DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Registered No. 294928
Miss V R Jarvis Charitable Settlement
Financial Statements For the Period Ended
5 April 2023
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Settlement
| Contents | Page |
|---|---|
| Trustees’ Annual Report | 1 - 2 |
| Legal and Administrative Details | 3 |
| Statement of Trustees’ Responsibilities | 4 |
| Accountants’ Report | 5 |
| Receipts and Payments Account | 6 |
| Statement of Assets and Liabilities | 7 |
| Notes to the Financial Statements | 8 |
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Settlement Trustees’ Annual Report
The Trustees present their Annual Report and the financial statements for the period ended 5 April 2023. This report has been prepared in accordance with guidelines made available by the Charity Commission. A charity with income less than £250,000 is permitted to prepare receipts and payments accounts and is therefore not required to follow the requirements of the new Charity SORP (FRS 102) with regard to the financial statements.
To simplify investment and reporting arrangements the accounting reference date has been moved to the 5 April from the 8 June. As a result these accounts have been prepared for the period from the 9 June 2022 to the 5 April 2023, a period of approximately 9 months.
Legal Status and Objects
The Charity was formed under a Trust Deed on 9 June 1986.
The objects of the Charity are to make donations to such Charities or for such charitable purposes and in such proportions and in such manner and subject to such terms and conditions as the Trustees may at their uncontrolled discretion determine having regard to any directions given or wishes expressed by the Settlor to the Trustees.
In reviewing potential donees, the Trustees have been mindful of the Charity Commission’s guidance on public benefit. All manner of charitable causes are supported and the assistance given by the Charity ensures that the public are benefited throughout the local area and beyond.
Appointment of Trustees
The power of appointing Trustees was vested in the Settlor (Vivien Rosalie Jarvis) during her lifetime. Thereafter the Trustees will be appointed by the existing trustees in order to bring suitable skills to the Charity as required.
The trustees who held office during the period and to the date of signing were:
Mr M Drake Mr B Crabtree-Taylor
Review of Activities and Financial Performance
The financial statements have been prepared in accordance with the legislative requirements of the Charities Act 2011 as applicable to smaller charities in England and Wales.
The Trustees have taken the option available to them to prepare the accounts on a receipts and payments basis because the gross income of the charity is less than £250,000.
The main source of income for the trust for the 9 months is interest and dividend income totalling £6,471 (2022 (year): £6,305) and any proceeds from the sale or re-organisation of investments.
In accordance with the Trustees’ public benefit responsibility referred to above, the Trustees identify suitable recipients for funding each year. During the period ended 5 April 2023 no donations were made (2022 (year): £10,000 to 1 charity). Donations are typically approved and made annually in April. Due to the change in accounting reference date the donations approved and paid in April 2023 will be reported in the year ended 5 April 2024.
At the period-end the charity’s investment portfolio market value was £266,871 (2022: £276,822). Investment income generated by the portfolio is expected to be low in the short term, as many companies have reduced or stopped their dividend payments. However, the portfolio is well diversified, thus giving the Trustees protection against too much volatility.
Page: 1
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Settlement Trustees’ Annual Report
Reserves Policy
The Trustees are satisfied that the level of cash funds, currently £72,487 (2022: £84,767), are adequate to meet the objects of the Charity. The trustees do not make awards beyond their available funds.
Approved by the trustees and signed on their behalf by:
Mr M Drake Trustee
Date: 20 December 2023
Page: 2
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Settlement Legal and Administrative Details
Trustees
Mr Michael Drake Mr Barry Crabtree-Taylor
Trust Address
Edmondson Hall Solicitors (incorporating Rustons & Lloyd) 25 Exeter Road Newmarket Suffolk CB8 8AR
Legal Status
The Charity was formed as a Trust under a Deed dated 9 June 1986 Charity Commission Registration No: 294928
Bankers
Lloyds Bank Plc 48 High Street Newmarket Suffolk CB8 8LF
Solicitors
Edmondson Hall Solicitors (incorporating Rustons & Lloyd) 25 Exeter Road Newmarket Suffolk CB8 8AR
Investment Managers
Investec Wealth & Investment 30 Gresham Street London EC2V 7QN
Accountants
Peters, Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA
Page: 3
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Settlement Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to Charities in England and Wales requires the Trustees to prepare financial statements for each financial year. In preparing these financial statements, the trustees should follow best practice and:
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities SORP;
-
Make judgements and estimates that are reasonable and prudent.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, supporting regulations and 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
Page: 4
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Settlement Accountants’ Report to the Board of Trustees on the unaudited financial statements of Miss V R Jarvis Charitable Settlement
In accordance with the engagement letter dated 15 February 2023 and in order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of the charity which comprise the Receipts and Payments Account, Statement of Assets and Liabilities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulations.
This report is made solely to you in accordance with the terms of our engagement letter dated 15 February 2023. Our work has been undertaken solely to prepare for your approval the charity’s financial statements and state those matters that we have agreed to state to you in this report in accordance with the guidance of ICAEW as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Board of Trustees, as a body, for our work or for this report.
You have approved the financial statements for the period ended 5 April 2023 and have acknowledged your responsibility for them, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for their compilation. You consider that the charity is exempt from the statutory audit requirement for the period and the requirement to have an independent examination of the financial statements.
We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
PETERS, ELWORTHY & MOORE
Chartered Accountants
Salisbury House Station Road Cambridge CB1 2LA
Date: 20 December 2023
Page: 5
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Settlement Receipts and Payments Account for the period ended 5 April 2023
| Note Receipts Bank interest Dividends: UK equities (including gilt interest) Receipts sub-total Receipts From Assets Proceeds from sale/re-organisation of investments Total Receipts For Period Payments: Costs of raising funds: Investment Management fees Charitable donations 3 Governance costs 4 Asset and investment purchases Payment for investment assets Total Payments For Period Net Receipts/(Payments) being Net Movement in Funds Cash Funds At Last Year End Cash Funds At This Period End |
Total Unrestricted Funds For the 9 months ended 5 April 2023 £ 242 6,229 6,471 78,566 85,037 3,354 - 1,230 92,734 97,318 (12,281) 84,767 72,486 |
Total Unrestricted Funds For the year ended 8 June 2022 £ 7 6,298 |
|---|---|---|
| 6,305 29,519 |
||
| 35,824 | ||
| 3,407 10,000 2,964 42,512 |
||
| 58,883 | ||
| (23,059) | ||
| 107,826 | ||
| 84,767 |
Page: 6
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Settlement Statement of Assets and Liabilities 5 April 2023
| Note | 5 April | 8 June | |
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Monetary Assets | |||
| Lloyds Treasurers Account | 140 | 1,370 | |
| Lloyds Instant Access Account | 66,795 | 66,670 | |
| Brokers’ Dealing Account | 5,551 | 16,726 | |
| Edmondson Hall client account | - | - | |
| Cash funds at end of period being | |||
| Total Monetary Assets | 72,486 | 84,767 | |
| Non-Monetary Assets | |||
| Investment assets – at cost | 2 | 250,479 | 225,939 |
| Total Assets at Cost | |||
| 250,479 | 225,939 | ||
| Liabilities | |||
| Legal fees | - | 1,800 | |
| Accountancy costs | 1,620 | 1,500 | |
| Other creditors (grant approved pre-year | 2,000 | - | |
| end 2023) | |||
| 3,620 | 3,300 |
Approved by the Trustees and Signed by:
Mr M Drake Trustee
Date: 20 December 2023
Page: 7
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Settlement Notes to the Financial Statements Period Ended 5 April 2023
1 Accounting Policies
The financial statements have been prepared under Section 42(3) of the Charities Act 2011 and in accordance with Charity Commission guidance.
The financial period end has been changed to 5 April 2023, in order to align the charity reporting with the date of the investment valuation report.
Particular accounting policies adopted by the trustees are described below.
a) Income and Expenditure
Income and expenditure is accounted for on a receipts and payments basis.
b) Investments
Investments are shown at cost at the year end.
2 Investments
See schedule attached.
3 Charitable Donations
No charitable donations were authorised during the period (2022: £10,000). Donations were authorised to the following charitable organisations:
| Red Cross Ukraine Appeal | 2023 £ - - |
2022 £ 10,000 |
|---|---|---|
| 10,000 |
4 Governance costs
| Legal fees Accountancy fees |
2023 £ 1,230 - 1,230 |
2022 £ 1,567 1,398 |
|---|---|---|
| 2,964 |
Page: 8
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Settlement Notes to the Financial Statements Period Ended 5 April 2023
5 Trustees’ Remuneration
None of the trustees received remuneration or expenses during the current or previous period.
6 Related Party Transactions
The legal fees included within governance costs were paid to Edmondson Hall, where Mr M Drake and Mr B Crabtree-Taylor, the trustees, are both Consultants. There were no other related party transactions during the period and amounts payable are shown in the Statement of Assets and Liabilities.
Page: 9
DocuSign Envelope ID: 09B22AC5-D981-464B-ACD1-4D509974CAC9
Miss V R Jarvis Charitable Trust As at 5th April 2023 Investments
| Allianz Gbl Inv UK Gilt Yield I Inc Nav iShares II Plc Royal London Utm Sterl Ishares Ii Plc USD Ishares Iv Plc USD Trsry Bond Ishares Iii Plc Core Global Aggregate Bond Ucits Oaktree (Lux) Fds Oaktree Global Aberdeen Oeic V Aberdeen Global Inflation Royal Dutch Shell BHP Billiton Glencore Plc Ord Rio Tinto Bunzl Burberry Group Smith & Nephew Astrazeneca Tesco United Utilities Group HSBC Holdings Standard Chartered Aviva Aberdeen TB Amati AXA Fund Managers JH Inv Fds Srs Baillie Giff Oseas BG American Fund Brown Advisory Fds US sus JP Morgan Asset Management Polar Capital Fund North Amer Baillie Giff Oseas BG Japanese M&G Investment Fd Japan Sterling Hermes Invest Mngm Asia Ex-Japan Eqty Schroder Unit Trust Asian Income L Inc M&G Global Div Fd Ninety one Fedrtd Grms Inv Life science Reit Schroder Real Estate Warehouse Reit Brummer Umbrella I Seed LF Odey Funds LF Brook Abst Neuberger Bilfinger Berger/ Bbgi Sicav INT Public Partner Sdcl Energy Effici Jupiter Unit Trust Natwest Group PLC BMO Commercial Fundsmith LLP Equity I Inc Nav Sett Jupiter Unit Trust Managers Premier Portfolio Euro Opps Link Fund Smiths Group Woodside Energy Gr M&G Securities Ltd Gbl Fr High Yld |
Cost as @ Holding @ 08/06/2022 08/06/2022 7,950 4,200 5,056 465 9,855 7,000 - - - - - - - - - - 5,268 400 1,412 100 - - 979 100 - - - - 754 400 - - 7,045 1,650 3,424 500 5,248 1,100 4,850 452 6,768 680 5,209 800 7,503 450 6,404 5,000 5,032 6,586 7,807 400 8,358 675 3,939 6,500 5,388 450 - - - - 6,098 3,000 6,955 10,000 4,754 5,000 9,553 6,000 - - 5,810 5,500 5,206 9,500 6,822 5,000 - - 6,175 2,700 6,299 600 4,956 4,000 5,797 4,275 - - 8,010 12,001 9,624 1,300 4,925 4,000 4,301 1,500 2,958 220 5,863 2,000 6,639 5,500 - 250 - - 6,999 6,612 225,993 126,866 |
No. Of Adds. adds 3,392 1,975 - - - - 5,695 38 3,724 1,020 8,471 1,880 5,315 65 5,915 10,000 - - 2,490 500 - - 3,122 100 2,856 150 - - 3,917 35 - - - - - - - - - - - - - - - - 7,901 6,000 2,950 300 - - - - - - 3,541 200 4,725 4,000 - - - - - - - - 5,238 3,500 - - - - - - 10,035 99 - - 4,515 400 - - 568 356 5,461 4,500 - - - - - - - - - - 2,902 1,000 - - - - - 18 - - 92,733 36,136 |
Disposals Disposals No. Of at cost at MV disp. - - - - - - - - - - - - - - - - - - - - - - - - 1,317 2,121 100 - - - - - - - - - - - - - - - - - - - - - 1,486 754 348 - - - - - - - - - 1,632 722 164 2,605 4,828 400 - - - - - - - - - - - - - - - - - - 1,197 2,865 100 - - - - - - - - - - - - - - - 4,777 4,540 3,000 - - - - - - - - - - - - - - - 4,460 8,145 1,950 - - - - - - - - - - - - 8,010 7,439 12,001 9,624 2,777 1,300 4,925 4,636 4,000 4,301 8,365 1,500 2,958 6,668 220 8,795 8,844 3,000 6,639 7,247 5,500 - 3,472 250 - - 18 6,999 6,396 6,612 69,724 79,818 40,463 |
Accumulation div & Reorganisations - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Cost as @ Holding @ 08/06/2023 08/06/2023 11,330 6,175 5,056 465 9,855 7,000 5,695 38 3,724 1,020 8,471 1,880 5,315 65 5,941 10,000 3,951 300 1,412 100 2,490 500 979 100 3,122 100 2,856 150 754 400 3,917 35 7,045 1,302 3,424 500 5,248 1,100 4,850 452 5,052 516 2,615 400 7,503 450 6,404 5,000 12,933 12,586 10,757 700 8,358 675 3,939 6,500 4,197 350 3,541 200 4,725 4,000 6,098 3,000 6,955 10,000 4,754 5,000 4,791 3,000 5,238 3,500 5,810 5,500 5,206 9,500 6,822 5,000 10,035 99 1,715 750 10,814 1,000 4,956 4,000 6,365 4,631 5,461 4,500 - - - - - - - - - - - - - - - - - - - - 250,479 122,539 |
MV as @ MV as @ 05/04/2022 05/04/2023 7,785 9,407 9,309 6,764 9,429 8,155 - 5,637 - 3,299 - 8,546 - 5,198 - 6,069 8,483 7,088 2,965 2,413 - 2,284 6,120 5,284 - 3,073 - 3,730 4,931 4,513 - 4,057 3,577 3,435 5,831 5,381 5,806 6,095 2,258 2,780 2,992 2,110 9,656 3,518 6,547 5,038 8,960 7,365 7,858 16,337 5,916 7,294 10,105 9,315 9,880 9,627 12,893 9,331 - 3,630 - 4,775 7,151 6,873 8,030 7,484 6,423 6,304 9,080 4,664 - 5,230 5,541 3,383 5,515 4,175 8,645 5,265 - 10,441 11,277 3,941 6,630 10,780 6,964 6,056 7,323 6,868 - 3,859 7,439 - 2,777 - 4,636 - 8,365 - 6,668 - 5,942 - 7,247 - 3,472 - - - 6,396 - 276,822 266,871 |
Income 84 - 371 62 50 - - 447 279 225 - 575 - 25 126 - 150 221 239 48 153 - - 139 25 - - 221 - - - - 364 119 - 183 55 305 327 - - - - 339 266 145 98 47 11 149 - - 99 - 282 |
|---|---|---|---|---|---|---|---|
| 6,229 |
Page: 10