OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

TITLE Front Page
CONTENTS Page 1
OFFICERS, CUSTODIANS &PROFESSIONAL ADVISERS Page 2
TRUSTEES' REPORT Pages 3,4,5,6&7
INDEPENDENT AUDITORS REPORT Pages 89&10
STATEMENT of FINANCIAL ACTIVITIES Page 11
BALANCE SHEET Page 12
NOTES tothe ACCOUNTS Pages 13,14,15&16

2022 2021
Incoming Resources
Donations
and legacies (note		 1k) 100,000 105,524
Investment
Income (note 5)		 38,631 29,834
Total Incoming Resources 138631 135358
Resources Expended:
Charitable
activities (note 2)
Grants payable
in furtherance		 ofthe
Charity's objectives (note 8) 184,348 196,979
Visits to grants recipients 9,527 3,138
Audit Fee 3,120 3,030
Investment
Expenses		 3,831 3,975
Total Resources Expended 200 826 207 122
Net gains / (losses) on investment assets (note 5) (224,936) 159,189
(224,936) 159189
Net Incoming / (Outgoing) Resources (287,131) 87,425
Other recognised gains and losses
Net movement
in Fund		 (287,131) 87,425
Reconciliation ofFunds
Total funds brought forward 1,446,013 1,358,588
Total funds carried forward 1158882 1446013
ASAT31DECEMBER 2 022
2022 2021
f
General Fund 1158882 1446013
Represented
by:
Fixed Assets
Tangible Fixed Assets
Computer
Equipment		 (Note 4)
Investments at Market Value (Note 5)
Fixed Interest (Bonds) 115,224 138,031
Investment
Trusts		 488,650 762,187
Ordinary
Stocks 81Shares		 436,407 506,105
1040281 1406323
1,040,281 1,406,323
Current Assets
Debtors:
Prepayments
Deposit Loan 1,900 1,900
Cash at bank and in hand:
Current Account 36,424 8,491
Cheviot Short-term Account 83,197 32.312
Cash in hand 200 17
119,821 40,820
121721 42 720
Current Liabilities
Creditors: Amounts falling due within one year
Audit fee accrual 3,120 3,030
Sundry creditors
3,120 3,030
Net Current Assets 118601 39690
Net Assets 1158882 1446013
Approved
on behalf ofthe Trustees onf
P
.&~.		 2023and signed on its behalf by:
JMayh RAdams
Chair Trustee

The charity constitutes
a public benefit entity as defined
by FRS102.The financial statements
have been prepar
in accordance with Accounting
and Reporting
by Charities: Statement ofRecommended
Practice applicable to
charities preparing
their accounts
in accordance with the Financial Reporting Standard
applicable
in the UK and
Republic of Ireland (FRS102)issued
in October 2019,the Financial Reporting Standard
applicable
in the United
Kingdom and Republic of Ireland (FRS102),the Charities Act 2011and UK Generally Accepted Practice.		 The charity constitutes
a public benefit entity as defined
by FRS102.The financial statements
have been prepar
in accordance with Accounting
and Reporting
by Charities: Statement ofRecommended
Practice applicable to
charities preparing
their accounts
in accordance with the Financial Reporting Standard
applicable
in the UK and
Republic of Ireland (FRS102)issued
in October 2019,the Financial Reporting Standard
applicable
in the United
Kingdom and Republic of Ireland (FRS102),the Charities Act 2011and UK Generally Accepted Practice.		 The charity constitutes
a public benefit entity as defined
by FRS102.The financial statements
have been prepar
in accordance with Accounting
and Reporting
by Charities: Statement ofRecommended
Practice applicable to
charities preparing
their accounts
in accordance with the Financial Reporting Standard
applicable
in the UK and
Republic of Ireland (FRS102)issued
in October 2019,the Financial Reporting Standard
applicable
in the United
Kingdom and Republic of Ireland (FRS102),the Charities Act 2011and UK Generally Accepted Practice.		 The charity constitutes
a public benefit entity as defined
by FRS102.The financial statements
have been prepar
in accordance with Accounting
and Reporting
by Charities: Statement ofRecommended
Practice applicable to
charities preparing
their accounts
in accordance with the Financial Reporting Standard
applicable
in the UK and
Republic of Ireland (FRS102)issued
in October 2019,the Financial Reporting Standard
applicable
in the United
Kingdom and Republic of Ireland (FRS102),the Charities Act 2011and UK Generally Accepted Practice.		 ed
The financial statements
have been prepared to give a 'true and fair' view and have departed
from the Charities
(Accounts and Reports) Regulations
2008only to the extent required to provide a 'true and fair view'. This
departure has involved
following the Accounting
and Reporting
by Charities: Statement ofRecommended
Practice
applicable to charities preparing
their accounts
in accordance with the Financial Reporting Standard
applicable		 in
the UK and Republic of Ireland (FRS102)issued
in October 2019rather than the Accounting
and Reporting		 by
Charities: Statement ofRecommended
Practice effective from 1April 2005 which has since been withdrawn.
The principal
accounting
policies are:
(a) Basis ofAccounting
The Accounts
are
prepared
in accordance
with
the
historical
cost convention
modified		 by the
valuation
ofinvestments.
(b) Investments
are stated at market value.
Quoted securities
have been valued at the middle
market
price at the close of business
at		 the year-
end.
The market
value of unit trusts
is taken
as the average of the
bid and offer prices		 at the
accounting
date as stated
by Quilter Cheviot
Investment
Management.
Realised
gains and		 losses on
investments
disposed of during the year are accounted for in the year of disposal.
Unrealised		 gains
and losses are accounted for in the year in which they arise.
(c) Dividends
and interest
on securities are accounted for when receivable.
Interest on bank deposits		 is
accounted for as earned.
Income from investments
and interest are shown net oftax deducted.
(d) Grants payable are accounted for when authorised
by the Board ofTrustees.
(e) Cash flow statement
Under FRS102no Statement ofCash Flows is required.
All funds are unrestricted
(g) All expenditure
is accounted
for on an accruals
basis and includes
irrecoverable
VAT related		 to the
category.
(h) Support costs have been allocated across the charitable
activities on the basis ofexpenditure		 on those
activities where they cannot be directly attributed
tothe activities. (See Note 2)
Governance
costs form part ofsupport costs.
Fixed
assets
comprise
computer
equipment.
Computer
equipment
is capitalised
at		 cost and
depreciated
on a straight-line
basis over its estimated
useful economic life of3years.
A regular
quarterly
donation
of f25,000 is now being received from the Stock Exchange
Benevolent
Fund.

Direct Costs
f		 Support Costs
f		 Support Costs
f		 2022 Total
f		 2021Total
f
Grants Payable 143,846 40,502 184,348 196,198
Visits to Recipients ~7434 2093 9527 3919
151280 42 595 193875 200117
Support Costs
Support costs allocated on the basis ofexpenditure:
Grants Visits to 2022 2021
Payable Recipients Total Total
Support Costs f f f f
Postage and
Administration 3,396 176 3,572 1,777
Printing
and Stationery		 126 7 133 91
Computer
Expenses		 238 12 250 130
Consultancy
Fees		 36,249 1,873 38,122 37,012
Consultancy
Expenses		 493 25 518 863
40502 2093 42 595 39873

Tangible Fixed Assets - Co mputer
Equipment
2022 2021
f f
Cost
Brought forward as at 1January
Additions
during the year
Cost as at 31December
Depreciation
Brought forward as at 1January
Provided
during the year
Accumulated
depreciations		 asat 31December
Net book value asat 31December
5.
Investments		 5.
Investments
Investment Income 2022 2021
f f
Fixed Interest (Bonds) 4,041 2,935
Investment Trusts 3,494 4,485
U K Equities 30691 22 414
38,226 29,834
Interest on cash deposits 405
38,631 29,834
2022 2021
Cost Market Value Cost Market Value
f f f f
Fixed Interest (Bonds) 116,995 115,224 116,995 138,031
Investment Trusts 344,746 488,650 233,060 762,187
U K Equities 263455 436407 256959 506 105
725 196 1040281 607014 1406323
MV at January Purchases at Sales Change
in		 MV at
2022
f		 cost
f		 proceeds
f		 Market Value
f		 December 2022
f
Fixed Interest
(Bonds) 138,031 (22,807) 115,224
Unit Trusts
Investment Trusts 762,187 137,537 225,033 (186,041) 488,650
Charitable Trust
UK Equities 506 105 99 175 152785 ~16088 436407
1406323 236712 377818 ~224 936 1040281
wing
Inve		 stments
a		 re Overseas Investments
at M		 arket Value:-
2022 2021
E E
Baillie Gifford Japanese Income 40,835 44,467
BNY Mellon US Equity 53,221
Fidelity UCITS 50,721
JP Morgan American 85,625 191,750
Prusik IM Asia Equity 46,877 42,962
Templeton Emerging Markets 18,375 22,200
Vontobel Emerging Markets 18,547 22,557
The following
Investments
re		 present
more th		 an 5%ofthe Portfolio at Ma rket Value:—
2022 2021
Equities
Shell 63,965 44,616
BHP Group 64,250 54,988
BNY Mellon US Equity 53,221
Investment
Trusts
JP Morgan American Inv Trust 85,825 191,750
Fixed Interest
M 8 G Optimal Securities 82,036 95,001