**Charity number: 266842** 

## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 5 APRIL 2022** 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 9|
|**Independent auditors' report on the financial statements**|10 - 13|
|**Statement of financial activities**|14|
|**Balance sheet**|15|
|**Notes to the financial statements**|16 - 25|





## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022** 

|**Trustees**|Morris Peacock|
|---|---|
||Alexander Munro|
||Graham Tuttle|
||Patrick Harris|
|**Charity registered**<br>**number**<br>266842<br>**Principal office**<br>Howes Percival<br>Flint Buildings<br>1 Bedding Lane<br>Norwich<br>NR3 1RG<br>**Independent auditors**<br>Larking Gowen LLP<br>Chartered Accountants<br>King Street House<br>15 Upper King Street<br>Norwich<br>NR3 1RB<br>**Bankers**<br>Barclays Private Bank<br>1 Stanhope<br>Mayfair<br>London<br>W1K 1AF<br>**Solicitors**<br>Howes Percival LLP<br>Flint Buildings<br>1 Bedding Lane<br>Norwich<br>NR3 1RG<br>**Investment advisor**<br>Barratt & Cooke Limited<br>5 Opie Street<br>Norwich<br>NR1 3DW<br>**Investment advisor**<br>Barclays Wealth<br>1 Churchill Place<br>Canary Wharf<br>London<br>E14 5HP||



Page 1 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022** 

The Trustees present their annual report together with the audited financial statements of the Charity for the 6 April 2021 to 5 April 2022. 

## **Objectives and activities** 

## **a. Objectives and activities** 

The Trust has wide charitable objects.  The Trustees have unlimited discretion as to the application (for charitable purposes) of the capital and income of the Trust Fund.  The Trustees’ policy in regard to the application of the Trust Fund is: 

1. Preference is given to Norfolk charities and charitable causes and consideration is given to all applications of whatever nature provided that they are legally charitable and fulfil the public benefit requirement. 

2. Donations will not be made direct to individuals or unregistered organisations so as to ensure that all donations are used solely for charitable purposes. 

3. To the extent that any of the Trust's annual income remains undistributed within 1 above, applications would be considered from charities with national or international coverage for expenditure on those charities’ projects within Norfolk. 

The aim of the Trust continues to be to provide a charitable fund to which applications can be made by charities and charitable causes of any kind based in Norfolk or with projects benefiting Norfolk.  The Trustees have received many acknowledgments from donors which record the benefit to the community of donations made together with progress updates and details of completed projects. 

Membership of the Norwich & District Funders’ Forum provides insight and updates in relation to funding and other difficulties of the charitable sector as well as early notice of any forthcoming projects. 

The Trustees aims in 2022/23 financial year will follow those of the previous year. The Trustees will seek to identify those projects where the greatest and widest benefit can be attained.  The Trustees only consider written applications and, where necessary, make further enquiries. 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. 

## **b. Vulnerable persons** 

The Trust is a grant funding charity and does not work with vulnerable adults or children.  Accordingly, the Trust does not have a vulnerable persons policy in place but would create such a policy in the event that the aims and structure of the Trust are changed. 

## **Achievements and performance** 

Page 2 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022** 

## **Achievements and performance (continued)** 

## **a. Main achievements of the Charity** 

|The major donations in year ended 5 April 2022 were:||
|---|---|
|Eating Matters|5,000|
|Eaton Vale Scout & Guide Activity Centre Ltd|5,000|
|Leeway Domestic Violence and Abuse Services|5,000|
|Matthew Project|5,000|
|Norfolk and Norwich Festival|10,000|
|Norfolk Heart Trust - Norfolk Community Foundation|5,000|
|Norfolk Wildlife Trust|20,000|
|Norwich Historic Churches Trust|5,000|
|Norwich Preservation Trust|12,000|
|Save Our Spaniels|5,000|
|SENsational Families|5,000|
|Shelter, National Campaign for Homeless People Ltd|5,000|
|The Big C Appeal Ltd|5,000|
|The Norfolk Hospice Tapping House|5,000|
|Woodland Trust|5,000|



The Trustees have considered and acted on the Charity Commission guidance on the public benefit requirement under the Charities Act 2011.  The Trustees make donations solely to bodies who are themselves registered charities or are charitable bodies exempt from registration but are conscious of the need to ensure that a donation will be legally charitable.  Each application is considered on its merits and the Trustees also consider the purposes for which the application has been made to confirm that the public benefit requirement has been fulfilled. 

- Norfolk and Norwich Festival  – The Trustees made a donation to the Norfolk and Norwich Festival in the sum of £10,000. The application was for funding towards the festival’s Free Outdoor Programme which addresses the barriers to engaging with arts and culture for those living in poverty in Norwich. 

- BIG C’s Norfolk Cancer Charity – The Trustees made a donation to the BIG C’s Norfolk Cancer Charity in the sum of £5,000. The application was for funding towards building work on their new communitybased Cancer Support and Information Centre in the heart of Norwich in order to provided face to face services. 

- The Matthew Project – The Trustees made a donation to The Matthew Project in the sum of £5,000. The Matthew Project supports vulnerable people in the East of England with issues relating to drug/alcohol misuse and mental wellbeing. The application was in respect of The Big Give Christmas Challenge which is a nationwide match funding campaign where donations from supporters are doubled. 

Page 3 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022** 

## **Achievements and performance (continued)** 

- Save our Spaniels – The Trustees made a donation to Save our Spaniels in the sum of £5,000. This charity was specifically set up to help spaniels and Bretons that have been abandoned, dumped or relinquished to perraras (kill stations) and shelters across the world, with a view to finding them loving homes. The rescues are assessed in the UK foster homes prior to rehoming. 

- Eaton Vale Scout and Guide Activity Centre – The Trustees made a donation to Eaton Vale Scout and Guide Activity Centre in the sum of £5,000. Eaton Vale provides young people from Norfolk and beyond with the ability to enjoy the experience of residential activities away from their parents and allow them to grow as individuals, make friends for life and develop skills. The application was for funding towards a major rebuilding project at their activity centre. 

- Shelter – The Trustees made a donation to Shelter in the sum of £5,000. Shelter provides advice, support services and personalised help with housing issues and homelessness. The application was for funding towards providing general support for vulnerable people. 

The investment portfolios had a combined value of £15,318,435 (including a cash element of £202,486) at 5 April 2022, compared to £14,253,600 (including a cash element of £234,043) at 5 April 2021. This represents a 7.5% increase in the value of the Trust's portfolio over the year. 

Barratt & Cooke have adopted the PIMFA Balanced index as the appropriate model for the management of the Trustees' portfolio. The Trustees accordingly use this index as their benchmark of investment performance. The value of the PIMFA Balanced Index at 5 April 2022 increased by 5.1% between 5 April 2021 and 5 April 2022. For comparison, the increase in the FTSE 100 index and FTSE All Share index in the same period were 13% and 10.1% respectively. 

Barclays have The Barclays Charity Fund which follows a Strategic Asset allocation approach measured against a blended benchmark return constructed by Barclays. The performance of the Trust's portfolio for the year 5 April 2022 was 7.4% versus the blended benchmark of 8.7%. 

In addition, Barclays benchmark the actual quarterly performance of the Barclays Charity Fund against our industry peers using the independent research company, Asset Risk Consulting (ARC). The 2022 Charity Fund report shows the outperformance of the Barclays Charity Fund of 8.7% p.a. versus 6.3% p.a. against the comparable ARC Steady Growth Index over the five years. 

Having regard to the prudent approach adopted by the Trustees on the basis of investment advice, our view is that the performance of the main portfolio remains sound. There continues to be volatility in the markets, demonstrated by the poor performance of the two more equity based indices. We consider that there remain risks in the equity markets and do not therefore believe it to be prudent for us to adopt anything other than a reasonably defensive strategy while retaining the ability to achieve some growth through keeping a reasonable proportion in good quality equities and maintain income yield. 

## **Financial review** 

## **a. Performance review** 

The total incoming resources were £326,371 in 2021/22 and £346,318 in 2020/21.  Charitable donations increased to £360,950 in 2021/22 from £315,943 in 2020/21. It should be noted that some of the donations in the prior year were in the form of pledges, which were actually paid out in the current year. See note 4. 

Page 4 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022** 

## **b. Going concern** 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 

## **c. Reserves policy** 

The Trustees have no policy of retaining significant reserves, other than to ensure, whenever possible, that sufficient funds are held at any one time to cover the likely donations of the next quarterly meeting although this is not essential since the Trustees have power to use both the Unrestricted Income Fund and the Expendable Endowment Fund should the need arise. As at 05 April 2022 the Trust had total funds of £15,466,996 (2021: £14,328,776), of which £10,000 (2021: £5,551) was urestricted. Trustees continue to identify charities and charitable causes in Norfolk where the greatest benefit is attained by a major donation. 

## **d. Material investments policy** 

The Trustees’ policy has historically been to invest predominantly for capital preservation and growth subject to maintaining a sufficient level of net income to meet anticipated annual donations.  The capital preservation and growth objective necessitates exposure to equity markets.  The Trustees’ policy in this regard is to minimise and, wherever possible, avoid sectors of high risk. 

The Trust’s investment portfolios are managed on a full discretionary basis by the respective fund managers. The Trustees receive full half-yearly valuations and reports, which are monitored against appropriate published indices.  The Trustees receive additional interim updates and reports in advance of meetings. 

In addition to the investment portfolios, the Trust holds cash at Barclays Wealth, being the proceeds of the structured products previously held on advice to hedge against markets.  Since the original investments were redeemed, the returns offered on similar products have not been attractive.  The Trustees will keep this under review with Barclays Wealth in case opportunities arise. 

## **e. Principal risks and uncertainties** 

COVID-19 is not expected to have a significant continuing impact on the Trust. The administration of the Trust has not been affected as the Trustees have simply moved to holding online Zoom meetings in place of the face to face quarterly meetings. The Trustees have determined that there is no material uncertainty that casts doubt on the trusts financial position. After the initial adverse impact (-20%) the fund has rebounded and both the Barclays and Barratt and Cooke portfolios now exceed the February 2020 valuations. Part of this is due to the strong performance of the Amazon and Astra Zeneca stock. It is expected that COVID-19 might have some impact going forward, for example in relation to expected future performance, or the effects on some future asset valuations. Although this is not expected to be significant the Trustees will keep it under review and tailor our grant making accordingly. 

Page 5 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022** 

## **Structure, governance and management** 

## **a. Constitution** 

The Paul Bassham Charitable Trust is a registered charity, number 266842, and is constituted under a Trust deed. 

## **b. Organisational structure and decision-making policies** 

The Trust was created by a Deed dated 12 December 1973 and is administered by Trustees.  New Trustees are appointed by the existing Trustees by virtue of the Trustee Act 1925 powers.  From its inception, the Trust was administered by two professional Trustees appointed by the settler. 

The Trust now has four Trustees and the Trustees’ view is that the current number provides assured continuity, reduces conflict of interest issues and reduces the risks inherent in the administration of a charity. 

There have been no changes to the basic terms of the Trust Deed or to the Trustees' objectives during the year. 

The Trustees continue to meet at least four times in each year to discuss policy and administrative matters and to consider general applications.  Additional meetings or discussions are held where major projects are the subject of an application or where there is some degree of urgency including communication by email. 

The day-to-day administration of the Trust is dealt with by Howes Percival LLP. 

## **c. Policies adopted for the induction and training of Trustees** 

The Trust has not adopted a policy relating to the induction and training of trustees.  Morris Peacock is a partner at Howes Percival LLP and the trustees are advised by Howes Percival LLP on an ongoing basis in relation to their responsibilities under trust and charity law and of any relevant legal and practical developments in this area.  Sandy Munro is a retired solicitor who is involved in other charitable organisations and has considerable experience in charity administration and management. Patrick Harris is an accountant with many years professional experience dealing with charities and the public sector and was a registered auditor of charities.   The Trustees keep the question of training under review.  If new and less experienced trustees are appointed, appropriate training and mentoring will be arranged. 

## **d. Conflict of interest policy statement** 

The Trustees are fully aware of the need for transparency and the need to avoid conflicts of interest and have considered the Charity Commission guidance on these issues. It is considered appropriate to provide specific comment on two areas of potential conflict of interest as follows. 

Morris Peacock is a partner in Howes Percival LLP and the firm is therefore a related party of the Trustees.  In all matters relating to the engagement of Howes Percival LLP to provide services to the Trust and relating to the payment of their costs, Morris Peacock absents himself from the decision making process, which is undertaken solely by the other Trustees.  Howes Percival provides very detailed narrative in support of their invoices which are considered by the other three Trustees.  All invoices are approved by the other three Trustees before they are authorised for payment.  Morris Peacock takes no part in Trustees’ discussions concerning the continued engagement of Howes Percival LLP as the Trust administrators and legal advisers and does not charge the Trust for the time he spends dealing with the Trust’s affairs. The fees charged therefore solely relate to the administration of the Trust. 

Page 6 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022** 

## **Structure, governance and management (continued)** 

In the event that any of the Trustees has any connection whatsoever with an individual or organisation making an application to the Trust for funding support, it is the Trustees’ policy that a declaration of the connection or relationship is made and, if the connection is considered to create a potential conflict of interest, the conflicted Trustee takes no further part in discussions or decisions in relation to the relevant application. 

Note 15 to the financial statement gives full detail of related party transactions in the year ended 5 April 2022. 

## **e. Risk policy statement** 

The Trust is not involved in seeking donations or other fund-raising and does not receive or pay out cash at any time.  The Trust does not provide services and has not entered into joint ventures with other charities other than the bursary funds and the Community First Endowment Fund referred to elsewhere in this Report.   The day-today administration of the Trust is dealt with by Howes Percival LLP a firm of solicitors, and is therefore subject to scrutiny by the Solicitors Regulation Authority. 

The correspondent Trustee, Morris Peacock, is supported by an experienced trust team at Howes Percival LLP, including members of The Society of Trust & Estate Practitioners.  Morris is subject to the regulation by the Solicitors’ Regulation Authority as a partner in Howes Percival LLP.  Howes Percival LLP holds ISO 9001 Quality Management UKAS accredited certification. 

Potential areas of risk have been identified and the Trustees' policy in regard to each is stated as follows: 

1. Client accounts are internally controlled and are regulated in accordance with the Solicitors' Regulation Authority Accounts Rules.  Under those Rules, Howes Percival LLP is obliged to restrict the use of the Trust’s client account for holding funds for the Trust and has a policy of clearing such money unless there are specific reasons why it should be held. 

2. All bank accounts are subject to the signatures of at least two Trustees.  The accounts with Barclays include all of the present Trustees as account holders and all transactions must bear the signature of at least two Trustees.  Under the Solicitors’ Regulation Authority Accounts Rules, copies of bank statements for all accounts of Trusts of which a partner in a firm of solicitors is a Trustee must be held on the file and must be open to inspection. 

3. The Trust holds two listed investment portfolios, one with Barratt & Cooke Limited and the other with Barclays Wealth. These are held in the nominee names of Barratt & Cooke Limited and Barclays Wealth respectively and are managed on a discretionary basis.  The Trustees monitor the investment portfolio half yearly, review investment performance regularly and meet periodically with the stockbrokers for reports and discussions. The Barratt & Cooke investment policy is Low Medium Risk and the Trustees have agreed with Barratt & Cooke that the PIMFA Balanced Index provides the appropriate benchmark. Barratt & Cooke are aware that the terms of the Trust allow a total return approach. The Barclays Wealth investment policy is Moderate Risk and Barclays Wealth use a “blended benchmark” for comparative purposes, using weighted proportions of various investment funds to achieve a comparative return deemed to be appropriate given the Trustees’ investment objectives. 

4. The Trustees do not invest in unquoted equities or Loan Notes.  During the economic downturn, the Trustees sought diversification from the exposure of their assets totally to the stock markets and engaged Barclays Wealth to recommend structured products with a view to a defensive strategy for part of the Trust Fund.  The structured products provided some protection against market risk and were the subject of specific investment advice.  No structured products are currently held but the Trustees may take advice on further such products as part of their investment policy. 

Page 7 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022** 

## **Structure, governance and management (continued)** 

5. All distributions are made on the decision of the Trustees and are only made to other charities or through or under the auspices of bodies which are legally charitable.  Graham Tuttle has represented the Trust at meetings of the Norwich & District Funders’ Forum which has provided insight into and intelligence relating to various major projects which have been the subject of applications to the Trustees for funding. 

6. Some Trustees are involved with other charities in Norfolk.  In regard to applications by those charities where there is any potential conflict of interest (however small), the relevant Trustee takes no part in decisions relating to possible donations. This conforms with the Trustees’ Conflicts of Interest Policy. 

## **Plans for future periods** 

The Trust provides very substantial benefit to charitable bodies and through them public benefit to the wider community in the Trustees’ geographical area.  This can only be maintained if the Trust has solid capital foundations from which to earn income and future growth.  The Trustees’ policy will be to maintain the strength of the Trust as a grant making charity through sound investment management.  The Trust does not raise funds from outside sources so growth can only be achieved by these means.  In accordance with the governing document of the Trust, the Trustees can use capital as well as income for its purposes so capital growth is a reasonable investment aim for the Trustees. 

The policy in regard to grant applications will continue as already stated.  The Trustees will particularly encourage projects where funding from sources outside the Norfolk economy will be attracted as a result of local support.  Examples of this are charities seeking matched funding to qualify for grants from bodies such as the Heritage Lottery Fund and other Government matched funding opportunities. 

Through continued participation in the Norwich & District Grant Funders’ Forum, the Trustees will be able to identify projects which have not applied to the Trust for support where the Trustees feel that they could provide financial assistance and will be able to identify projects which have applied but have limited prospects of being achieved.  The Forum also enables the Trustees to identify projects which are not sufficiently well planned and which are unlikely to gain sufficient support to succeed. 

The Trustees will continue to work with the Norfolk Community Foundation on projects and funding where the Trustees believe that it is appropriate to do so and where the public benefit which will result from the use of the Trust’s funds in this way is sufficiently identifiable. 

Page 8 



## **THE PAUL BASSHAM 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  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. 

## **Disclosure of information to auditors** 

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: 

- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. 

## **Auditors** 

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

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


................................................ **Morris Peacock** Trustee Date: 7 December 2022 

Page 9 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST** 

## **Opinion** 

We have audited the financial statements of The Paul Bassham Charitable Trust (the 'charity') for the year ended 5 April 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

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

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

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 5 April 2022 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

Page 10 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

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

- sufficient accounting records have not been kept; or 

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

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

## **Responsibilities of trustees** 

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

Page 11 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST (CONTINUED)** 

## **Auditors' responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Based on our understanding of the trust and sector in which it operates, we identified the principle risks of noncompliance with laws and regulations related to charitable trusts and the application of charitable funds. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We evaluated managements incentives and opportunities for fraudulent manipulation of the financial statements and determined the principal risks were related to management bias in accounting estimates. 

In a response to these risks, audit procedures performed by the engagement team included: 

- Discussions with management of known or suspected instances of non-compliance with laws and regulations and fraud. 

- Reviewing minutes of trustee meetings. 

There are inherent limitations in the audit procedures described above and the further removed non compliance of laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. 

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 Auditors' report. 

Page 12 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PAUL BASSHAM CHARITABLE TRUST (CONTINUED)** 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 

**Larking Gowen LLP** 

Chartered Accountants Statutory Auditors 

King Street House 

15 Upper King Street 

Norwich NR3 1RB 

- 7 December 2022 

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

Page 13 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022** 

|**Note**<br>**Income and endowments from:**<br>Investments<br>3<br>**Total income and endowments**<br>**Expenditure on:**<br>Investment manager fees<br>Charitable activities<br>**Total expenditure**<br>**Net expenditure**<br>Transfers between funds<br>**Net movement in funds before other**<br>**recognised gains**<br>**Other recognised gains:**<br>Gains on revaluation of fixed assets<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>396,620<br>396,620<br>-<br>403,673<br>403,673<br>(7,053)<br>11,502<br>4,449<br>-<br>4,449<br>5,551<br>4,449<br>10,000|**Endowment**<br>**funds**<br>**2022**<br>**£**<br>-<br>-<br>19,834<br>-<br>19,834<br>(19,834)<br>(11,502)<br>(31,336)<br>1,165,107<br>1,133,771<br>14,323,225<br>1,133,771<br>15,456,996|**Total**<br>**funds**<br>**2022**<br>**£**<br>396,620<br>396,620<br>19,834<br>403,673<br>423,507<br>(26,887)<br>-<br>(26,887)<br>1,165,107<br>1,138,220<br>14,328,776<br>1,138,220<br>15,466,996|_Total_<br>_funds_<br>_2021_<br>_£_<br>_346,318_<br>_346,318_<br>_12,800_<br>_350,767_<br>_363,567_<br>_(17,249)_<br>_-_<br>_(17,249)_<br>_2,193,644_<br>_2,176,395_<br>_12,152,381_<br>_2,176,395_<br>_14,328,776_|
|---|---|---|---|---|



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

The notes on pages 16 to 25 form part of these financial statements. 

Page 14 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **BALANCE SHEET AS AT 5 APRIL 2022** 

|**Note**<br>**Fixed assets**<br>Investments<br>8<br>**Current assets**<br>Debtors<br>9<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>10<br>**Net current assets**<br>**Total net assets**<br>**Charity funds**<br>Endowment funds<br>Unrestricted funds<br>**Total funds**|70,249<br>98,677<br>168,926<br>(20,365)|**2022**<br>**£**<br>15,318,435<br>148,561<br>15,466,996<br>15,456,996<br>10,000<br>15,466,996|_63,901_<br>_25,136_<br>_89,037_<br>_(13,861)_|_2021_<br>_£_<br>_14,253,600_<br>_75,176_|
|---|---|---|---|---|
||||||
|||||_14,328,776_|
|||||_14,323,225_<br>_5,551_|
||||||
|||||_14,328,776_|



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

## **Morris Peacock** 

## **Alexander Munro** 

## **Graham Tuttle** 

**Patrick Harris** 

Date: 7 December 2022 

The notes on pages 16 to 25 form part of these financial statements. 

Page 15 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **1. General information** 

The Paul Bassham Charitable Trust is an unincorporated charity registered in England and Wales governed by a Trust Deed dated 12 December 1973, charity number 266842. The registered office is Howes Percival LLP, Flint Buildings, 1 Bedding Lane, Norwich, NR3 1RG. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The Paul Bassham 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. 

The financial statements are presented in Sterling, which is the functional currency of the Charity, and rounded to the nearest £. 

The following principal accounting policies have been applied: 

## **2.2 Going concern** 

The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. With respect to the foreseeable future, the most significant uncertainty that affects the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustees' Annual Report for more information). The Trustees consider that the level of assets held by the Charity mean that it can absorb any reasonable fluctuations in performance without issue. 

## **2.3 Income** 

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. 

Interest on 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. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio. 

Page 16 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **2. Accounting policies (continued)** 

## **2.4 Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probably 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 cost are allocated or apportioned to the applicable expenditure headings. 

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. Grants are recognised as expenditure in the year in which they are approved by Trustees. Grants which are unpaid at the year-end are carried forward as creditors 

## **2.5 Interest receivable** 

Interest on 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 institution with whom the funds are deposited. 

## **2.6 Investments** 

Quoted investments are stated at fair value (being their bid price). 

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

The Trust does not acquire put options, derivatives or other complex financial statements. 

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities within a particular sector or sub-sector. 

## **2.7 Debtors** 

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

## **2.8 Cash at bank and in hand** 

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

Page 17 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **2. Accounting policies (continued)** 

## **2.9 Liabilities and provisions** 

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

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

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

## **2.10 Financial instruments** 

The 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. 

## **2.11 Fund accounting** 

The endowment of the charity is an expendable endowment, which is regularly reviewed and maintained by the Trustees. The Trust Deed allows this fund to be spent as income or retained as capital at the Trustees' discretion. The income arising from the expendable endowment is unrestricted. 

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. 

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

## **3. Investment income** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Income from listed investments<br>396,614<br>Interest on cash deposits<br>6<br>396,620|**Total**<br>**funds**<br>**2022**<br>**£**<br>396,614<br>6|
|---|---|
||396,620|



Page 18 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **3. Investment income (continued)** 

|Income from listed investments<br>Interest on cash deposits<br>**Analysis of grants**<br>Grants payable<br>Grants payable|_Unrestricted_<br>_funds_<br>_2021_<br>_£_<br>_346,205_<br>_113_<br>_346,318_<br>**Grants to**<br>**Institutions**<br>**2022**<br>**£**<br>355,201<br>_Grants to_<br>_Institutions_<br>_2021_<br>_£_<br>_313,943_|_Total_<br>_funds_<br>_2021_<br>_£_<br>_346,205_<br>_113_|
|---|---|---|
|||_346,318_|
|||**Total**<br>**funds**<br>**2022**<br>**£**<br>355,201|
|||_Total_<br>_funds_<br>_2021_<br>_£_<br>_313,943_|



## **4. Analysis of grants** 

Page 19 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

The Charity has made the following material grants to institutions during the year: 

|**Name of institution**<br>Eating Matters<br>Eaton Vale Scout & Guide Activity Centre Ltd<br>Fresh Start New Beginnings<br>Friends of Hewett<br>Harleston Information Plus<br>Leeway Domestic Violence and Abuse Services<br>MAP Youth Work<br>Matthew Project<br>Norfolk and Norwich Festival<br>Norfolk Heart Trust - Norfolk Community Foundation<br>Norfolk Wildlife Trust<br>Norwich Historic Churches Trust<br>Norwich Preservation Trust<br>Save Our Spaniels<br>SENsational Families<br>Shelter, National Campaign for Homeless People Ltd<br>Soul Foundation<br>The Big C Appeal Ltd<br>The Norfolk Hospice - Tapping House<br>Woodland Trust<br>Other grants to institutions (under £5,000)|**2022**<br>**£**<br>5,000<br>5,000<br>-<br>-<br>-<br>5,000<br>-<br>5,000<br>10,000<br>5,000<br>20,000<br>5,000<br>12,000<br>5,000<br>5,000<br>5,000<br>-<br>5,000<br>5,000<br>5,000<br>102,000<br>253,201<br>355,201|_2021_<br>_£_<br>_-_<br>_-_<br>_5,000_<br>_5,000_<br>_5,000_<br>_5,000_<br>_5,000_<br>_5,000_<br>_10,000_<br>_-_<br>_5,000_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_10,000_<br>_-_<br>_-_<br>_-_|
|---|---|---|
|||_55,000_<br>_258,943_|
|||_313,943_|



## **5. Analysis of expenditure by activities** 

||**Grant**|||
|---|---|---|---|
||**funding of**|**Support**|**Total**|
||**activities**|**costs**|**funds**|
||**2022**|**2022**|**2022**|
||**£**|**£**|**£**|
|Grants payable|355,201|48,472|403,673|



Page 20 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **5. Analysis of expenditure by activities (continued)** 

||_Grant_|||
|---|---|---|---|
||_funding of_|_Support_|_Total_|
||_activities_|_costs_|_funds_|
||_2021_|_2021_|_2021_|
||_£_|_£_|_£_|
|Grants payable|_313,943_|_36,824_|_350,767_|



## **Analysis of support costs** 

|Management fees<br>Audit & accountancy<br>Management fees<br>Audit & accountancy|**Grants**<br>**payable**<br>**2022**<br>**£**<br>38,848<br>9,624<br>48,472<br>_Grants_<br>_payable_<br>_2021_<br>_£_<br>_29,324_<br>_7,500_<br>_36,824_|**Total**<br>**funds**<br>**2022**<br>**£**<br>38,848<br>9,624|
|---|---|---|
|||48,472|
|||_Total_<br>_funds_<br>_2021_<br>_£_<br>_29,324_<br>_7,500_|
|||_36,824_|



Page 21 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **6. Auditors' remuneration** 

||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|9,624|_7,500_|



## **7. Trustees' remuneration and expenses** 

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

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

## **8. Fixed asset investments** 

|**Cost or valuation**<br>At 6 April 2021<br>Additions<br>Disposals<br>Revaluations<br>Cash held at brokers<br>At 5 April 2022<br>**Net book value**<br>At 5 April 2022<br>_At 5 April 2021_|**Listed**<br>**investments**<br>**£**<br>14,019,557<br>4,571,161<br>(4,639,876)<br>1,165,107<br>202,486|
|---|---|
||15,318,435|
||15,318,435|
||_14,019,557_|



Page 22 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **8. Fixed asset investments (continued)** 

The historic cost of the listed investments (excluding cash held at brokers) was £12,232,043 (2021: £10,693,532). 

Investments 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). 

One holding was above 5% of the whole portfolio, being the Barclays Charity Fund - R, with a closing market value of £7,380,053 (2021: £4,445,069). 

The portfolio was invested as follows: 

|Gilts<br>Bonds<br>Unit trusts<br>Equities<br>Cash|**2022**<br>**%**<br>2<br>1<br>60<br>35<br>2<br>100|_2021_<br>_%_<br>_7_<br>_2_<br>_37_<br>_52_<br>_2_|
|---|---|---|
|||_100_|



## **9. Debtors** 

|**Due within one year**<br>Prepayments and accrued income|**2022**<br>**£**<br>70,249<br>70,249|_2021_<br>_£_<br>_63,901_|
|---|---|---|
||||
|||_63,901_|



## **10. Creditors: Amounts falling due within one year** 

|Other creditors<br>Accruals and deferred income|**2022**<br>**£**<br>-<br>20,365<br>20,365|_2021_<br>_£_<br>_3,000_<br>_10,861_|
|---|---|---|
||||
|||_13,861_|



Page 23 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **11. Financial instruments** 

||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|15,318,435|_14,253,600_|



Financial assets measured at fair value through income and expenditure comprise listed investments. 

## **12. Summary of funds** 

## **Summary of funds - current year** 

|**Balance at 6**<br>**April 2021**<br>**£**<br>General funds<br>5,551<br>Endowment<br>funds<br>14,323,225<br>14,328,776|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>396,620<br>(403,673)<br>-<br>(19,834)<br>396,620<br>(423,507)|**Transfers**<br>**in/out**<br>**£**<br>11,502<br>(11,502)<br>-|**Gains/**<br>**(Losses)**<br>**£**<br>**Balance at 5**<br>**April 2022**<br>**£**<br>-<br>10,000<br>1,165,107<br>15,456,996<br>1,165,107<br>15,466,996|**Gains/**<br>**(Losses)**<br>**£**<br>**Balance at 5**<br>**April 2022**<br>**£**<br>-<br>10,000<br>1,165,107<br>15,456,996<br>1,165,107<br>15,466,996|
|---|---|---|---|---|
|||||15,466,996|



The unrestricted income fund comprises those funds which the Trustees are free to use in accordance with the charitable objects. 

The expendable endowment fund consists of funds provided by way of donation to the capital of the trust, principally comprising investments. The fund may be used in accordance with the charitable objects. Income arising on the expendable endowment fund can be used in accordance with the objects of the charity and is included in unrestricted income. Any capital gains or losses arising on the investments form part of the fund. 

## **Summary of funds - prior year** 

|General funds<br>Endowment funds|_Balance at_<br>_1 April 2020_<br>_£_<br>_10,000_<br>_12,142,381_<br>_12,152,381_|_Income_<br>_£_<br>_346,318_<br>_-_<br>_346,318_|_Expenditure_<br>_£_<br>_(350,767)_<br>_(12,800)_<br>_(363,567)_|_Gains/_<br>_(Losses)_<br>_£_<br>_-_<br>_2,193,644_<br>_2,193,644_|_Balance at_<br>_5 April 2021_<br>_£_<br>_5,551_<br>_14,323,225_|
|---|---|---|---|---|---|
||||||_14,328,776_|



Page 24 



## **THE PAUL BASSHAM CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022** 

## **13. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Fixed asset investments<br>-<br>Current assets<br>30,365<br>Creditors due within one year<br>(20,365)<br>**Total**<br>10,000|**Endowment**<br>**funds**<br>**2022**<br>**£**<br>15,318,435<br>138,561<br>-<br>15,456,996|**Total**<br>**funds**<br>**2022**<br>**£**<br>15,318,435<br>168,926<br>(20,365)<br>15,466,996|
|---|---|---|



## **Analysis of net assets between funds - prior year** 

|Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|_Unrestricted_<br>_funds_<br>_2021_<br>_£_<br>_-_<br>_19,412_<br>_(13,861)_<br>_5,551_|_Endowment_<br>_funds_<br>_2021_<br>_£_<br>_14,253,600_<br>_69,625_<br>_-_<br>_14,323,225_|_Total_<br>_funds_<br>_2021_<br>_£_<br>_14,253,600_<br>_89,037_<br>_(13,861)_<br>_14,328,776_|
|---|---|---|---|



## **14. Related party transactions** 

Morris Peacock is a partner at Howes Percival LLP. The firm was paid £38,848 in respect of management charges for the Trust (2021 £29,324). As at 5 April 2022 £nil (2021: £nil) was due to Howes Percival LLP. 

Alexander Munro is a trustee of The Norwich Historic Churches Trust Limited. During the year, £5,000 (2021: £2,000) of grants were paid across to The Norwich Historic Churches Trust Limited in line with the conflict of interest policy described in the Trustees report he did not participate in the decision to award the grant. At 5 April 2022 £nil (2021: £nil) was due to The Norwich Historic Churches Trust Limited. 

Page 25