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2024-04-05-accounts

McGreevy No 5 Settlement

Trustees’ Report and Financial Statements Year ended 5 April 2024 Charity number: 280666

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2024

Contents

Reference and administrative information 3
Trustees' report 4
Independent examiner’s report to the trustees of the McGreevy No 5 Settlement 6
Statement of financial activities (including income and expenditure account) 7
Balance sheet 8
Notes to the financial statements 9
Appendix 1 - Listed investments

2

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2024

Reference and administrative information

Trustees The trustees who served during the year were as follows:
Charles Christopher Harris
Elise McGreevy-Harris
Katrina Paterson
Thomas Albert Chalmers Paterson
Avon Executor and Trustee Company Ltd (Retired on 24 April 2024)
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 Rathbones
30 Gresham Street
London
EC2V 7QN
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

3

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2024

Trustees’ report

The trustees present their report and the financial statements for the year ended 5 April 2024. 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 the current trustees.

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 three grants to institutions totalling £60,000 (2023: four grants, £70,000).

Financial review

The results for the year are shown on pages 7 and 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 £86,403.02 (2023: £77,009.24).

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 2024

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 £60,000.00 in the year which represented 69.44% 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.

Reserves policy

The trustees intend to distribute the income arising from year to year but may at their discretion make further donations from the charity’s reserves in cases of exceptional need.

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, 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

5

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2024

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 2024, which are set out on pages 7 to 12.

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 ………………………………………

6

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2024

Statement of financial activities (including income and expenditure account) (including income and expenditure account) (including income and expenditure account) (including income and expenditure account)
For the year ended 5 April 2024
Note Total Funds Total Funds
2024 2023
£ £
Income from:
Investments 2 86,403.02 77,009.24
Total income 86,403.02 77,009.24
Expenditure on:
Raising funds
Investment management fees 21,663.59 21,939.96
Charitable activities
Grants payable 4 60,000.00 70,000.00
Governance costs 3 9,504.25 6,743.75
Total expenditure 91,167.84 98,683.71
Net gains/(losses) on investments 8 203,469.64
 (256,372.49)
Net income/(expenditure) 198,704.82 (278,046.96)
Net movement in funds 198,704.82 (278,046.96)
Reconciliation of funds
Total funds brought forward 3,311,527.54
 3,589,574.50
Total funds carried forward 3,510,232.36
 3,311,527.54

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

All resources arising are unrestricted.

The notes on pages 9 to 12 form part of these financial statements.

7

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2024

Balance sheet As at 5 April 2024

Balance sheet
As at 5 April 2024
Total Total
Funds Funds
2024 2023
Note £ £
Fixed assets:
Investments 8 3,483,747.00
 3,247,896.08
Current assets:
Cash held at CAF Bank 23,858.88 47,613.02
Cash held at Investec 21,205.48
 58,918.44
45,064.36 106,531.46
Current Liabilities:
Creditors: amounts falling due within one year 9 (18,579.00)
 (42,900.00)
Net current assets 26,485.36
 63,631.46
Net assets 3,510,232.36
 3,311,527.54
The funds of the charity:
Unrestricted fund 3,510,232.36
 3,311,527.54

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

Elise McGreevy-Harris Trustee

The notes on pages 9 to 12 form part of these financial statements.

8

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2024

Notes to the financial statements

1 Accounting policies

Basis of preparation and assessment of going concern

The accounts (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) effective from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments to market value and are in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (‘the SORP’), the Charities Act 2011 and applicable United Kingdom accounting standards.

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.

All figures presented are in sterling, unless otherwise noted.

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.

9

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2024

Notes to the financial statements (continued)

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.

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.

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the Charity to pay out resources and the obligation can be measured with reasonable certainty. Provisions for liabilities are measured at the best estimate of the amount required to settle the obligation at the Balance Sheet date.

2 Investment income

Investment income
UK dividends
Overseas dividends
UK interest
Overseas interest
Real Estate dividends
Interest – Investec
Interest – CAF bank		 2024
£
37,558.44
14,205.12
15,265.49
12,209.09
6,127.46
966.31
71.11
86,403.02		 2023
£
39,019.21
7,778.00
17,888.52
5,350.74
6,481.89
447.96
42.92
77,009.24

3 Allocation of governance costs

Accountant’s fees
Independent examiner fees
CAF bank charges
Legal fees		 2024
£
6,679.00
960.00
65.25
1,800.00
9,504.25		 2023
£
5,700.00
960.00
83.75
-
6,743.75

10

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2024

Notes to the financial statements(continued)
4
Grants reconciliation
Grants made in the year:
Grants paid in the year:
NSPCC
Helen Arkell Dyslexia Centre
The Royal Institution
Bristol Children’s Help Society
Somerset Community Foundation
Grants offered but cheques not cleared:
Mulberry Bush
NSPCC		 2024
£
60,000.00
25,000.00
25,000.00
10,000.00
-
-

60,000.00
5,000.00
-
5,000.00		 2023
£
70,000.00
-
25,000.00
-
5,000.00
15,000.00

45,000.00

5,000.00
25,000.00

30,000.00

There were three grants made to institutions during the year (2023: four grants, £70,000).

5 Related party transactions

There were no outstanding balances with related parties as at 5 April 2024 (2023: 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.

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 2024 (2023: Nil).

11

McGreevy No 5 Settlement Trustees’ Report and Financial Statements Year ended 5 April 2024

Notes to the financial statements (continued)

8
Investments
Listed investments
Investments at market value at 6 April 2023
Market value at 6 April 2023 of investments sold in the year
Additions to investments at cost
Unrealised net gain/(loss) on revaluation at 5 April 2024
Listed investments at market value at 5 April 2024
Proceeds of investments sold in the year
Market value at 6 April 2023 of investments sold in the year
Profit/(loss) on sale of investments		 £
3,247,896.08
(101,912.50)
3,145,983.58
154,679.28
183,084.14
3,483,747.00
122,298.00
(101,912.50)

20,385.50

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

9 Analysis of creditors

2024
£
KPMG fees
11,719.00
S.D.Knee Fees
1,860.00
Cheques drawn but not cleared
5,000.00

18,579.00		 2023
£
11,040.00
1,860.00
30,000.00
42,900.00

12

AM McGreevy No. 5 Charitable Settlement

Appendix 1 - Listed Investments

Year ended 5th April 2024

Holding Market Val Cost Profit Unrealised Holding Market Val
06/04/2023 06/04/2023 Date Quantity (Proceeds) (Loss) profit 05/04/2024 05/04/2024
£ £ £ £ £
Aviva Investors
UK Idx/tracking Cls 1 Nav 209.64100 172.45 6.50 209.64100 178.95
BA Beutel Goodman
Us Val C Sett 8,000 99,680.00 15,520.00 8,000 115,200.00
Bny Mellon Fund Managers Limited
Newton Gbl Higher Income U Net Inc Nav
75,000.00000 143,167.50 4,905.00 75,000.00000 148,072.50
Brown Advisory Funds
US Sustainable Growth Si GBP Dis
8,500.00000 117,300.00 35,700.00 8,500.00000 153,000.00
CG Portfolio Fund
Absolute Return class M shares
850.00000 114,707.50 (297.50) 850.00000 114,410.00
CG Portfolio Fund Plc
Real Return Fund Cls 'A' Shares GBP
700 140,112.00 (8,575.00) 700 131,537.00
Civitas Social Housing Plc
Ordinary GBP0.01 50,000 27,100.00 09/05/2023 (50,000) (39,799.00) 12,699.00
Diverse Income Trust Plc
ord GBP 0.001 120,000 104,040.00 (1,560.00) 120,000 102,480.00
Eaton Vance Management (Intl) Ltd
Emerging Markets Debt Opps S GBP Dis
6,300.00000 50,715.00 15/08/2023 (6,300.00000) (52,353.00) 1,638.00
Fil Investment Services(Uk)limited
Money Builder Income I GBP Dis
160,000.00000 128,160.00 960.00 160,000.00000 129,120.00
Findlay Park Funds Icav
American USD Dis 1,150.000 152,133.50 42,927.98 1,150.000 195,061.48
Finsbury Growth & Income Trust
ordinary 25p shares 15,000 134,550.00 (9,750.00) 15,000 124,800.00
Franklin Templeton Fund Mgmt Ltd
UK Mid Cap S GBP Dis
 120,000.00000 117,732.00 8,268.00 120,000.00000 126,000.00
Fundsmith Llp
Equity I Inc Nav 23,500.00 133,028.80 16,224.40 23,500.00 149,253.20
Harbourvest Global Private Equity
Ordinary Red a 4,500 91,800.00 10,347.62 4,500 102,147.62
Herald Investment Trust plc
25p ordinary shares 4,000 69,200.00 14,200.00 4,000 83,400.00
Icg Enterprise Trust Plc
Ordinary GBP0.10 7,500 74,812.50 17/05/2023 (7,500) (82,499.00) 7,686.50
Int Public Partner
Ordinary GBP0.0001 58,750 87,185.00 (13,747.50) 58,750 73,437.50
iShares
Global Corp Bond UCITS ETF - Hedged
10/05/2023 11,250 49,900.84 104.29 11,250 50,005.13
JP Morgan Funds Ltd
US Equity Inc K GBP Net Inc
110,000.00000 162,910.00 12,650.00 110,000.00000 175,560.00
Jpmorgan Emer Mkts Invest Trust
Ordinary GBP0.025 115,000 122,820.00 (2,300.00) 115,000 120,520.00
JPMorgan Euro Small Co. Trust Plc
Ordinary GBP0.05 30,000 124,125.00 15,024.00 30,000 139,149.00
Jupiter Unit Trust Managers
UK Special Situations X GBP Dis
115,720.81000 127,697.91 2,812.02 115,720.81000 130,509.93

Page 1

AM McGreevy No. 5 Charitable Settlement

Appendix 1 - Listed Investments

Year ended 5th April 2024

Holding
06/04/2023
Liontrust Fund Partners Llp
Monthly Income Bond B Gross Inc
100,000.00000
Liontrust Fund Partners Llp
Special Situations Inc Instit
25,000.00000
Morgan Stanley Investment Funds
Emerging Markets Debt Opps Jhr GBP Dis
Ninety One Fund Managers UK Ltd
Diversified Income J 2 GBP Inc
100,000.00000
Personal Assets Trust
ordinary 1.25p shares
22,000
Polar Cap Gbl Healthcare Trust Plc
Ordinary GBP0.25
28,064
Polar Capital Funds
Global Insurance E GBP Dis
20,000.00000
Primary Health Properties Plc
Ordinary GBP0.125
35,420
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
Target Healthcare Reit Plc
Ordinary GBP1
United Kingdom(Government Of)
0.25% Bds 31/01/2025 GBP1000
TOTAL:		 Market Val
06/04/2023
Date
Quantity
£
80,830.00
118,812.50
15/08/2023
6,300.00000
91,580.00
104,390.00
89,243.52
147,268.00
35,667.94
93,300.00
128,000.00
35,654.96
19/05/2023
36,585
20/06/2023
80,000.00
3,247,896.08		 Cost
(Proceeds)
£
52,353.00
30,685.50
74,092.94
32,381.28		 Profit
(Loss)
£
22,023.50		 Unrealised
Holding
profit
05/04/2024
£
1,260.00 100,000.00000
2,240.00
25,000.00000
1,638.00
6,300.00000
(1,120.00) 100,000.00000
1,210.00
22,000
14,593.28
28,064
26,154.00
20,000.00000
(3,701.39)
35,420
(6,800.00)
5,000
1,500.00
50,000
(486.20)
81,034
(1,600.42)
36,585
3,139.06
80,000.00
181,446.14		 Market Val
05/04/2024
£
82,090.00
121,052.50
53,991.00
90,460.00
105,600.00
103,836.80
173,422.00
31,966.55
86,500.00
129,500.00
35,168.76
29,085.08
77,232.00
3,483,747.00

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