DocuSign Envelope ID: 676D981F-2A69-4408-8D28-22DA73F39337
Charity number: 265601
THE DENMAN CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
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THE DENMAN CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 - 18 |
DocuSign Envelope ID: 676D981F-2A69-4408-8D28-22DA73F39337
THE DENMAN CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022
| Trustees | P R Denman, Chief Executive |
|---|---|
| Dr F M-C Denman | |
| C Denman | |
| Charity registered number 265601 Principal office 45 Durand Gardens London SW9 0PS Accountants M Hewett FCA DChA Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers NatWest 23 Market Street Cambridge CB2 3PU Solicitors Withers 16 Old Bailey London EC4M 7EG Investment Managers Quilter Cheviot Limited 1 Undershaft London EC3A 8BB |
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THE DENMAN CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their annual report together with the financial statements of The Denman Charitable Trust for the year ended 5 April 2022. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition of the Charities SORP (FRS102) October 2019).
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
a. Policies and objectives
The Trustees have absolute discretion to pay or apply the whole or any part of the Trust income and capital of the Trust Fund to or for the benefit of such exclusively charitable objects and purposes as the Trustees in their absolute discretion think fit.
In general, the Trustees have set the main aims of the Charity as assisting individuals, of small means or in financial difficulties, and charitable organisations with the needs of or in the relief of, poverty, education, health, housing, and disablement or disability or any other charitable objects and purposes, as the Trustees in their absolute discretion think fit.
The objectives for the year are shaped by these aims with a view to distributing the Charity's income in full after expenses (taking one year with another). The Trustees may, in certain circumstances, consider it prudent to distribute the income received over a longer period. Such circumstances might include the receipt of an exceptionally large company dividend, which the Trustees may prefer to distribute over a number of years in order to manage better the distribution of income to their beneficiaries.
b. Public Benefit
The Trustees confirm that they have referred to the Charity Commission's guidance on Public Benefit when reviewing the Charity's aims and objectives, in planning future activities and setting the grant making policy for the year.
c. Grant-making policies
Applications for grants are considered from both individuals and organisations whether made directly or supported in writing by an organisation or a social worker. The Trustees may make grants to organisations with similar aims.
Details of how to apply for grants and the information required are available from the Chief Executive.
d. Investment Policy
The Trustees make all investment decisions after full consultation with, and approval from, their investment advisers who are instructed to invest in a portfolio to obtain an income sufficient to meet the Charity's grant making objectives whilst ensuring the Charity's long term security (taken in its widest sense and including, for example, protection against inflation).
The Trustees may purchase any investments and/or property as they, in their absolute discretion, think fit, as if they were absolute beneficial owners.
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THE DENMAN CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
ACHIEVEMENTS AND PERFORMANCE
a. Grant Making Performance
During the year 63 (2021: 44) applications for assistance were received and the Trustees made grants totalling £31,459 (2021: £23,000) to 2 individuals and 12 charitable organisations (2021: 0 individuals and 12 charitable organisations).
Total grants made represent 93% (2021: 69%) of incoming resources less all administration costs.
At the year end no contingent grants were outstanding (2021: nil).
b. Investment Performance
When setting investment performance objectives in relation to quoted investments, the Trustees use total return as the basis of investment performance. During the year, the benchmark used as a comparison was changed from the average of the FTSE All Share Index and the FTSE World ex UK Index, to MSCI PIMFA Private Investor Growth. Following consultation with their investment advisers, the Trustees set a target rate of return for the year of 5%. The total investment return for 2022 was an increase of 9.1% (2021: 38.2%) and compares with an increase in the benchmark of 10.2% (2021: 31.8%).
FINANCIAL REVIEW
a. Review
Total income during the year was £41,321 (2021: £40,063) and after payment of grants to beneficiaries of £31,459 (2021: £23,000), investment management costs of £495 (2021: £1,004), support costs of £1,371 (2021: £319), governance costs of £5,648 (2021: £5,156) and net gains on investments of £215,127 (2021: £745,414), there was net income of £217,475 (2021: £755,998).
The market value of quoted investments at the year end was £2,903,572 (2021: £2,633,488).
b. Reserves policy
The Charity is reliant on income from its investments.
Taking one year with another, the Trustees' intention is to distribute the Charity's income in full after expenses. The Trustees consider it prudent to maintain a target level of free reserves in unrestricted funds, which is no lower than 10% and no greater than 100% of the total net income, prior to deducting costs relating to charitable activities, as shown in the Statement of Financial Activities of the preceding year's annual accounts. The Trustees consider that this level will provide sufficient funds to respond to applications for grants and to cover the Charity's expenses.
The Trustees may, in certain circumstances, consider it prudent to distribute the income received over a longer period. Such circumstances might include the receipt of an exceptionally large company dividend, which the Trustees may prefer to distribute over a number of years in order to manage better the distribution of income to their beneficiaries.
The actual level of free reserves (excluding investments) at 5 April 2022 was £26,679 (2021: £24,331), which falls within the Trustees' specified parameters for 2021/2022 of £3,358 and £33,584.
The Reserves Policy is consistent with the Trustees’ “long term security” approach to investing, its grant making policy, and with the duty to apply the income of the Charity within a reasonable time. In addition, it allows for any
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THE DENMAN CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
variation in dividend receipts over the year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Constitution
The Charity is an unincorporated trust, constituted under a trust deed dated 22 February 1973 and is a registered charity, number 265601. The Charity was established by an initial gift from Mrs C M Denman in 1973. The Charity does not actively fundraise and seeks to continue its work through the careful stewardship of its existing resources
b. Methods of appointment or election of Trustees
There is an annual re-evaluation of Trustees who serve until such time as they resign. The Board of Trustees appoints new Trustees and the induction process for any newly appointed Trustee comprises meeting with the Board and Chief Executive who explain the Charity's policies concerning investments, grant making and the powers and responsibilities of the Trustees.
All Trustees are regularly provided with relevant newsletters and technical subscriptions and are notified of changes in governance etc. published on the Charity Commission’s website which they are encouraged to visit.
The Trust Deed does not provide for the appointment of a minimum or maximum number of Trustees. However, the present Trustees' policy is that there should never be less than two or more than four Trustees.
The Trustees meet quarterly and agree the broad strategy and areas of activity for the Charity, including consideration of grant making, investment, reserves and risk management policies and performance.
The day to day administration of grants and the processing and handling of applications prior to consideration by the Trustees is delegated to the Chief Executive. The Chief Executive provides his time and expertise on a voluntary basis and deals with all day to day matters, except for investment management advice and professional services which are outsourced. The Chief Executive monitors information relating to grants and makes recommendations to the Board of Trustees who make all decisions.
The Trustees operate a Privacy Policy, the full details of which can be obtained by writing to the Trustees at the Trust’s principal office.
There were no employees in the current or preceding year.
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THE DENMAN CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
PLANS FOR FUTURE PERIODS AND COVID-19
The Trustees consider that the Covid-19 pandemic remains a cause of concern and the Trustees will continue to respond to these applications but will additionally consider local Covid-19 appeals.
The Trustees are also aware of additional factors affecting the global economy and political stability. The war between Russia and the Ukraine has caused worldwide uncertainty about many things but of particular note are problems concerning the availability of gas and electricity supplies which in turn will affect economic production. Additionally, the UK is facing increasing costs across a wide spectrum of goods, caused mainly by the huge rise in the cost of energy and is facing the prospect of double-digit inflation.
The Trustees consider that the above problems will have a detrimental effect on the UK economy resulting in a very substantial increase in Government debt. This will significantly increase hardship and need, leading to increased numbers of applications for assistance.
The Trustees are aware that, for a period, these factors may affect the level of dividends that companies pay, and in turn, this will impact on the dividend income receivable by the Trust. Based on the estimated dividend yield of the Trust’s investment portfolio the income for the year ended 5 April 2023 is anticipated to be in the region of £42,000.
Thus, whilst maintaining the above stated policies and objectives, the Trustees expect to have approximately £35,000 available for charitable grant making for the year to 5 April 2023. This represents 80% of available reserves and anticipated net income receipts for the year to 5 April 2023.
The Trustees will closely monitor the receipt of dividend income during the year under review and may increase or decrease the level of grant making accordingly.
a. GOING CONCERN AND COVID-19
The Trustees have reviewed the financial position of the Charity, including the potential impact of Covid-19, and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.
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THE DENMAN CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES
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 Charity 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 judgments 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 Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
P R Denman
Trustee and Chief Executive
Date: 28 September 2022
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THE DENMAN CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DENMAN CHARITABLE TRUST ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2022.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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.
I understand that 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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.
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THE DENMAN CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 28 September 2022
Mr M Hewett FCA DChA
Peters Elworthy and Moore For and on behalf of Peters Elworthy and Moore Chartered Accountants Cambridge
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THE DENMAN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Note INCOME FROM: Investments 2 TOTAL INCOME EXPENDITURE ON: Raising funds 3 Charitable activities 5 TOTAL EXPENDITURE NET INCOME BEFORE NET GAINS ON INVESTMENTS Net gains on investments 6 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2022 £ 41,321 41,321 495 38,478 38,973 2,348 215,127 217,475 2,835,032 217,475 3,052,507 |
Total funds 2022 £ 41,321 41,321 495 38,478 38,973 2,348 215,127 217,475 2,835,032 217,475 3,052,507 |
Total funds 2021 £ 40,063 |
|---|---|---|---|
| 40,063 | |||
| 1,004 28,475 |
|||
| 29,479 | |||
| 10,584 745,414 |
|||
| 755,998 | |||
| 2,079,034 755,998 |
|||
| 2,835,032 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 18 form part of these financial statements.
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THE DENMAN CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2022
| Note FIXED ASSETS Investments 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES TOTAL NET ASSETS CHARITY FUNDS Restricted funds Unrestricted funds TOTAL FUNDS |
9,264 23,815 33,079 (6,400) |
2022 £ 3,025,828 3,025,828 26,679 3,052,507 3,052,507 - 3,052,507 3,052,507 |
8,593 21,923 30,516 (6,185) |
2021 £ 2,810,701 |
|---|---|---|---|---|
| 2,810,701 24,331 |
||||
| 2,835,032 | ||||
| 2,835,032 | ||||
| - 2,835,032 |
||||
| 2,835,032 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
P R Denman
Trustee and Chief Executive
Date: 28 September 2022
The notes on pages 11 to 18 form part of these financial statements.
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THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES
1.1 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 Denman Charitable 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.
There were no significant estimates or judgements made by management in preparing these financial statements except the valuation of investments as calculated by Quilter Cheviot Limited.
1.2 GOING CONCERN
The Trustees have reviewed the financial position of the Charity, including the potential impact of Covid-19, and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.
1.3 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 Charity and which have not been designated for other purposes.
1.4 INCOME RECOGNITION
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income from funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
The payment of Reportable Overseas Income can be subject to delays of up to 12 months and therefore the Charity may not have been advised about this income before the accounts are completed. For this reason Reportable Overseas Income is recognised when received.
Other dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Ex dividends that have been notified to the charity but not yet received by 5 April are included as debtors.
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THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES (CONTINUED)
1.5 EXPENDITURE
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Costs of raising funds consist of management fees charged by Quilter Cheviot Limited.
Charitable activities include grants payable and support costs including governance 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.
Support costs have been allocated between governance and other support costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs relating to the Independent Examination and legal fees.
Additions to office equipment are accounted for and written off in the year of purchase.
All resources expended are inclusive of irrecoverable VAT.
1.6 GAINS AND LOSSES
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 purchase date if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
1.7 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.
1.8 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.
1.9 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.
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THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES (CONTINUED)
1.10 CREDITORS AND PROVISIONS
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.11 FINANCIAL INSTRUMENTS
The Charity 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. INVESTMENT INCOME
| Unrestricted funds 2022 £ UK investment funds 37,792 Overseas funds 3,529 41,321 TOTAL 2021 40,063 |
Total funds 2022 £ 37,792 3,529 41,321 40,063 |
Total funds 2021 £ 36,280 3,783 |
|---|---|---|
| 40,063 | ||
3. INVESTMENT MANAGEMENT COSTS
| Unrestricted funds 2022 £ Investment management costs 495 TOTAL 2021 1,004 |
Total funds 2022 £ 495 1,004 |
Total funds 2021 £ 1,004 |
|---|---|---|
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THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
4. ANALYSIS OF GRANTS
| Grants TOTAL 2021 GRANTS TO INDIVIDUALS |
Grants to Institutions 2022 £ 28,800 23,000 |
Grants to Individuals 2022 £ 2,659 - |
Total funds 2022 £ 31,459 23,000 |
Total funds 2021 £ 23,000 |
|---|---|---|---|---|
| Number of grants |
2022 | |
|---|---|---|
| £ | ||
| Child poverty | 1 | 2,455 |
| Disablement or disability | 1 | 204 |
| Total | 2 | 2,659 |
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THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
GRANTS TO INSTITUTIONS
| Action Medical Research Autism Inclusive Blind Veterans UK British Liver Trust Buddy’s for Children with Autism Cambridge Psychotherapy Assistance Trust Compliments of the House Disability Information Bureau Food Lifeline Footsteps Foundation Interact Stroke Support Lennox Children’s Cancer Fund Life Cycles Multiple Sclerosis Society Refugee Education Royal National Institute of Blind People Soft UK Space4Autism The Bren Project The Handicapped Children's Action Group The Oseophageal Patients Association Time Out Group |
2022 £ - 1,800 2,000 - 3,000 - 3,000 3,000 - - 2,000 - 2,000 - 5,000 - - - 2,000 2,000 2,000 1,000 28,800 |
2021 £ 4,000 - 2,000 1,000 - 2,000 3,000 - 1,000 500 - 3,000 - 1,000 - 1,500 1,000 3,000 - - - - |
|---|---|---|
| 23,000 |
All grants to individuals and institutions were made from unrestricted funds in 2022 and 2021.
5. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Charitable activities TOTAL 2021 |
Grant funding of activities 2022 £ 31,459 23,000 |
Support costs 2022 £ 7,019 5,475 |
Total funds 2022 £ 38,478 28,475 |
Total funds 2021 £ 28,475 |
|---|---|---|---|---|
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THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
5. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF SUPPORT COSTS
| Accountancy fees (governance) Independent examiners fees (governance) Office furniture Postage Publication subscriptions Staionery Travel & Parking TOTAL 2021 |
Support & governance 2022 £ 3,900 1,748 350 25 430 413 153 7,019 5,475 |
Total funds 2022 £ 3,900 1,748 350 25 430 413 153 7,019 5,475 |
Total funds 2021 £ 3,600 1,556 - - 215 104 - |
|---|---|---|---|
| 5,475 | |||
Governance costs as shown above totalled £5,648 in 2021/22 and £5,156 in 2020/21.
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2021 Additions Disposals (proceeds £28,532) Unrealised gains/(losses) Cash movement AT 5 APRIL 2022 |
Listed investments £ 2,633,488 83,489 (32,679) 219,274 - 2,903,572 |
Cash at broker £ 177,213 - - - (54,957) 122,256 |
Total £ 2,810,701 83,489 (32,679) 219,274 (54,957) |
|---|---|---|---|
| 3,025,828 |
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THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
6. FIXED ASSET INVESTMENTS (CONTINUED)
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
When considering the Charity’s investment policy, the Trustees take the advice of Quilter Cheviot Limited. The Charity operates an investment policy that includes provision for a degree of diversification of holdings within different investment trusts and unit trust investments. The Charity has invested in a number of these investments in order to better protect the Charity’s exposure to volatility in the market and seek low risk investments wherever possible.
The Charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term growth and annual income.
The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions
7. DEBTORS
| DUE WITHIN ONE YEAR Other debtors |
2022 £ 9,264 9,264 |
2021 £ 8,593 |
|---|---|---|
| 8,593 |
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Other creditors | 6,400 | 6,185 |
9. MANAGEMENT PERSONNEL TRUSTEES' REMUNERATION AND EXPENSES
The Charity considers its key management personnel to be the Trustees. The Trustees all give their time and expertise without any form of remuneration or other benefit in kind (2021: £nil).
During the year ended 5 April 2022, travel and office expenses were reimbursed to one Trustee of £393 (2021: £nil). There were no Trustees' expenses settled directly to a third party (2021: £nil).
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THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
10. RELATED PARTY TRANSACTIONS
There were no related party transactions during the year.
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