THE EVELYN MAY TRUST ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity No. 261038 THE EVELYN MAY TRUST TRUSTEES ANNUAL REPORT Year ended 31 December 2023 The Twslees presènt their annual report together with accounts for the year ended 31 December 2023. The accounts have been prepared in accordance with the Trust Deed and the Charities Act 2011. Trustees Ms Kim Gray Mrs J McDemiKI Mrs L Webb Prlnclpal address Nockold's Solicitors Ltd 6 Market Square Bishop s Stortford Hertfordshire CM23 3UZ Investment managers Quilter Chev￿1 Senator House 85 Queen Victoria Street London EC4V 4AB Sollcltorn Nockokl's Solicilors Ltd 6 Market Square 8ishop's Stortford Hertfofdshire CM23 3UZ Indopendent Examlner The MHH P8rtnership High Street Cottenham Cambs CB24 8RX Structure. governance and management The Evetyn May Tnjst was establis1￿1 by a trust deed dated 20 January 1970, having been settled by Evetyn May Riddoch during her lifetime and was the residuary beneficiary of her estate. The purpose of the charty is to provide grants lo causes of interest to the settlor namety the advancement of education., relief of povety and sickness., supporting conseNation and herÉtage; relief of the aged and disabled., supporting social wemare and the Christian rel￿10n. New Trustees are nominated by the serving Trustees and appointed by a deed. Trustees are inducted by receiving a copy of the Trust Deed, the most fecenl annual accounts, and a copy of guidan￿ from the Charity Commission on the role of a Trustee. Rlsk management The Trustees have reviewed the risks to which the Trusl may be subject and resolved that there are no s￿nifiCant risks that need to be provKled for. ObJectlvo8 and Activlties The Trusl awards grants to charities Ge￿Cted by the Trustees at their annual meeting. Applications received during the course of the year are retained and considered. idenlfying chafrtable activities that the Trustees will support and in deciding the aims of the trusl and ils grant making objectives, the Truslees confirm that they have referred to the Charity Commission's general guidance on public benefft. The Trustees, main areas of inlerests are education., heritage,. social weNare,' relief of sickness and povety., relief of aged and disabled persons and Christian religion. The Twstees only make grants to other registered charitie$ as they consider that such eharities. established as they are foi public benefit. are best placed lo further their charitable objectives. The main focus for charitable giving in the year ending 31 De￿rnte1 2023 was charities benefiting those with mental health issues, isolation or loneliness, together wrth those in poverty. The only additional ciiteria set was that the applicant charities should have income of less than £1 m and be UK based. The Trustees received in excess of 200 applications during the year of which 24 We￿ shortlisled for consideration. Of these. 14 applications were approved for funding. The Trustees made one exception lo the requirement for income of le5S than £1m, as is their prerogative, as the recipient oharty had been known to the Settlor and was a ￿uSe she h8d been keen to support in her lifets'me. A¢hlevements and performance The Trusl received a total in¢ome of £29.571. As the Trustees had not allocated all of the income available in Ihe previous year. Ihey had additional funds available for the grant making in the current year. The Trustees held one meeting during the year and authorised grants lotalling £38,530. The Trustees considered applications under the following calegones with an emphasis in the year on charrties that were WOFking in the areas of mental health issues, isolation or loneliness, together with those in poverty Educatlon Heritsge Social ¥￿Ilar9 Rellef of sickness and poverty Relief of the aged and disabled persons Chrlstlan R¢llglon Flnanclal Review Reserves Pollcy The Tru$l'$ funds are wholly unrestricted, with a caprtal fund of £954.709 {2022 £908,811) which the Trustees have ￿s0t¥ed wll primarily be maintained to provth income for grant making until the trustees reS0￿e otherwise. arKI an unrestricted income fund of £7.548 (2022 £22,587). The income fund had a deficit of income over expenditure in the yeai of £15,039 (2022 surplus £16,285). It is the Trustees, present policy to distribute all income by way of grants. Where necessary the Trustees will transfer funds from captlal to meet Ihe paymenl of grants. It is the policy of the Trustees to pay all support costs from the capital fund. During the year support costs of £3,480 were paid from the In￿Me fund in error A further sum of £2,600 was Iransfeffed from the income fund to capital for investment purposes on a temporary basis. The ￿payrnent of this sum dKI not take place before Ihe year end. These incorrect transactions will be revefsed during the next financial year. Invejtment Pollcy The Trust's funds are wholly invested in the Quitter Investors Limited Global Income & Growth Fund (GIG Fundl- Fees relating to the management of this fund are buitt into the valuation. There was one other Iransaclion dunng the year vthich resulted in inveslment rnanagement fees amounting to £5. The investment portlolio is managed by QUi￿er chev￿1, who act in accordan￿ with the investment policy *thich has been agreed ty the Trustees afvj which is reviewed on regular basis. Future Plans The Truslees intend to continue providing grants lo registered charities in line with their objectives. The Trustees have also considered the fijlure of the Trust and have recognised a need to plan for future Telirements. During the year the Trustees InveSt￿ated several potential eAndidales lo replace current Truslees at (etiremenl. At least two potential new Trustees have been identified. The Trustees will keep this matter under review and seek fijrther potential Cand￿ateS as necessary. Trust ia812czy Date INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE EVELYN MAY TRUST We report on the accounts of the Trust for the year ended 31 D￿M￿r 2023. which are set out on pages 5 to 10. Respectlvo responsibilities of trustees and examiner The charity's trustees are respon￿ble for the preparat￿ ol the acts)unts. The charity's twstees consider that an audit is not required for this year (under section 144(2) of the Chartties Act 2011 (the 2011 Act)) and that an independent examination 15 needed. It is my responsibilty to= Examine the accounts {under section 145 of the 2011 Act) To follow Ihe prctedures laid down in the General Difections givpn by the Chaiity Commissioners (under s14515){bl ofthe 2011 Adl; and to stste whether particular Matte￿ have come to my attentfron. Basis of independerrt examinerfs report My examinalion was carrted out in accordance with the General Directions given by the Charity Commissioners. An examination indudes a rewew of Ihe ￿oUntIng records kept by the charity and a comparison of the accounts presented with those records. It also indudes consideration of any unusual rtems or disdosures in the acc£)unts, and the seeking of explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audrt and. consequentFy, I do not express an audit opinion on the view given by the accounts. Independent examinerfs ststement In ￿)nneCtIOn with my examination. no matter has come to my attents"on: which gives me reasonable cause to believe thal, in any material respect. the requirements.. to keep accounting records in accordan￿ with $130 of the 2011 Act., and to prepare accounts which accord with the ac£ounting records and to comply with the accounting requirements of the 2011 Act have not tEen met.. or 2) to whi¢h. in my O￿niOn. attention should be drawn in order to enable a proper understanding of the a￿untS to be reached THE MHH PARTNERSHIP Ch3rtkered Certified Accoun13nls Elslree Hous Vlatson's Yard High Stieel. Cottenham Cambridge, CB24 8RX DATE THE EVELYN MAY TRUST STATEMENT OF FINANCIAL ACTIVIITES {Recelpts and Payments Basis) Year ending 31 December 2023 Unrestricted Unrestricted Income Fund Capital Fund Total Funds 2023 2023 2023 2022 Note Recel ts Investment income 29.571 29,571 29,435 29.571 29.571 29,435 Pa ments Charitable donations Management and Adminislration 38.530 23.505 13,150 17.637 20.025 42.010 20,025 62,035 30,787 Net Incomingl{oulgoing) resources before transfers (12.439) (20.025) (32.464) (1,352) Transfers between funds {2,600> Net Incomingl{outgoing) resources before revaluations and investmeni asset disposals (15,039) (17,425) (32,464) (1,352) Net gainl(loss} on revaluatim of investments Other investment gainsl(losses) 63.323 63,323 (146,725) Net movement In funds {15.039) 45.898 30,859 (148.075) Fund balar￿eS as at 31 December 2022 22.587 9)8,811 931.398 1.079.473 Fund balances as at 31 December 2023 954.709 962,257 931,398 THE EVELYN IAAY TRUST STATEMENT OF ASSETS AND LIABILrrES as at 31 December 2023 Unrestrlcled Unrè¥trl¢ted Income Fund Capital Fund 2023 2023 Totsl Funds 2023 Total Funds 2022 MONETARY ASSET Nole CURRENT ASSETS C8•h at Bank and In Hand Quiller cttev￿t Inco￿ Account Solicitors cl￿nI A¢¢ounl 7.548 7,548 130 22.587 (301 Curr•nt Asset Invostmonts Quillef Cheviot Capital Account Monetary ••••ts a8 al 31 Dec•mbei 2023 7.548 30 NON-M NETARY ASSET FIXED ASSETS Investment Portfolio 954,739 954.739 908.811 TOTAL ASSETS a¥ •131 D?¢•mber 2023 931 398 RRENT LIABILrri Professional lees 30.00 30.00 30.00 Approved by thè Trnstees on and slgned on thelr beh•lf by 2024 Tw$tee THE EVELYN MAY TRUST NOTES TO THE ACCOUNTS TRUSTEES, RESPONSIBILITIES Law applicable to ch8rrties in England and Wales requires the Trustees to prepare financial statements for each financial year which gNe a true and fair view of the charty's financial activrties during the year and of its financial posrtion at the end ofthe year. In preparing financial statements givtng a true and fair view. the Trustees are required to: se￿¢t suitable accounting policies and then apply them ¢onsistentty', Make i¢Jdgements and estimates that a￿ reasonable and prudenl". State whether applubEe accounting standards and statements of recommended pradi¢e have been followed. subpct to any departures disclosed and explained in the finan¢ial statements., Prepare the financial statements on the going concem basis unless it is inappropriate to presume Ih8t the charity will continue in operation. The Trustees are responsible for keeping accounting records thich disclose with reasonable accuracy the financial posrtion of the charity and whi¢h enable them to ensufe that the financial statements comply with the Charities Act 2011. They are also responsib￿ for safeguarding the assets of the chanty and hence for taking reasonable steps for the prevention and det8ction of fraud and other Irregularit￿5. ACCOUNTING POLICIES Accountlng conventlon and standards The accounts are piepared on the receipts and payrrents ba&s wrth a Schedule of Investments p￿pated under the historical Cost convention to include the ￿ValUatIOn of fixed asset investments and in accordance wilh thè Charities Act 20118nd the Trust Degd. Inveslment Income Income from inveslments is taken into account by ￿ference to the date on which the income is received by the Trust. Resources expended Expenditure 15 included as it arises. Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and faising investment income. The Trusts funds a￿ now fully invested in UK aulhorised unit trusts. The cost of managing the fvnd is incorporated wfthin the year end revaluation of investments and is taken as an ongoing percentage by the fund managers. Management and administration compfises the costs of running the charty. Llsted Investments Listed investments a￿ stated at closing mid-mafket value at the balan￿ sheet dale. Realised gains and losses arising during the year and any unrealised gains or losses al the year end are iecognised within the statement of financial aclivf(ies. Realised gains on Ihe disposal of investments are calculated as the surplus of sale proceeds over the carrying value of those investments at the beginning of the year. Taxation The Trust. being a charty, is not liable for income tax or corporation lax. Value Added Tax is not recoverable and is included in the relevant charges for administration expenses. THE EVELYN MAY TRUST INVESTMENT INCOME 2023 Investment portfolio 29,571 29.435 29,571 CHARITABLE DONATIONS Grants were authorised to the following charittes.. Animal Antiks Chapter West Cheshire Ltd Eating Matters Edward's Trtsst Home Start Horizons ILei¢ester Open Door Pare4ting Mental Hexllh SocÈal Square Sl Helena Hospice Tend..ing Special6st Stroke Service The BUS Shelter Time lo Talk Befriending etherby in Support of the Elderly Young Concern Trust 1,350 2,000 2,000 3,000 3,250 2.000 2.000 2.050 2.000 2.630 38.530 MANAGEMENT AND ADMINISTRATION OF THE CHARITY 2022 Support Costs". Administration charges 21.600 Governapce Costs.. .nve5tment lthanagement Cost Independent Examination Fee Accounlancg Fee Trusiee expenses Other 1.000 14 30 The￿ were no Tfustee expenses in the year. THE EVELYN MAY TRUST FIXED ASSET INVESTMENTS 2023 2022 Market value as at 31 December 2022 Additions Disposals Net realised and unrealised investment losses 908,811 2,746 (20.1411 63,323 1,069,053 467 113.984} 1146.725) Market value as at 31 December 2023 954,739 908,811 Hisloric81 cost as at 31 December 2023 876,415 893,196 Listed investments are made up as follows.. UK Authofised unit trusts and OEICS 954.739 , 908,811 954.739 908,811 FUNDS The Trust Fund is wholly unrestricted. For management purposes, the Truslees have designated Ihal Ihe Trust's capital and capital profft, after deduction of cost of generating funds and the management and administration of the charity, will be retained and carried forward in a Capltal Fund. The TTUStees have resolved that all costs of administering the Trust should be paid from the capital fund. The Income Fund and income profits are utilised for awarding annual grants. CONNECTED PARTY TRANSACTIONS During the year the administration of the Trust was carried out by Nockolds Solicitors, a firm in which Trustee, Ms K Gray, is employed as a solicitor. Adminislrats"on and management fees of £21,600 (including VAT> (2022 - £15,753 inc VAT) were paid to Nockolds Solicitors during the year. All the above transactions were at amis length and on a normal commercial basis. No Trustee received any remuneralion. Trustees. expenses are shown under 5 above.