net gains or losses through fair value adjustments
(1,947,000)
Revaluation
-
At 31 December 2023
4,210,000|**2022**
**£**
6,157,100
(29,750)
-
29,650
6,157,000|
|---|---|
The market value for the freehold investment properties is based on valuations provided to the trustees by independent property valuers. The trustees' policy is to have the investment properties valued externally every five years, with the trustees then reviewing the valuation annually to ensure that the carrying value is equivalent to market value.
The investment properties held in trust for the Settlement by Forkpalm Limited were brought into the Settlement's financial statements during 2015 at a value provided to the trustees by independent commercial property valuers. The properties were revalued at 31 December 2023 to £735,000 by Adam Smylie MRICS of Kirkby Diamond, Chartered Surveyors.
The other investment properties are held directly by the Settlement. Maiden Lane Shopping Centre, Reading was valued at a market value on 31 December 2023 of £3,225,000 and The Potteries, Tilehurst £250,000 by Adam Smylie MRICS of Kirkby Diamond, Chartered Surveyors.
In the year ended 31 December 2022 land held at Haughley Green was revalued to £29,750 by Richard Couling MRICS, of Sworders. This land was subsequently sold for £27,468 (net of selling costs).
- 21 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **12 Fixed asset investments**
|**Listed**
**investments**
**£**
**Valuation**
At 1 January 2023
7,450,299
Additions
2,248,329
Valuation changes
394,348
Disposals
(2,239,639)
At 31 December 2023
7,853,337
**Carrying amount**
At 31 December 2023
7,853,337
At 31 December 2022
7,450,299
Investments at fair value comprise:
UK & overseas fixed interest
Equities
Collective investments
Adam & Co Wealth Management cash capital|**Cash in**
**portfolio**
**Total**
**£**
237,467
7,687,766
-
2,248,329
-
394,348
(39,435)
(2,279,074)
198,032
8,051,369
198,032
8,051,369
237,467
7,687,766
**2023**
**2022**
**£**
**£**
2,699,382
3,165,085
4,652,355
3,956,335
501,600
328,879
198,032
237,467
8,051,369
7,687,766|
|---|---|
- 22 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **13 Subsidiary companies**
The Settlement has two wholly-owned subsidiary companies, as detailed below. The shares of both subsidiaries are held in trust by the Settlement’s trustees.
## **Forkpalm Limited**
Forkpalm Limited, a company registered in England and Wales, was purchased 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. It donated its taxable profits to the Settlement by gift aid. Since 1 January 2016 Forkpalm Limited has been dormant.
On 31 December 2015 the directors of Forkpalm Limited resolved to hold the assets of the company in trust absolutely for the Settlement. The property held by Forkpalm Limited had already been shown in the Settlement’s balance sheet, but the company’s bank account was brought into the Settlement’s balance sheet. Furthermore, the property income receivable as at 31 December 2015 and the accountancy fees payable at that date in respect of Forkpalm Limited were recognised on the Settlement’s balance sheet.
Due to the above re-organisation, no consolidated accounts have been prepared for the year ended 31 December 2023.
## **Maiden Lane Development Management Company Limited**
Maiden Lane Development Management Company Limited, a company also registered in England and Wales, was purchased by the Settlement on 20 February 1998. The company’s activity is to manage the property known as Maiden Lane Centre, Lower Earley, Reading. Although the shares are held in trust by the Settlement’s trustees, the Settlement has no financial interest in this company. There is therefore no requirement to prepare consolidated financial statements in respect of this company.
|**14**|**Financial instruments**|**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
||**Carrying amount of financial assets**|||
||Instruments measured at fair value through income and expenditure|8,051,369|7,687,766|
Financial instruments measured at fair value through income and expenditure comprise fixed asset investments. Their fair value is determined using quoted market prices in an active market.
## **15 Debtors**
|**Amounts falling due within one year:**
Rental income debtors
Other debtors (see below)
Prepayments and accrued income
**Amounts falling due after more than one year:**
Other debtors (see below)
**Total debtors**|**2023**
**£**
45,265
2,500
2,262
50,027
**2023**
**£**
-
50,027|**2022**
**£**
49,062
2,500
6,430|
|---|---|---|
|||57,992|
|||**2022**
**£**
2,500|
|||60,492|
- 23 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
**15 Debtors**
## **(Continued)**
## **Other debtors - loans to charities**
|Pusey House
Repayable within one year
Repayable after one year
**Creditors: amounts falling due within one year**
**Notes**
Taxation and social security
Deferred income
**17**
Trade creditors
Other creditors
Accruals|**2023**
**£**
2,500
2,500
-
2,500
**2023**
**£**
13,466
25,649
9,951
-
35,020
84,086|**2022**
**£**
5,000|
|---|---|---|
|||2,500
2,500|
|||5,000|
|||**2022**
**£**
11,438
31,062
12,836
7,147
16,526|
|||79,009|
## **16 Creditors: amounts falling due within one year**
## **17 Deferred income**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Rental income invoiced in advance|25,649|31,062|
||**2023**|**2022**|
||**£**|**£**|
|Deferred income at 1 January 2023|31,062|38,577|
|Released from previous years|(31,062)|(38,577)|
|Resources deferred in the period|25,649|31,062|
|Deferred income at 31 December 2023|25,649|31,062|
- 24 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **18 Designated funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|||**Balance at**|**Transfers**|**Balance at**|**Transfers**||**Balance at**|
|---|---|---|---|---|---|---|---|
|||**1 January 2022**||**1 January 2023**||**31 December**||
||||||||**2023**|
|||**£**|**£**|**£**|**£**||**£**|
||Maiden Lane reserve|150,641|21,533|172,174|19,530||191,704|
|||150,641|21,533|172,174|19,530||191,704|
|**19**|**Analysis of net assets between funds**|||||||
||**General**|**Designated**|**Total**|General|Designated||Total|
||**unrestricted**|**funds**||unrestricted|funds|||
||**funds**|||funds||||
||**2023**|**2023**|**2023**|2022|2022||2022|
||**£**|**£**|**£**|£|£||£|
||Fund balances at 31|||||||
||December 2023 are|||||||
||represented by:|||||||
||Investment properties
4,210,000|-|4,210,000|6,157,000|-||6,157,000|
||Investments
8,051,369|-|8,051,369|7,687,766|-||7,687,766|
||Current assets
395,008|191,704|586,712|305,302|172,174||477,476|
||Current liabilities
(84,086)|-|(84,086)|(79,009)|-||(79,009)|
||12,572,291|191,704|12,763,995|14,071,059|172,174|14,243,233||
## **20 Related party transactions**
There were no disclosable related party transactions during the year (2022: none).
The Trust Deed contains an express power for payments to be made to trustees for professional services in relation to the administration of the Settlement. During the year, none of the trustees received any remuneration or benefits in kind. Expenses were reimbursed as detailed in note 9.
- 25 -
DocuSign Envelope ID: C66B5A6D-96EF-4262-B9E9-9235F9D2A553
## **MR & MRS J A PYE'S CHARITABLE SETTLEMENT**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**21**|**Cash generated from operations**||**2023**|**2022**|
|---|---|---|---|---|
||||**£**|**£**|
||Deficit for the year||(1,479,238)|(965,428)|
||Adjustments for:||||
||Investment income recognised in statement of financial activities||(646,666)|(625,537)|
||Fair value gains and losses on investment properties||1,947,000|-|
||Fair value gains and losses on investments||(394,348)|997,105|
||Movements in working capital:||||
||Decrease/(increase) in debtors||10,465|(34,557)|
||Increase/(decrease) in creditors (excluding deferred income)||10,490|(5,513)|
||(Decrease) in deferred income||(5,413)|(7,515)|
||**Cash absorbed by operations**||(557,710)|(641,445)|
|**22**|**Analysis of changes in net funds**||||
|||**At 1 January**|**Cash flows At**|**31 December**|
|||**2023**||**2023**|
|||**£**|**£**|**£**|
||Cash at bank and in hand|416,984|119,701|536,685|
|||416,984|119,701|536,685|
The Settlement had no material debt during the year.
- 26 -