DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Audited financial statements for the year ended 31 March 2023
Registered charity number 274862
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Contents
| Page | |
|---|---|
| Trust summary | 1 |
| Trustees' certificate and Trustees' report | 2 - 6 |
| Independent auditor's report | 7 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Notes to the financial statements | 13 - 23 |
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Trust summary For the year ended 31 March 2023
| Date of settlement | 24 May 1977 |
|---|---|
| Settlors | Cyril Frank Cosin |
| Pamela Mary Cosin | |
| Trustees | James William Stebbings |
| Nicolas Robert Clifford | |
| Andrew John Francis Stebbings (Deceased 9 June 2023) | |
| Jennifer Anne Clifford | |
| Nicholas Frank Cosin | |
| Main terms | This is a charitable settlement for the benefit for or to such |
| charitable object, purpose, institutions or societies as the Trustees | |
| may in their discretion think fit within the following defined | |
| beneficial areas: | |
| (a) medical research and education | |
| (b) the welfare of the poor, aged and the sick | |
| Registered address | Goldsborough House |
| Sutton Montis | |
| Yeovil | |
| Somerset | |
| BA22 7HE | |
| Accountants and auditors | Saffery LLP |
| St Catherine's Court | |
| Berkeley Place | |
| Clifton | |
| Bristol | |
| BS8 1BQ | |
| Investment managers | Cazenove Capital Management |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU | |
| Registered charity number | 274862 |
The above summary is intended as an aide-memoire and reference should be made to the Trust Deed before making decisions.
1
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Trustees' report For the year ended 31 March 2023
The Trustees present their annual report and financial statements covering the Trust's activities for the year ended 31 March 2023.
Objectives and activities of the Trust
The general objects of the charity as specified in the Governing Document are to apply the incoming resources to charitable purposes and particularly for medical research and education and the welfare of the poor, aged and sick.
The current main areas of interest are:
UK Medical research and care Offender support Mental health / counselling Vulnerable families, women and children
Overseas - Sub-Saharan Africa only
Sanitation, irrigation, hygiene and access to clean water Women's empowerment, including education, reproductive choice & microfinance Basic skills and tools
The Trustees conducted a Review of grant making in 2021, referred to in the Annual Report within the 2021 financial statements.
They decided to reduce the number of areas which the Charity would focus on both geographically, for overseas, and by type of activity. In the UK the Trustees reduced the areas of interest from 8 to 4, as above, and for Overseas, from worldwide to Sub- Saharan Africa. For Overseas, grants are now to be concentrated on only the 3 areas listed above. The purpose of these more restrictive criteria, is to reduce the number of applications received through our open online application procedure, so that each can be given closer attention, and to give more focus to the Charity’s activities. There is inevitably a time lag before the full effects of these changes take effect, and grants in areas other than those designated may still be decided if there are specific reasons.
The Trustees also decided to meet 4 times a year, to decide on applications, with extra meetings, as required, for specific matters (e.g. review of portfolio and administrative matters).
Funds are given for specific projects run by or supported through charities registered with the Charity Commission and recipients of grants are required to submit a report on the use of the funds within an appropriate period after the grant is made. The Charity also assists with general or core costs where the work of the organisation and its effectiveness is known to the Trustees.
2
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Trustees' report (continued) For the year ended 31 March 2023
The Trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. As a grant-giving trust, the benefit to the public is conferred by the activities that are supported in awarding grants to other registered charities delivering services.
Structure, management and governance arrangements
The Charity is an unincorporated trust, constituted under a trust deed dated 24 May 1977 and is a registered charity, number 274862. The trust was established by an initial gift by the founders, Dr Cyril Frank Cosin, MD, MRCP, DMR and Pamela Mary Cosin. The Charity does not actively fundraise and seeks to continue the philanthropic work through careful management of its resources.
The names of the Trustees who have acted during the year are set out on page 1.
The trust deed provides for the appointment of new Trustees by the current Trustees. In selecting a new Trustee, Trustees will have regard to the history of the Charity and to the relevant skills and experience required to complement those of the continuing Trustees. On appointment, new Trustees are given an introduction to the work of the Charity, its strategy and operational policies and are provided with the information they need to fulfil their roles, including information about the role of a charity trustee and charity law. With the two appointments made on 10th November 2021, the next generation of the family have become involved with the administration and direction of the Charity.
The Trustees meet as regularly as required to consider grant applications and monitor grants awarded, to oversee financial matters and investment performance. At least once a year the Trustees review the broad strategy and areas of activity for the Charity, its reserves and risk management policy. The frequency of Trustee meetings is also part of the 2021 Review. The day-to-day administration of grants and processing and handling of applications prior to consideration by the Trustees is the responsibility of Marie Louise O’Connor who acts as administrator on a part time basis.
Achievements and performance of the trust
The website is the principal source of information about the Charity. The Trustees invite applications through the website which sets out the priorities they intend to favour in assessing applications. Those priorities are regularly reviewed as noted above and changes made to the information which is posted on the website.
During the year charitable donations were made to 71 different charities totalling £540,967.
A full list is to be found in note 5 on pages 15 to 19 and shows that the Trustees have fulfilled the objectives of the Trust during the financial year by making grants to charitable institutions for the benefit to the public.
3
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
Trustees' report (continued) For the year ended 31 March 2023
The Peter Stebbings Memorial Charity
Financial review, investment policy and reserves
These financial statements for the year ended 31 March 2023 have been prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Accepted Accounting Practice) and comply with the Statement of Recommended Practice (SORP) Accounting and Reporting by charities FRS102 effective from January 2019. The financial statements are prepared under the historic cost convention.
Under the terms of the trust deed, the Trustees have wide powers of investment. The Trustees have delegated the management of the investment portfolios to the Investment Advisers appointed. The investments are held by the Investment Adviser’s nominees. As part of the Review of 2021, a revised investment policy has been introduced to recognise the importance of a clear policy on Environmental, Social and Governance criteria. Further, the Trustees have adopted a more stringent ethical stance on investments in armaments, tobacco and other areas.
The income for the year was £73,236 compared to the previous year income of £39,828, which was a result of the level of dividend income received on the investments held by the Charity.
Management, administration and other expenses for the year amounted to £86,261. The value of the investments of the Trust decreased by £752,995, which included gains of £3,571 on the disposal of investments and unrealised losses of £173,573.
Details of movements in the funds are set out in notes 6 and 7 on page 19 of the financial statements. After Charitable expenditure of £579,530 and expenditure on raising funds of £47,698 there was a net decrease in funds of £723,994 in the year.
The assets reflected in the balance sheet are available and adequate for the Trustees to fulfil the obligations of the Charity.
Grants expenditure
The Trustees have determined that the Charity should adopt a total return approach and have set a target for annual expenditure of not less than 5% of the Charity’s capital endowment on grants. Based on this policy grants approved in the year were £540,967 or 6.67% (2022: £626,587 or 7.61%) and are set out in note 5 to the financial statements. Where a grant is awarded for more than one year, an accrual will be included in the financial statements going forward.
Reserves policy
The Founders endowed the Charity with property and an investment portfolio to be held as expendable endowment. In accordance with their intentions, the endowment, will be retained as a long-term Endowment Fund to provide a return which will be expended in achieving the objects of the Charity under the total return basis referred to above.
4
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Trustees' report (continued) For the year ended 31 March 2023
No specific reserves are held. Although future conditional grant commitments have been made, the Trustees consider that the general resources and expected returns on the assets will be more than adequate to meet any such future commitments.
Risk management
The Trustees have identified the key risks which affect the Charity and considered steps to mitigate those risks and effective internal controls have been implemented.
The key risk is that grants will not be used for the purpose for which they were given, and this is managed by requiring a timely report from each recipient which must be a Registered Charity.
The main uncertainty is the long-term investment performance of the endowment and the impact of a sustained underperformance. This is managed by a regular review of the investment policies and a suitably diverse asset allocation to adapt to anticipated market performance. The rate of spend is reviewed in the light of the expected longer-term return on assets and the level of commitments.
Future plans
Given current fluctuations in the investment markets the Trustees will review the level of allocation to charitable activities for the coming year bearing in mind realistic returns based on market predictions.
Going concern
There are no material uncertainties about the Charity's ability to continue as a going concern.
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. The law applicable to charities in England and 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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
5
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Trustees' report (continued) For the year ended 31 March 2023
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the 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
Important note
Though subsequent to the year reported on, the Charity has mourned the loss of its Chair of Trustees, Andrew Stebbings, who sadly died on 9 June 2023. Andrew was a seasoned Chair who was a remarkable source of expertise across various domains. He piloted the Charity through many years, and established the sound structure and procedures on which it works today. To fill his void, Nick Cosin has assumed the role of Chair, while the Chartiy has appointed a new trustee, Lloyd Gay, to bring experience and knowledge to the team.
Auditors
The charity's auditors, Saffery LLP, have expressed their willingness to continue in office, and a resolution to reappoint them will be proposed at a meeting of the Trustees.
29 January 2024
Approved on behalf of the Trustees on ………………. and signed on behalf of the Trustees by
Nicholas Frank Cosin Chair of Trustees
6
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Independent auditor's report to the Trustees For the year ended 31 March 2023
Opinion
We have audited the financial statements of the Peter Stebbings Memorial Charity for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of 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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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
7
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Independent auditor's report to the Trustees (continued) For the year ended 31 March 2023
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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
-
the charity has not kept sufficient accounting records; 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 the trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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
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.
Auditors’ responsibilities for the audit of the financial statements
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
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.
8
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Independent auditor's report to the Trustees (continued) For the year ended 31 March 2023
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with 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 due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
9
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Independent auditor's report to the Trustees (continued) For the year ended 31 March 2023
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 trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Date: 31 January 2024
Saffery LLP Chartered Accountants and Statutory Auditors St Catherine's Court Berkeley Place Clifton Bristol BS8 1BQ
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
10
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Statement of financial activity For the year ended 31 March 2023
| Note Income: Investment income 2 Total incoming resources Expenditure: Raising funds 3 Charitable activities 4 Total expenditure Net outgoing resources for the year Other recognised gains and losses: Gains/losses on investments 7 Gross transfers between funds Net movement in funds Balances brought forward at 1 April 2022 Balances carried forward at 31 March 2023 |
Unrestricted Funds £ 73,236 |
Endowment Funds £ - |
Total 2023 £ 73,236 |
Restated Total 2022 £ 39,828 |
|---|---|---|---|---|
| 73,236 - (579,530) |
- (47,698) - |
73,236 (47,698) (579,530) |
39,828 (52,520) (672,818) |
|
| (579,530) (506,294) - 506,294 |
(47,698) (47,698) (170,002) (506,294) |
(627,228) (553,992) (170,002) - |
(725,338) (685,510) 560,106 - |
|
| - - |
(723,994) 8,104,999 |
(723,994) 8,104,999 |
(125,404) 8,230,403 |
|
| - | 7,381,005 | 7,381,005 | 8,104,999 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 13 to 23 form part of these financial statements.
11
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Balance sheet As at 31 March 2023
| Note £ £ Fixed assets Investments 6 7,325,633 Current assets Debtors 8 122 Cash at bank 264,310 264,432 Creditors 9 (209,060) Net current assets 55,372 Total assets less current liabilities 7,381,005 Financed by: Endowment Funds - general 7,381,005 The balance sheet has been approved on behalf of the Trustees on and signed on behalf of the Trustees by …………………… Nicholas Frank Cosin Chair of Trustees 2023 29 January |
Note £ £ Fixed assets Investments 6 7,325,633 Current assets Debtors 8 122 Cash at bank 264,310 264,432 Creditors 9 (209,060) Net current assets 55,372 Total assets less current liabilities 7,381,005 Financed by: Endowment Funds - general 7,381,005 The balance sheet has been approved on behalf of the Trustees on and signed on behalf of the Trustees by …………………… Nicholas Frank Cosin Chair of Trustees 2023 29 January |
£ £ 8,078,628 - 233,079 233,079 (206,708) 26,371 8,104,999 8,104,999 …. 2022 Restated 2024 |
£ £ 8,078,628 - 233,079 233,079 (206,708) 26,371 8,104,999 8,104,999 …. 2022 Restated 2024 |
|---|---|---|---|
| 233,079 (206,708) |
|||
| …. 2024 |
|||
| 7,381,005 | 8,104,999 | ||
| 7,381,005 | 8,104,999 | ||
| …………………… 29 January |
12
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements For the year ended 31 March 2023
1 Accounting policies
1.1 Basis of preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) applicable from 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts have been rounded to the nearest £1.
The charity constitutes a public benefit entity as defined under FRS 102.
The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at fair value (their market value).
1.2 Investment income
Investment income is accounted for on its receipt and is shown net of any tax deduction.
1.3 Expenditure and irrecoverable VAT
Donations made are accounted for on payment. Other expenditure is recognised when incurred. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
1.4 Listed investments
Investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (their market value). The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
1.5 Taxation
The Trust is a registered Charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.
1.6 Grants payable
Any donations pledged but yet to be paid have been included in the financial statements as creditors and carried forward accordingly.
1.7 Financial instruments
The Charity has applied the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Other than where specifically stated all of the charity’s financial instruments are classed as basic financial instruments.
13
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements (continued) For the year ended 31 March 2023
1 Accounting policies (continued)
1.7 Financial instruments (continued)
Financial assets are recognised in the Charity’s statement of financial position when the Charity becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through the statement of financial activities are measured at fair value.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through the statement of financial activities are measured at fair value.
1.8 Fund accounting
Unrestricted funds are those which are available for use at the discretion of the Trustees in furtherance of the general objects of the charitable settlement and which have not been designated for specific objects.
1.9 Going concern basis of accounting
The financial statements have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
The Trustees acknowledge the economic uncertainty due to the cost of living crisis and factors such as the war in Ukraine and will continue to monitor its impact upon the charity.
| 2 Investment income Income from listed investments Interest receivable |
2023 £ 68,272 4,964 |
2022 £ 39,813 15 |
|---|---|---|
| 73,236 | 39,828 |
14
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements (continued) For the year ended 31 March 2023
| 3 Raising funds Investment management fees 4 Charitable activities IT expenses Bank charges Accountancy fees Administration fees Audit fee Debtors underprovision Grants payable (see note 5) 5 Grants 999 Club Ace Africa Action on Poverty Africa Educational Trust Africa Revival African Child Trust Amigos Worldwide Amuka Foundation Artbox London Attend Bang Edutainment Ltd Baobab Centre for Young Survivors in Exile Baytree Centre Bow Foodbank Brent Centre for Young People Cardinal Hume Centre Cecily's Fund CHASE Africa |
2023 £ 47,698 |
2022 £ 52,520 |
|---|---|---|
| 47,698 | 52,520 | |
| Total 2023 £ 4,118 111 14,640 5,852 13,842 |
Restated Total 2022 £ 3,948 96 15,600 19,944 6,736 |
|
| 38,563 - 540,967 |
46,324 (93) 626,587 |
|
| 579,530 | 672,818 | |
| 2023 £ 10,000 5,000 15,000 - - - - 3,768 - - 5,000 - - - 15,000 5,000 - 15,000 |
Restated 2022 £ - 10,000 - 5,000 5,000 8,000 10,000 - 15,000 5,000 - 5,000 10,000 5,000 - - 5,000 - |
15
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements (continued) For the year ended 31 March 2023
| Restated | ||
|---|---|---|
| Grants (continued) | 2023 | 2022 |
| £ | £ | |
| Child of Hope | 4,900 | - |
| Comfort International | 3,680 | - |
| Community Drug and Alcohol Recovery Services | 5,000 | - |
| Crohn's and Colitis UK | - | 1,160 |
| CORE Clapton | 5,000 | - |
| DEC Coronavirus Appeal | - | 5,000 |
| DEC Earthquake Appeal | 22,000 | - |
| DEC Pakistan Flood Appeal | 5,000 | - |
| Deki | - | 5,000 |
| Dig Deep (Africa) | - | 8,670 |
| Doorstep Library Network | 10,000 | - |
| ECPAT UK | 5,000 | - |
| EducAid Sierra Leone | - | 10,000 |
| EdUKaid | 3,455 | - |
| EMMA International | - | 5,458 |
| Fine Cell Work | 30,000 | - |
| Fitzrovia Youth in Action | - | 10,000 |
| Five Talents UK Ltd | 5,000 | 10,000 |
| Foodcycle | - | 3,000 |
| Friends of Monze | 4,750 | - |
| Give Directly UK | 5,000 | - |
| Glass Door Homeless Charity | 5,000 | - |
| Global One 2015 | - | 10,000 |
| Go Beyond | 3,000 | - |
| Habitat for Humanity GB | 5,000 | - |
| Hackney Playbus | 4,000 | - |
| Hamlin Fistula UK | - | 5,000 |
| Hands on London | - | 5,000 |
| Headway East London | 5,000 | - |
| HoardingUK | 5,000 | - |
| Home-Start Camden and Islington | - | 30,000 |
| Home-Start Southwark | - | 30,000 |
| HOPE International Development Agency UK | 5,000 | - |
| Huntington's Disease Association | 3,000 | - |
| In Touch/ Kids United | 3,000 | - |
| Inter Care | - | 3,069 |
| International Health Partners | 5,000 | - |
| Islington Centre for Refugees and Migrants | 5,000 | - |
| Islington Mind | - | 10,000 |
| IT Schools Africa | - | 4,000 |
| James' Place Charity | 5,000 | - |
16
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements (continued) For the year ended 31 March 2023
| Restated | ||
|---|---|---|
| Grants (continued) | 2023 | 2022 |
| £ | £ | |
| Just be a Child | 5,000 | - |
| Just for Kids Law | 30,000 | - |
| Katherine Low Settlement | 15,000 | - |
| Kids Alice International | - | 5,000 |
| Kids Club Kampala | 5,000 | - |
| Lambeth & Southwark Mind | - | 30,000 |
| Legs4Africa | - | 10,000 |
| Little Village | - | 5,000 |
| Made In Hackney | 10,000 | - |
| MahaDevi Yoga Centre | 2,700 | - |
| Mentoring Plus | 6,594 | - |
| Mousetrap | - | 6,000 |
| Multiple Sclerosis Trust | - | 8,000 |
| National Literacy Trust | - | 5,000 |
| Newborns Vietnam | - | 7,226 |
| NEPAL-ease | 10,000 | - |
| New Ways | 5,000 | - |
| North Kensington Law Centre | - | 5,000 |
| North London Hill Club | - | 5,000 |
| Oasis Domestic Abuse Service | - | 10,325 |
| Only Connect | 5,000 | - |
| Open Door Young Peoples Consultation Service | - | 9,000 |
| Orchid Cancer Appeal | - | 6,000 |
| Ovarian Cancer Action | 5,000 | 10,000 |
| Paul's Cancer Support | - | - |
| Pembroke House | 6,000 | - |
| Polka Children's Theatre Ltd | 2,500 | 3,500 |
| Porridge and Pens Ghana | - | 6,000 |
| Positive East | 5,000 | - |
| Pragya | 10,000 | - |
| Prison Fellowship | 5,400 | - |
| Prisoners' Advice Service | - | 15,000 |
| Pump Aid | - | 6,645 |
| Railway Children | 3,000 | - |
| Raising Futures Kenya | 8,500 | - |
| ReachOut Youth | - | 5,000 |
| Re-engage | - | 10,000 |
| Renewable World | - | 5,000 |
| Rising Sun Domestic Violence Abuse Service | - | 10,000 |
| Safe Hands | - | 2,250 |
| Savannah Education Trust | - | 30,000 |
17
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements (continued) For the year ended 31 March 2023
| Restated | ||
|---|---|---|
| Grants (continued) | 2023 | 2022 |
| £ | £ | |
| Serendip Childrens Home | - | 2,500 |
| Shared Interest Foundation | - | 6,545 |
| Shepherds Bush Families Project | 5,000 | - |
| SHINE | 3,380 | - |
| St John's Hospice | - | 4,839 |
| St Mary le Bow Young Homeless Charity | 5,000 | - |
| Stonegrove Community Trust | - | 5,000 |
| Support Through Court | - | 5,000 |
| Sydenham Garden | 5,000 | - |
| Tall Ships Youth Trust | - | 3,000 |
| Tanzania Development Trust | 5,000 | - |
| Temwa UK | - | 5,000 |
| The Brain Tumour Charity | 30,000 | - |
| The Camden Psychotherapy Unit | 5,000 | - |
| The Cheer-Up Squad | - | 3,000 |
| The Cure Parkinson's Trust | - | - |
| The Coroners Court Support Service | 5,000 | - |
| The Lorna Young Foundation | - | 5,000 |
| The Lunchbowl Network | - | 4,900 |
| The New Bridge Foundation | - | - |
| The No Way Trust | 5,000 | - |
| The Royal Marsden Hospital Charity | - | - |
| The Soko Fund | - | 5,000 |
| The Sparkle Foundation | 2,025 | - |
| The Stuart Low Trust | 4,955 | - |
| The Urology Foundation | - | 15,000 |
| Together We Learn | - | 2,500 |
| Tools for Self Reliance | - | 5,000 |
| Tools for Self Reliance Cymru | - | 15,000 |
| Tools with a Mission | - | 20,000 |
| Trailblazers Mentoring Ltd | - | 10,000 |
| Trussell Trust | 26,000 | - |
| Ukraine Appeal | - | 10,000 |
| University of East Anglia | 10,000 | - |
| Village Water | 7,360 | - |
| Water Witness International | - | 30,000 |
| WellFound | - | 6,000 |
| Wings of Healing | 5,000 | - |
| Woman's Trust | 30,000 | - |
| Wonder Foundation | 5,000 | - |
| Wye Valley Music | 2,000 | - |
18
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements (continued) For the year ended 31 March 2023
| Grants (continued) Young and Inspired Young Roots Zambia Orphans Aid UK 6 Investments Quoted investments Market value 1 April 2022 Additions Book cost adjustments Disposals Unrealised loss on revaluation Realised profit Net movement in cash held for investment Market value 31 March 2023 The investments can be summarised as follows: Investment assets in the UK Investment assets outside the UK Cash held for investment |
2023 £ - - 5,000 |
Restated 2022 £ 5,000 5,000 - |
|---|---|---|
| 540,967 | 626,587 | |
| 2023 £ 8,281,482 1,029,107 - (1,612,100) (173,573) 3,571 57,460 |
2022 £ 8,337,562 8,983,111 - (8,952,111) (1,375,886) 1,935,992 (647,186) |
|
| 7,585,947 | 8,281,482 | |
| 5,087,655 2,237,978 |
5,484,702 2,593,926 |
|
| 7,325,633 260,314 |
8,078,628 202,854 |
|
| 7,585,947 | 8,281,482 |
| At 31 March the following investments accounted for more than 5% excluding cash: Schroder Global Sustainable Growth Sparinvest Ethical Global 7 Gains/(losses) on investments Revaluation of investments Gain/(loss) on sale of investments |
of the overall portfolio 2023 2022 55.2% 53.2% 8.2% 7.9% 2023 2022 £ £ (173,573) (1,375,886) 3,571 1,935,992 (170,002) 560,106 |
of the overall portfolio 2023 2022 55.2% 53.2% 8.2% 7.9% 2023 2022 £ £ (173,573) (1,375,886) 3,571 1,935,992 (170,002) 560,106 |
|---|---|---|
| (170,002) | 560,106 |
19
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements (continued) For the year ended 31 March 2023
| 8 Debtors Amounts falling due within one year: Lord and Lady Lurgan Trust Mason Le Page Charitable Trust 9 Creditors Amounts falling due within one year: Grants payable Audit fees Accountancy fees Legal fees |
2023 £ 81 41 |
2022 £ - - |
|---|---|---|
| 122 | - | |
| 2023 £ 185,000 8,460 15,600 - |
Restated 2022 £ 170,000 6,708 15,600 14,400 |
|
| 209,060 | 206,708 |
10 Trustee remuneration
No trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related charity.
No trustee expenses were incurred in the current year, or in the prior year.
11 Employees
There were no employees during the year.
20
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements (continued) For the year ended 31 March 2023
12 Financial Instruments
The carrying amounts of the charity's financial instruments are as follows:
| Financial Assets Measured at fair value through net income: Listed Investments Debt instruments measured at amortised cost: Cash Financial Liabilities Measured at amortised cost: Creditors 13 Movement in Funds Unrestricted Fund 2023 Balance at 1 April 2022 - Incoming resources 73,236 Resources expended (579,530) Other recognised gains and losses - Transfer between funds 506,294 Balance at 31 March 2023 - 14 Prior year movement in Funds Unrestricted Fund 2022 Balance at 1 April 2021 - Incoming resources 39,828 Resources expended (672,818) Other recognised gains and losses - Transfer between funds 632,990 Balance at 31 March 2022 - |
Financial Assets Measured at fair value through net income: Listed Investments Debt instruments measured at amortised cost: Cash Financial Liabilities Measured at amortised cost: Creditors 13 Movement in Funds Unrestricted Fund 2023 Balance at 1 April 2022 - Incoming resources 73,236 Resources expended (579,530) Other recognised gains and losses - Transfer between funds 506,294 Balance at 31 March 2023 - 14 Prior year movement in Funds Unrestricted Fund 2022 Balance at 1 April 2021 - Incoming resources 39,828 Resources expended (672,818) Other recognised gains and losses - Transfer between funds 632,990 Balance at 31 March 2022 - |
Endowment Fund 2023 8,104,999 - (47,698) (170,002) (506,294) |
2023 £ 7,325,633 264,310 |
Restated 2022 £ 8,078,628 233,079 |
|---|---|---|---|---|
| 7,589,943 | 8,311,707 | |||
| 209,060 | 206,708 | |||
| 209,060 | 206,708 | |||
| Total 2023 £ 8,104,999 73,236 (627,228) (170,002) - |
Restated 2022 £ 8,230,403 39,828 (725,338) 560,106 - |
|||
| - | 7,381,005 | 7,381,005 | 8,104,999 | |
| Unrestricted Fund 2022 - 39,828 (672,818) - 632,990 |
Endowment Fund 2022 8,230,403 - (52,520) 560,106 (632,990) |
Restated 2022 £ 8,230,403 39,828 (725,338) 560,106 - |
Restated 2021 £ 7,022,250 108,541 (767,266) 1,866,878 - |
|
| - | 8,104,999 | 8,104,999 | 8,230,403 |
21
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements (continued) For the year ended 31 March 2023
| 15 Analysis of net assets between funds Unrestricted Fund 2023 Fund balances at 31 March 2023 are represented by: Investments - Net current assets - - 16 Prior year analysis of net assets between funds Unrestricted Fund 2022 Fund balances at 31 March 2022 are represented by: Investments - Net current assets - - 17 Prior year statement of financial activities Unrestricted funds £ Income from: Investments 39,828 Expenditure on: Raising funds - Charitable activities (672,818) Total resources expended (672,818) Net (losses)/gains on investments - Net (outgoing)/incoming resources before transfer (632,990) Gross transfer between funds 632,990 Net movement in funds - Fund balances at 1 April 2021 - Fund balances at 31 March 2022 - |
15 Analysis of net assets between funds Unrestricted Fund 2023 Fund balances at 31 March 2023 are represented by: Investments - Net current assets - - 16 Prior year analysis of net assets between funds Unrestricted Fund 2022 Fund balances at 31 March 2022 are represented by: Investments - Net current assets - - 17 Prior year statement of financial activities Unrestricted funds £ Income from: Investments 39,828 Expenditure on: Raising funds - Charitable activities (672,818) Total resources expended (672,818) Net (losses)/gains on investments - Net (outgoing)/incoming resources before transfer (632,990) Gross transfer between funds 632,990 Net movement in funds - Fund balances at 1 April 2021 - Fund balances at 31 March 2022 - |
Endowment Fund 2023 7,325,633 55,372 |
Total 2023 £ 7,325,633 55,372 |
|---|---|---|---|
| - | 7,381,005 | 7,381,005 | |
| Endowment Fund 2023 8,078,628 26,371 |
Restated 2022 £ 8,078,628 26,371 |
||
| - | 8,104,999 | 8,104,999 | |
| Unrestricted funds £ 39,828 - (672,818) |
Endowment funds £ - (52,520) - |
Restated 2022 £ 39,828 (52,520) (672,818) |
|
| (672,818) | (52,520) | (725,338) | |
| - | 560,106 | 560,106 | |
| (632,990) 632,990 |
507,586 (632,990) |
(125,404) - |
|
| - - |
(125,404) 8,230,403 |
(125,404) 8,230,403 |
|
| - | 8,104,999 | 8,104,999 |
22
DocuSign Envelope ID: DFEC9FD1-2DB7-4F80-8863-07D48144FB42
The Peter Stebbings Memorial Charity
Notes to the financial statements (continued) For the year ended 31 March 2023
17 Prior year statement of financial activities (continued)
The comparative figures for the year ended 5 April 2022 have been restated to take into account donations that were pledged during the year but paid in tranches over multiple years. Any donations pledged but yet to be paid as at 5 April 2022 have been included as creditors and brought forward to these financial statements accordingly.
23