The De La Rue Charitable Trust (Registered Charity Number 274052)
Trustees' Report and Accounts
5 April 2023
CONFIDENTIAL
Trustees� report and accounts 05 April 2023
The De La Rue Charitable Trust
Trustees' Report
The Trustees have pleasure in presenting their report and accounts for the year ended 5 April 2023.
The Trustees
The names of the Trustees who served during the year were as follows:
J Hyde (Chair resigned 25 July 2022) S Gilbert (resigned 24 January 2023) S Woodall (Chair from 25 July 2022, resigned 1 August 2023) A Harvey C Berry (appointed 1 October 2022) P Ridge (appointed 1 October 2022, resigned 30 June 2023) M Atkinson (appointed 1 October 2022) C Dixey (appointed 1 August 2023) J Messent (Chair appointed 1 August 2023) P Cane (appointed 1 August 2023)
New Trustees are proposed and nominated by the existing Trustees.
Registered office
De La Rue House Jays Close Viables, Basingstoke RG22 4BS
Bankers
Barclays Bank UK PLC Leicester Leicestershire LE87 2BB
Investment Managers
Rathbones Investment Management Fiennes House 32 Southgate Street Winchester SO23 9EH
Independent Examiner
Frances Millar, RSM UK Tax and Accounting Limited
RSM UK Tax and Accounting Limited Highfield Court, Tollgate, Chandlers Ford, Hampshire, SO53 3TY
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Trustees� report and accounts 05 April 2023
The De La Rue Charitable Trust
Trustees' Report (Continued)
Objectives of the Charity
The De La Rue Charitable Trust (Charity Number: 274052) was established by Trust Deed dated 23 June 1977 by The De La Rue Company Limited (now known as De La Rue Holdings Limited) for the purpose of making charitable grants. The Trust is registered in England and Wales.
The Trust aims to direct funds, via UK registered charities, to causes across the world with the emphasis on educational projects at home and abroad which promote relevant skills, international understanding and bring relief from suffering.
Review of activities
During the year income was generated from dividends received from investment fund holdings. The investment policy of the Trust, Rathbone Investment Management manage the Trust�s investments, is to concentrate on income rather than capital growth. The Trust does not receive any donations. Income may be generated from occasional sales of capital should the Trustees decide they require cash to fund grants. All investment powers are vested in the Trustees.
Results
The activities for the year show a deficit of £10,274 (2022: surplus £55,470). The Trustees consider the level of income from reserve is sufficient in order to fund the donations from the Trust.
Giving Policy
The Trustees estimate that in total it will have £60,000 to spend on discretionary donations in the following year, which they will donate based on the Giving Policy. Investment income received in the year ended 5 April 2023 was £64,148 (2022: £55,470) and £74,357 (2022: £nil) was donated to various charities.
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The De La Rue Charitable Trust Trustees� report and accounts 05 April 2023
Statement of Responsibilities of the Trustees of the De La Rue Charitable Trust in Respect of the Trustees� Annual Report and Accounts
The Trust Deed and section 133 of the United Kingdom Charities Act 2011 require the Trustees to prepare financial statements for each financial year. In preparing these financial statements, the Trustees are encouraged to follow the recommendations outlined in the Statement of Recommended Practice Accounting and Reporting by Charities (issued by the Charity Commission in July 2014).
The Trustees consider that in preparing these accounts, they have used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates.
The Trustees are responsible for keeping proper accounting records to enable them to ensure that the financial statements comply with the Charities Act 2011. 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.
By Order of the Trustees
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Independent Examiner�s report 05 April 2023
The De La Rue Charitable Trust
Independent Examiner�s Report to the Trustee of De La Rue Charitable Trust
I report to the Trustees on my examination of the financial statements of The De La Rue Charitable Trust for the year ended 5 April 2023, which are set out on pages 5 to 6.
Responsibilities and basis of report
As the Trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (�the 2011 Act�).
I report in respect of my examination of the charity�s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a �true and fair view� and my report is limited to those specific matters set out in the independent examiner�s statement.
Independent Examiner�s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable 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 2. The financial statements do not accord with those records; or
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The financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Frances Millar ACA The Institute of Chartered Accountants in England and Wales Chartered Accountant
On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TY Date:�����������
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Receipts and Payments account 05 April 2023
The De La Rue Charitable Trust
Receipts and Payments Account for the Year Ended 5 April 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Receipts | ||
| Income received from investment assets | 64,148 | 55,470 |
| Total receipts for the year | 64,148 | 55,470 |
| Payments | ||
| Charitable payments: | ||
| Grants paid | 74,357 | - |
| Bank charges | 66 | - |
| Total payments for the year | 74,423 | - |
| Net (payments)/receipts for the year | (10,274) | 55,470 |
| Cash brought forward | 160,000 | 104,530 |
| Cash carried forward | 149,726 | 160,000 |
Note: all receipts and payments relate to unrestricted funds.
During the year, the creditor balance with De La Rue Holdings of £56,191 was repaid.
The Trust Deed provides for the original capital donated to be retained as capital or expended as income. The Trust Deed also provided for that income generated in the first 21 years of the charity to be added to the capital fund on the same terms. As such, much of our assets are strictly expendable endowment.
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The De La Rue Charitable Trust
Statement of Assets and Liabilities 05 April 2023
Statement of Assets and Liabilities as at 5 April 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash Funds | ||
| Barclays/(HSBC) Bank Account | 149,726 | 216,191 |
| Liabilities | ||
| Creditor balance with De La Rue Holdings Ltd | - | (56,191) |
| Total assets | 149,726 | 160,000 |
The bank account in the current year is held with Barclays Bank, in 2022 the bank account was with HSBC and this account has now been closed.
| 2023 | 2023 | 2022 | 2022 | |
|---|---|---|---|---|
| Market | Market | |||
| Cost | value | Cost | value | |
| £ | £ | £ | £ | |
| Investment assets | ||||
| Listed investments | 1,481,407 | 1,667,772 | 1,491,785 | 1,795,315 |
| Cash held with broker for reinvestment | 8,288 | 8,288 | 1,043 | 1,043 |
| 1,489,695 | 1,676,060 | 1,492,828 | 1,796,358 |
The Trustees expect to agree donations of c.£60,000 in the coming financial year.
Approved by the board of Trustees on
Trustee
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The De La Rue Charitable Trust
Notes to Financial statements 05 April 2023
Notes to the accounts
1 Accounting policies
(a) Basis of accounting
The accounts are prepared on a receipts and payments basis and in accordance with the Charities Act 2011 and applicable accounting standards. The recommendations of the Statement of Recommended Practice (Charities SORP (FRS102)), Accounting and Reporting by Charities (effective January 2015) are considered, although the Trust is not required to follow the SORP.
(b) Voluntary help
No value has been attributed in these accounts to the work done by unpaid volunteers.
(c) Investment income
Interest on investments is accounted for when it is received. Dividends are accounted for when they are received.
(d) Grants
Grants are accounted for by the date in which the payments are made by the Trustees.
(e) Investments
Investments are held at cost on the Statement of Assets and Liabilities.
(f) Remunerations and Expenses
None of the Trustees received any remuneration or reimbursed expenses in respect of their duties as Trustees.
2 Expenses
All expenses of management of the Trust in the current and prior period (other than those relating to the management of the investments of the Trust) are borne by De La Rue Holdings Limited.
3 Related Party Transactions
The De La Rue Charitable Trust has a related party relationship with De La Rue plc as the existing trustees are employees of the De La Rue group. During the current and previous year, the Company did not enter into any related party transactions. Due to an issue with a lack of signatories on the existing Charitable Trust bank account, the donations were paid by De La Rue Holdings Ltd in FY21. The transaction from FY21 has been repaid to De La Rue Holdings Ltd in FY23 as the new bank account has been activated at the beginning of the year.
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