The Earl of Derby's Charitable Trust
Unaudited financial statements for the year ended 5[th] April 2024
The Earl of Derby's Charitable Trust
Business information
| Charity registration number | 515783 |
|---|---|
| Trustees | The Rt Hon 19thEarl of Derby DL |
| Lord Edward Stanley | |
| Business address | Knowsley Hall |
| Prescot | |
| Merseyside | |
| L34 4AG | |
| Investment managers | Stonehage Fleming Investment Management Limited |
| 15 Suffolk Street | |
| London | |
| SW1Y 4HG | |
| Solicitors | Boodle Hatfield |
| 6 Worcester Street | |
| Oxford | |
| Oxfordshire | |
| OX1 2BX |
The Earl of Derby's Charitable Trust
Contents
| Page | |
|---|---|
| Report of the Trustees | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 12 |
The Earl of Derby's Charitable Trust
Report of the trustees for the year ended 5 April 2024
Introduction
The trustees present their report and financial statements for the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 7 which comply with the Charity's Trust Deed, dated 23 August 1984, and applicable law. The charity is a registered charity, number 515783.
Structure, Governance and Management
Governing Document
The charity is an unincorporated trust, constituted under a Trust Deed dated 23 August 1984. The charity was established by The Rt Hon The 18th Earl of Derby MC with an initial sum of £100,000 to be held and applied by the trustees for general charitable purposes.
Recruitment, Appointment and Training of Trustees
The Trust Deed gave the power to appoint new trustees to the original settlor, The Rt Hon The 18th Earl of Derby MC, during his lifetime. After this period, the existing trustees have the power to appoint new trustees. Trustees are recruited from the immediate family and professional advisors of the original settlor.
Given the background from which the trustees are recruited, the trustees come to the role with a significant level of knowledge regarding the objects and aims of the charity and the related compliance work. In addition to this, the trustees gain regular updates from their professional advisors in order to keep them fully conversant with these issues.
No Trustee received remuneration during the current year or previous year.
Organisational Structure
At a twice yearly trustees' meeting, the trustees agree the broad strategy and areas of activity of the Trust. They consider the performance of the Trust's investments and review the risks facing the charity. The day to day administration of any charitable grants is delegated to administrative staff of The Rt Hon 19[th] Earl of Derby DL’s Knowsley Estate.
Risk Management
The trustees have examined the major risks facing the charity, in particular those relating to the operations and finances of the charity and anything that might affect the Trustees’ ability to realise their objectives. The Trustees are satisfied that systems are in place to mitigate the major risks.
Object and Activities
The charity was initially established as a 'grant making' charity. The objectives as set out in the Settlement Deed of the charity are to provide exclusively for the promotion, support and advancement of charitable purposes of all kind according to the law in England and Wales. In particular the policy has been to provide charitable support firstly within the areas of Cheshire, Lancashire, Merseyside, Greater Manchester and Cumbria and secondly, nationally. When planning activities for the year, the Trustees have considered the Charity Commission’s guidance on public benefit.
Page 1
The Earl of Derby's Charitable Trust
Report of the trustees for the year ended 5 April 2022
The charity has received a substantial number of grant applications from outside of Merseyside and from more affluent parts of the region. It was noted that although the Trust Deed broadly states that the funds will be for the benefit of the inhabitants of the North West, the trustees wish to focus their attentions to small, local charities in more deprived areas of Merseyside. This has been one of the key objectives of the current financial year.
Grant Making Policy
The Trust makes a number of recurrent grants every year to certain institutions. However, the Trust also welcomes applications from other organisations that fall within the objects described above. The Trust has no predetermined policy for awarding grants. Grants are made on the perceived merits of every application and the details of the recurrent and non-recurrent grants made in the year are detailed at note 6.
Financial Review
During the year income of £30,823 (2023: £25,241) was received, £28,164 arising from investments held by the Trust and £2,659 in a tax refund relating to Gift Aid from HMRC.
The Trustees have used the income to support their charitable donations in the year. The total expenditure in the year was £21,221 and did not exceed income by £9,053 (2023: expenditure £22,413).
The net movement in funds in the year, as shown in the statement of financial activities, amounted to a increase of £91,022 (2023: decrease of £51,768).
Investment Policy
Investments are made at the discretion of the trustees, acting on the advice from their investment advisors, and in accordance with the Trust Deed.
Reserves Policy
It is the policy of the charity to carry sufficient reserves to cover the management and administration costs of the Trust and to respond to recurrent grant applications.
The restricted fund is to be applied specifically towards the maintenance of the fabric of St Mary's Church, Knowsley.
Future Plans
The Trust intends to continue to receive applications for grants from a variety of different bodies. Each application will be considered on its own merit. However, as mentioned above, it is the intention of the Trust to focus grant making in the more deprived areas of Merseyside.
Page 2
The Earl of Derby's Charitable Trust
Report of the trustees for the year ended 5 April 2022
Trustees and their responsibilities
The trustees who served during the year were:
The Rt Hon 19[th] Earl of Derby DL
Lord Stanley
The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP (FRS102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that 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, applicable accounting regulations and the provisions of 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.
Derby
......................................
The Rt Hon 19[th] Earl of Derby DL
Page 3
The Earl of Derby's Charitable Trust
Independent examiner’s report to the trustees of the Earl of Derby’s Charitable Trust
I report to the trustees on my examination of the accounts of the Earl of Derby’s Charitable Trust (the Trust) for the year ended 5 April 2024.
Respective Responsibilities of trustees and examiner
As the charity trustees of the Trust 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 Trust’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 Act.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
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.
Irene Hamilton
................................. Irene Hamilton FCCA
Date: 31[st] January 2025
Address:
Knowsley Estate KNOWSLEY PARK Prescot L34 4AG
Page 4
The Earl of Derby's Charitable Trust
Statement of financial activities For the year ended 5 April 2024
| Unrestricted Fund Restricted Knowsley Church Fund Total 2024 Notes £ £ £ Incoming resources - Investment income - HMRC Tax Refund 4 26,080 2,659 2.084 28,164 2,659 Total incoming resources 28,739 2,084 30,823 Resources expended Costs of generating funds: - Investment manager costs 5,328 548 5,878 - Bank charges 3 - 3 - Accountancy 516 - 516 Costs of charitable activities 5 15,373 - 15,373 Total resources expended 21,221 548 21,770 Net (resources expended) / incoming resources for the period 7,518 1,536 9,053 Realised and unrealised gains / (losses) on investment assets 77,854 4,114 81,968 Net movement in funds 85,372 5,650 91,022 Total funds brought forward as at 6 April 2023 882,183 61,959 944,225 Total funds carried forward as at 5 April 2024 967,555 67,590 1,035,164 |
Total 2023 £ 25,241 - |
|---|---|
| 25,241 | |
| 6,297 1 300 15,815 |
|
| 22,413 | |
| 2,828 (54,596) |
|
| (51,768) | |
Page 5
The Earl of Derby's Charitable Trust
Balance sheet
As at 5 April 2024
| Unrestricted Fund Restricted Knowsley Church Fund Total 2024 Notes £ £ £ Quoted investments at market value 3 918,136 61,590 979,726 918,136 61,590 979,726 Current assets Cash deposits 46,720 8,718 59,717 Amount due from restricted fund 4,279 - - 43,414 8,732 47,867 Current liabilities Amount due to unrestricted fund 4,279 4,279 Other creditors Assets representing Unrestricted and Restricted Funds (page 5) 969,135 66,029 1,035,164 |
Total 2023 £ 896,275 896,275 52,146 - 67,791 4,279 944,142 |
|---|---|
The financial statements were approved by the Trustees on 31[st] January 2025
Derby
......................................
The Rt Hon 19[th] Earl of Derby DL
Page 6
The Earl of Derby's Charitable Trust
Notes to the accounts For the year ended 5 April 2024
1 Accounting policies
1.1 General
The financial statements have been prepared on the going concern basis, under the historical cost convention as modified by the inclusion of investments at market value.
The financial statements have been prepared in accordance with the accounting policies set out below, the Charities Act 2011 and 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).
1.2 Investments
Investments are included in the accounts at market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities, whether that be realised or unrealised.
1.3 Income
Investment and other income is recognised in the period in which the Charity is entitled to receipt.
1.4 Expenditure
Donations are included in the accounts when they are payable and administrative expenditure is included on an accruals basis.
1.5 Taxation
The Charity is a registered Charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
1.6 Funds
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objectives.
Restricted funds are funds that have been given for particular purposes and projects. The restricted fund must be used wholly to provide grants for the maintenance and upkeep of St Mary's Church, Knowsley.
Page 7
The Earl of Derby's Charitable Trust
Notes to the accounts For the year ended 5 April 2024
| 2 | Comparative statement of financial | activities | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Unrestricted | Restricted | |||
| Fund | Knowsley | Fund | Knowsley | |||
| Church Fund | Church Fund | |||||
| 2024 | 2024 | 2023 | 2023 | |||
| £ | £ | £ | £ | |||
| Incoming resources | ||||||
| - Investment income | 26,080 | 2,084 | 23,656 | 1,585 | ||
| - Miscellaneous income | 2,659 | - | - | |||
| ______ | ______ | ______ | ______ | _ | ||
| Total incoming resources | 28,739 | 2,084 | 23,656 | 1,585 | 1 | |
| Resources expended | ||||||
| Cost of generating funds: | ||||||
| - Investment manager costs | 5,328 | 548 | 5,702 | 593 | 5 | |
| - Bank charges | 3 | 1 | - | 6 | ||
| - Accountancy | 516 | 300 | - | 1 | ||
| Costs of charitable activities | 15,815 | - | 15,815 | - | 1 | |
| ______ | ______ | ______ | ______ | _ | ||
| Total resources expended | 21,221 | 548 | 21,819 | 593 | 1 | |
| Net (resources expended) / | 1,838 | 992 | 1,838) | 990 | ( | |
| incoming resources for the period | 1 | |||||
| Realised and unrealised gains / | (52,404) | (2,192) | (52,404) | (2,192) | ( | |
| (losses) on investment assets | 1 | |||||
| Net movement in funds | (50,566) | (1,200) | (50,566) | (1,202) | ( | |
| 8 | ||||||
| Total funds brought forward as at 6 | 907,347 | 63,161 | 932,749 | 63,161 | 8 | |
| April 2023 | 5 | |||||
| 856,781 | 61,961 | 882,183 | 61,959 | |||
| Total funds carried forward as at 5 | 7 | |||||
| April 2024 | 1 |
Page 8
The Earl of Derby's Charitable Trust
Notes to the accounts For the year ended 5 April 2024
| 3 | Fixed asset investments | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Knowsley | 2024 | 2023 | ||
| Church Fund | |||||
| £ | £ | £ | £ | ||
| Market value as at 6 April 2023 | 838,767 | 57,508 | 896,275 | 928,144 | |
| Less: Disposals at market value | (136,953) | (2,774) | (139,727) | (128,593) | |
| Add: Acquisitions at cost | 138,468 | 2,742 | 141,210 | 151,320 | |
| Net gain / (loss) on revaluation | 77,854 | 4,114 | 81,968 | (54,596) | |
| Market value as at 5 April 2024 | 918,136 | 61,590 | 979,726 | 896,275 7 | |
| Historic cost as at 5 April 2024 | 730,344 | 47,290 | 777,634 | 756,652 7 | |
| The classes of investments held at | |||||
| the year end were as follows: | |||||
| Market Value | |||||
| £ | |||||
| Quoted | 577,477 | ||||
| Venture Funds | 4,073 | ||||
| Alternative Strategies | 85,579 | ||||
| Bonds | 310,760 | ||||
| Other | 1,837 | ||||
| 979,726 | |||||
| Investments in individual entities | |||||
| held at 5 April 2024 which are over | |||||
| 5% of portfolio by value are: | |||||
| Market Value | |||||
| £ | |||||
| Artemis Fund Managers Global | 66,465 | ||||
| Jupiter Merlin Growth Portfolio | 117,004 | ||||
| TB Evenlode Investment Funds | 83,652 | ||||
| TM Redwheel Funds | 81,625 | ||||
| Tm Stoneage | 147,863 | ||||
| Bluebay Funds Management | 59,462 | ||||
| Pimco Global Advisors | 76,253 | ||||
| 632,324 |
Page 9
The Earl of Derby's Charitable Trust
Notes to the accounts
For the year ended 5 April 2024
| 4 Investment income 2024 £ Dividends - UK equities 11,351.18 Dividends - Overseas investments 2,775.87 Interest on UK investments 11,976.95 Interest on Overseas investments 2,060.35 28,164.35 5 Analysis of charitable expenditure Grant Funding Institutions 2024 £ Age, disablement and sickness 750 Education and youth 3,000 Racing charities 2,000 Religious organisations 4,650 General charitable causes 4,973 6 Analysis of donations 2024 £ Age, disablement and sickness Recurrent payments: Willowbrook Hospice 750 750 Non recurrent payments: Martin’s Mountain - Alder Hey Imagine Appeal 750 |
2023 £ 11,375 1,300 12,145 423 25,242 2023 £ 1,500 3,000 4,150 3,000 4,165 15,815 2023 £ 750 750 250 1,000 |
|---|---|
Page 10
The Earl of Derby's Charitable Trust
Notes to the accounts
For the year ended 5 April 2024
| Education and youth Recurrent payments: Acorn Venture Farm Animal Health Trust St Helens Sea Cadets (TS Scimitar) Zoe’s Place Non Recurrent payments: 1stWhiston Scouts Racing Recurrent payments: British Racing School Racing Welfare Non Recurrent payments: Religion Recurrent payments: St Saviours Church, Wildboarclough St Michael’s Church, Huyton St Peter & St Paul Church, Ormskirk Holy Trinity, Bickerstaffe Liverpool Cathedral Non Recurrent payments: St Mary’s Church, Knowsley |
750 750 750 2,250 750 3,000 1,000 1,000 2,000 - 2,000 750 750 750 2,400 4,650 - 5,400 |
750 750 750 2,250 750 3,000 750 3,400 4,150 - 4,150 750 750 1,500 3,000 3,000 |
||
|---|---|---|---|---|
Page 11
The Earl of Derby's Charitable Trust
Notes to the accounts
For the year ended 5 April 2024
| General Recurrent payments: Liverpool Charity and Voluntary Services The Boys Brigade, Liverpool RNRMC (Royal Navy and Royal Marine Charity) Non Recurrent payments: Miscellaneous The Royal Liverpool Philharmonic Orchestra Knowsley War Memorial Total grants from unrestricted funds Total grants from restricted funds Total grants |
750 750 2,223 1,000 1,000 4,223 - - - |
7550 750 - 1,500 2,665 4,165 15,815 - 15,815 |
|---|---|---|
Donations approved by the Trustees during their meetings in the year, but not paid at the year end, amounted to nil (2023: nil).
7 Trustees’ remuneration
Trustees received no remuneration (2023: £nil) and were not reimbursed for any expenses in the year (2023: £nil).
8 Staff Costs
There are no paid employees or volunteers that work for the Charity.
9 Related party transactions
The trustees do not consider there to have been any related party transactions requiring disclosure in either the current or prior years.
Page 12