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2021-04-05-accounts

McGreevy No 5 Settlement

Trustees’ Report and Financial Statements Year ended 5 April 2021 Charity number: 280666

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Contents

Reference and administrative information 3
Trustees' report 4
Independent examiner’s report to the trustees of the McGreevy No 5 Settlement 7
Statement of financial activities (including income and expenditure account) 8
Balance sheet 9
Notes to the financial statements 10
Appendix 1 - Listed investments

2

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Reference and administrative information

Trustees The trustees who served during the year were as follows:
Charlie Harris
Elise McGreevy-Harris
Katrina Paterson
Avon Executor and Trustee Company Ltd
(Directors: JPB Hardman, RA Gore, R Hill, CL Hopkins)
Principal Office Yew Court
Riverview Road
Pangborne
Berkshire
RG8 7AU
Charity Number 280666
Advisers The principal advisers of the trust are as follows:
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Investment managers Investec
2 Gresham Street
London
EC2V 7QP
Accountants KPMG LLP
66 Queen Square
Bristol
BS1 4BE
Solicitors Burges Salmon
One Glass Wharf
Temple Quay
Bristol
BS2 0ZX
Independent Examiner S.D.Knee
10 Bath Road
Old Town
Swindon
Wiltshire
SN1 4BA

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McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Trustees’ report

The trustees present their report and the financial statements for the year ended 5 April 2021. The financial statements comply with the Trust deed, Charities Act 2011 and 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 2015).

Structure, governance and management

The trust was established under a trust deed dated 22 February 1979 and is a registered charity, number 280666.

The statutory power of appointment of new trustees applies to this trust and is exercisable by Anthony Michael McGreevy.

Objectives and activities

The income of the trust is to be distributed solely for charitable purposes to charitable institutions. The capital of the trust may be applied for charitable purposes or retained by the trustees at their discretion.

Achievements and performance

The objectives of the trust have been met through the year, through four grants to institutions totalling £77,500 (2020: eleven grants, £102,000).

Financial review

The results for the year are shown on page 8. The trustees consider the results for the year to be satisfactory given the current market conditions.

The principal funding source of the trust is income from investments of £66,429.96 (2020: £90,030.14).

Investment performance

The trustees are satisfied with the performance of the investments.

Plans for the future

No change is planned for the immediate future.

Investments

The listed investments with Investec stockbrokers are included at market value.

Investment policy

The trustees review the investment strategy and the investments on a regular basis and are happy with the suitability of these in accordance with Trustees Act 2000.

4

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Trustees’ report (continued)

Public Benefit

The Trustees consider that they have complied with their duty as set out in Section 17 Charities Act 2011, which is to have regard to the guidance on public benefit published by the Charity Commission when exercising any powers or duties to which the guidance is relevant.

The trust has demonstrated its public benefit by making grants of £77,500.00 in the year which represented 116.7% of its total income for the year.

Trustees’ risk assessment

The trustees have undertaken a risk assessment exercise to identify the risks that the McGreevy No 5 Settlement encounters during its operation. The trustees consider that adequate controls are in place to mitigate the key risks identified.

Impact of Covid-19

The Trustees have, in consultation with Investec at their meetings, considered the impact of Covid-19 on the performance and objectives of the Trust both in 2021 and in the years ahead. There is, no doubt that the impact will be felt in the Trust’s portfolio income returns as dividend yields and interest rates reduced. The effect on determining the level of grant funding will, therefore, be negatively impacted in 2021 and the Trustees have agreed to review the level of grants made available accordingly.

The costs of running the Trust are in line with the Trustees expectations and given there are no employees of the Trust, the risks of a reduction in portfolio yields are reduced.

Reserves policy

The trustees intend to distribute the income arising from year to year.

Statement of trustees’ responsibilities in respect of the Trustees’ Report and the financial statements

Under charity law, the trustees shall prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and of the excess of income over expenditure. In preparing these financial statements, generally accepted accounting practice entails that the trustees:

The trustees are required to act in accordance with the trust deed and the rules of the charity, within the framework of trust law. They are responsible for keeping proper accounting records,

5

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and enable the trustees to ensure that, where any statements of accounts are prepared by them under section 130 of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

Elise McGreevy-Harris Trustee

6

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Independent examiner’s report to the trustees of the McGreevy No 5 Settlement

I report on the accounts of the trust for the year ended 5 April 2021, which are set out on pages 8 to 13.

Respective Responsibilities of Trustees and Examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner's Report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent Examiner's Statement

In connection with my examination, no matter has come to my attention:

Simon Knee BA (Hons) FCA Chartered Accountant 10 Bath Road, Old Town, Swindon, Wiltshire, SN1 4BA

Date ………………………………………

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McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Statement of financial activities (including income and expenditure account) For the year ended 5 April 2021

Note

Income from:
Investments
2
Total income
Expenditure on:
Raising funds
Investment management fees
Charitable activities
Grants payable
4
Governance costs
3
Total expenditure
Net gains/(losses) on investments
8

Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward


Total funds carried forward

 Total Funds
Total Funds
2021
2020
£
£
66,429.96
90,030.14


66,429.96
90,030.14


20,978.12
21,406.74
77,500.00
102,000.00
6,471.50
10,236.00


104,949.62
133,642.74


780,902.65
(586,855.56)


742,382.99
(630,468.16)
742,382.99
(630,468.16)
2,720,652.19
3,351,120.35


3,463,035.18
2,720,652.19

Incoming resources and resulting net movements in funds in each year arise from continuing operations.

All resources arising are unrestricted.

The notes on pages 10 to 13 form part of these financial statements.

8

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Balance sheet As at 5 April 2021

Balance sheet
As at 5 April 2021
Total Total
Funds Funds
2021 2020
Note £ £
Fixed assets:
Investments 8 3,377,353.02
 2,604,878.37
Current assets:
Cash held at CAF Bank 44,143.35 124,694.85
Cash held at Investec 47,358.81
 53,478.97
91,502.16 178,173.82
Current Liabilities:
Creditors: amounts falling due within one year 9 (5,820.00)
 (62,400.00)
Net current assets 85,682.16
 115,773.82
Net assets 3,463,035.18
 2,720,652.19
The funds of the charity:
Unrestricted fund 3,463,035.18
 2,720,652.19

These financial statements were approved by the trustees and were signed on their behalf by:

Elise McGreevy-Harris Trustee

The notes on pages 10 to 13 form part of these financial statements.

9

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Notes to the financial statements

1 Accounting policies

Basis of preparation and assessment of going concern

The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. With respect to the next year, the most significant areas of uncertainty that affect the carry value of assets held by the Trust are the level of investment return and the performance of investment markets.

The Trust constitutes a public benefit entity as defined by FRS 102.

Incoming resources

Income from all sources is accounted for as soon as the trust has received the income.

Investment income, consisting of interest and net dividends is accounted for on a receivable basis.

Resources expended

All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs directly attributable to that activity. Where costs (including overheads) cannot be directly attributed they have been allocated to activities on a basis consistent with the use of resources and the time spent on those activities.

Direct costs of generating funds are those costs incurred in managing the investments to raise investment income.

Charitable activities include expenditure associated with grant making and include both the direct costs and support costs relating to these activities.

Governance costs are those incurred in the governance arrangement of the charity which relate to the general running of the charity as opposed to those costs associated with generating funds or charitable activities and its assets and are primarily associated with constitutional and statutory requirements.

Grants payable are payments made to third parties and have been agreed and paid by the trustees in the furtherance of the charitable objectives of the trust.

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McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Notes to the financial statements (continued)

Taxation

The trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.

Fixed asset investments

Listed investments are included in the balance sheet at their current market value.

The realised and unrealised gains on investments are reflected in the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the statement of financial activities.

2 Investment income

Net UK dividends
Net Overseas dividends
Net UK interest
Net Overseas interest
Net Real Estate dividends
Interest – Investec		 2021
£
35,228.49
12,695.24
8,894.92
3,832.38
5,778.93
-

66,429.96
2020
£
44,492.24
31,121.56
4,043.91
5,555.50
4,744.77
72.16
90,030.14

3 Allocation of governance costs

Accountant’s fees
Independent examiner fees
CAF bank charges
Lawyer’s fees		 2021
£
5,520.00
900.00
51.50
-

6,471.50
 2020
£
5,700.00
900.00
72.00
3,564.00

10,236.00

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McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Notes to the financial statements (continued)

4 Grants reconciliation

Grants made in the year:
Grants paid in the year:
NSPCC
Watlington Hospital Charitable Trust
Helen Arkell Dyslexia Centre
Royal Institution
Feeding Bristol
Grants offered but cheques not cleared:
Designability Bath
Creative Youth Network
Sofa Project
Voices Bath
Bristol Ensemble
Feeding Bristol
At the Bus
Somerset Community Foundation		 2021
2020
£
£
77,500.00
102,000.00
40,000.00
25,000.00
-
1,000.00
25,000.00
25,000.00
5,000.00
-
7,500.00
-


77,500.00
51,000.00


-
5,000.00
-
5,000.00
-
5,000.00
-
5,000.00
-
5,000.00
-
5,000.00
-
1,000.00
-
20,000.00


-
51,000.00

All grants offered in 2020 that hadn’t been cleared at 5 April 2020 had been cleared in the year ended 5 April 2021.

There were four grants paid to institutions during the year (2020: eleven grants, £102,000).

5 Related party transactions

There were no outstanding balances with related parties as at 5 April 2021 (2020: Nil). The charity trustees were not paid or reimbursed during the year and no charity trustee received any emolument or payment for professional or other services.

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McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2021

Notes to the financial statements (continued)

6 Analysis of fund assets and liabilities

The unrestricted funds of the charity may be applied for any charitable purposes at the discretion of the trustees.

7 Paid employees

The trust has no paid employees at 5 April 2021 (2020: Nil).

8 Investments

Listed investments
Investments at market value at 6 April 2020
Market value at 6 April 2020 of investments sold in the year
Additions to investments at cost
Unrealised net gain/(loss) on revaluation at 5 April 2021
Listed investments at market value at 5 April 2021
Proceeds of investments sold in the year
Market value at 6 April 2021 of investments sold in the year
Profit/(loss) on sale of investments		 £
2,604,878.37
(465,575.38)

2,139,302.99
548,733.00
689,317.03

3,377,353.02

557,161.00
(465,575.38)

91,585.62

Listed investments are shown at market value at the balance sheet date (see Appendix 1).

9 Analysis of creditors

KPMG fees
S.D.Knee Fees
Cheques drawn but not cleared		 2021
£
4,920.00
900.00
-

5,820.00
 2020
£
10,500.00
900.00
51,000.00

62,400.00

13

AM McGreevy No. 5 Charitable Settlement

Appendix - Listed Investments and Income Therefrom

Year ended 5th April 2021

Holding Market Value Cost Profit Unrealised Holding Restated Cost Market Value
06/04/2020 06/04/2020 Quantity (Proceeds) (Loss) profit 05/04/2021 05/04/2021 05/04/2021
£ £ £ £ £ £
Aviva Investors
UK Idx/tracking Cls 1 Nav 209.64100 123.37 36.29 209.64100 123.37 159.66
Bny Mellon Fund Managers Limited
Newton Gbl Higher Income U Net Inc Nav
100,372.50 23,580.00 100,372.50 123,952.50
75,000.00000 75,000.00000
Brown Advisory Funds
US Sustainable Growth Si GBP Dis
8,500.00000 104,890.00 680.00 8,500.00000 104,890.00 105,570.00
Caledonia Invest
5p ordinary shares 3,600 78,660.00 (3,600) (97,019.00) 18,359.00
Cc Japan Income & Growth Trust Plc
Ordinary GBP0.01 70,000 73,150.00 (70,000) (70,000.00)
70,000 68,494.62 27,580.38 70,000 71,644.62 99,225.00
Cc Japan Income & Growth Trust Plc
Subscribe GBP0.001 14,000 1,505.38
(14,000) (910.00) (595.38)

Page 1

AM McGreevy No. 5 Charitable Settlement

Appendix - Listed Investments and Income Therefrom

Year ended 5th April 2021

Holding Market Value Cost Profit Unrealised Holding Restated Cost Market Value
06/04/2020 06/04/2020 Quantity (Proceeds) (Loss) profit 05/04/2021 05/04/2021 05/04/2021
£ £ £ £ £ £
CG Portfolio Fund Plc
Real Return Fund Cls 'A' Shares GBP
700 146,412.00 (8,855.00) 700 146,412.00 137,557.00
Cg Portfolio Fund Plc
Absolute Return M GBP 850.00000 101,481.50 10,132.00 850.00000 101,481.50 111,613.50
Civitas Social Housing Plc
Ordinary GBP0.01 50,000 48,250.00 5,650.00 50,000 48,250.00 53,900.00
Diverse Income Trust Plc
ord GBP 0.001 120,000 79,200.00 53,700.00 120,000 79,200.00 132,900.00
Fil Investment Services(Uk)limited
Moneybuilder Income GBP Nav 155,760.00 6,960.00 155,760.00 162,720.00
160,000.00000 160,000.00000
Findlay Park Funds
American USD Dis 1,500 138,198.90 41,114.10 1,500 138,198.90 179,313.00

Page 2

AM McGreevy No. 5 Charitable Settlement

Appendix - Listed Investments and Income Therefrom

Year ended 5th April 2021

Holding Market Value Cost Profit Unrealised Holding Restated Cost Market Value
06/04/2020 06/04/2020 Quantity (Proceeds) (Loss) profit 05/04/2021 05/04/2021 05/04/2021
£ £ £ £ £ £
Finsbury Growth Tr
Ordinary GBP0.25 10,000 70,800.00 5,000 43,376.00 14,749.00 15,000 114,176.00 128,925.00
Franklin Templeton Fund Mgmt Ltd
UK Mid Cap S GBP Dis 93,456.00 43,416.00 93,456.00 136,872.00
120,000.00000 120,000.00000
Fundsmith Llp
Equity I Inc Nav 23,500.00 90,185.95 29,288.05 23,500.00 90,185.95 119,474.00
Gabelli Value Plus + Trust Plc
Ordinary GBP0.01 100,000 79,500.00 (100,000) (124,999.00) 45,499.00
Harbourvest Global Private Equity
Ordinary Red a 4,500 58,095.00 32,017.95 4,500 58,095.00 90,112.95
Herald Investment Trust plc
25p ordinary shares 4,000 70,001.00 13,399.00 4,000 70,001.00 83,400.00
Icg Enterprise Trust Plc
Ordinary GBP0.10 7,500 59,701.00 16,949.00 7,500 59,701.00 76,650.00

Page 3

AM McGreevy No. 5 Charitable Settlement

Appendix - Listed Investments and Income Therefrom

Year ended 5th April 2021

Holding Market Value Cost Profit Unrealised Holding Restated Cost Market Value
06/04/2020 06/04/2020 Quantity (Proceeds) (Loss) profit 05/04/2021 05/04/2021 05/04/2021
£ £ £ £ £ £
Invesco Fund Managers
Corporate Bond UK D Dis 122,110.50 7,004.05 122,110.50 129,114.55
63,500.00000 63,500.00000
JP Morgan Emerg Mkts
Ordinary GBP0.25 11,500 91,310.00 (11,500) (91,310.00)
JP Morgan Funds Ltd
US Equity Inc K GBP Net Inc 144,272 139,799.57 47,176.94 144,272 139,799.57 186,976.51
Jpmorgan Emer Mkts Invest Trust
Ordinary GBP0.025 115,000 91,310.00 59,800.00 115,000 91,310.00 151,110.00
JPMorgan Euro Small Co. Trust Plc
Ordinary GBP0.05 30,000 75,600.00 63,600.00 30,000 75,600.00 139,200.00
Jupiter Unit Trust Managers
UK Special Situations I Inc 79,056.00 32,886.00 79,056.00 111,942.00
60,000.00000 60,000.00000

Page 4

AM McGreevy No. 5 Charitable Settlement

Appendix - Listed Investments and Income Therefrom

Year ended 5th April 2021

Holding Market Value Cost Profit Unrealised Holding Restated Cost Market Value
06/04/2020 06/04/2020 Quantity (Proceeds) (Loss) profit 05/04/2021 05/04/2021 05/04/2021
£ £ £ £ £ £
Liontrust Fund Partners Llp
Special Situations Inc Instit 25,000.00000 109,455.00 8,292.50 109,455.00 117,747.50
25,000.00000
Personal Assets Trust
12.5p ordinary shares 220 90,200.00 9,515.00 220 90,200.00 99,715.00
Polar Cap Gbl Healthcare Trust Plc
Ordinary GBP0.25 28,064 55,145.76 13,049.76 28,064 55,145.76 68,195.52
Polar Capital Funds
Global Insurance E GBP Dis 92,552.00 23,556.00 92,552.00 116,108.00
20,000.00000 20,000.00000
Polar Capital Funds
UK Value Opportunities S GBP Dis
6,000.00000 47,760.00 (6,000.00000) (65,100.00) 17,340.00
Primary Health Properties Plc
Ordinary GBP0.125 35,420 54,263.44 (1,912.68) 35,420 54,263.44 52,350.76

Page 5

AM McGreevy No. 5 Charitable Settlement

Appendix - Listed Investments and Income Therefrom

Year ended 5th April 2021

Holding
06/04/2020
RIT Capital Partners plc
£1 ordinary shares
5,000
Schroder Oriental Income Fund
Ordinary GBP0.01
50,000
Schroder Real Estate Inv Trust Ltd
Ordinary Shs No Par Value
81,034
Sequoia Economic Infrast Inc Fd Ltd
No Par Value
92,500
Sqn Asset Finance
Ordinary No Par Value
150,000
Utilico Emerging Markets Trust Plc
Ordinary GBP0.01
37,500
Witan Investment Trust
Ordinary GBP0.05
35,000
TOTAL:		 Market Value
Cost
06/04/2020
Quantity
(Proceeds)
£
£
79,450.00
95,400.00
25,930.88
87,690.00
43,500.00
(150,000)
(34,499.00)
58,125.00
53,340.00
(35,000)
(73,324.00)
2,604,878.37
(8,428.00)
Page 6		 Profit
(Loss)
£
(9,001.00)
19,984.00
91,585.62		 Unrealised
Holding
profit
05/04/2021
£
40,300.00
5,000
44,600.00
50,000
6,401.69
81,034
8,713.50
92,500
15,937.50
37,500
689,317.03		 Restated Cost
05/04/2021
£
79,450.00
95,400.00
25,930.88
87,690.00
58,125.00		 Market Value
05/04/2021
£
119,750.00
140,000.00
32,332.57
96,403.50
74,062.50
2,688,035.99 3,377,353.02