The Cecil CIRarity Trustees, report and unaudited financial statements Charity number 306248 31 March 2023
The Cecil Chayity Trustees, report athd unoudit¢d fitl9Cial ststements 31 March 2023 Trustees, report and unaudited financial statements Contents Truslees and advisers Trustees, report Stalement of Truste¢s' responsibilities Independent examiner's report Statemcnt of finaneial #ctivitits Balance sheet otes to the finaneial statements 8-10
The Cecil Charity TNs¢ees' jtpurt gmd uttaudited financial sittiements 31 March 2023 Trustees and advisers Tru$tees The following were Trusiees duritkg the y¢ar: Lord Ro¢kl¢y Lady Rocklcy Mrs Coreen Mcmeeken Mrs Claire Housc-Norman Mrs Hannah Khanna Charitv address Lytchett Heath Pool¢ Dorset BH16 6AE Charity Registration Number 306248 Investment managers Cazenove Capital l London Wall Pla¢e l.ondon EC2Y SAU Independent examiner Mrs J A Mutton FCA Evelvn Partn¢rs LLP Accountants Old Library Chamber5 21 Chipper Lan¢ Salisbury Wiltshi SPI IBG
The Cecil Charlty Trustee5' report and unauditgl financial stat¢m¢nts 31 Mareh 2023 Trustees, report The Trust present their annuY41 report and unaudited financial statements for the year ended 31 Mah 2023. The financial siatements comply with the Charity's Act 2011 and Accounting and Reportlng by Charilies.. Sialement of Recommended Practice, applicabl¢ lo charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102). Strueturey governance and maDagemenl The operations of the charity are governed by an Indenture dated i oth May 1907 varted by Schemes dated 20th Scptember 1912. 61h January 1948 and 281h Octoter 1971. Under the terwns of ihe Indenlure, th¢ power of appointing new TrL]sle¢s is vested in rhe surviving or continuing Trustees. Objectives and aelivities The objeciive of the charity is to award scholarships or grants to beneficiaries under the age of 25. living within a ten mile r&dius of the Lytchett Matravers Parish Church, attending educational establishmenls. Th¢ Tnle¢S weive numerous grnnt application letters throughout the year, which are ¢onsidered by the Trustees at their meetings. Th¢ Trustees d5SCUSS the merits of the applications and after taking account of the funds available, grants are approved. The Trustees typically mak¢ grants to appropriat¢ beneficiaries of up lo £400 (2922.. £330) p¢r University or College lern). These typically will continue for Ihe durdtion of the beneficiary's course (COTnmonly 9 payments totalling £3,600 (2022.. £2.970)). The Trusl¢¢s may also make one off granls to individuals in ex¢epilotl ¢ircumstan¢¢s to enable them to further their education. Public benefit The Trustees hav¢ considered the guidance provided by the Charity Commission with regard to meeting the public benefit obj¢¢tive. On reviewit7g their activities. Ihe Trustees believe that The Ceeil Charity is acting for the benefit of the public. A¢hievement5 and performance During ihe year income was £33,413 Q022.. £32,382) with charitable donations totalling £25,649 of which £21,649 were grants made directly to some 30 individuals (2022..£ J4,530, ofwhich £12,280 10 18 individuals). The Charity supports a music seholarship programme with Lytchett Minsler School to provide up to £4,000 per annum to fund 25 Tnusic le55Ons every year for 10 students showing musical aptitude (or up to 20 if lessons are shared). Financial review The Charity continues lo manage lis $OUr¢e$ carefully, retaining a proportion of its net incorning resour each year. The overa]I financial posltion of the Charity is Secured by the value of the investment portfolio. There arc no restrictions on ihe Charity's power to invest. The overall investment poli¢y is to adopi & medium risk investtnent strategy based on producing a balance of income and capital growth over the medium lern). The funds are held in the Cazenove Capital Charity Multi-A55et Fund which is a long-t¢mi investment fund with a diversified strategy investing in equities, bonds, property and allernative assets. The ¢apital valu¢ of the porttolio fell 8.1 0/0 over the year, 4Q/o of which was attributable to the fixed dividend paid by the fund. Vaiues fell in the second calendar Quarter and the sustained increased interest rate environment has continued to supress values in this fund. The total funds held at 31 March 2023 were £823,604 (2022.. £885.566). The Trustees continue to invest the capital of the Charity in accordance with the Indenture, making grants out of income arising.
The Cecil Churiry Trustee5' report at]d unaudited finattcial Slalcm¢Jts 31 March 2023 Charity'8 assets Acquisitions and disposals of fixed assei investments during the year aTe recorded on page 9. Reserves It is the Tnees, aim to distribute substantially all the annual in¢ome after payment of any ¢xpenses. Surplus income is retained in cash or reinvested. The Trustees review on a regular basis the level of income reserves that they consider appropriaie. Risk factors The Trustees have assess¢d ihe risks to the Fund's assets and are satisfied that sufficieni controls are in place and this will b¢ subject to regular review. Truslees, and employees, remuneration and expenses During the year the Trusiees received no remuneration {2022.. £nil). The Charity has no employees (2022..
The Cecll Charlty Trustees, retK>rt and unaudiied finanLial statements 31 MaTch 2023 Statement of Trustees, responsibilities The Truslees are r¢sponsible for preparing the Trustees, Report and the ftnancial statements in accordance with applicable law and regulations. The law applicable to ¢harili¢s in England and Wai¢s requires the trustees to pffpw? finan¢ial statements for each financial year in accordance with United Kingdom Getterdlly Accepted Ac¢ounting Pra¢ti¢e {United Kingdom Accounting Standards and applicable regulations}. Under that law the trustees must not approve the financiai sthtemettts unless they are satisfied that they give a true and fairview ofthe stale of affairs ofihe charity and of the incorning resources and application of rtsources of the charity for that year. In preparing ihese financial statements, the trustees ar¢ r¢quir¢d to: select suitabl¢ accounting policies and then apply them consistently,. observe the methiNJs and principles in the Charilies SORP; make judgments ajjd accounting eslimates that are reasonable and pNdent' state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the finan¢ia] statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume thai the Charity will continue in business. The Trustees are responsibl¢ for keeping proper accounting Tecords which are sufficient to show and explain the charity's transactions and disc105e with r¢&sonable ac¢uracy at any lime the financial position of the charity and enable them to ensure ihat the financial statements comply with the Charities Act 2011, the Charities (Aceounts and Reports) Regulations 2008 and the provisions of th¢ Ind¢niure dafrd 10 May 1907 as varied by Schemes dated 20 September 1912. 6 January 1948 and 28 October 1971. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention aTKI detection of fraud and other irregularilies. Bv order of the Trustees 7, July 2023 LW Lord Roekky ffru51ee)
Cecil Chdrlty TTUStees' port and unaudited fiAan¢i31 sthteTn¢nts 31 March 2023 Independent examiner's report to the trustees of The Cecil Charity I report lo the trustees on my examination of the accounts of The Cecil Charity for the year ended 31 March 2023 which comprise the staternent of finan¢ial activilies, the balance Sheet and the notes to the accounts, in¢luding a summary of signiticant accounting poli¢ie5. Respective responsibllities of trustees and examiner and basis of report As tète charity's trustee& you are responsible for the preparaiion of the accounts in accordance with the requirements of the Charities Aci 2011 I'the Act,). I report in respect of rny examination of Ihe charity's accounts carried out under section 145 of the Act and in carrying oul my examination I have followed all the applicable Directions given by th¢ Charity Commission under Section 145{5)(b) of the Act. Independent examiner'$ $tatemeD¢ I have completed my examination. I confirni that no tnat¢rial matt¢rs have ¢ome to my attenlion in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in resp¢¢t of th¢ charity as required by section 130 of the ACL or 2. the accounts do not accord with those records; or 3. the accounts do not comply wilh the applicable requirements concerning the fonn and content of the accounts set out in the Charities (Accounts and Reports} Regulations 2008 otherihan any requirement thaÈ the accounts giv¢ a Irue and fair view whi¢h is noi a matter considered &$ part of an independent examination. I have no concems and have come across no oiher matters in conne¢tion with the examination to which att¢ntion should be drawn in this report in order to enable a proper understhnding of the &ceounts to be reached. Mrs J A Mutton Fellow of The Institute of Chartered Accountants in England & Wales Evelyn Partners LLP Accountants Old Library Chambers 21 Chipper Lane Salisbury Wiltshire SPI IBG Date.. 10 July 2023
The Cecil Ch&rity Ttustce5' report •nd unaudited finafttial $taiemtnt$ 31 MaTch 2023 Statement of financial activities for ihtyear ended 31 March 21125 Note UThre&tricted futhd$ 2023 Unrestricted funds 2022 Investsment inCOTDe from li5tcd inv&stments Donarions 33.163 250 32.382 Totsl 33,413 32.382 Raising fimd5 Charitable adivtti¢S- 8rants Chwitsble activities- pport costs {2J82 {25,6491 (892) 12,4721 114.5301 {1,1741 Tvt81 128.9231 118,1761 et income btfore RAlns and losw inveslmellts 4,4 14,206 Net IlosrsVgain5 on inve51ments'. R¢dised Unttdised 166,4521 28.125 Net m(Trv¢m¢nt in funds 161,962} 42,331 Toftolreconclllaon offtsttds.. Fund ba]ances brought forward al l April 885,566 843,235 Fund balan¢es tarried forward 9131 Marth 823,604 885.566 Th¢ notes on pages 8 to 10 forn) part of these financial staMentS.
The Cecil Cknrtty Trustees, rcport and unaudited firtan¢ial stst¢m¢n 31 March 2023 Balance sheet ol 31 March 2(123 Nole 2023 2022 FSxed a55tts Investhien 75&869 823,321 Current assets C&th ai bank 68JOI Crtditor5= gmoynts falling within Ot ye*r Accruals {1,$661 11.7641 Yet current assets 66,735 62.245 Totsi 1$5ets le eurrent liabilities 23ffj04 885,566 Fursds UnTesirict fund 823,(AM 88J,566 Approved by lh¢ Trusfres on 7" July 2023 o-¥ Lord Rockley Trusfe
The Cecil Chartty Trustees. report and unaud2ted financial statements 31 March 2023 Notes (formingpart ofiheJlnAnclulst&iemnlS') l Accounting policies The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust's financial statements. (i) Basis ofpreparalion Th¢ financial statements have b¢¢n prepared in accordance with Ac¢owiting and Reporting by Charities- Statem¢nt of Recommended Practice appli¢abl¢ to charities preparing their financial statem¢nls in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Th¢ financial statements have b¢en prepared under the historical cost convention as modified to Tnclude the revaluation of certain assets. The Trustees confirni that the charity is a public benefit entity as defined by FRS 102. Th¢ financial statements are prepared on a going concern basis. Th¢ ¢harity is an unincorporated trusl, constituted under an Indenture dated I May 1907 and its regisiered olCe is Lytchett Heaih, Poole. Dorset BH16 6AE. Th¢ charity is registered with the Charity Commission in England & Wales (No. 306248). (li) Income Investment income is credited in the period in which it is etiVable. Interest receivable as a¢¢ounted for on an accruals basis. (iu) Erpendilure Expendiiure is recognised on an Ac¢ntals basis as a liability is inCu¢d. Expenditure includes any VAT which cannot be rewvered and is reported as a part of the expenditure to which it relates. Grants are payments mad¢ to third parties in furtherdnce of the charitable objectives of the Trust. The grants are accounted for where ihe Trustees have agreed to pay the grant without condition and the recipient has a re&sonable exp¢¢tation that they will receiv¢ th¢ grant. Other costs consist of costs not directly 8ttributable to direct charitable expenditUTt but which are in respect of the general administration of the charity and overall management ot'fundq. (iv) Investments Investments are ststed at market value at the balanc¢ sheet date. Realis¢d investment gains and losses are calculated a5 the diffen¢t between the Tnarket value at l April 2022 or the value on the date of purchase if later 2nd the value at which the investm¢nt was sold. Unrealised investhient gains and loss¢s are calculatcd as the differ¢n¢e betw¢¢n thc markei value at 31. March 2023 and the valu¢ at IK April 2022 or the value on the date of purchase if later. (v) Funds All transactions are recorded in th¢ unrestricted fund. All funds are available to use at the discretion of the Trustees in furtherance of the generdl obj¢¢ls of the Charity and hav¢ not been d¢signated for any other purposes.
Cecil Cknity TrUCes, report attd unaudited financial Statements 31 March 2023 (vi) Toyaliort The Charity is a registered charity and therefore is not liable for income i&¥ or corporation tsx on income derived from its charitable a¢tiviti¢s. as it falls within the various exemptions available to regist¢r¢d charities. 2 Expenditure 2023 2022 R8ising funds Investment manag¢m¢tht costs Charitsble¥tiviti¢S Gr8nts to individuals for educational purposes Ch8Jitablc aaiviiies- supp)rtctssts'. Accountan¢y/Ittdepthd¢M wThin¢r's fees{governw¢¢ tosts) Legal ft%S Administration costs 12J82 12,472} 125.649) Il4,5301 1822) 1744} 13()01 1701 Totsl 128923} {18.176} 3 Fixed asset investments C•5t at 31 Marth 2023 Market value *t31 Marth 2023 COM al 31 March 2022 Market value at 31 March 2022 FIX a$8et investtn¢nts 76J.616 756.869 763.616 823.321 Investments were held in the Cazenove Capital Charity Multi-Asset Fund. Th¢ Charity Multi-Asset Fund is a long-tem) investment fund with a diversified strategy investing in equities. bonds, propety and altemattve assets. 2023 2022 Market Val01 l April 823J21 795.196 Le.. Disposals & oningbook value Add.. Acquili0ns atcost Net{logs¢sygain5 On revailon ai 31 March 166A521 28.125 Marka value at 31 mAh 7%J69 823.J21
The Cectl Charl Trusiets. report and unaudited financial statements 31 Marth 2023 3 Fixed asset investments (continued) Invesknents at market value within the Cazenove Capitsl Charity Multi-Asset Fund comprised.. 2023 2022 Equiti Bonds Multi-Asset Funds Alternatives 48A187 99SO 12557 13&446 22.139 571,020 64.412 14.154 153.214 20,521 Cash Porrfolio total at 31 March 75fi869 823,321 Material investments over 511/0 of the market value of the portfolio are.. 2022 Collective Funds Cazenove capi Charity Multi-Asset Fund l(K) loo 4 Trustees and related party transactions DLiring the year none of the Trustees (nor any persons conneeted with them) received any remuneration from the Charity (2022..£nil). 5 Employees The Charity has no employ¢¢s (2022.. nop7¥). 10