REGISTERED CHARITY NUMBER: 263929
The Maud Elkington Charitable Trust
Statement of Accounts For the Year Ended 31 March 2022
The Rowleys Partnership Ltd Statutory Auditors Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
The Maud Elkington Charitable Trust
Contents of the Annual Report For the Year Ended 31 March 2022
| Page | |
|---|---|
| Reference and administrative details | 1 |
| Trustees' report | 2 - 4 |
| Independent Auditors' report | 5 - 7 |
| Statement of financial activities | 8 |
| Comparative statement of financial activities | 9 |
| Balance sheet | 10 |
| Statement of cashflows | 11 |
| Notes to the accounts | 12 - 16 |
The Maud Elkington Charitable Trust
Reference and Administrative Details For the Year Ended 31 March 2022
| Charity Number | 263929 |
|---|---|
| Trustees | Roger Bowder |
| Katherine Elizabeth Alison Hall | |
| Michael Jones | |
| Registered office | Shakespeare Martineau LLP |
| 2 Two Colton Square | |
| Leicester | |
| LE1 1QH | |
| Auditor | The Rowleys Partnership Ltd |
| Chartered Accountants | |
| Charnwood House | |
| Harcourt Way | |
| Meridian Business Park | |
| Leicester | |
| LE19 1WP | |
| Bankers | Coutts & Co |
| 440 Strand | |
| Charing Cross | |
| London | |
| WC2R 0QS | |
| Solicitors | Shakespeare Martineau LLP |
| Two Colton Square | |
| Leicester | |
| LE1 1QH | |
| Investment managers | Cazenove Capital Management Limited |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU |
Page 1
The Maud Elkington Charitable Trust
Report of the Trustees For the Year Ended 31 March 2022
The Trustees present their annual report with the financial statements of the Charity for the year ended 31 March 2022. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and the Charities SORP (FRS102), updated for Bulletin 2, October 2019.
STRUCTURE GOVERNANCE AND MANAGEMENT
Governing Document
The Charity was set up on 1 January 1972 by a Deed of Declaration of Trust ("the Deed of Declaration of Trust").
Appointment of trustees
The power of appointing new Trustees vests in the continuing Trustees, within the terms of the Deed of Declaration of Trust which authorises remuneration to be paid to the Trustees.
Trustee induction and training
Trustees receive induction and training as required. This training is provided as and when necessary so as to ensure current requirements as applicable to the Trustees of the Charity are met.
Organisation
The Trustees meet formally as a body bi-monthly, or more often if appropriate, to review financial and investment performance, to consider requests for grants, and to review risks and associated matters.
The Charity has no employees. Day to day administration of the Charity is delegated to a firm of solicitors, Shakespeare Martineau LLP, and the Charity’s investments are managed on a discretionary basis by Cazenove Capital Management Limited.
Risk Management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Charity, and are satisfied that systems are in place to mitigate exposure to those risks.
The main risk to the Charity is considered to be the potential loss in value of investments. The Trustees receive quarterly reports from Cazenove Capital Management Limited with whom they meet annually.
Related Parties
Mrs K E A Hall is a partner in Shakespeare Martineau LLP.
OBJECTIVES AND ACTIVITIES
Objectives
- The objects of the Charity may be summarised as follows:
The Trustees shall hold the capital and income of the Charity upon trust and in turn to apply the income (and should it be considered desirable by the Trustees all or part of the capital) for or towards such charitable purposes and to make donations to such charitable institution or institutions at such time or times as they see fit, particularly but not exclusively in Desborough and the County of Northampton.
Page 2
The Maud Elkington Charitable Trust
Report of the Trustees For the Year Ended 31 March 2022
OBJECTIVES AND ACTIVITIES CONTINUED
Activities
The Charity has continued to make grants from income to charitable objects, mainly in Northamptonshire and Leicestershire.
ACHIEVEMENTS AND PERFORMANCE
The Charity has complied with the requirements of the Deed of Declaration of Trust and its performance, both in relation to award making and management of the investments, has been satisfactory bearing in mind the volatility in the stock market.
Public Benefit
The Trustees have considered the Charity Commission’s requirement in respect of Public Benefit. In their view the Charity meets, in full, the criteria to satisfy the requirement. The Trustees’ annual report describes the activities undertaken to further its charitable purposes for the public benefit.
FINANCIAL REVIEW
Review of the Year
The results for the year, the financial position of the Charity and the movement in reserves are shown in the accounts on pages 8 to 16.
The investments of the Charity are represented by the Endowment fund which has risen by £1,771,343 after charging £80,502 in management costs, from £33,788,208 to £35,559,551.
The income of the Charity is derived entirely from its investments and, after expenses, is applied to the charitable objects. The policy of the Trustees is to hold approximately the equivalent of one year’s income on unrestricted funds so that annual grants and awards are approximately equal to annual income. In the year to 31 March 2022 unrestricted income was £597,824 and unrestricted expenditure was £657,089. The deficit of £59,265 is deducted from the undistributed income brought forward of £735,756 leaving a reserve available for distribution of £676,491 to be carried forward.
Reserves Policy
The funds are apportioned between unrestricted and expendable endowment. The Trustees treat the balance on unrestricted funds as funds available for distribution as grants and for managing and administering the Charity, whilst the expendable endowment is treated as being a restricted one.
The Trustees’ policy of retaining approximately one year’s net income in the unrestricted funds continues.
Grant Making Policy
The Trustees distribute the income of the Charity and do not as a matter of policy distribute the capital, although having the power to do so. The Deed of Declaration of Trust gives a very wide discretion to the Trustees within charity law as to the objects to which the funds may be distributed. In practice the Trustees, in accordance with the wishes of the late settlor, concentrate their efforts on charities which are local to Northamptonshire and Leicestershire. Grants to national charities are made only when there is a benefit to the peoples of those counties. Grants for the benefits of individuals are made only through a referring agency such as Social Services, NHS Trusts, schools or similar responsible bodies.
Investment Policy
Investments comprise cash and quoted investments which are considered to have a medium level of risk and which provide a reasonable level of return on capital.
Insurance
The Charity has indemnity insurance in place to cover the Trustees for any liability that may attach to them in respect of negligence, default or breach of trust or breach of duty of which they may be guilty in relation to the Charity. The cost of the insurance is £351 (2021: £310).
Page 3
The Maud Elkington Charitable Trust
Report of the Trustees For the Year Ended 31 March 2022
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The Trustees are responsible for preparing the Trustees’ Annual 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity 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 in the applicable Charities SORP 2019 (FRS 102);
-
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;
-
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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Deed of Declaration of Trust. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees
R Bowder Chairman
Date: 30 January 2023
Page 4
Report of the Independent Auditors to the Members of The Maud Elkington Charitable Trust
Opinion
We have audited the financial statements of The Maud Elkington Charitable Trust (the 'Charity') for the year ended 31 March 2022 which comprise of the Statement of Financial Activities, the Balance Sheet, the statement of Cashflows and notes to the financial statements, 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 FRS 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 Charity’s affairs as at 31 March 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 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 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.
Other information
The other information comprises the information included in the Trustees’ 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Page 5
Report of the Independent Auditors to the Members of The Maud Elkington Charitable Trust
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.
Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement set out on page 4, the Trustees are responsible for the preparation of 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.
Auditor’s responsibilities for the audit of the financial statements
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:
-
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charity and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial report frameworks (UK Generally Accepted Accounting Practice);
-
We enquired of the Trustees whether they were aware of any instances of non-compliance with laws and regulations, or whether they had any knowledge of actual, suspected or alleged fraud;
-
We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur;
-
Our testing considered unusual or unexpected journal entries on a sample basis;
-
We evaluated the assumptions and judgements used by management within significant accounting estimates and assessing if these indicate evidence of management bias;
-
We tested significant transactions, in particular the evaluation of the business rationale for any which appear unusual or outside the Charity’s normal course of business;
Page 6
Report of the Independent Auditors to the Members of The Maud Elkington Charitable Trust
Auditor’s responsibilities for the audit of the financial statements (continued)
-
We assessed the appropriateness of the collective competence and capabilities of the engagement team by understanding the practical experience with audit engagements of a similar nature and complexity, plus ensuring the team had appropriate and relevant training of the financial reporting framework;
-
We reviewed the financial statements and tested the disclosures against supporting documentation; and
-
We communicated relevant matters to all members of the audit team to ensure they understood the risks specific to the Charity and the audit procedures planned to mitigate these.
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.
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
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 the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
The Rowleys Partnership Ltd Statutory Auditors Chartered accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Charnwood House Harcourt Way Merdian Business Park Leicester Leicestershire LE19 1WP
Date: 31 January 2023
Page 7
The Maud Elkington Charitable Trust
Statement of Financial Activities For the Year Ended 31 March 2022
| Note UNRESTRICTED FUNDS Income and endowments from £ Investments - Investment income 4 597,573 - Bank interest on deposit and premium income accounts 251 Total income and endowments 597,824 Expenditure on Raising funds - Investment management fees 80,501 Charitable activities 5 576,588 Total expenditure 657,089 Net realised gains/(losses) on listed investments - Net unrealised gains/(losses) on listed investments - Net income/(expenditure) 59,265 ) ( Reconciliation of funds Total funds brought forward 735,756 Total funds carried forward 676,491 |
EXPENDABLE ENDOWMENT FUNDS £ - - - 80,502 - 80,502 288,267 1,563,578 1,771,343 33,788,208 35,559,551 |
TOTAL TOTAL 2022 2021 £ £ 597,573 494,683 251 72 597,824 494,755 161,003 141,756 576,588 389,366 737,591 531,122 288,267 3,817,152 1,563,578 3,270,690 1,712,078 7,051,475 34,523,964 27,472,489 36,236,042 34,523,964 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing activities.
The notes on pages 12 to 16 form part of these financial statements.
Page 8
The Maud Elkington Charitable Trust
Comparative Statement of Financial Activities For the Year Ended 31 March 2021
| Note Income and endowments from Investments - Investment income 4 - Bank interest on deposit and premium income accounts Total income and endowments Expenditure on Raising funds - Investment management fees Charitable activities 5 Total expenditure Net realised gains/(losses) on listed investments Net unrealised gains/(losses) on listed investments Net income/(expenditure) Reconciliation of funds Total funds brought forward Total funds carried forward |
UNRESTRICTED FUNDS £ 494,683 72 494,755 70,878 389,366 460,244 - - 34,511 701,245 735,756 |
EXPENDABLE ENDOWMENT TOTAL FUNDS 2021 £ £ - 494,683 - 72 - 494,755 70,878 141,756 - 389,366 70,878 531,122 3,817,152 3,817,152 3,270,690 3,270,690 7,016,964 7,051,475 26,771,244 27,472,489 33,788,208 34,523,964 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing activities.
The notes on pages 12 to 16 form part of these financial statements.
Page 9
The Maud Elkington Charitable Trust
Balance Sheet (Registered Number: 263929) For the Year Ended 31 March 2022
| Note Fixed Assets Listed investments 8 Cash held by investment manager for re-investment Current Assets Debtors 9 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 10 Net Current Assets Net Assets 11 Funds Expendable endowment funds Unrestricted funds Total Funds 12 |
2021 £ £ £ £ 35,317,723 33,285,173 601,490 741,520 35,919,213 34,026,693 45,878 40,378 522,787 510,880 568,665 551,258 251,836 53,987 316,829 497,271 36,236,042 34,523,964 35,559,551 33,788,208 676,491 735,756 36,236,042 34,523,964 2022 |
|---|---|
The financial statements were approved by the Trustees on 30 January 2023.
R Bowder Chairman
The notes on pages 12 to 16 form part of these financial statements.
Page 10
The Maud Elkington Charitable Trust
Statement of Cash Flows For the Year Ended 31 March 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Cash flow from operating activities | 1 | 52,331 | (62,182) | |
| Cash flow from investing activities | ||||
| Proceeds of disposal of investments | 3,603,126 | 12,080,254 | ||
| Payments to acquire investments | (3,783,831) | (11,662,415) | ||
| Interest received | 251 | 72 | ||
| Net cash flow from investing activities | ( | 180,454 ) | 417,911 | |
| Net increase/(decrease) in cash and cash equivalents | ( | 128,123 ) | 355,729 | |
| Cash and cash equivalents at the beginning of the reporting period | 1,252,400 | 896,671 | ||
| Cash and cash equivalents at the end of the reporting period | 1,124,277 | 1,252,400 | ||
| Analysis of cash: | ||||
| Cash at bank and in hand | 522,787 | 510,880 | ||
| Cash held by investment manager for re-investment | 601,490 | 741,520 | ||
| 1,124,277 | 1,252,400 | |||
| Note 1 Reconciliation of net income to net cash flow from operating |
activities | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Net surplus for year | 1,712,078 | 7,051,475 | ||
| Adjusted for: | ||||
| (Gain) on investment | (1,851,845) | (7,087,842) | ||
| Interest receivable | (251) | (72) | ||
| (Increase)/decrease in debtors | (5,500) | 17,067 | ||
| Increase/(decrease) in creditors | 197,849 | (42,810) | ||
| Net cash flow from operating activities | 52,331 | (62,182) |
Page 11
The Maud Elkington Charitable Trust
Notes to the Financial Statements For the Year Ended 31 March 2022
1 Charity information
The Maud Elkington Charitable Trust is a charity registered in England and Wales No. 263929. It is an unincorporated charity governed by a Deed of Declaration of Trust set up on 1 January 1972. The Charity’s principal address is: Shakespeare Martineau, 2 Two Colton Square, Leicester, LE1 1QH.
2 Accounting policies
Basis of accounting
The financial statements have been prepared under the historical convention as modified by the revaluation of investment assets and are in accordance with the Statement of Recommended Practice, “Accounting and Reporting by charities (SORP 2019)” effective 1 January 2019, the Charities Act 2011 and the FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (effective January 2019). The charity is a public benefit entity, so has applied the specific “PBE” prefixed paragraphs of FRS 102.
The financial statements have been prepared on a going concern basis as there are no material uncertainties about the Charity’s ability to continue for the foreseeable future.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charity’s accounting policies (see note 3).
Resources expended
Expenditure is recognised on an accruals basis. Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions are fulfilled. Grants offered subject to conditions are noted as commitment, but not accrued as expenditure.
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure.
Expenditure on raising funds consists of investment manager’s fees.
Expenditure on charitable activities comprises all expenditure directly relating to the objects of the Charity, specifically grants made to provide charitable assistance to charities and other good causes. It also includes governance costs, which consist of expenditure on Trustees’ remuneration and audit.
Investment income
Income from investment is accounted for when due and payable, together with the income tax repayable in respect of tax credits or tax deducted at source.
Interest receivable
Interest income is recognised using the effective interest method and dividend and rent income is recognised as the Charity’s right to receive payment is established.
Investments
Listed investments are held at open market value at the balance sheet date. Any gain or loss on revaluation or disposal is taken to the Statement of Financial Activities (SOFA).
Page 12
The Maud Elkington Charitable Trust
Notes to the Financial Statements For the Year Ended 31 March 2022
2 Accounting policies (continued)
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents include cash at bank and cash in hand as well as short term highly liquid investments with a short maturity (recognised within short term investments).
Funds
Expendable endowment funds represent gifts and bequests and changes in the value of the investments represented by those gifts.
Unrestricted funds arise form net income from the investments in the expendable endowment funds. From time to time the non-allocated cash balances are re-invested in listed investments and held as unrestricted funds.
Governance costs
Governance costs include those incurred in the governance of the Charity and its assets and are primarily associated with constitutional and statutory requirements.
3 Accounting estimates
In preparing the Financial Statements, the Trustees are required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
The items that require estimation and have a significant risk of causing a material adjustment to the carrying of values and assets and liabilities within the next financial year are:
- Valuation of listed investments
Page 13
The Maud Elkington Charitable Trust
Notes to the Financial Statements For the Year Ended 31 March 2022
| 4 | Investment income | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Income from listed investments | 597,573 | 494,683 | |
| 5 | Charitable activities | 2022 | 2021 |
| £ | £ | ||
| Grants awarded in the year | 545,037 | 356,866 | |
| Support costs (note 6) | 14,551 | 15,600 | |
| Governance costs (note 7) | 17,000 | 16,900 | |
| 576,588 | 389,366 | ||
| Grants paid in the year amounted to £545,037. The grants varying from £500 - £5,000 | were paid | ||
| to 183 institutions and grants above £5,000 were paid to 14 institutions. | |||
| 6 | Support costs | 2022 | 2021 |
| £ | £ | ||
| Solicitors' charges (as clerk to the trustees) | 13,760 | 15,290 | |
| Insurance | 351 | 310 | |
| Postage and stationery | 440 | - | |
| 14,551 | 15,600 | ||
| 7 | Governance costs | 2022 | 2021 |
| £ | £ | ||
| Trustees' remuneration | 12,000 | 12,000 | |
| Auditors' remuneration | 5,000 | 4,900 | |
| 17,000 | 16,900 | ||
| Trustees' remuneration | |||
| Mr R Bowder | 4,000 | 4,000 | |
| Mrs K Hall | 4,000 | 4,000 | |
| Mr M Jones | 4,000 | 4,000 | |
| 12,000 | 12,000 |
No expenses were reimbursed to trustees during either year. The charity has no employees.
Page 14
The Maud Elkington Charitable Trust
Notes to the Financial Statements For the Year Ended 31 March 2022
| 8 Listed investments Market value at 1 April 2021 Additions at cost Proceeds of disposals Net realised (loss)/gain on investments Net unrealised (loss)/gain on investments Market value at 31 March 2022 Investments comprise: UK listed investments Overseas listed investments Historical costs at 31 March 2022 |
2022 2021 £ £ 33,285,173 26,615,170 3,783,831 11,662,415 (3,603,126) (12,080,254) 288,267 3,817,152 1,563,578 3,270,690 35,317,723 33,285,173 15,948,592 14,342,562 19,369,131 18,942,611 35,317,723 33,285,173 24,172,020 23,649,660 |
|---|---|
Individual investments held at 31 March 2022 which are over 5% of portfolio by value are:
-
Findley Park Fund American Smaller Companies £3,784,014 (2021: £3,353,342)
-
JPMorgan US Equity Income Fund £2,471,620 (2021: £2,092,656)
-
Robeco BP Global £2,047,950 (2021: £1,883,850)
9 Debtors
| 9 Debtors Other debtors 10 Creditors: amounts falling due within Accruals Other creditors 11 Analysis of net assets between funds Listed investments Cash held by investment manager for re-investment Debtors Cash at bank Creditors |
2022 2021 £ £ 45,878 40,378 one year 2022 2021 £ £ 51,286 48,737 200,550 5,250 251,836 53,987 Unrestricted Expendable 2022 2021 funds endowment Total Total funds £ £ £ £ - 35,317,723 35,317,723 33,285,173 339,992 261,498 601,490 741,520 45,878 - 45,878 40,378 522,787 - 522,787 510,880 (232,166) (19,670) (251,836) (53,987) 676,491 35,559,551 36,236,042 34,523,964 |
|---|---|
Page 15
The Maud Elkington Charitable Trust
Notes to the Financial Statements For the Year Ended 31 March 2022
12 Funds reconciliation
| Funds reconciliation | |||||||
|---|---|---|---|---|---|---|---|
| **Balance at ** | Transfer | Investment | Balance at | ||||
| **1 April ** | Between | Incoming | Outgoing | gains/ | 31 March | ||
| 2021 | **Funds ** | **Resources ** | Resources | (losses) | 2022 | ||
| £ | £ | £ | £ | £ | £ | ||
| Expendable endowment | 33,788,208 | - | - | (80,502) | 1,851,845 | 35,559,551 | |
| Unrestricted funds | 735,756 | - | 597,824 | (657,089) | - | 676,491 | |
| 34,523,964 | - | 597,824 | ( | 737,591 ) | 1,851,845 | 36,236,042 | |
| Comparative funds reconciliations | |||||||
| **Balance at ** | Transfer | Investment | Balance at | ||||
| **1 April ** | Between | Incoming | Outgoing | gains/ | 31 March | ||
| 2020 | **Funds ** | **Resources ** | Resources | (losses) | 2021 | ||
| £ | £ | £ | £ | £ | £ | ||
| Expendable endowment | 26,771,244 | - | - | (70,878) | 7,087,842 | 33,788,208 | |
| Unrestricted funds | 701,245 | - | 494,755 | (460,244) | - | 735,756 | |
| 27,472,489 | - | 494,755 | ( | 531,122 ) | 7,087,842 | 34,523,964 |
13 Commitments
The Trustees are committed to funding four pupils for the duration of their education at independent schools in Leicestershire and Northampton. On the assumption that these pupils continue in their education to year 13, at current termly rates the future liabilities are:
| Year | £ |
|---|---|
| 2022/23 | £23,980 |
| 2023/24 | £15,600 |
| 2024/25 | £5,200 |
The Trustees have committed to pay Charity Link Northants up to the sum of £70,000 (2021: £70,000).
The total commitments are therefore estimated to be £114,780 (2021: £170,530).
14 Transactions with related parties
Shakespeare Martineau LLP, were engaged by the Trustees during the year for the provision of services totalling £13,760 (2021: £15,290). K Hall is a Trustee of the charity and a partner in Shakespeare Martineau LLP.
Page 16