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|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|
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||||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||||
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|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.|||||
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||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|
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|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|
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