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2022-06-30-accounts

THE EBM CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2022 CHARITY NO: 326186

THE EBM CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Contents

Page
Reference and Administration details 1
Report of the Trustees 2 - 6
Report of the Independent Auditor 7 - 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flow 12
Notes forming part of the Financial Statements 13 - 19

THE EBM CHARITABLE TRUST

REFERENCE AND ADMINISTRATION DETAILS

Trustees Richard Moore
Michael Macfadyen
Stephen Hogg
Francis Moore
Lucy Forsyth
Principal Office Moore Family Office Limited
42 Berkeley Square
London
W1J 5AW
Accountants Moore Family Office Limited
42 Berkeley Square
London
W1J 5AW
Independent Auditor R E Jones & Co
132 Burnt Ash Road
Lee
London
SE12 8PU
Investment Managers Waverton Investment Management Limited
21 St James’s Square
London
SW1Y 4HB
Punter Southall Wealth Limited
6th Floor
11 Strand
London
WC2N 5HR
Bankers NatWest Bank plc
78 Finsbury Pavement
London
EC2A 1JA
Solicitors Charles Russell LLP
5 Fleet Place
London
EC4M 7RD

THE EBM CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

The Trustees present their report along with the financial statements of the Charity for the year ended 30 June 2022. The financial statements have been prepared in accordance with the accounting policies set out on pages 13 and 14 and comply with the Charity’s Trust Deed, the Charities Act 2011 (s4) and the 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) effective 1 January 2015.

Structure, Governance and Management

EBM Charitable Trust is an unincorporated registered Charity, established by Eric Blechynden Moller under a governing Deed of Trust dated 29 July 1982. Michael Macfadyen and Richard Moore are both original Trustees of the Charity. Stephen Hogg was appointed as a Trustee on 10 December 2002, Francis Moore was appointed on 6 December 2011 and Lucy Forsyth was appointed on 5 August 2014. Under the terms of the Deeds the Trustees have discretion to pay or apply the Trust Fund or the income thereof to such purposes or objects which are from time to time recognised as exclusively charitable according to the laws of England and Wales.

Trustees serve an indefinite term based on their relative experience and contribution to the Charity as a whole. The Trustees keep the skill requirements of the Trustee body under review and in the event that a Trustee retires or additional new Trustees are required, the existing Trustees collectively discuss the change. There is no formal induction or training of new Trustees. However, appointment is by nomination and the Trustees review the skills of each nominated person to select members with the relevant experience and skills. On the agreement of all existing Trustees, a new Trustee may be recruited. The background to the Charity is provided to the prospective new Trustee before appointment and further information is then shared at the regular Trustees’ meetings throughout the year. This information includes a brief history of the Charity, a copy of the previous year’s financial statements, a copy of the previous Trustees’ Minutes, and a copy of the governing Trust Deed.

The Trustees are kept up to date on new issues through their own professional expertise and under advice from the Secretary and the other professional advisors to the Charity. At the Trustees’ meetings throughout the year (currently Spring and Autumn) the Trustees agree the broad strategy and areas of activity for the Charity, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to the consideration of the Trustees is delegated to the Secretary to the Trustees.

All Trustees give of their time freely and no Trustees remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 10 to the accounts. Trustees are required to disclose all relevant interests and in accordance with the Charity’s policy withdraw from decisions where a conflict of interest arises.

Risk management

The Trustees have considered the major risks to which the Charity is exposed and have reviewed them and established systems and procedures to manage those risks. The major risks identified by the Trustees are the volatility of investment returns on the managed portfolios and the proper use of the grants made by the Charity each year.

The 2020 outbreak of the Coronavirus (COVID-19) epidemic resulted in an unforeseen impact on the charities that the Trustees support. The Trustees have since followed official UK Government advice and have continued to be able to continue to operate effectively with a greater use of online meetings and telephone contact during the year ended 30 June 2022. The day to day operation of the charity was not unduly affected and visits to potential donees, and oversight of existing projects, has resumed again in person.

THE EBM CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

Objects, Objectives and Principal Activities for the public Benefit

The main objectives of the Charity are to distribute the annual Income Fund. The Trustees confirm that they have referred to the guidance contained in the Charity Commissioner’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.

The aims of the Charity are:

In accordance with his Will and Memorandum of Wishes, the former Trustee Cyril Fitzgerald (Fitz) left the remainder of his estate to the EBM Charitable Trust. The present Trustees are grateful for such a generous gift and agreed to respect the wishes to hold the monies as a separate fund (Fitz’ Fund) and to support, at their absolute discretion, such charities which operate for the benefit of small domestic animals.

The Charity carries out its aims and objectives by:

Grant making policy

The Charity has established its grant making policy to achieve its objectives for the benefit of the public in general.

The Trustees review their grant making policy on an ongoing basis with three mains factors in mind:

  1. To monitor the level of the administrative costs of the Charity in the making of donations.

  2. To effectively increase the amount of distributable income.

  3. To be able to increase the amount of support to those causes for which the Trustees assess the Charity’s donations provide a significant social reward.

Unsolicited applications are not requested as the Trustees prefer to support donations to charities whose work they have researched and which is in accordance with the wishes of the Settlor. The Trustees do not tend to support research projects as research is not a core priority but there are exceptions. The Trustees’ funds are fully committed. The Trustees receive a very high number of grant applications which are mostly unsuccessful.

The Trustees request regular reports from the charities to provide details of how the grants have been allocated and spent. The Trustees visit the major projects to which they donate. Grants are only continued where the applicant provides sufficient relevant information to the Trustees and satisfies the Trustees that continuation of funding is in the interests of the Charity and the public as a whole.

THE EBM CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

Achievements and Performance

The Trustees try to predict the level of income that they expect to receive each year so that they can plan the level of grants for each financial year. The total income of the Trust was £204,912 higher than last year. The Trustees set the Investment Managers cash targets rather than yield targets. These cash targets equate to the sum the Trustees intend to spend annually on worthy causes, in this way the Trustees feel they have greater control over the commitments which they make.

Financial Review (including reserves policy)

The Charity is reliant on the income from its investments. The Charity’s income during the year ended 30 June 2022 included dividends and interest amounting to £1,604,501 (year ended 30 June 2021: £1,399,589) of which £1,578,158 belonged to the Main Fund and £26,343 to Fitz’ Fund.

The Trustees allocated £1,536,435 (year ended 30 June 2021: £1,375,019) towards costs of grantmaking from the unrestricted funds as follows:

Donations to General Charitable Causes
Governance Costs		 Income
Fund
1,397,325
139,110

1,536,435
 Capital
Fund
-
-

-
 Total
1,397,325
139,110

1,536,435

The Trustees report an income surplus of £60,200 on the Main Fund for the year ended 30 June 2022 (year ended 30 June 2021: surplus of £21,013) and an income surplus of £7,866 on Fitz’ Fund (year ended 30 June 2021: surplus of £3,557) before brought forward balances.

The Trustees have a balanced investment policy and aim to maintain free reserves in unrestricted funds at a level which is sufficient to wholly distribute the income of the Trust Fund for the year whilst retaining capital for the maintenance and growth of the Fund.

Investment Policy and Performance

The Charitable Trust Deed confers upon the Trustees wide powers of investment, in all respects, as if they were absolute owners beneficially entitled to the underlying assets. At present the Charity’s funds comprise listed securities (investment portfolios held with Waverton Investment Management and Punter Southall Wealth Limited (formerly Psigma Investment Management Limited)).

Trust monies requiring investment under the Trust may be invested in the purchase of such stocks, funds, shares, securities or other investments of whatsoever nature as the Trustees shall in their absolute discretion think fit. The Trustees shall have the same full and unrestricted powers of investing and converting investments in all other respects as if they were absolutely entitled to the Trust Fund beneficially.

Waverton Investment Management have arranged, with the approval of the Trustees, the appointment of RBC Dexia Investor Services to hold investments as portfolio custodians on behalf of the Charity. Punter Southall Wealth Limited has arranged, with the approval of the Trustees, the appointment of Pension Financial Services Limited to hold the investments as portfolio custodians on behalf of the Charity.

THE EBM CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

Investment Policy and Performance (continued)

The Trustees’ policy is to invest the funds available in a secure market, endeavouring to obtain a reasonable income, compatible with protection of the capital value involved and taking into account inflationary factors. With this in mind, the Trustees have retained Waverton Investment Management and Punter Southall Wealth Limited to guide and act for them on a professional basis. The Trustees monitor the performance of the investments in line with their short and long term aims and objectives, as well as undertaking regular reviews with the investment managers on a rotational basis at the Trustees’ meetings throughout the financial year.

Investments are shown at fair value rather than book cost in accordance with the Statement of Recommended Practice: Accounting by Charities. In the year to 30 June 2022, the Charity made a net realised gain on disposal of listed investments of £1,084,346 (year ended 30 June 2021: £2,853,797) and an unrealised loss on listed investments of £3,887,390 (year ended 30 June 2021 a gain: £3,085,416), of which £3,787,814 related to the Main Fund and £99,576 to Fitz’ Fund.

The Trustees confirm that the Charity’s assets are sufficient to fulfil its obligations in respect of unrestricted funds and that all investments held by them on behalf of the Charity have been acquired in accordance with the powers, available to them under the Trust Deed.

Reserves Policy

The Trustees’ policy is to maintain their continuing level of support under the grant making policy that they have agreed. If income resources are insufficient to cover the grants then recourse is made to the other funds of the Trust. The Trustees do not consider that any minimum level of resources are required.

Plans for the future

The Trustees will continue to aim to fully distribute the income of the Main Fund each year and any income surplus brought forward whilst maintaining the capital of the Fund.

EBM Charitable Trust is a lasting testimony to the generosity and philanthropic concerns of the Settlor, Eric Blechynden Moller. The Trustees will continue to direct the Charity’s funds to general charitable causes which they think fit as laid out in the governing Trust Document. Similarly Fitz’ Fund is a lasting testimony to Cyril Fitzgerald and the Trustees will, at their discretion, seek to direct the funds in accordance with his wishes.

Trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for preparing the annual report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

THE EBM CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

Investment Policy and Performance (continued)

The Trustees are responsible for keeping 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 Charities Act 2011, the Charity (Accounts and Reports) 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.

Approved by the Trustees on 27 April 2023 and signed on their behalf by:

Richard Moore

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE EBM CHARITABLE TRUST

Opinion

We have audited the financial statements of the EBM Charitable Trust (the 'charity') for the year ended 30 June 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE EBM CHARITABLE TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.

Based on our understanding of the charity and industry, and through discussion with the trustees and other managers (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act, Charities SORP (FRS 102), taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alter to any indications of non-compliance throughout the

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE EBM CHARITABLE TRUST

audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Prior year corresponding figures

The corresponding figures have not been audited, but as part of our audit procedures, these figures have been found to be reasonable.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Darren Smart (Auditor) For and on behalf of F E Jones & Co Chartered Accountants and Statutory Auditor 132 Burnt Ash Road London SE12 8PU

Date: 28 April 2023

THE EBM CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022

Notes
Income and endowments from
Investments
2
Total
Expenditure on
Investment Management fees
Charitable activities
5
Total
Net income/(expenditure) before
gains/(losses)
Net gains/(losses) on investments
6
Net gains/(losses) on currency
Net income/(expenditure)
Total funds at 1 July 2021
Total funds at 30 June 2022		 .
Income
£
1,578,158

1,578,158

-
1,517,958

1,517,958

60,200
-
-

60,200

125,783

185,983
 Main Fund .
Total
£
1,578,158

1,578,158

301,001
1,517,958

1,818,959

(240,801)
(2,705,647)
2,585

(2,943,863)

62,005,919

59,062,056
 .
Income
£
26,343

26,343

-
18,477

18,477

7,866
-
-

7,866

6,275

14,141
 Fitz’ Fund .
Total
£
26,343

26,343

6,306
18,477

24,783

1,560
(97,397)
-

(95,837)

1,066,857

971,020
 . 2022
Total.
£
1,604,501

1,604,501

307,307
1,536,435

1,843,742

(239,241)
(2,803,044)
2,585

(3,039,700)

63,072,776

60,033,076
 2021
. Main.
£
1,377,559

1,377,559

285,113
1,356,546

1,641,659

(264,100)
5,814,818
(420)

5,550,298

56,455,621

62,005,919
 2021
. Fitz’.
£
22,030

22,030

6,087
18,473

24,560

(2,530)
124,395
-

121,865

944,992

1,066,857
Capital
£
-

-

301,001
-

301,001

(301,001)
(2,705,647)
2,585

(3,004,063)

61,880,136

58,876,073
 Capital
£
-

-

6,306
-

6,306

(6,306)
(97,397)
-

(103,703)

1,060,582

956,879

All funds are unrestricted and relate to continuing activities.

The notes on pages 13 to 19 form part of these financial statements.

THE EBM CHARITABLE TRUST

BALANCE SHEET AS AT 30 JUNE 2022

Notes
Fixed Assets
Investments
6
Current Assets
Cash at bank and in hand
7
Liabilities
Creditors: amounts falling due within
one year
8
Net current assets
Total net assets
Represented by the Funds of the Charity:
Main Fund
page 10
Fitz’ Fund
page 10		 2022
£
£
59,713,622

59,713,622
411,465

411,465
(92,011)

319,454

60,033,076
59,062,056
971,020

60,033,076		 2021
£
£
62,783,109

62,783,109
375,300

375,300
(85,633)

289,667

63,072,776
62,005,919
1,066,857

63,072,776

Approved by the Trustees on 27 April 2023 and signed by:

Richard Moore Trustee

The notes on pages 13 to 19 form part of these financial statements.

THE EBM CHARITABLE TRUST

STATEMENT OF CASH FLOW

Notes 2022 2021
£ £
Net cash used in operating
activities 9 (1,837,364)
 (1,786,052)
Cash flow from investing activities:
Interest received 120 55
Dividends and interest from investments 1,604,381 1,399,534
Foreign exchange gain/(loss) 2,585 (420)
Payments to acquire investments (10,626,303) (12,784,326)
Receipts from the disposal of investments 10,388,088
 11,951,376
Net cash provided by investing activities: 1,368,871
 566,219
Change in cash in the year (468,493) (1,219,833)
Cash brought forward 2,709,746
 3,929,579
Cash carried forward 2,241,253 2,709,746
Represented by:
Cash at bank 411,465 375,300
Cash at broker 1,829,788
 2,334,446
2,241,253 2,709,746

The notes on pages 13 to 19 form part of these financial statements.

THE EBM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. PRINCPAL ACCOUNTING POLICIES

(a) Accounting convention

The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.

(b) Donations, legacies and similar income

Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.

(c) Investment income

Investment income is accounted for in the period in which the charity is entitled to receipt.

(d) Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.

(e) Charitable activities

Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. 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 have 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 of the control of the Trust.

(f) Governance costs

Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity.

(g) Fixed asset investments

Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.

(h) Realised gains and losses

Gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and purchase cost. Unrealised gains and losses are calculated as the difference between the market value at year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Assets.

THE EBM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. PRINCIPAL ACCOUNTING POLICIES (CONT’D)

(i) Taxation

The charity is exempt from tax on its charitable activities.

(j) Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling the balance sheet date. Transactions in foreign currency are translated at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

(k) Fund structure

The Foundation has two unrestricted funds which are the Capital and Income Funds. The Capital Fund is to provide future income for the Income Fund and distribution by the Trustees at their discretion to further the purpose of the charity. It is the Trustees intention to distribute the Income Fund annually. The Trustees have power to make transfers between the Capital and Income Funds.

2. INVESTMENT INCOME

Main Fund
Income from listed securities

Interest accrued



Fitz’ Fund
Income from listed securities
Interest accrued


GOVERNANCE
Audit fees
Audit fees – under provision previous year
Accountancy fees
Grant and general management
Other
VAT

Total Governance costs (note 5)
 2022
£
1,578,053

105


1,578,158


26,328
15


26,343

2022
£
2,050
500
35,400
74,000
3,980
23,180


139,110
 2021
£
1,377,533
26
1,377,559
22,001
29
22,030
2021
£
1,500
600
40,917
71,000
1,778
23,155
138,950

3. GOVERNANCE

The Trust had no paid employees in the year, however time was donated on a voluntary basis. The Trustees did not receive remuneration or reimbursement of expenses during the year. The Trustees have not purchased indemnity insurance.

THE EBM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

4. GRANTS PAID OR PAYABLE

Action for Children
Amy Winehouse Foundation
Animal Care Trust
Battersea Dogs and Cats Home
Berkshire, Buckinghamshire, Oxfordshire Wildlife Trusts
Birdlife International
Bowel Cancer UK
Bridge of Hope
British Exploring Society
Brook
Calvert Trust Exmoor
Cambridge University Veterinary School Trust
Camp Mohawk
Cardinal Hume Centre
Chartwell Cancer Trust
Chicken Shed Theatre Company
Children’s Air Ambulance
City Year UK
Community Links
Diabetes UK
Disaster Emergency Committee (Ukraine Appeal)
Dogs for Good
Dogs Trust
Duke of Edinburgh Award Scheme
Ellen MacArthur Cancer Trust
Evelina Children’s Hospital
Flourishing Families Leeds
Fulham Reach Boat Club
Great Ormond Street Hospital Children’s Charity
Greenhouse Sports
GRIT
Hampshire Medical Fund
Helen and Douglas House
Horsley, Bookham & Leatherhead Riding for the
Disabled Association
I-Can
Islington Boat Club
Leeds Hospitals Charity
Leonard Cheshire
Marie Curie
Missing People
Mission to Seafarers
Moor House School & College
Moorfield Eye Charity
my AFK
National Horseracing Museum
National Theatre

balance carried forward		 2022
£
-
50,000
23,575
-
-
-
20,000
10,000
20,000
-
5,000
-
15,000
25,000
5,000
15,000
10,000
20,000
40,000
15,000
50,000
10,000
10,000
50,000
30,000
60,000
50,000
30,000
15,000
25,000
-
25,000
-
-
15,000
20,000
10,000
5,000
25,000
15,000
-
-
25,000
30,000
25,000
40,000


838,575		 2021
£
15,000
-
-
30,000
10,000
30,000
-
-
20,000
10,000
-
100,000
-
20,000
-
15,000
10,000
20,000
40,000
15,000
-
10,000
11,000
50,000
30,000
-
50,000
15,000
-
-
15,000
25,000
5,000
10,000
-
-
-
-
25,000
15,000
10,000
15,000
25,000
-
25,000
40,000
731,000

THE EBM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

4. GRANTS PAID OR PAYABLE (CONTINUED)

balance brought forward
Newmarket Day Centre
Northumbria Calvert Trust
Orchid
Oxfordshire Association for the Blind
PDSA
*
Prostate Cancer UK
Queen Elizabeth Foundation for Disabled People
Racing Welfare
Rainbow Trust Children’s Charity
Re-Engage
Resume Foundation
Roald Dahl’s Marvellous Children’s Charity
Royal Ballet School
Royal College of Music
Royal Hospital Chelsea Appeal
Second Chance
Secret World Wildlife Rescue
SeeAbility
Shift Foundation
Shipwrights Charitable Fund
Sick Children’s Trust
Soundabout
Sports Aid
St John’s Ambulance
Teach First
Team Up
Teenage Cancer Trust
The Porch Day Centre
The Prince’s Trust
The Relationship Project
The Salvation Army
Time to Talk West Berkshire
Versus Arthritis
Villiers Park Educational Trust
Wavertree Education Trust
WheelPower
Young Lives v Cancer (previously CLIC Sargent)

Total donations (note 5)

 2022
£
888,575
-
-
5,000
15,000
25,000
-
10,000
15,000
22,250
15,000
-
-
15,000
25,000
-
-
10,000
-
-
40,000
12,500
10,000
5,000
15,000
24,000
-
20,000
20,000
75,000
40,000
65,000
-
20,000
-
30,000
-
25,000


1,397,325

 2021
£
731,000
10,000
15,000
5,000
-
25,000
10,000
10,000
15,000
-
15,000
10,000
10,000
15,000
-
25,000
-
7,500
10,000
40,000
40,000
10,000
-
15,000
15,000
15,000
10,000
-
50,000
-
45,569
17,000
15,000
10,000
30,000
10,000
20,000

1,236,069

£15,000 of the Donations marked * were funded by Fitz’ Fund during the year (2021: £15,000).

THE EBM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

5. COSTS OF GRANT MAKING

Donations (note 4):
Main Fund

Fitz Fund


Governance Costs (note 3):

 2022
Income
Fund
£
1,382,325
15,000

1,397,325
139,110

1,536,435		 2022
Capital
Fund
£
-
-
-
-
-		 2022
Total
£
1,382,325
15,000

1,397,325
139,110

1,536,435
 2021
Total
£
1,221,069
15,000
1,236,069
138,950
1,375,019

6. INVESTMENTS

The portfolios are structured to provide a wide range of diversification to protect the Trust’s assets, and to produce a balance of income and capital growth in accordance with benchmarks agreed with each investment advisor.

2022
2021
£
£
£
General Fund
Market value at 1 July 2021
59,416,344
Acquisition cost
10,434,306
12,544,128
Proceeds from disposals (10,213,398)
(11,727,476)


220,908
Realised gains
1,082,167
2,812,506
Unrealised gains/(losses)
(3,787,814)
3,002,312


(2,705,647)
Market value at 30 June 2022
56,931,605
Cash held within the investment portfolio
1,811,037
Total value of portfolio at 30 June 2022
58,742,642
Historical cost at 30 June 2022
50,377,935
£
52,784,874
816,652
5,814,818
59,416,344
2,293,206
61,709,550
49,074,860

THE EBM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

6. INVESTMENTS (CONT’D)

2022
£
£
Fitz’ Fund
Market value at 1 July 2021
1,032,319
Acquisition cost
191,997
Proceeds from disposals
(174,690)

17,307
Realised gains
2,179
Unrealised gains/(losses)
(99,576)

(97,397)
Market value at 30 June 2022
952,229
Cash held within the investment portfolio
18,751
Total value of portfolio at 30 June 2022
970,980
Historical cost at 30 June 2022
942,881		 2021
£
240,198
(223,900)

41,291
83,104
£
891,626
16,298
124,395
1,032,319
41,240
1,073,559
923,395

There are no investments that represent more than 5% of the portfolio’s total market value.

7. CASH AT BANK AND IN HAND

2022
£
NatWest Bank Plc
Main Fund
105,250
Fitz’ Fund
306,215


411,465


8.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Donations payable
5,000
Investment Management fees
49,637
Accountancy fees
11,280
Consultancy fees
23,634
Auditors’ fees
2,460


92,011

 2021
£
74,900
300,400
375,300
2021
£
-
51,500
10,500
21,833
1,800
85,633

THE EBM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

9. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the year

Deduct interest
Deduct investment income

Increase/(Decrease) in creditors


 2022
£
(239,241)

(120)
(1,604,381)

6,378



(1,837,364)

 2021
£
(266,630)
(55)
(1,399,534)
(119,833)
(1,786,052)

10. RELATED PARTIES

No charges have been made to the charity during the year ended 30 June 2022 for the work carried out as trustees by Richard Moore or Francis Moore who are directors of Moore Family Office Limited. Moore Family Office charged professional fees of £109,400 plus VAT during the year to 30 June 2022.

THE EBM CHARITABLE TRUST

WAVERTON SCHEDULE OF INVESTMENTS FOR THE YEAR ENDED 30 JUNE 2022

Appendix

Schedule of Investments

30 June 2022

THE EBM CHARITABLE TRUST

WAVERTON SCHEDULE OF INVESTMENTS FOR THE YEAR ENDED 30 JUNE 2022

Book Value Additions Disposals Profit Book Value Market Value Gross 01/07/2021 Cost Proceeds (Loss) 30/06/2022 30/06/2022 Income £ £ £ £ £ £ £ Total 28,899,515.79 7,130,804.83 7,203,587.01 804,119.10 29,630,852.71 35,779,244 943,402.33

THE EBM CHARITABLE TRUST

PUNTER SOUTHALL WEALTH - MAIN FUND - SCHEDULE OF INVESTMENTS FOR THE YEAR ENDED 30 JUNE 2022

Book Value Additions Disposals Profit Book Value Market Value Gross 01/07/2021 Cost Proceeds (Loss) 30/06/2022 30/06/2022 Income £ £ £ £ £ £ £ Total 20,175,344.26 3,303,501.05 3,009,811.14 278,047.78 20,747,081.95 21,152,361 634,650.35

THE EBM CHARITABLE TRUST

PUNTER SOUTHALL WEALTH - FITZ’ FUND - SCHEDULE OF INVESTMENTS FOR THE YEAR ENDED 30 JUNE 2022

Book Value Additions Disposals Profit Book Value Market Value Gross 01/07/2021 Cost Proceeds (Loss) 30/06/2022 30/06/2022 Income £ £ £ £ £ £ £ Total 923,385.21 191,997.41 174,690.17 2178.80 942,881.25 952,229 26,328.30