OpenCharities

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

2023-12-31-accounts

THE BRITWELL TRUST (Registered Charity No. 289196)

ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS

Page
Annual Report of the Trustees 1 - 7
Report of the Independent Examiner 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 15
Schedule of Investments & Income 16 - 17

Page 1

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees of The Britwell Trust (“the trust” or “the charity”) present their report and financial statements for the year ended 31 December 2023. These have been prepared in accordance with the accounting policies set out in Note 1 and comply with the applicable charity law.

The financial statements comply with the Charities Act 2011 and where applicable, the Charities Act 2022, the Trust Deed 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) (“Charities SORP FRS 102”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

1. REFERENCE AND ADMINISTRATIVE DETAILS

UK Charity Registration Number: 289196
Registered Office: Britwell Priors, Longparish, Nr. Andover
Hampshire SP11 6QR
Trustees: Lady Rosemary Violet Tennant (Chairperson)
Christopher Sebastian Tennant
Independent Examiner: Christopher J Hawley FCA
Rawlinson & Hunter LLP, Eighth Floor, 6 New Street
Square, London EC4A 3AQ
Accountants: Rawlinson & Hunter LLP
Eighth Floor, 6 New Street Square, London EC4A 3AQ
Investment Manager and Custodian: SG Kleinwort Hambros
One Bank Street, Canary Wharf, London E14 4SG
Principal Bankers: C Hoare & Co
37 Fleet Street, London EC4P 4DQ
Solicitors: Boodle Hatfield LLP
240 Blackfriars Road, London SE1 8NW
HM Revenue & Customs: HMRC Charities
Self Assessment ref - 75743 75239
Repayment claims ref - EW20153

2. STRUCTURE, GOVERNANCE AND MANAGEMENT

The Britwell Trust was established by a Deed dated 23 March 1984 and is an unincorporated charitable trust bound by the proper law of England and Wales. The original settlor was the late Sir Anthony John Tennant.

The terms of the trust require income and capital to be applied for charitable purposes as the Trustees in their absolute discretion shall determine. The trustees’ power to accumulate the income of the trust expired on 23 March 2005, and thereafter the trustees have endeavoured to expend the income towards the fulfilment of the objectives of the trust.

Page 2

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The management of the trust is conducted solely by the Trustees. The names of the Trustees who served throughout the year and continue to serve at the date of this report’s approval are:

The Trustees endeavour to expend the income towards the fulfilment of the objectives of the trust. The Trustees have full discretion to utilise both the capital and income of the trust in pursuance of its charitable objectives.

The power to appoint new or additional trustees is now vested in Lady Rosemary Tennant, and thereafter in the Trustees.

Trustees’ Responsibilities Statement

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:

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 and where relevant, the Charities Act 2022, 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 irregularities.

In accordance with trust law, as the charity Trustees, we certify that:

Page 3

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Internal Controls

The Trustees have overall responsibility for ensuring that the charity has appropriate systems of internal controls. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements follow best practice. They are also responsible for the charity safeguarding its assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

Induction and Training

The training of Trustees is adopted on an informal basis. The Trustees are kept informed of their duties and obligations under the laws in addition to their proper conduct.

Related Party Transactions

Should the charity engage in a transaction with which one of the Trustees is connected, the conflicted Trustee will excuse themselves from the decision making process. Any related party transactions are disclosed notes to the Financial Statements.

3. OBJECTIVES AND ACTIVITIES

The objectives of the charity are to apply capital and income for such charitable purposes, charitable institutions or charitable foundations in such manner as the Trustees in their absolute discretion think fit.

Postal appeals are sent to the registered office of the charity for consideration of the Trustees.

Statement of Public Benefit

The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the trust’s aims, activities and achievements in the areas of interest that the trust supports demonstrates the benefit to its beneficiaries and through them to the Public, that arise from those activities.

4. ACHIEVEMENT AND PERFORMANCE

Investments

The assets of the charity consist principally of investments and cash and these are collectively recorded on the Balance Sheet and supporting notes at their market value on that date. Any increase or decrease over the previous year’s market value on the restatement of these values is recorded in the Statement of Financial Activities. As at 31 December 2023, the value of the charity’s investments was £1,884,916 (2022 - £1,807,345).

Page 4

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENT AND PERFORMANCE (continued)

The charity realised investment gains of £5,048 (2022 - £67,681 losses), and had unrealised gains of £84,036 (2022 - £120,078 losses). The total net gains on investment assets for the year ended 31 December 2023 was £89,084 (2022 - £187,759 losses).

The investment objectives of the trust are to preserve capital in real terms and provide sufficient income to meet the Trustees’ requirements. The portfolio is reviewed on a regular basis and reports produced by the investment manager so that any necessary steps can be taken to lessen the risks of the objectives not being met. The Trustees’ investment powers are unrestricted.

The Trustees’ investment manager SG Kleinwort Hambros has in place an investment policy covering the following objectives:-

SG Kleinwort Hambros manage the trust investment portfolio and monitor performance against both ARC Balanced (40-60% equity risk) and ARC Steady Growth (60-80% equity risk).

The portfolio follows a GBP UK Balanced Growth strategy to generate a real return exceeding the rate of inflation, while accepting a relatively moderate level of risk similar to the long-run historical risks of investing in a blended portfolio of 40% bonds and 60% equities.

SG Kleinwort Hambros summary for the year was as follows:-

In early 2023, investors focused on the dramatic Covid policy change in China. The prospect of stronger economic activity saw sharp rises in commodities.

The collapse of Silicon Valley Bank (SVB) in March dominated asset price moves during the month. Concerns that Banking sector woes would lead to a sharp fall in credit availability saw US 10 bond yields fall, closing the month at c. 3.5%, reducing market expectations of further rate increases. Wage pressures drove inflation higher during Q2 2023.

Markets continued to stabilise after the short-term disruption caused by the issues in the US banking industry. UK 10-year bond yields back to the level they were prior to SVB’s unravelling.

UK economic performance continued to defy sceptics with both the Bank of England and the IMF upgrading their forecasts for growth in 2023 to c. 0.4%, up from a modest decline previously, driven by consumer spending.

In June 2023, UK inflation pushed higher than consensus expectations and UK employment markets showed signs of cooling, with unemployment rising modestly, driven in the main by growing availability of labour. The US economy showed signs of slowing of activity, while the Federal Reserve (the Fed) stated it will pause its cycle of monetary tightening to assess the impact of the previous rate rises.

In the UK and in parts of Europe, inflation tracked lower. In the US, headline inflation fell back as energy and food prices declined. Chairman Jerome Powell kept markets guessing as to whether the Fed had ended its phase of monetary tightening.

Page 5

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENT AND PERFORMANCE (continued)

August began with bond yields rose in the US and UK, though by month-end they had fallen c. 3040 basis points (bps) below those mid-month peaks, due to softer economic data in the US. In addition, China continued to concern investors, particularly the country’s property development sector and shadow banking system.

Inflation figures in UK and Europe continued to moderate in September. The Bank of England (the BoE) halted its sequence of rate rises, and bond markets quickly priced out any further rate rises. In the US, the Fed chose to leave interest rates unchanged but, Chairman Jerome Powell delivered fairly hawkish commentary around future policy to try and constrain ‘animal spirits’.

In October, the outbreak of significant hostilities in the Middle-East drove risk aversion across many asset markets. Typically, this would have ignited a rally in government bonds but, the opposite happened.

By November, investors began pricing out the risk of any further monetary tightening in the UK and began anticipating interest rate cuts in the second half of 2024. Bond yields fell across all durations. The US delivered a lower-than-expected inflation print. The absence of a wider escalation of hostilities in the Middle-East, as well as ceasefires, saw the oil price fall below the levels of early October.

In December, UK inflation continued to fall with the annual rate at c. 3.9%, driven by declining core inflation and helped by slowing wage growth and falling energy prices. US inflation also declined, driven by falling energy and food prices.

Markets are now pricing in several rate cuts in 2024, which historically has always been good for markets. However, should the US or other economies dip into recession, it will be challenging for equity markets to maintain the recent rally into 2024 in a meaningful way.

Management of the Trust

Over Q1 and Q2 2023, the Trust’s Equity positions added value. Specifically, Europe (BGF Continental European Flexible Fund, JOHCM Continental European Fund), US (Fidelity Index US, Amundi S&P 500 Climate Net Zero Ambition ETF), and Global Equity (Pictet Global Environmental Opportunities Fund) were key contributors to performance. The Trust’s exposure to Alternatives marginally detracted from performance (Amundi Epsilon Global Trend Fund, the Tail Risk Protection Note, Moorea Real Assets Fund,).

Over Q3 and Q4 2023, the Trust’s Equity positions added value. Specifically, US (Fidelity Index US, Amundi S&P 500 Climate Net Zero Ambition ETF, Robeco BP US Premium Equities Fund), UK Equity (iShares FTSE 250 ETF), and Japan Equity (Fidelity Japan Value Fund) were key contributors to performance. The Trust’s exposure to UK Government Bonds and Alternatives also added value (Lyxor FTSE Actuaries UK Gilts ETF, Moorea Real Assets Fund, Lyxor Tiedemann Arbitrage Strategy Fund).

The Trust’s total return performance over the period reported is c. +6.93%.

Page 6

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

5. FINANCIAL REVIEW

Income & Expenditure

Total income for the year was £45,091 (2022 - £37,677). The income generated from the trust’s investment portfolio was £42,566 (2022 - £35,954), which was 18.4% up on 2022.

Total expenditure excluding grants made was £19,955 (2022 - £19,653). The main costs of the charity relate to investment management, accountancy and compliance.

Charitable Activities

Total charity activities for the year was £9,440 (2022 - £43,320), with charitable grant expenditure of £8,000 to 3 organisations (2022 - £42,000 to 24 organisations). The charity met its objectives for some of the larger grants as follows:

A full list of the charitable grants and donations made during the year in pursuit of the Trustees’ objectives are listed under Note 3 of the financial statements.

Reserves Policy

Income is generated principally from the investments held by the trust. The Trustees have no formal reserves policy and any undistributed income during the year is earmarked for direct charitable expenditure in the following year. In the event that the Unrestricted Fund has been fully exhausted, the Trustees are able to utilise the Expendable Endowment, as they see fit.

Total charity Unrestricted Fund income reserves at 31 December 2023 were £17,136 (2022 - £nil), with Expendable Endowment reserves of £1,914,860 (2022 - £1,825,776). Total free reserves at 31 December 2023 were £1,931,996 (2022 - £1,825,776).

Risk Management

A risk assessment has been undertaken which comprises:

This continuing process will identify risk areas to which the trust is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these financial statements.

The Trustees have approved fit and proper declarations in line with HMRC guidance.

Page 7

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2023

6. PLANS FOR FUTURE PERIODS

The Trustees do not propose to deviate from the current objectives and activities of the trust as detailed in Part 3 of this report.

Approved on behalf of the Trustees:

Christopher Tennant Trustee

30 June 2024

Page 8

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES

OF THE BRITWELL TRUST

FOR THE YEAR ENDED 31 DECEMBER 2023

I report to the charity trustees on my examination of the financial statements of The Britwell Trust (the charity) for the year ended 31 December 2023, which comprise the Statement of Financial Activities, Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Christopher J Hawley FCA

4 July 2024

Chartered Accountant & Independent Examiner Eighth Floor, 6 New Street Square, New Fetter Lane, London EC4A 3AQ

Page 9

THE BRITWELL TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Expendable|Total|Total| |Note|Fund|Endowment|2023|2022| |£|£|£|£| |Income and endowments from:| |Investments|2|42,566|-|42,566|35,954| |Bank deposit interest|2,525|-|2,525|548| |Other income|-|-|-|1,175| ||||| |Total income and endowments|45,091|-|45,091|37,677| ||||| |Expenditure on:| |Charitable activities|3|14,787|-|14,787|48,892| |Raising funds – investment management|5|13,168|-|13,168|13,361| ||||| |Total income|27,955|-|27,955|62,253| ||||| |Net income/(expenditure) before net| |gains on investment assets|17,136|-|17,136|(24,576)| |Net gains/(losses) on investment assets|6|-|89,084|89,084|(187,759)| ||||| |Net movement in funds|17,136|89,084|106,220|(212,335)| |Reconciliation of funds:| |Total funds brought forward at 1 January 2023|-|1,825,776|1,825,776|2,038,111| ||||| |Total funds carried forward| |at 31 December 2023|£ 17,136|£1,914,860|£1,931,996|£1,825,776| |||||

----- End of picture text -----

There are no recognised gains or losses other than those included in the Statement of Financial Activities.

All income and expenditure derive from continuing activities.

The notes and schedule on pages 11 to 18 form part of these financial statements.

Page 10

THE BRITWELL TRUST

BALANCE SHEET

AT 31 DECEMBER 2023

Note 2023 2023 2022 2022
£ £ £ £
Fixed Assets
Investments at market value 6 1,884,916 1,807,345
Current Assets
Debtors 7 - 2,230
Cash deposits held 8 56,019 25,464
Current Liabilities
Creditors:amounts falling due within one
year 9 (8,939) (9,263)
 
Net Current Assets 47,080 18,431
 
Total Net Assets £1,931,996 £1,825,776
 
Charity Funds
Expendable Endowment 1,914,860 1,825,776
Unrestricted Fund 17,136 -
 
Total Charity Funds £1,931,996 £1,825,776
 

The Financial Statements are hereby approved on behalf of the Trustees by:

Christopher Tennant

30 June 2024

The notes and schedule on pages 11 to 18 form part of these financial statements.

Page 11

THE BRITWELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of accounting

These financial statements have been prepared on a going concern basis under the historical cost convention, modified to include the revaluation of investments. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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) (“Charities SORP FRS 102”) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, where relevant the Charities Act 2022 and UK Generally Accepted Accounting Practice.

The Trust has applied the provisions set out in Charites SORP FRS 102 and does not include a Statement of Cash Flows on the basis it is a small charity.

The principal accounting policies adopted are as follows:-

Fixed asset i nvestments

Investments are included at closing mid-market value at the Balance Sheet date. Realised gains and losses on investments are recognised as they arise and any unrealised gain or loss on revaluation is taken to the Statement of Financial Activities. The determination of any gains and losses is calculated by reference to the market value of such assets at the beginning of the accounting period.

Incoming resources

All income is accounted for when the charity becomes entitled to the income, the amount can be measured reliably and it is probable that the income will be received. For legacies, entitlement is taken as the earlier of the date on which the estate is finalised or when a distribution is received from the estate.

Expenditure

Expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.

Direct charitable expenditure comprises grants and donations made during the year together with the recognition of certain commitments made by the Trustees. Governance costs are included within charitable expenditure. These costs relate to the general running of the trust as opposed to the management functions inherent to generating funds. Such costs can include external audit, legal advice and costs associated with constitutional and statutory requirements.

Status of funds

The entire resources of the charity are unrestricted and the Trustees have complete discretion for their use in pursuance of its objectives. Expendable Endowment are unrestricted funds earmarked for investments to generate income for charitable activities.

Taxation

The charity is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged to the Statement of Financial Activities (“SOFA”) when the expenditure to which it relates is incurred and allocated.

Page 12

THE BRITWELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

ACCOUNTING POLICIES (continued)

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. Cash held by investment managers for investing is treated as part of the investment portfolio.

Going Concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the level of income and expenditure 12 months from authorising these financial statements. The anticipated income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

The current ongoing conflicts in Ukraine, the Middle East and the resulting inflationary pressures have affected the global economy. Having considered the contingency plans in place and having reviewed updated cash flow forecasts, the Trustees consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.

Page 2023 2022
2. INVESTMENT INCOME £ £
Income from UK quoted equities 14,187 17,646
Income from foreign quoted equities 20,565 14,781
Income from foreign quoted unit trusts (interest) 7,814 3,527
 
Total investment income 9/18 42,566 £ 35,954
 
3.
CHARITABLE ACTIVITIES
Analysis of charitable grants made:
National Gallery Trust (George Beaumont Group) 3,000 2,500
Royal Academy of Arts 3,000 2,000
St Andrews Hospital 2,000 -
Disasters Emergency Committee (DEC) - Ukraine Humanitarian Appeal - 5,000
St George's Hospital - 5,000
Border Women’s Aid - 3,000
Hampshire Medical Fund - 2,000
Help Musicians (Musicians Benevolent Fund) - 2,000
Shawmind - 2,000
Stars Appeal (Salisbury District Hospital Charitable Fund) - 2,000
St Nicholas’ Church, Longparish PCC - 2,000
The Passage - 2,000
Battersea Dogs & Cats Home - 1,000
Canine Partners - 1,000
Combat Stress - 1,000
Countess of Brecknock Hospice Trust - 1,000

Page 13

THE BRITWELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Page 2023 2022
CHARITABLE ACTIVITIES (continued) £ £
Game & Wildlife Conservation Trust - 1,000
Gurkha Welfare Trust - 1,000
King Edward VII's Hospital - 1,000
McNicol Ballet Collective - 1,000
National Horseracing Museum - 1,000
Racing Welfare - 1,000
St James' Church, Woodcott - 1,000
Wardour Chapel Trust - 1,000
Mare & Foal Sanctuary - 500
 
Total charitable grants made 8,000 42,000
Support costs (note 4) 13 5,347 5,572
Governance costs (note 4) 13 1,440 1,320
 
Total charitable activities 9 £ 14,787 £ 48,892
 
4. GOVERNANCE AND SUPPORT COSTS
Support costs:
Accountancy fees
- 2023 accounts 4,200 -
- 2022 accounts 960 4,686
- 2021 accounts - 216
 
Total accountancy fees 5,160 4,902
Bank charges 187 70
Secretarial administration - 600
 
Total support costs(note 3) 13 £ 5,347 £ 5,572
 
Governance costs:
Independent examination fees
- 2023 accounts 1,440 -
- 2022 accounts - 1,320
 
Total governance costs(note 3) 13 £ 1,440 £ 1,320
 
5. COST OF RAISING FUNDS
Investment management fees 13,168 13,361
 
Total cost of raising funds 9 £ 13,168 £ 13,361
 

Page 14

THE BRITWELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Page 2023 2022
6. FIXED ASSET INVESTMENTS £ £
Investments at market value comprise:
Quoted investments within the United Kingdom 459,123 473,325
Quoted investments outside the United Kingdom 1,397,539 1,229,672
 
Total quoted investments 18 1,856,662 1,702,997
Capital cash held 28,254 104,348
 
Total investment assets 10 £ 1,884,916 £1,807,345
 
See pages 16 - 18 for a complete list of the charity quoted investments.
Quoted investments
Market value at 1 January 2023 1,702,997 1,925,000
Additions at book cost 686,701 553,055
Sale proceeds (622,120) (587,299)
Net gains/(losses) on investment assets 14 89,084 (187,759)
 
Market value at 31 December 2023 10 £ 1,856,662 £ 1,702,997
 
Historical cost at 31 December 2023 £ 1,687,151 £1,575,929
 
Net gains on investment assets
Net realised gains/(losses) on disposals
5,048
(67,681)
Net unrealised gains/(losses) on revaluation 84,036 (120,078)
 
Total net gains/(losses) on investment assets 9 £ 89,084 £ (187,759)
 
7.
DEBTORS
Investment income in course of collection
£ -
£ 2,230
 
8. CASH DEPOSITS HELD
C Hoare & Co - current account
45,482
-
Kleinwort Hambros income account 10,537 5,371
Bank of Scotland - current account - 20,093
 
10 £ 56,019 £ 25,464
 
9. CREDITORS - amounts falling due within one year
Accountancy fees 4,200 4,686
Investment management fees 3,299 3,257
Independent examiner fees 1,440 1,320
 
10 £ 8,939 £ 9,263
 

Page 15

THE BRITWELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

10. FUND RECONCILIATION Balance at Balance at
1 January Fund 31 December
2022 Income Expenditure Gains Transfers 2022
y/e 31 December 2022 £ £ £ £ £ £
Unrestricted Funds - 37,677 (62,253) -
24,576		 -
Expendable endowment 2,038,111 - - 130,676
(24,576)		 1,825,776
     
Total Funds £2,038,111 £ 37,677 £(62,253) £ 187,759
£		 - £1,825,776
     
Balance at Balance at
1 January Fund 31 December
2023 Income Expenditure Gains Transfers 2023
y/e 31 December 2023 £ £ £ £ £ £
Unrestricted Funds - 45,091 (27,955) - - 17,136
Expendable endowment 1,825,776 - - 89,084 - 1,914,860
     
Total Funds £1,825,776 £ 45,091 £(27,995) £ 89,084
£		 - £1,931,996
     
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Expendable
At 31 December 2022 Unrestricted Endowment 2022
£ £ £
Investments - 1,702,997 1,702,997
Debtors - 2,230 2,230
Cash - 129,812 129,812
Creditors - (9,263) (9,263)
  
Total Funds £ - £ 1,825,776 £ 1,825,776
  
Expendable
At 31 December 2023 Unrestricted Endowment 2023
£ £ £
Investments - 1,856,662 1,856,662
Debtors - - -
Cash 26,075 58,198 84,273
Creditors (8,939) - (8,939)
  
Total Funds £ 17,136 £1,914,860 £ 1,931,996
    

12. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS

No Trustee received any remuneration or expenses during the year ended 31 December 2023.

There were no transactions with any connected persons to report for the year ended 31 December 2023.

THE BRITWELL TRUST

Schedule of Investments and Income Year ended 31st December 2023

Holding Market Value Additions Disposals Profit Unrealised Holding Market Value Gross UK/Foreign
01/01/2023 01/01/2023 Cost Proceeds (Loss) profit 31/12/2023 31/12/2023 Income Tax
£
£
£		 £
£		 £ £
£
Amundi Asset Management
Lyxor Core Uk Equity All Cap Dr Etf Dist 3,573
37,216		 1,185 3,573
38,401		 1,179
Amundi Etf Icav
S&p 500 Cli Net Zero Amb Pab Uct Etf Acc 32,957 4,920 1,552
37,877
Blackrock (Luxembourg) S.A.
Continental European Flexible D4rf GBP 1,310
39,798		 6,668 1,310
46,466		 412
Ct Investment Funds (Uk) Icvc
Ct UK Equity Income Z GBP Dis 49,198
72,493		 74,992 2,499 1,924
Fidelity Funds
Japan Value I Qincome(G) GBP Dis 18,660 1,924 18,954
20,584		 174
Fil Investment Management(Lux)sa
Japan Advantage W GBP Acc 18,895 18,660 (235) 235
Fil Investment Services(Uk)limited
Institutional Emerging Markets W Acc Nav 32,762
52,649		 610 569 32,762
53,828		 610
Fil Investment Services(Uk)ltd
Index US P Inc Nav 54,723
152,152		 26,584 54,723
178,736		 2,163
Hermes Investment Fund
Asia Ex Japan Equity F Inc Nav 35,599
81,454		 38 26,479 486 16 24,239
55,515		 1,804
Invesco Funds Sicav
Sterling Bond T1 GBP Qdis 101,256 (2,703) 10,923
98,553		 1,084
Invesco Management Sa
Bond Z GBP Qd Dis 9,352
88,182		 39,782 135,118 (803) 7,957 3,608
Ishares
Core FTSE 100 Fund Nav 18,022
130,948		 47,950 5,030 24,509
183,928		 6,167
Ishares
Markit Iboxx Stg Corporate Bond 1-5 36,547 676 369
37,223
Ishares Physical Metals Plc
I Shares Physical Gold Etc GBP 3,119
91,699		 95,683 3,984

THE BRITWELL TRUST

Schedule of Investments and Income Year ended 31st December 2023

Holding Market Value Additions Disposals Profit Unrealised Holding Market Value Gross UK/Foreign
01/01/2023 01/01/2023 Cost Proceeds (Loss) profit 31/12/2023 31/12/2023 Income Tax
£
£
£		 £
£		 £ £
£
Ishares Plc
Ishares FTSE 250 Fund 4,009 70,727 1 3,055 4,009
73,783		 2,338
J O Hambro Capital Management Umbrella
Continental European A Fd GBP 7,508 40,911 42 5,274 7,508
46,227		 800
Jupiter Fund Managers Limited
UK Alpha U1 GBP Inc 106,608 1,448 84,294
108,056
Loomis Sayles YS GR
EQ-S A GBP 36,427 1,758 159
38,185
Lyxor Investment Strategies Plc
Epsilon Global Trend I GBP Instl 353 58,559 23,435 376 (1,215) 214
34,285
Lyxor Newcits Irl Plc
Sandler US Equity Si GBP Acc 616 68,399 33,553 686 978 320
36,510
Lyxor Newcits Irl Plc
Tiedemann Arbitrage Strategy Si GBP 598 61,003 24,491 22 2,762 358
39,296
M&G Investment Managment Ltd
Charifund Income Units 8,258 121,354 (2,852) 8,258
118,502		 7,061
Moorea Defined Return Fund
RG D 54,814 1,722 549
56,536		 253
Moorea Fund
Real Assets Rg-D GBP Dis 611 54,372 (5,392) 611
48,980		 3,008
Multi Units Luxembourg
Lyxor Ftse Actri UK Gilts 05y Dr GBP 9,850 162,500 1,785 51,512 (446) 1,349 6,715
113,676		 3,329
Multi Units Luxembourg
Lyxor Ftse Actuaries UK Gilts Dr Ucits 504 52,562 40,315 3,065 904
95,942		 1,971
Multi Units Luxembourg
Lyxor Netzero 2050 S&p500 Climate Pab Dr
Changed from Amundi Asset Management Lyxor Netzero 2050 S&p500 Climate Pab Dr on 11/04/2023
1,552 30,962 324 32,957 1,671 324
Pictet Asset Management (Europe) Sa
Environmental Megatrend Sel I Dy Gbp Nav 275 74,899 10,431 275
85,330

THE BRITWELL TRUST

Schedule of Investments and Income Year ended 31st December 2023

Holding Market Value
Additions
Disposals
01/01/2023
01/01/2023
Cost
Proceeds
£
£
£
Pimco Funds Global Investors Series
Global Inv Grade Cred Hdgd Instl Inc Nav
128,059
Robeco Luxembourg
Robeco US Premium Equities Ie GBP
112
53,162
21,631
Royal London Unit Trust Managers
UK Equity Income Z Inc
61,870
74,677
74,667
SG Issuer
0% Eln Gtd Snr Nts 30/07/2026 GBP100
39,500
32,319
30,573
TOTAL:
1,702,997
686,701
622,120		 Profit
Unrealised
Holding Market Value
(Loss)
profit
31/12/2023
31/12/2023
£
£
£
2,911
11,310
130,970
4,480
159
79,273
(10)
(1,746)
5,048
84,036
1,856,662		 Gross
UK/Foreign
Income
Tax
£
£
1,337
356
2,429
42,566