THE EDDLESTON SETTLEMENT FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022 REGISTERED CHARITY NO 299574
Skingle Helps & Co Chartered Accountants 28 Southway Carshalton Beeches Surrey SM5 4HW
1
THE EDDLESTON SETTLEMENT
REGISTERED CHARITY NO 299574
INDEX
YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Charity information | 2 |
| Trustees’ report | 3 - 4 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8 - 10 |
2
THE EDDLESTON SETTLEMENT
REGISTERED CHARITY NO 299574
CHARITY INFORMATION
YEAR ENDED 31 DECEMBER 2022
TRUSTEES
Mary Ann Eddleston Michael Eddleston
PRINCIPAL OFFICE
27 Kings Lane Sutton Surrey SM1 4NY
BANKERS
Lloyds TSB Bank PLC 49-53 High Street Sutton Surrey SM1 1DT
ACCOUNTANTS
Skingle Helps & Co 28 Southway Carshalton Beeches Surrey SM5 4HW
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THE EDDLESTON SETTLEMENT
REGISTERED CHARITY NO 299574
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2022
The trustees present their report together with the financial statements of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 and 9 and comply with the trust deed of the charity and have been prepared in accordance with the Charities Statement of Recommended Practice issued by the Charity Commission and Financial Reporting Standard 102.
GOVERNANCE
The charity is governed in accordance with its Trust Deed dated 21 January 1987.
OBJECTIVES
The charity supports general charitable purposes for the benefit of the general public and mankind by making grants to individuals and organisations.
ACHIEVEMENTS
During 2022, the charity was able to continue to make gifts to support various causes including medical and educational establishments.
RESERVES POLICY
The trustees have considered carefully the issue of reserves. The charity is in the fortunate position that it has no contractual obligations, making grants only as considered appropriate.
INVESTMENT POLICY
Investment policy is reviewed as necessary.
RISK ASSESSMENT
The trustees again considered carefully the possible risks associated with the operation of the charity. In their view these remain minimised by actions already taken.
PUBLIC BENEFIT
The trustees have had regard to the Charity Commission’s guidance on public benefit when reviewing the charity’s activities for the year.
REVIEW OF THE PERIOD AND FUTURE PROSPECTS
Funds have continued to be invested predominantly in fixed income securities to achieve a satisfactory level of investment income.
The reserves of the charity were £632,058 (2021: £693,257) at the end of the period. The trustees regularly review the level of reserves held by the charity and are satisfied that they are appropriate to its current circumstances.
In the view of the trustees, the charity’s future is likely to be similar to that of the past.
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THE EDDLESTON SETTLEMENT
REGISTERED CHARITY NO 299574
TRUSTEES’ ANNUAL REPORT (continued)
YEAR ENDED 31 DECEMBER 2022
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Charity law requires the trustees to prepare financial statements for each financial period which show the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees should:
-
select suitable accounting policies and apply them consistently;
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make judgements that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departure disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in existence.
The trustees are 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 comply with the requirements of the Charities Act 2011. 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.
M A Eddleston Trustee 24 April 2023
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REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE EDDLESTON SETTLEMENT
REGISTERED CHARITY NO 299574
I report to the trustees on my examination of the accounts of The Eddleston Settlement (“the Charity”) for the year ended 31 December 2022 as set out on pages 6 to 10.
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 2011 Act”). You are satisfied that the accounts of the Charity are not required by charity law to be audited and have chosen instead to have an independent examination.
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 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 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination which gives me cause to believe:
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the accounting records were not kept in accordance with section 130 of the 2011 Act; or
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the accounts do not accord with the accounting records; or
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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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
John Helps BSc ACA Skingle Helps & Co 28 Southway Carshalton Beeches Surrey SM5 4HW
23 May 2023
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THE EDDLESTON SETTLEMENT
REGISTERED CHARITY NO 299574
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes Income from: Investments: Income from fixed return investments listed on a recognised UK stock exchange Bank interest Expenditure on Raising funds: Investment management costs Charitable activities: Grants 2 Other: Independent examination Realised losses on investments Unrealised gains on investments NET INCOME FOR THE YEAR BALANCE BROUGHT FORWARD 1 JANUARY Net income for the year BALANCE CARRIED FORWARD 31 DECEMBER |
2022 2021 £ £ 34,958 34,429 5 - |
|---|---|
| 34,963 34,429 |
|
| 120 277 10,500 22,600 612 570 |
|
| 11,232 23,447 |
|
| 23,731 10,982 (268) - (84,662) (21,493) |
|
| (61,199) (10,511) |
|
| 693,257 703,768 (61,199) (10,511) |
|
| 632,058 693,257 |
All recognised gains and losses are reflected through the statement of financial activities and no separate statement of total recognised gains or losses is presented. There were no discontinued activities during the current or preceding period.
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THE EDDLESTON SETTLEMENT
REGISTERED CHARITY NO 299574
BALANCE SHEET
AS AT 31 DECEMBER 2020
| 2022 Notes £ £ FIXED ASSETS Investments 3 611,641 CURRENT ASSETS Cash at bank and in hand 21,029 LIABILITIES Creditors: Amounts falling due within one year Accruals (612) NET CURRENT ASSETS 20,417 NET ASSETS 632,058 THE FUNDS OF THE CHARITY Unrestricted fund 632,058 |
2022 Notes £ £ FIXED ASSETS Investments 3 611,641 CURRENT ASSETS Cash at bank and in hand 21,029 LIABILITIES Creditors: Amounts falling due within one year Accruals (612) NET CURRENT ASSETS 20,417 NET ASSETS 632,058 THE FUNDS OF THE CHARITY Unrestricted fund 632,058 |
2022 Notes £ £ FIXED ASSETS Investments 3 611,641 CURRENT ASSETS Cash at bank and in hand 21,029 LIABILITIES Creditors: Amounts falling due within one year Accruals (612) NET CURRENT ASSETS 20,417 NET ASSETS 632,058 THE FUNDS OF THE CHARITY Unrestricted fund 632,058 |
2021 £ £ 686,176 7,651 (570) 7,081 693,257 693,257 |
2021 £ £ 686,176 7,651 (570) 7,081 693,257 693,257 |
|---|---|---|---|---|
| 632,058 | 693,257 | |||
| 632,058 | 693,257 |
The financial statements were approved by the trustees on 24 April 2023.
M A Eddleston Trustees
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THE EDDLESTON SETTLEMENT
REGISTERED CHARITY NO 299574
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1 ACCOUNTING POLICIES
The Eddleston Settlement is an unincorporated charity registered in England and Wales. The principal office is 27 Kings Lane Sutton Surrey SM1 4NY
(a) Accounting convention
The accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011, and Generally Accepted Accounting Practice.
The charity is a Public Benefit Entity as defined by FRS102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments.
The particular accounting policies adopted are described below.
(b) Income
Donations and legacies are accounted for when received by the charity. Other income is accounted for on an accruals basis.
(c) Expenditure
Expenditure has been analysed between:
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(i) Charitable activities
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(ii) Costs of generating funds: Costs relating to investment income generation.
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(iii) Other costs: All expenditure to comply with statutory and legal requirements.
All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees has agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the charity.
(d) Investments
These are recorded at mid-market value. Unrealised and realised gains and losses are disclosed separately in the Statement of Financial Activities and included as a component of net income or expenditure.
(e) Cash and cash equivalents
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of opening the deposit.
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THE EDDLESTON SETTLEMENT
REGISTERED CHARITY NO 299574
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
(f) Current liabilities
Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reasonably. Creditors and provisions are recognised at their settlement amount.
| 2 GRANTS MADE During the year, the charity made the following grants: Blood Cancer UK Bowel Cancer UK Bowel Research UK Brain Research UK Centrepoint Churchill College Cambridge Freedom From Torture Good Law Project Imperial College London International Spinal Research Trust The Maggie Fleming Animal Hospice Mission Rabies National Tremor Foundation Orchid (Fighting Male Cancer) Parkinson’s UK Prostate Cancer UK Thrive |
2022 2021 £ £ - 1,000 - 2,500 2,000 2,000 2,000 2,000 - 500 - 1,000 2,000 1,500 - 1,000 - 1,500 2,000 2,000 - 600 1,000 1,000 500 500 1,000 1,000 - 2,000 - 1,500 - 1,000 |
|---|---|
| 10,500 22,600 |
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THE EDDLESTON SETTLEMENT
REGISTERED CHARITY NO 299574
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
3 INVESTMENTS
| INVESTMENTS | |
|---|---|
As at 1 January Additions Disposals Unrealised gains/(losses) As at 31 December The original cost of the investments was |
2022 2021 £ £ 686,176 702,538 43,395 5,131 (33,268) - (84,662) (21,493) |
| 611,641 686,176 |
|
| 649,255 640,195 |
All investments are held primarily to provide income for the charity. All investments are listed on a recognised UK stock exchange.
4 RELATED PARTIES
The trustees were paid no remuneration in the period nor were any expenses reimbursed to them.