2022-04-05-accounts

Charity number: 245061

The Batchworth Trust

Trustees' report and financial statements For the year ended 5 April 2022

The Batchworth Trust

Contents

	Page
Reference and administrative details of the Trust, its Trustees and advisers	1
Trustees' report	2 - 5
Independent auditor's report on the financial statements	6 - 9
Statement of financial activities	10
Balance sheet	11
Statement of cash flows	12
Notes to the financial statements	13 - 25

The Batchworth Trust

Reference and administrative details of the Trust, its Trustees and advisers For the year ended 5 April 2022

Trustees	Lockwell Trustee Limited, Corporate Trustee
	The following are directors of the Corporate Trustee:
	Mr J A N Campbell
	Ms G E Campbell
	Mrs J C Chalmers, Chair
	Mr J M Campbell
	Dr C M Percy
	Miss A Campbell
	Mr M Campbell
	Miss E G Chalmers (appointed 15 November 2021)
	Ms J K Brown (appointed 15 November 2021)
	Miss R E Campbell (appointed 15 November 2021)
	Mr C G Percy (appointed 15 November 2021)
Charity registered number 245061 Principal office Springfield House Springfield Road Horsham West Sussex RH12 2RG Independent auditor Kreston Reeves LLP Chartered Accountants Statutory Auditor Springfield House Springfield Road Horsham West Sussex RH12 2RG Bankers Lloyds Bank Plc 1 West Street Horsham West Sussex RH12 1PA Investment Advisors Close Brothers Asset Management 10 Exchange Square Primrose Street London EC2A 2BY

Page 1

The Batchworth Trust

Trustees' report For the year ended 5 April 2022

The Corporate Trustee presents their annual report together with the audited financial statements for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charity Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS102).

Constitution

The Trust was established as a Charitable Settlement by a Deed dated 2 April 1965.

Trustees

The Corporate Trustee is Lockwell Trustees Limited, a Company registered in England and Wales No. 0843464. The Directors of Lockwell Trustees Limited during the year were:

Mrs J C Chalmers (Chairman) Mr J A N Campbell Mr J M Campbell Dr C M Percy Miss A Campbell Ms G E Campbell Mr M Campbell Miss E G Chalmers - appointed 15.11.21 Ms J K Brown - appointed 15.11.21 Miss R E Campbell - appointed 15.11.21 Mr C G Percy - appointed 15.11.21

Governance

The Trustee of the Batchworth Trust is a corporate body. The Directors of the Trustee Company recognise that their role is akin to that of a Trustee as if they were directly appointed to the role, and for the purposes of this report are referred to as the Trustees. The appointment of new Directors is governed by the Companies Act.

The present Board of Directors of the Trustee Company contain a broad range of legal, financial and specialist skills that greatly contribute to the running of the charity and they were largely appointed because of their intimate knowledge of the Trust's objectives prior to their appointment. Trustee appointment is made via Board of Directors' approval.

Any new appointees will be encouraged to meet separately with the charity's advisors to gain insight into the legal and financial nature of the charity and to attend courses run by appropriate organisations to fully acquaint themselves with Trustee responsibilities. Periodic assessments by the Trustees of their duties has lead to further training or meetings with advisors if necessary.

Risk management

The Corporate Trustee has assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The Corporate Trustee is responsible for taking reasonable steps to ensure that:

• The charity is running efficiently and effectively;

• Its assets are safeguarded against unauthorised use or disposition;

• Sufficient records are maintained and financial information is reliable;

• The charity complies with the relevant laws and regulations.

The Trust has no employees. The organisations to which record keeping and investment management have been delegated have systems in place to ensure security and continuity of service. The Corporate Trustee is able to monitor these services through regular reporting.

Page 2

The Batchworth Trust

Trustees' report (continued) For the year ended 5 April 2022

The Corporate Trustee maintains a register of areas of risk that might affect the ability of the charity to meet its objectives. An estimate of the likelihood of an event arising is made, and the impact it might have on the charity. Measures are designed to mitigate the affect of the event.

The Corporate Trustee considers loss of income and investment returns to be a risk against the charitable objectives. The Corporate Trustee mitigates this risk with investment diversification, professional portfolio management and prudent investment policies.

Objectives, grant making policies and activities for public benefit

The Corporate Trustee is empowered, at their sole and absolute discretion, to pay, apply or appropriate the whole or any part of the Trust Fund Capital, and the income thereof, at any time for the benefit of any institutional qualified charity, or qualified charities, and if more than one, such shares and proportions between them, generally in such manner as the Trustees in their absolute discretion shall think fit. No grant payments are made direct to individuals.

Under the terms of the Deed of Settlement, a "qualified charity" means any purpose, organisation or objective in any part of the world, which under the law of England shall be recognised as exclusively charitable.

The Corporate Trustee confirms that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant making policy for the year.

Review of activities

The Trust was able to benefit 101 charities this year (2021: 70) with total distributions amounting to £1,355,500 (2021: £682,500). Whilst the Trust maintains a policy of considering applications from a wide variety of charities, the emphasis has been to mainly support medical research, youth charities and welfare both here and abroad.

Grants to smaller charities remained a priority of the Trust during the year and in many cases the distributions made were provided to support an innovation or a critical issue.

Support for larger or national charities was predominantly to support either the ongoing work of the organisation or a particular initiative.

The Directors of the Corporate trustee meet twice each year but receive quarterly reports from the investment managers and administrator. Apart from making decisions concerning distributions to charities, a portion of each meeting of the Directors of the Corporate trustee is given over to reviewing legislation changes, investment reviews and other important information exchanges, which, together with the quarterly reports, ensures the Trustees are fully up to date with matters that affect the charity.

Investment policy and performance

The Corporate Trustee's policy is to ensure the trust maximises its income for distribution purposes whilst having regard for capital growth. The Investment Managers are instructed to maintain a reasonable balance between income and capital growth but taking opportunities to maximise income when special situations arise.

Reserves policy

The Trust's reserve policy is to maintain general unrestricted reserves which are neither allowed to become excessive as a result of the unjustifiable accumulation of income nor so low as to be inadequate to meet the grant making objectives. The Trust also has a social policy of not investing in tobacco related funds and arms.

The Trust operates its investment portfolio in two funds, one invested in higher income generating investments but with consequently lower growth potential and the other fund in equities to maintain the capital of the overall fund. The Directors of the Corporate trustee receive quarterly reports showing a split between capital and income balances, and they meet twice a year with an aim to distribute the income balance in full and to also sometimes make payments out of capital.

This split-fund policy has been in operation for some years and has had the effect of maximising the income for Page 3

The Batchworth Trust

Trustees' report (continued) For the year ended 5 April 2022

distribution without depleting the value of the endowed fund. Distributions are made from income and capital and have not historically significantly affected reserves.

In the opinion of the Corporate Trustee, the current level of reserves is considered well balanced to achieve the Trust's objectives.

Financial review

The year has seen an increase in investment income from £386,748 to £487,577, a increase of 31%, partly representing a rise in the returns being offered in the markets on both Equities and Fixed Interest Securities, but also due to a £8M legacy received last year which has been further invested and has contributed to this additional income for 21/22. The Corporate Trustee has retained their policy of distributing a level of grant making in line with this income.

The fair value of the Trust's investments has increased by 60% from £14,104,380 in 2021 to £22,498,173 in 2022, largely due to the legacy receipt referred to above. The investments continue to generate significant income with which the Trust is able to continue to make grants to charities and support the beneficiaries of these charities.

The Corporate Trustee continued to include in its distribution policy both investment income and liquidated gains on investment sales as representing the pool of funds from which grants can be made to charities.

Key management personnel

There are no employees, but the Corporate Trustee's Board of Directors are key management personnel of the Charity in charge of directing and controlling the Charity. All Directors of the Corporate Trustee give their time freely and there was no remuneration, expenses or related party transactions in the year.

Future developments

The Corporate Trustee aims to continue to distribute funds in accordance with charitable objectives, at levels parallel to the last few years, plus aiming to support long term projects.

Corporate Trustee's responsibilities statement

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 & 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 Trust and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles of the Charities SORP (FRS 102);

• Make judgements and accounting estimates that are reasonable and prudent;

• State whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

The Batchworth Trust

Trustees' report (continued) For the year ended 5 April 2022

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, Kreston Reeves LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on and signed on their behalf by:

Lockwell Trustee Limited

Date: 02.02.2023

Page 5

The Batchworth Trust

Independent auditor's report to the Members of The Batchworth Trust

Opinion

We have audited the financial statements of The Batchworth Trust (the 'charity') for the year ended 5 April 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 5 April 2022 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charity'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.

Page 6

The Batchworth Trust

Independent auditor's report to the Members of The Batchworth Trust (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's 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, except to the extent otherwise explicitly stated in our report, 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

The Batchworth Trust

Independent auditor's report to the Members of The Batchworth Trust (continued)

Auditor's 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 Auditor's 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, and through discussion with the trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to General Data Protection Regulations and anti-bribery. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of investment properties and revenue recognition. Audit procedures performed by the engagement team included:

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud;

• Assessment of identified fraud risk factors;

• Making enquiries with appropriate personnel to gain further insight into the control systems implemented,and the risk of irregularity;

• Review of grant expenditure to confirm no evidence of personal benefit;

• Checking and reperforming the reconciliation of key control accounts;

• Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud;

• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; Reading minutes of meetings of those charged with governance;

• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and

• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 8

The Batchworth Trust

Independent auditor's report to the Members of The Batchworth Trust (continued)

Use of our report

This report is made solely to the charity'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 charity's trustees those matters we are required to state to them in an Auditor's 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants Statutory Auditor Springfield House

Springfield Road

Horsham

West Sussex

RH12 2RG

Date:

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

The Batchworth Trust

Statement of financial activities For the year ended 5 April 2022

Note Income from: Donations and legacies 4 Investments 5 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2022 £ 100,000 487,577 587,577 65,355 1,383,043 1,448,398 (860,821) 1,389,482 528,661 21,970,878 528,661 22,499,539	Total funds 2022 £ 100,000 487,577 587,577 65,355 1,383,043 1,448,398 (860,821) 1,389,482 528,661 21,970,878 528,661 22,499,539	Total funds 2021 £ 7,960,000 386,748
			8,346,748
			60,833 709,799
			770,632
			7,576,116 1,785,312
			9,361,428
			12,609,450 9,361,428
			21,970,878

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 25 form part of these financial statements.

Page 10

The Batchworth Trust

Balance sheet As at 5 April 2022

Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Net assets excluding pension asset Total net assets Charity funds Restricted funds Unrestricted funds General funds Total unrestricted funds Total funds	117,874 55,097 172,971 (126,605) 22,499,539	2022 £ 22,498,173 22,498,173 46,366 22,544,539 (45,000) 22,499,539 22,499,539 - 22,499,539 22,499,539	7,963,140 54,140 8,017,280 (130,782) 21,970,878	2021 £ 14,104,380
				14,104,380 7,886,498
				21,990,878 (20,000)
				21,970,878
				21,970,878 - 21,970,878
				21,970,878

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Lockwell Trustee Limited

Date: 02.02.2023

The notes on pages 13 to 25 form part of these financial statements.

Page 11

The Batchworth Trust

Statement of cash flows For the year ended 5 April 2022

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Proceeds from sale of investments Purchase of investments Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2022 £ 6,818,193 1,404,146 (8,221,382) (6,817,236) - 957 54,140 55,097	2021 £ (518,723)
		1,253,804 (721,868)
		531,936
		-
		13,213 40,927
		54,140

The notes on pages 13 to 25 form part of these financial statements

Page 12

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

1. General information

The Batchworth Trust is an unincorporated charity registered with the Charity Commission in England and Wales. The address of the registered office is Springfield House, Springfield Road, Horsham, West Sussex RH12 2RG.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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 the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Batchworth Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees assess whether the going concern basis is appropriate and whether there are any material uncertainties related to events or conditions that may case significant doubt on the ability of the charity to continue as a going concern.

The Trustees have considered the level of reserves held and the expected income and expenditure for a period of twelve months from finalisation of these financial statements.

2.3 Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Trust has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Trust, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 13

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

2. Accounting policies (continued)

2.4 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 14

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.10 Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of estimations is such that actual outcomes could differ significantly from those estimates.

The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

The Trustees consider that there were no judgements or sources of estimations that would have had a significant impact on the amounts recognised in the financial statements.

4. Income from donations and legacies

	Unrestricted	Total
	funds	funds
	2022	2022
	£	£
Legacies	100,000	100,000

Page 15

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

4. Income from donations and legacies (continued)

Legacies 5. Investment income Income from local listed investments Investment income - foreign listed investments Investment income (CPA gross interest receivable) Investment income - other local investments Investment income - other foreign investments Income from local listed investments Investment income - foreign listed investments Investment income - other local investments Investment income - other foreign investments	Unrestricted funds 2021 £ 7,960,000 Unrestricted funds 2022 £ 109,494 307,403 83 19,726 50,871 487,577 Unrestricted funds 2021 £ 141,643 170,321 19,913 54,871 386,748	Total funds 2021 £ 7,960,000
		Total funds 2022 £ 109,494 307,403 83 19,726 50,871
		487,577
		Total funds 2021 £ 141,643 170,321 19,913 54,871
		386,748

6.	Analysis of grants
		Grants to	Total
		Institutions	funds
		2022	2022
		£	£
	Institutional grants paid	1,355,500	1,355,500

Page 16

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

6. Analysis of grants (continued)

	Grants to	Total
	Institutions	funds
	2021	2021
	£	£
Institutional grants paid	682,500	682,500

Page 17

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

6. Analysis of grants (continued)

Name of Institution

Name of Institution	2022
	£
Aberlour Trust	15,000
Action Ethiopia	10,000
Age Scotland	25,000
Alsama Cricket Club through the MCC Foundation.	10,000
Asra Hawariat School	30,000
Asylum Welcome	5,000
Bookmark	10,000
BookTrust	15,000
British Red Cross	30,000
Buittle Quest	10,000
Cairdeas	10,000
Camfed	10,000
Carers in Hertfordshire	5,000
Castle Douglas IT Centre	10,000
Coram Beanstalk	10,000
Crisis UK	25,000
Crossroads Scotland Caring for Carers	20,000
DEC	100,000
Diabetes UK	2,000
Downs Syndrome Association	3,000
Dumfries & Galloway Arts Festival	5,000
Educate for Africa	60,000
Electric Umbrella	10,000
Farm Africa	35,000
Fine Cell Work	15,000
Freedom Kit Bags	2,000
Friends of Snitterfield school	15,000
Girls Day School Trust	3,000
Girls Rock London	5,000
Green Corridor	10,000
Haddo Arts SCIO	10,000
Hogarth Community Centre	5,000
Homestart Oxford	10,000
Hospice of St Francis	5,000
Huntington’s Disease Association	10,000
Islington Boat Club	7,500
Kent and Medway Medical School	25,000
LEAP confronting conflict	5,000
Legs for Africa	15,000
Leith School of Art Resilience Fund	3,000
Literacy Pirates	10,000
London Tigers	10,000
Lupus UK	5,000
Made by Dyslexia	10,000
Magpas	5,000
Marie Curie	15,000
Medecins sans frontieres	90,000
Medical Research Foundation	5,000
Midlands Air Ambulance	5,000
MIND	20,000
My Black Dog	4,000
Niche International	7,000
Orchestra of St John – Music for Autism	10,000
Pain Relief Foundation	3,000
Priors Court Foundation Bakery	5,000
Red Cross - Yemen Health Programme	50,000

Page 18

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

6. Analysis of grants (continued)

Refuge	10,000
Ripple Africa	15,000
Rugby Portobello Trust	10,000
Salvation Army	20,000
Samaritans	10,000
Sanctuary Hosting	5,000
Save the Children	25,000
Scope	10,000
Scottish Mountain Rescue	5,000
Scottish Wildlife Trust	15,000
Shelter	10,000
Shelter Box	25,000
Sight Scotland	5,000
Siglo de Oro	5,000
SOS Villages UK	15,000
South Hill Centre	20,000
Spitalfields Crypt Trust	15,000
St Columba’s Hospice	5,000
St Mary’s Hospice- Birmingham	10,000
St Mary's Cathedral Choir	5,000
Street Child	10,000
Sunnyside Community Gardens	5,000
Thames Valley Ambulance	5,000
The Addington Fund	5,000
The Bridge Foundation	10,000
The Edinburgh Festival Fringe Society	10,000
The Felix Project	15,000
The Guild of Friends Bristol Royal Hospital for Children	5,000
The Log Cabin	5,000
The Lyric Theatre Hammersmith	10,000
The Magic Breakfast	15,000
The Nepal Trust	3,000
The Stroke Association	15,000
The Trussell Trust	20,000
Thomley	5,000
Transitions	10,000
TRANSLATORS WITHOUT BORDERS.	5,000
Trinity Community Arts	15,000
UNHCR	20,000
Water Aid	10,000
Waterside	5,000
Whizz Kidz	5,000
Winston’s Wish	10,000
YANA	3,000
Youth Talk	30,000
	___
Total Grants	1,355,500
	___

Page 19

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

7. Analysis of expenditure by activities

Direct costs Direct costs Analysis of support costs Support costs - bank charges Support costs - Auditors' non audit costs Governance costs Support costs - bank charges Support costs - Auditors' non audit costs Governance costs	Grant funding of activities 2022 £ 1,355,500 Grant funding of activities 2021 £ 682,500	Support costs 2022 £ 27,543 Support costs 2021 £ 27,299 Activities 2022 £ 99 13,172 14,272 27,543 Activities 2021 £ 114 13,863 13,322 27,299	Total funds 2022 £ 1,383,043
			Total funds 2021 £ 709,799
			Total funds 2022 £ 99 13,172 14,272
			27,543
			Total funds 2021 £ 114 13,863 13,322
			27,299

Page 20

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

8. Auditor's remuneration

	2022	2021
	£	£
Fees payable to the Trust's auditor for the audit of the Trust's annual
accounts	14,272	13,322
Fees payable to the Trust's auditor in respect of:
All non-audit services not included above	13,172	13,863

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 5 April 2022, no Trustee expenses have been incurred (2021 - £NIL).

10. Fixed asset investments

Cost or valuation At 6 April 2021 Additions Disposals Revaluations At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021	Listed investments £ 13,806,163 8,221,382 (1,520,127) 1,576,557 22,083,975 22,083,975 13,806,163	Trade investments £ 298,217 - 115,981 - 414,198 414,198 298,217	Total £ 14,104,380 8,221,382 (1,404,146) 1,576,557
			22,498,173
			22,498,173
			14,104,380

At the year end, the historical cost of the listed securities held by the Trust is £16,409,960 (2021 - £9,776,199).

Within listed securities are overseas investments with a fair value of £12,563,731 (2021 - £8,421,057). All other listed investments are at fair value within the United Kingdom.

Page 21

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

11. Debtors

Due within one year Prepayments and accrued income Tax recoverable Legacies receivable	2022 £ 14,395 3,479 100,000 117,874	2021 £ 1,856 1,284 7,960,000
		7,963,140

12. Creditors: Amounts falling due within one year

Other creditors Accruals and deferred income 13. Creditors: Amounts falling due after more than one year Other creditors 14. Analysis of net assets between funds Analysis of net assets between funds - current year	2022 £ 85,000 41,605 126,605 2022 £ 45,000	2021 £ 96,000 34,782
		130,782
		2021 £ 20,000

Fixed asset investments Trade investments Current assets Creditors due within one year Creditors due in more than one year Total	Unrestricted funds 2022 £ 22,083,975 414,198 172,971 (126,605) (45,000) 22,499,539	Total funds 2022 £ 22,083,975 414,198 172,971 (126,605) (45,000)
		22,499,539

Page 22

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

14. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Fixed asset investments Trade investments Current assets Creditors due within one year Creditors due in more than one year Total	Unrestricted funds 2021 £ 13,806,163 298,217 8,017,280 (130,782) (20,000) 21,970,878	Total funds 2021 £ 13,806,163 298,217 8,017,280 (130,782) (20,000)
		21,970,878

15. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities) Adjustments for: Unrealised gains on investments Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities	2022 £ 528,661 (1,576,557) 7,845,266 20,823 6,818,193	2021 £ 9,361,428 (1,785,312) (7,958,744) (136,095)
		(518,723)

16. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	2022 £ 55,097 55,097	2021 £ 54,140
		54,140

Page 23

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

17. Analysis of changes in net debt

Cash at bank and in hand	At 6 April 2021 £ 54,140 54,140	Cash flows £ 957 957	At 5 April 2022 £ 55,097
			55,097

18. Grant commitments

The grant commitments detailed below are not recognised as accruals because as at the year end no obligations existed in respect of these grants. The Trust had not indicated its intentions to the grant recipients, therefore no valid expectation was created with the other parties.

	2022	2021
	£	£
At 5 April 2022 the Trust had commitments as follows:
Commitments in respect of grants approved for projects which have
not been accrued in the financial statements but will form part of
grants:
Within one year	65,000	36,000
Between one and two years	40,000	36,000
	105,000	72,000
Reconciliation of the Grant Commitments	2022	2021
	£	£
Opening grant commitment	72,000	25,000
Charged to the Statement of Financial Activity in the year	(65,000)	(10,000)
Grant commitments withdrawn	-	(5,000)
New grant commitments in the year	98,000	62,000
	105,000	72,000

Page 24

The Batchworth Trust

Notes to the financial statements For the year ended 5 April 2022

Total charitable grants payable and committed	2022	2021
	£	£
Accrued	130,000	252,000
Commitment (above)	105,000	25,000
	235,000	277,000

19. Related party transactions

In the year ended 5 April 2022, a grant was made to Haddo Arts SCIO for £10,000 (2021: £6,000). Mrs J C Chalmers is a Trustee of Haddo Arts SCIO and a Director of Lockwell Trustees Limited.

In the year ended 5 April 2022, a grant was made to Siglo de Oro for £5,000 (2021: £nil). Ms G E Campbell is a Trustee of Siglo de Oro and a Director of Lockwell Trustees Limited.

In the year ended 5 April 2022, a grant was made to Buittle Quest for £10,000 (2021: £nil). Mr J A N Campbell is a Trustee of Buittle Quest and a Director of Lockwell Trustees Limited.

Page 25