Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
Commercial in Confidence
THE VICKERS STAFF CHARITABLE FUND
ANNUAL REPORT
FOR THE YEAR ENDED
31 OCTOBER 2024
Registered charity: 512770
Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
Commercial in Confidence
THE VICKERS STAFF CHARITABLE FUND
ANNUAL REPORT
For the year ended 31 October 2024
INDEX PAGE
| Trustee's report | 1 - 3 |
|---|---|
| Independent examiner’s report | 4 |
| Principal accounting policies | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9 - 10 |
Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
Commercial in Confidence
THE VICKERS STAFF CHARITABLE FUND
LEGAL AND ADMINISTRATIVE DETAILS
| Charity registration number: | 512770 |
|---|---|
| Trustee: | Maryland Trust Company (Leeds) Limited |
| Secretary: | Mrs S Emsley |
| Registered office: | c/o Benjn R Vickers & Sons Limited |
| Clarence Road | |
| Leeds | |
| LS10 1ND | |
| Bankers: | National Westminster Bank plc |
| 8 Park Row | |
| Leeds | |
| LS1 5HD |
Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
Commercial in Confidence
THE VICKERS STAFF CHARITABLE FUND
TRUSTEE'S REPORT
Structure, Governance & Management
The Vickers Staff Charitable Fund (VSCF) is a registered charity (No. 512770), and is constituted by Deed of Trust dated 14 May 1982. Its address is c/o Benjn R Vickers & Sons Limited, Clarence Road, Leeds, LS10 1ND. The Charity is administered by Maryland Trust Company (Leeds) Limited (Company No 00967182), a trust company formed for this purpose and which is the corporate and only trustee of The Vickers Staff Charitable Fund. The Directors of the trust company (commonly referred to as the “Trustees” of the VSCF) during the year were:
Directors
Mrs F A Maclean Mrs S M Dobson Mrs P R Spencer Mr S R Glynn Mr M Krause Mr D F Dunk
Secretary
Mrs S Emsley
All Trustees give of their time freely and no Trustee remuneration was paid in the current or preceding year.
All Trustees have made a written declaration of conflicts of interest and each Trustee meeting agenda includes an update of any new conflicts of interest. If a specific case arises where an individual Trustee has a conflict of interest, s/he withdraws from the particular decision. The Board of Directors of the Maryland Trust Company (Leeds) Limited comprises of 2 current Benjn.R.Vickers & Sons Limited employees, 2 ex-employees and 2 Vickers family members. This balance is deemed appropriate by the Trustees. At a time when it is appropriate for Trustees to be recruited or reappointed, the Trustees hold a discussion to consider the applicant.
Objectives and Activities for the Public Benefit
The Trustees confirm that they have studied and paid regard to the guidance on public benefit published by the Charity Commission.
The VSCF has two charitable purposes:
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a. “For the relief of needy employees and ex-employees of Benjn.R.Vickers & Sons Limited and their dependents in such manner as the Trustee shall in its absolute discretion from time to time determine”.
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Under this purpose, the VSCF provides assistance to needy employees and ex-employees of Benjn.R.Vickers & Sons Limited and their dependents under the charitable heading of “relief of poverty”.
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The Trustees recognise that, under this heading, the VSCF is an example of “relief of poverty” charities which define beneficiaries by reference to employment with a named employer and therefore have a restricted beneficiary class.
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Grants are made from time to time, in response to special needs, after evaluating the circumstances of individual potential beneficiaries. Once again, this year the Trustees paid winter fuel grants, to some pensioners and their surviving dependents in light of increasing home fuel costs
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Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
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THE VICKERS STAFF CHARITABLE FUND
TRUSTEE'S REPORT
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b. “For such other exclusively charitable purposes that the Trustee shall in its absolute discretion from time to time determine”.
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Under this purpose, the VSCF undertakes a programme of support, usually by grants, for charitable purposes including (among others) education, medical research, and peacemaking & the advancement of religion. Some of the charities we support are smaller ones, local to Leeds and the surrounding area.
Achievements and performance
In accordance with our constitution and objectives, throughout the year the Charity continued to meet its aim in providing grants to its beneficiaries of £52,567 (2023: £109,300). The Trustees continuously assess the Charity’s performance to ensure it can meet its committed grants payable to its beneficiaries. There is no set target for grant giving. Return on investments is regularly monitored and the appropriacy of the investments held is routinely considered by the Trustees.
The attached financial statements give details of the financial transactions in the year and the financial position of the trust at the year end. During the year the Charity received income from its investments totalling £57,986 (2023: £45,297). Expenditure totalling £64,580 (2023: £115,595) was incurred along with net gains on investments of £124,521 (2023: losses of £63,099), resulting in a net surplus in movement in funds of £117,927 (2023: deficit of £133,397).
Reserves policy
The Trustee maintains a level of reserves sufficient to provide investment income to fund its charitable donations and administrative costs. At the year end the reserves were £1,380,429 (2023: £1,262,502).
Investment policy
The Trustee manages the Charity's funds in order to balance income on its investments with the requirement to assist the potential beneficiaries of the fund.
Risk management
The Trustee keeps the major risks to which it is exposed under review in order to satisfy itself that these risks are mitigated where possible.
Trustee's responsibilities statement
The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. The Trustee has to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’. The Trustee must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of the resources, including the income and expenditure, of the Charity for that period. In preparing these financial statements, the Trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS102);
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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 business.
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Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
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THE VICKERS STAFF CHARITABLE FUND
TRUSTEE'S REPORT
The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and 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 2008 and the provisions of the trust deed. The Trustee is 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.
ON BEHALF OF THE TRUSTEE
15/8/2025
S R Glynn Director Maryland Trust Company (Leeds) Limited
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Docusign Envelope ID: F8E91E90-F790-4464-9011-0D34D64814B2
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THE VICKERS STAFF CHARITABLE FUND
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE VICKERS STAFF CHARITABLE FUND
I report to the trustees on my examination of the accounts of The Vickers Staff Charitable Fund (‘the Charity’) for the year ended 31 October 2024.
Responsibilities and basis of report
As the charity trustees of the Charity, 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 as carried out under section 145 of the Act. 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 matter has come to my attention in connection with the examination which gives me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with these records.
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.
Our report is made solely to the Charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. Our work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an independent examiner'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 Trustees as a body, for our work or for the independent examiner’s report, or for the opinions we have formed.
15/8/2025
Christopher Bagnall FCA ICAEW Grant Thornton UK LLP Chartered Accountants Sheffield
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Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
Commercial in Confidence
THE VICKERS STAFF CHARITABLE FUND
PRINCIPAL ACCOUNTING POLICIES
CHARITY INFORMATION
The Vickers Staff Charitable Fund is an unincorporated charity registered with the Charity Commission (number 512770).
BASIS OF PREPARATION
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 effective 1 January 2019) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 effective 1 January 2019) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Vickers Staff Charitable Fund meets the definition of a Public Benefit Entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The accounts are presented in sterling (£).
GOING CONCERN
The objective of the Charity is to make donations as set out in the Trustee Report. The donations are funded using the dividends received from Mary Randall Vickers & Co Limited together with income received from its other investments. The Trustee takes into account the dividends received and the level of cash reserves when determining whether donations can be approved. The Trustee, having considered expected incoming resources and commitments for the 12 months from the date of signing of these financial statements, consider that it is appropriate for the accounts to be prepared on a going concern basis.
INVESTMENT INCOME
Dividends and covenanted donations are included where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Bank, building society and other interest received on cash balances held within investment funds is included when it is receivable.
EXPENDITURE
Liabilities are recognised 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 and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are the costs associated with attracting voluntary income.
All grants are made in accordance with clause 3 of the trust deed dated 14 May 1982.
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Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
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THE VICKERS STAFF CHARITABLE FUND
PRINCIPAL ACCOUNTING POLICIES
INVESTMENTS
Investments held as fixed assets that relate to unlisted company shareholdings are included at cost. Investments held as fixed assets that relate to listed company shareholdings are revalued to market value at the end of each accounting period.
FUND ACCOUNTING
All funds held as at the current and preceding year end are in the form of unrestricted funds.
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 acquisition or opening of the deposit or similar account.
FINANCIAL ASSETS AND LIABILITIES
Financial assets and financial liabilities are recognised in the balance sheet when the Charity becomes a party to the contractual provisions of the instrument.
Basic financial assets, which include receivables and cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
TAXATION
The Charity is exempt from tax on its activities provided that the surpluses are used for charitable activities. Therefore, no provision for direct or deferred tax arises.
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Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
Commercial in Confidence
THE VICKERS STAFF CHARITABLE FUND
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 October 2024
| Income from Investments: Ordinary dividends - Mary Randall Vickers & Co Limited - Listed investments Total dividends Interest on cash balances held by investment manager Bank interest Total interest Total income Expenditure on: Charitable activities – Grants and donations Raising funds – Investment manager fees Other Total expenditure Net gains/(losses) on investments Net movement in funds Total funds brought forward Total funds carried forward All activities are continuing activities. 7 Note |
Unrestricted funds 2024 2023 £ £ 25,500 25,500 28,541 12,750 54,041 38,250 731 4,736 3,214 2,311 3,945 7,047 57,986 45,297 52,567 109,300 7,596 6,282 4,417 13 64,580 115,595 124,521 (63,099) 117,927 (133,397) 1,262,502 1,395,899 1,380,429 1,262,502 |
Unrestricted funds 2024 2023 £ £ 25,500 25,500 28,541 12,750 54,041 38,250 731 4,736 3,214 2,311 3,945 7,047 57,986 45,297 52,567 109,300 7,596 6,282 4,417 13 64,580 115,595 124,521 (63,099) 117,927 (133,397) 1,262,502 1,395,899 1,380,429 1,262,502 |
|---|---|---|
| 54,041 | 38,250 | |
| 731 3,214 |
4,736 2,311 |
|
| 3,945 | 7,047 | |
| 57,986 | 45,297 | |
| 52,567 7,596 4,417 |
109,300 6,282 13 |
|
| 64,580 | 115,595 | |
| 124,521 117,927 1,262,502 |
(63,099) (133,397) 1,395,899 |
|
| 1,380,429 | 1,262,502 | |
The notes on pages 9 and 10 form an integral part of these financial statements
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Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
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THE VICKERS STAFF CHARITABLE FUND
BALANCE SHEET
For the year ended 31 October 2024
| Note | Unrestricted funds | Unrestricted funds | |
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Fixed asset investments | |||
| Listed | 3 | 1,262,789 | 1,123,921 |
| Unlisted | 3 | 6,116 | 6,116 |
| 1,268,905 | 1,130,037 | ||
| Current assets | |||
| Debtors: amounts falling due within one year | 4 | 74 | 919 |
| Cash at bank and in hand | 139,450 | 187,546 | |
| 139,524 | 188,465 | ||
| Liabilities | |||
| Creditors: amounts falling due within one year | 5 | (28,000) | (28,000) |
| Creditors: amounts falling due after more than one year | 5 | - | (28,000) |
| (28,000) | (56,000) | ||
| Total assets | 1,380,429 | 1,262,502 | |
| Funds | |||
| Unrestricted funds | 1,380,429 | 1,262,502 | |
| Total funds | 1,380,429 | 1,262,502 |
The financial statements were approved on behalf of the Trustee on
15/8/2025
S R Glynn Director Maryland Trust Company (Leeds) Limited
The notes on pages 9 and 10 form an integral part of these financial statements
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Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
Commercial in Confidence
THE VICKERS STAFF CHARITABLE FUND
NOTES TO THE ACCOUNTS
For the year ended 31 October 2024
- 1 EMPLOYEES
The Charity had no employees during the current or preceding year.
2 TRUSTEE DIRECTORS’ REMUNERATION AND EXPENSES
The Charity's sole trustee, Maryland Trust Company (Leeds) Limited, had 6 directors during the current and preceding year. No director received remuneration, benefits in kind or reimbursed expenses in the current or preceding year.
3 INVESTMENTS HELD AS FIXED ASSETS
| At 1 November 2023 Additions Disposals Change in market value As at 31 October 2024 The historical cost of the listed investments assets was £1,165,917. |
Listed investments £ 1,123,921 366,488 (324,492) 96,872 |
Unlisted investments £ 6,116 - - - |
|---|---|---|
| 1,262,789 | 6,116 | |
The Charity does not hold more than 20% of the share capital of any company.
4 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued income 5 CREDITORS Committed grants: falling due within one year Committed grants: falling due after more than one year |
2024 £ 74 |
2023 £ 919 |
|---|---|---|
| 2024 £ 28,000 - |
2023 £ 28,000 28,000 |
|
| 28,000 | 56,000 |
5 CREDITORS
In line with the charities SORP, donations which were committed and communicated to the recipient prior to the year-end have been included within creditors.
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Docusign Envelope ID: 3777F9ED-54B8-4FD4-95EB-AEC850A5C433
Commercial in Confidence
THE VICKERS STAFF CHARITABLE FUND
NOTES TO THE ACCOUNTS
For the year ended 31 October 2024
6 RELATED PARTY TRANSACTIONS
Controlling entity
The Charity by directors of the sole trustee, Maryland Trust Company (Leeds) Limited.
Related party transactions
During the year dividends of £25,500 (2023: £25,500) were received from Mary Randall Vickers and Co Limited, a company controlled by common directors.
Mary Randall Vickers and Co Limited previously settled all Independent Examination fees on behalf of the Charity. For the year ended 31 October 2024 this amounted to £Nil (2023: £4,200), as the fees were paid by the Charity.
7 GRANTS
| Retired employees fuel grants Friends of Moral Homeless Street Angels Firefly The Hunslet Club Community Foundation Yorkshire Air Ambulance Leeds Mencap Ltd Rainbow Trust Child Center Kitumaini Thomas Minns Wigton Moor JFC Aquabox Riding for the Disabled Zarach Premature Babies Leeds Womens Aid Rescue Remedies Keswick Mountain Rescue Total |
Grants to institutions £ - 5,012 1,000 5,000 5,000 5,000 5,000 1,000 7,000 5,000 - 500 1,500 2,000 1,500 255 1,000 500 1,000 |
Grants to individuals £ 5,200 - - - - - - - - - 100 - - - - - - - - |
Total £ 5,200 5,012 1,000 5,000 5,000 5,000 10,000 1,000 7,000 5,000 100 500 1,500 2,000 1,500 255 1,000 500 1,000 |
|---|---|---|---|
| 47,267 | 5,300 | 52,567 |
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