Charity number 226621
The Ian Fleming Charitable Trust
Trustees' Report and Accounts
31 March 2023
The Ian Fleming Charitable Trust Trustees' Report and Accounts Contents
| Page | |
|---|---|
| Reference and administration details | 1 |
| Trustees' report | 2 - 3 |
| Statement of Financial Activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 10 |
| Independent Examiner's Report | 11 |
1
The Ian Fleming Charitable Trust
Reference and Administration Details
Trustees
A.A.I. Fleming (died 26 April 2023) A.H. Isaacs G. Wyllie
Independent Examiner
Mr Daniel Valentine ACA Begbies Unit 14, Park Barn Evegate Business Park, Smeeth Ashford TN25 6SX
Bankers
Charities Aid Foundation (CAF) 25 Kings Hill Avenue West Malling ME19 4JQ
Solicitors
Stephenson Harwood 1 St Paul's Churchyard, London EC4M 8SH
Investment managers
RBC Brewin Dolphin 12 Smithfield Street London EC1A 9BD
Principal address
c/o Begbies Unit 14, Park Barn Evegate Business Park, Smeeth Ashford TN25 6SX
Charity registered number 263327
2
The Ian Fleming Charitable Trust Trustees' Report for the year ended 31 March 2023
The Trustees present their report and accounts for the year ended 31 March 2023.
The Trustees confirm that the Annual Report and accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the charity's governing document, 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 FRS 102 applicable in the UK and Republic of Ireland published on 16 July 2014.
Structure, governance and management
The charity was set up by the settlor, A.A.I. Fleming, by a Deed of Trust dated 9 November 1971.
The Trustees record with regret the death of the settlor, Ian Fleming who generously created the Charitable Trust in 1971 and who was a trustee until his death. He inspired the Ian Fleming Music Awards, now permanently endowed with the charity now known as Help Musicians, and donations have over the last 50 years been made to numerous other Charities.
The statutory power of appointment of trustees applies to the settlement and is exercisable by the present trustees.
When recruiting new trustees the existing trustees look for individuals with skills and experience which are of value to the trust. Any potential trustees will be interviewed by the existing trustees and provided with a pack of information including accounts and a copy of the trust deed.
The trustees are highly experienced individuals and have a good understanding of what is involved in being a trustee of a charity.
The trustees have regular contact during the year to consider recommendations for, and make final decisions on, the awarding of grants.
Risk management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the investment strategy. They are satisfied that adequate procedures are in place to mitigate exposure to these risks, although it is recognised that systems can only provide reasonable, not absolute, assurance.
The Trustees have identified the following risks:
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Investments will drop in value - the Trustees have appointed a professional firm to manage the investments. The Trust fund is invested for a total return with the aim of maintaining the capital value of the fund after donations and allowing for inflation.
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Donations made will not be spent as the Trustees would like - Where appropriate the Trustees will seek confirmation that a donation has been appropriately applied by the donee.
Objectives and activities for the public benefit
The trustees have power to apply the trust fund and income thereof for such charitable purposes or to pay the same to such charitable bodies, associations or institutions as the trustees shall from time to time in their absolute discretion determine. The trustees have reviewed their policy of distributions to charities and decided that, subject to annual review, it would be their intention to distribute the income and additional amounts from net realised capital appreciations.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
The principal activity of the charity is the making of grants, providing benefit to UK registered charities working in the field of: support, relief and welfare of disabled or handicapped people, or those otherwise in need; and charities involved in research on human diseases, particularly in their cause and prevention.
3
The Ian Fleming Charitable Trust Trustees' Report for the year ended 31 March 2023
Grants
The Trustees normally make donations to well established charities which have received support in the past and which the Trustees consider continue to do valuable work.
Financial Review
The net expenditure before investment gains and losses for the year to 31 March 2023 was £60,719 (2022 net expenditure: £118,505). The investment management costs in the year amounted to £8,234 (2022: £11,721).
The financial statements show the investments at market value. The gain/(loss) on disposals of investments is based on their opening market value and resulted in a realised loss of £27,793 for the year ended 31 March 2023 (2022 gain: £61,502). At the year end the unrealised net loss amounted to £94,771 (2022 gain: £64,157).
Investment policy
The trustees aim to preserve a balance between achieving modest growth in the Trust's investments and producing income adequate to maintain the desired level of grant-making. When necessary, investment units designed for growth will be sold to provide income above the level produced by income units.
Reserves policy
The trustees do not consider that there is a need to maintain a specific level of reserves to achieve the objectives of the charity other than to meet future commitments. Their policy is to distribute, on a regular basis, the whole of the net income together with a part of the net realised investment gains whether arising in the current or prior years.
Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources of the charity for that period. In preparing these accounts, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity at any time, and to enable the trustees 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 charity's assets, and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities
This report was approved by the Trustees on 15 October 2023
A.H. Isaacs Trustee
4
The Ian Fleming Charitable Trust
Statement of Financial Activities
for the year ended 31 March 2023
| Notes Income from: Investments 2 Total income Expenditure on: Raising funds - investment management fees Charitable activities - grants payable 6 - governance costs 4 Total expenditure Net expenditure before gains and losses on investment assets Net gains/(losses) on investment assets Net income/(expenditure) Transfers Transfers between funds Net movement in funds Reconciliation of Funds Total Funds at 1 April 2022 Total Funds at 31 March 2023 |
Expendable Unrestricted Endowment General Total Fund Fund 2023 £ £ £ - 30,302 30,302 - 30,302 30,302 8,234 - 8,234 - 70,000 70,000 - 12,787 12,787 8,234 82,787 91,021 (8,234) (52,485) (60,719) (122,564) - (122,564) (130,798) (52,485) (183,283) (52,485) 52,485 - (183,283) - (183,283) 1,370,344 - 1,370,344 1,187,061 - 1,187,061 Year ended 31 March 2023 |
Expendable Unrestricted Endowment General Total Fund Fund 2022 £ £ £ - 46,206 46,206 - 46,206 46,206 11,721 - 11,721 - 135,000 135,000 - 17,990 17,990 11,721 152,990 164,711 (11,721) (106,784) (118,505) 125,659 - 125,659 113,938 (106,784) 7,154 (84,313) 84,313 - 29,625 (22,471) 7,154 1,340,719 22,471 1,363,190 1,370,344 - 1,370,344 Period ended 31 March 2022 |
|---|---|---|
The Notes to the Accounts form part of the Financial Statements
5
The Ian Fleming Charitable Trust
Balance Sheet as at 31 March 2023
| Notes Fixed assets Investments - Listed investments 7 - Cash held within portfolio Current assets Accrued income Cash at bank 8 Creditors: amounts falling due within one year 9 Net current assets Net assets Represented by: Unrestricted Funds Expendable Endowment Fund General Fund Total Funds 10 |
£ £ 1,125,365 14,903 1,140,268 - 65,293 65,293 (18,500) 46,793 1,187,061 1,187,061 - 1,187,061 2023 |
£ £ 1,313,918 35,016 1,348,934 2,301 51,189 53,490 (32,080) 21,410 1,370,344 1,370,344 - 1,370,344 2022 |
|---|---|---|
Approved by the Trustees on 15 October 2023
A.H. Isaacs Trustee
The Notes to the Accounts form part of the Financial Statements
6
The Ian Fleming Charitable Trust
Notes to the Accounts for the year ended 31 March 2023
1 Accounting policies
Basis of preparation and assessment of going concern
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) published on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The financial statements are presented in sterling and are rounded to the nearest pound.
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Fund accounting
The Unrestricted General Fund is available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Income arising on the Expendable Endowment Fund can be used in accordance with the charity's objectives and is allocated to the Unrestricted General Fund as unrestricted income. Additional amounts from net realised capital appreciations arising on the Expendable Endowment Fund can be used in accordance with the Charity's objectives.
Income
All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank. Investment income is recognised on a receivable basis once the amounts can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
The costs of raising funds consist of investment management fees.
The expenditure on charitable activities includes grants payable and support and governance costs.
7
The Ian Fleming Charitable Trust
Notes to the Accounts for the year ended 31 March 2023
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price.
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
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2
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3
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4
| Investment income Interest received Bank interest RBC Brewin Dolphin Quoted investment income Expenditure on charitable activities Grants payable (see note 6) Support and governance costs (see note 5) Support and governance costs Support costs Bank charges Governance costs Accountancy and Independent examination - Begbies Chettle Agar - Haysmacintyre LLP Total |
2023 £ 236 39 30,027 30,302 2023 £ 70,000 12,787 82,787 2023 £ 127 7,500 5,160 12,660 12,787 |
2022 £ - - 46,206 46,206 2022 £ 135,000 17,990 152,990 2022 £ 170 5,700 12,120 17,820 17,990 |
|---|---|---|
- 5 Staff costs, Trustees remuneration and expenses
The charity has no employees.
During the year, no Trustee received any remuneration or benefits in kind (2022: £nil). No trustees received reimbursement of expenses in the year (2022: £nil)
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The Ian Fleming Charitable Trust
Notes to the Accounts for the year ended 31 March 2023
6 Charitable grants payable
| Charitable grants payable | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Action Medical Research | - | 1,000 |
| Alzheimer Scotland | - | 7,500 |
| Archaeology Scotland | 5,000 | - |
| Ayrshire Hospice | 5,000 | - |
| Bowel Research UK | - | 1,000 |
| Britannia Panopticon | - | 1,000 |
| British Red Cross Society | - | 1,000 |
| Castlemilk Youth Complex Limited | - | 1,000 |
| Children's Classic Concerts | - | 1,000 |
| Children's University | - | 1,000 |
| Crisis UK | - | 1,000 |
| Crohn's and Colitis UK Ltd | - | 1,000 |
| Cystic Fibrosis Trust | - | 1,000 |
| Disasters Emergency Committee | 10,000 | - |
| East Glasgow Music School | - | 1,000 |
| Edinburgh University Development Trust | - | 7,500 |
| Edinburgh Young Carers | 5,000 | 7,500 |
| Eric Liddell Community | - | 1,000 |
| Families Outside | - | 1,000 |
| Fife Carers Centre, The | - | 1,000 |
| Freedom From Torture | - | 1,000 |
| French Film Festival Ltd | - | 1,000 |
| Friends at the End SCIO | - | 1,000 |
| Friends at the End SCIO | 5,000 | 5,000 |
| Glasgow Building Preservation Trust | - | 5,000 |
| Godalming Museum Trust | - | 10,000 |
| Govan Heritage Trust SCIO, The | - | 1,000 |
| Hammermens Charity Of Edinburgh | - | 1,000 |
| Hearing Dogs | - | 1,000 |
| International Rescue Committee | 10,000 | - |
| International Spinal Research Trust | - | 1,000 |
| Lord Lyon Society (SCIO) | - | 5,000 |
| Mary's Meals | - | 7,500 |
| Medecins Sans Frontieres | - | 7,500 |
| Ness of Brodgar Trust | 5,000 | - |
| Nordoff- Robbins Music Therapy | - | 1,000 |
| One City Trust | 5,000 | - |
| Opera Festival Scotland | - | 5,000 |
| Pain Concern | - | 1,000 |
| Positive Action in Housing | - | 1,000 |
| Rehearsal Orchestra, The | - | 10,000 |
| Rock Trust | - | 1,000 |
| Royal British Legion | - | 7,500 |
| Scottish Huntingtons Assoc | - | 1,000 |
| Sepsis Research (FEAT) SCIO | - | 1,000 |
| Sequal Trust, The | - | 1,000 |
| Sunny Days Childrens Fund | - | 1,000 |
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The Ian Fleming Charitable Trust
Notes to the Accounts for the year ended 31 March 2023
6 Charitable grants payable (continued)
| Survivors of Human Trafficking in Scotland Swandro-Orkney Coastal Archaeology Trust Textile Conservation Foundation, The Trussell Trust, The Tuberous Sclerosis Association University of Edinburgh Venture Scotland Waverley Steam Navigation Co Ltd Willow Tea Rooms Trust, The Winchester Young Carers 7 Investments Market value At 1 April 2022 Additions at cost Disposals at carrying value Net gain on revaluation At 31 March 2023 Historical cost Listed investments at fair value comprised: UK bonds Overseas bonds UK equities International equities Emerging markets Global investments Absolute return Property Commodities Private equity Cash product Other investments |
2023 £ 5,000 - - 5,000 - 10,000 - - - - 70,000 2023 £ 1,313,918 350,925 (444,707) (94,771) 1,125,365 1,065,114 2023 £ 42,820 112,668 232,530 456,215 11,931 92,223 48,483 7,345 35,672 3,907 15,000 66,571 1,125,365 |
2022 £ - 1,000 1,000 7,500 1,000 - 1,000 1,000 1,000 7,500 135,000 2022 £ 1,234,944 680,885 (666,068) 64,157 1,313,918 1,099,805 2022 £ 63,031 99,576 346,403 401,575 25,031 212,448 18,675 39,260 - 11,830 - 96,089 1,313,918 |
|---|---|---|
The Charity's investments are registered in the name of Brewin Nominees Ltd, the nominee company of the Charity's stockbrokers.
10
The Ian Fleming Charitable Trust
Notes to the Accounts for the year ended 31 March 2023
| 8 Cash balances CAF Bank Royal Bank of Scotland 9 Creditors: amounts falling due within one year Grants payable Accruals 10 Analysis of Net Assets Between Funds Fixed assets investments Cash at bank Other current assets At 31 March 2023 Fixed assets investments Cash at bank Other current assets At 31 March 2022 |
Expendable Endowment Fund £ 1,140,268 46,793 - 1,187,061 Expendable Endowment Fund £ 1,348,934 21,410 - 1,370,344 |
2023 £ 30,539 34,754 65,293 2023 £ 11,000 7,500 18,500 General Fund £ - 18,500 (18,500) - General Fund £ - 29,779 (29,779) - |
2022 £ 16,615 34,574 51,189 2022 £ 23,800 8,280 32,080 Total 2023 £ 1,140,268 65,293 (18,500) 1,187,061 Total 2022 £ 1,348,934 51,189 (29,779) 1,370,344 |
|---|---|---|---|
11 Related Party Transactions
There were no related party transactions in the year.
11
The Ian Fleming Charitable Trust Independent Examiner's Report to the Trustees for the year ended 31 March 2023
I report to the trustees on my examination of the accounts of The Ian Fleming Charitable Trust (the charity) for the year ended 31 March 2023 which are set out on pages 4 to 10.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the trustees' accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Daniel Valentine ACA
Begbies Unit 14, Park Barn Evegate Buisiness Park Smeeth, Ashford Kent TN25 6SX 17 October 2023