EDWARD STOCKS MASSEY BEQUEST FUND
TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
BURNLEY BOROUGH COUNCIL, TOWN HALL, MANCHESTER ROAD BURNLEY LANCASHIRE BB11 9SA
Page 1
EDWARD STOCKS MASSEY BEQUEST FUND
| CONTENTS KEY DETAILS REPORT OF THE TRUSTEES FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS INDEPENDENT EXAMINER'S REPORT |
PAGE |
|---|---|
| 3 4 - 6 7 - 8 9 - 12 END |
Page 2
EDWARD STOCKS MASSEY BEQUEST FUND
KEY DETAILS
REGISTERED CHARITY NAME & NUMBER
EDWARD STOCKS MASSEY BEQUEST FUND REGISTERED CHARITY NUMBER 526516
TRUSTEES
PAUL WRIGHT PAUL HALSTEAD NEIL BEECHAM
EDWARD STOCKS MASSEY BEQUEST JOINT ADVISORY COMMITTEE
LANCASHIRE COUNTY COUNCIL COUNTY COUNCILLOR COSIMA TOWNELEY COUNTY COUNCILLOR USMAN ARIF COUNTY COUNCILLOR ALAN HOSKER
BURNLEY BOROUGH COUNCIL
COUNCILLOR HOWARD BAKER COUNCILLOR JOHN HARBOUR
CLERK TO THE ADVISORY COMMITTEE
IAN YOUNG - DIRECTOR OF GOVERNANCE, FINANCE AND PUBLIC SERVICES, LANCASHIRE COUNTY COUNCIL
TREASURER
HOWARD HAMITON-SMITH - HEAD OF FINANCE AND PROPERTY, BURNLEY BOROUGH COUNCIL
PROFESSIONAL ADVISOR
QUILTER CHEVIOT THE PINNACLE 73 KING STREET MANCHESTER M2 4NG
INDEPENDENT EXAMINER
AMY JOHNSON - FINANCE MANAGER, BURNLEY BOROUGH COUNCIL
REGISTERED OFFICE
TOWN HALL MANCHESTER ROAD BURNLEY BB11 9SA
BANKERS
HSBC BANK PLC 12 MANCHESTER ROAD BURNLEY
Page 3
LANCASHIRE BBII IJH Page 4
EDWARD STOCKS MASSEY BEQUEST FUND
REPORT OF THE TRUSTEES
The trustees submit their report and the financial statements for the year ended 31st March 2023.
1. PURPOSE AND OBJECTIVES OF THE CHARITY
The charity was established by the will of the late Edward Stocks Massey dated 3rd March 1910, and is further governed by the Charity Commission SORP (FRS 102) applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Equities, effective from the 1st January 2016.
The objects of the Charity are the provision of Education (whether mental, physical, technical, or artistic) and the advancement of science, learning, music or other arts within the borough of Burnley.
There are also two higher education support scholarships available each year to assist young people residing in the borough of Burnley who have gone into further education.
During 1989 the Burnley Mechanics Institution Trust Fund, which was set up in the nineteenth century to provide education in the town, was incorporated into the Edward Stocks Massey Bequest fund to be administered by the Trustees in accordance with the objectives of the Bequest. Income generated each year is to be used to fund special projects in Burnley of an educational nature.
2. MANAGEMENT ARRANGEMENTS & POLICY FOR GRANT MAKING
The trustees are responsible for the financial control and investment strategy of the charity.
Ian Young, Director of Governance, Finance and Public Services at Lancashire County Council, is responsible for the secretarial work and stewardship of the Charity.
Howard Hamilton-Smith, Head of Finance at Burnley Borough Council, acts as Treasurer and is responsible for the financial administration of the charity.
These two individuals and various other officers of both Lancashire County Council and Burnley Borough Council carry out a considerable amount of secretarial and financial administration work on behalf of the charity, for which no charge is made.
A Joint Committee has been established, consisting of elected representatives from both Lancashire County Council and Burnley Borough Council, to determine the annual allocation of grant awards.
A panel of the Joint advisory Committee also meets in December each year to interview the candidates for the higher education support scholarship awards.
Councillors appointed to the Joint Committee by Lancashire County Council have to reside in the borough of Burnley.
We, the trustees, also serve on the Joint Advisory Committee as non-voting members, in order to ensure that any proposed grant awards fall within the stated objectives of the charity.
Trustees shall be persons residing or carrying on business in Burnley.
Page 5
EDWARD STOCKS MASSEY BEQUEST FUND
3. ACTIVITIES & ACHIEVEMENTS
The Joint Advisory Committee met in June 2022 to discuss the scheme of grant allocation for 2022/23
The total allocations approved at that meeting amounted to £34,150, which were awarded to Burnley Borough Council, Lancashire County Council, Individuals and Voluntary organisations and Higher Education Student Scholarships, as disclosed in note 5 of the Statement of Financial Activities.
In addition, the Charity also approved a further £4,000 to the Burnley Mechanics, which now forms part of Burnley Borough Council - Leisure Trust.
The interview panel of the Joint Advisory Committee for the award of higher education support scholarship grants met in December 2022. The total student allocation for the year was £4,000
Lancashire County Council, being the responsible body for the distribution of the scheme under the provisions of the Local Government Act 1972, approved the recommendations of the Joint Committee from its meeting in June 2022 and also authorised the award of scholarships at its Joint Committee interview panel meeting in December 2022.
4. RESERVES POLICY
The Charities Statement of Recommended Practice (SORP) requires all charities preparing accrual based accounts, other than those charities following a more specialised SORP, to set out their Reserves Policy in their annual report. The regulations also require a charity that does not have a Reserves Policy to state this fact in their annual report.
The Edward Stocks Massey Bequest Fund trustees consider that the charity can prudently carry out its planned activities without a Reserves Policy, as they have the power contained within their governing document to sell its Capital investments at short notice to supplement income required for the disbursement of annual grants.
5. FINANCIAL REVIEW
The Edward Stocks Massey Charity's results are set out in the financial statements on pages 7 & 8.
Also attached are the schedule of investments as at 31st March 2023.
Quilter Cheviot manage the investment portfolio in accordance with charity's long term objectives, which is to provide a medium risk financial strategy sufficient to meet annual income requirements and increase the value of the fund through Capital growth.
Quilter Cheviot adhere to the 80/20 rule, which prescribes that at least 80% of the portfolio's assets must be taken from the company's monitored list, and 20% is left to the managers discretion to meet the charity's requirements.
Quilter Cheviot charge 0.6% (+ VAT) per annum for managing the portfolio.
Quilter Cheviot have a twice yearly meeting with trusttes in person and keep in contact via email
The total market value and cost of investments held at 31st March 2023 was £849,079 and £733,138 respectively.
Page 6
EDWARD STOCKS MASSEY BEQUEST FUND
6. PUBLIC BENEFIT
Under the Charities Act 2011, for an organisation to be a charity, each of its purposes must be for the public benefit, and for a purpose to be charitable it must satisfy both the public benefit and the public aspect requirements.
To satisfy the public benefit requirement :
Make decisions to ensure the charity's purpose provides benefit.
Make decisions to manage risks of detriment or harm to the charity's beneficiaries or to the public in general that might result from carrying out the charity's purpose.
To satisfy the public aspect requirement :
- Make decisions that benefit the public in general.
Make decisions to make sure any personal benefits are no more than incidental.
The Trustees are fully aware of the public benefit guidance, and have taken it into account when making a decision and only depart from it if they have evidenced reasons to do so.
Trustee :
Signature :
Date :
Trustee :
Signature :
Date :
Page 7
EDWARD STOCKS MASSEY BEQUEST FUND
Statement of Financial Activities for the year ended 31st March 2023
| Notes Incoming Resources Unrestricted Income 4 Investment Income - Dividends Investment Income - Short-Term Investment Charities Aid Foundation Ground Rent Resources Expended Charitable Expenditure: Grants Payable 5.1 Costs of Generating Funds Investment Management Costs 5.2 Other Costs ICO Data Controller Fee 5.3 Net Incoming Resources / (Resources Expended) Other Recognised Gains / (Losses) Gain / (Loss) on the Value of Investments 7 Net Movement in Funds Funds brought forward 1st April 2022 Funds carried forward 31st March 2023 |
2022/23 £ 31,763 - - - 31,763 42,150 6,569 - 48,719 (16,956) (60,434) (77,390) 951,425 874,035 |
2021/22 £ 29,416 - 30 19 |
|---|---|---|
| 29,465 | ||
| 38,000 6,714 40 |
||
| 44,754 | ||
| (15,289) 45,560 |
||
| 30,272 921,153 |
||
| 951,425 |
Page 8
EDWARD STOCKS MASSEY BEQUEST FUND
Balance Sheet as at 31st March 2023
| Notes Fixed Assets Tangible Assets 6 Investments 7 Current Assets 8 Cash at Bank and in Hand Cash held within the Investment Portfolio Debtors Represented By: Unrestricted Funds 3 |
2022/23 £ 106 849,079 849,185 119,085 37,970 1,888 158,942 1,008,127 1,008,127 |
2021/22 £ 106 938,851 |
|---|---|---|
| 938,957 87,569 15,761 1,590 |
||
| 104,920 | ||
| 1,043,877 | ||
| 1,043,877 |
Page 9
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2023
1. Basis of preparation
1.1 Basis of accounting
The Financial Statements are prepared under the Charity Commission SORP (FRS 102) applicable to Charities preparing their accounts on or after 1 January 2016.
.
2. Accounting policies
2.1 Investment income
Investment income is accounted for in the financial year to which the charity is entitled to receipt.
2.2 Investment gains & losses
Includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the financial year.
2.3 Resources expended
Expenditure is included on an accruals basis.
Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.
Grants payable are charged to the financial year when the offer is conveyed to the recipient, except in those cases where the offer is conditional, such grants being recognised as expenditure only when conditions are fully met. Grants offered subject to conditions which have not been met at financial year end are noted as a commitment, but not accrued as expenditure.
2.4. Fixed Asset Investments
Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
2.5 Administration and Financial Work
All the administrative and financial work relating to the charity is carried out by officers of Lancashire County Council and Burnley Borough Council. No charge is made to the charity for these services.
Quilter Cheviot act as investment advisors and their management fee is 0.6% (+VAT) per annum.
3. Funds
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
Page 10
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2023 (continued)
| 4. | Analysis of Incoming Resources Unrestricted Income Investment Income Burnley Borough Council - Interest on Short-Term Investment Charities Aid Foundation Ground Rent Analysis of Resources Expended 5.1 Charitable Expenditure-Grants Payable Burnley Borough Council Schools Mental Welbeing Project Towneley Hall Museum & Heasandford Primary School Towneley Hall British Textile Biennial Outdoor Art Exhibition Lancashire County Council Burnley Music Centre at Shuttleworth College Burnley Libraries - programme of adult and children events |
2022/23 £ 31,763 - - 31,763 6,500 6,000 - 12,500 7,500 5,000 12,500 |
2021/22 £ 29,416 30 19 |
|---|---|---|---|
5. |
|||
| 29,465 | |||
| 5,000 - 5,000 |
|||
| 10,000 6,500 3,500 |
|||
| 10,000 |
Page 11
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2023 (continued)
| 5. | Analysis of Resources Expended (continued) 5.1 Charitable Expenditure-Grants Payable (continued) Burnley Mechanics-Burnley Leisure Community Arts Events & Projects Voluntary Organisations/Individuals Burnley Film Makers Burnley Municipal Choir Burnley Municipal Symphony Orchestra Burnley Bobcats 352 Air Training Corps Burnley Youth Theatre Holly Grove School St Peter's Parochial Church Council Burnley Tornadoes Amernican Football Club Burnley Garrick Theatre Group St Mary's School St Peter's Young Singers Scholarship Awards 5.2 Costs of Generating Funds-Investment Management Costs Investment Management Fee - Quilter Cheviot 5.3 Compliance Fees ICO Data Controller Fee (GDPR) Tangible Assets Freehold interest in land at cost |
2022/23 £ 4,000 500 1,000 1,000 - - 2,000 - 750 - 2,500 1,000 400 9,150 4,000 42,150 6,569 6,569 - 106 |
2021/22 £ 3,000 400 1,000 800 1,100 1,200 1,000 950 750 800 8,000 7,000 |
|---|---|---|---|
6. |
|||
| 38,000 | |||
| 6,714 | |||
| 6,714 | |||
| 40 | |||
| 106 | |||
Page 12
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2023 (continued)
| 7. | Investments Market Value at 1st April 2022 Add: Acquisitions at cost Less: Disposals at cost Net Gain / (Loss) on Investments Market Value at 31st March 2023 Investment Categories at 31st March 2023 Fixed Interest - United Kingdom Fixed Interest - Overseas Equities - United Kingdom Equities - Other Alternative Investments Net Gain / (Loss) on Investments at 31st March 2023 Value of Investments Disposal of Investments Equalisation of Share value Current Assets Cash at Bank Cash held within the Investment Portfolio - Quilter Cheviot Debtor - Dividend Income - Quilter Cheviot Current Liabilities Creditor - Burnley Borough Council |
2022/23 £ 938,851 90,727 (91,421) (89,078) 849,079 155,968 31,556 223,100 342,435 96,020 849,079 (60,434) (28,545) (99) (89,078) 119,085 37,970 1,888 158,942 131,235 131,235 |
2021/22 £ 899,445 122,965 (95,985) 12,426 |
|---|---|---|---|
| 8. | |||
| 938,851 | |||
| 145,390 52,564 255,538 403,252 82,107 |
|||
| 938,851 | |||
| 45,560 (32,992) (143) |
|||
| 12,426 | |||
| 87,569 15,761 1,590 |
|||
| 9. | |||
| 104,920 | |||
| 89,085 89,085 |
|||
Page 13
Estate of the Late Edward Stocks Massey
Schedule of Investments as at 31st March 2023 and Income for the Year 2022/23
.
| Restated Nominal Value 31/03/2022 Units - 56,813 57,030 40,944 |
Fixed Interest- United Kindom Allianz UK & European Inv Funds Gilt Yield FIL Investment Services (UK) Ltd Fidelity Monrybuilder I M&G Securities Limited Corporate Bond Royal London Unit Trust Managers UK Govt. Bond Fixed Interest- Overseas AXA Investment Managers UK ltd Gross Dis Pimco Global Advisors Irl Ltd Equities- United Kingdom Artemis Fund Managers Income Inatitutional GlaxoSmithkline GBP 0.25 Legal & General (Unit Trust Managers) UK 100 Index M&G Securities Ltd Charifund Royal Dutch Shell EURO.07 Equities- Other Allspring (Lux) Worldwide Fund Emerg Mkts Baille Gifford & Co Japanese Income Growth W4 Dis Blackrock Fund Managers Ltd Continental European BNY Mellon Fund Managers Ltd US Equity Fidelity UCITS ICAV US Kleinwort Benson Investors Institute North America M&G Investment Funds Matthews Asia Funds Alternative Investments BMO fund Management Ltd BMO Property Growth & Income I CT Property Growth & Incme Fund HICL Infrastructure plc International Public Partner The Renewables Infrastructure Grp |
Restated Market Value @ Acquisitions Conversions 31/03/2022 at cost £ £ 30,048 53,552 53,432 38,406 |
Market Nominal Estimated Disposals Realisation Value @ Value Book Income @ NBV from Disposal Equalisation Revaluation 31/03/2023 31/03/2023 Cost 2022/23 £ £ £ £ £ Units £ £ 526 30,574 20,260 30,048573 (8,181) 45,371 56,813 52,5692,427 (5,812) 47,620 57,030 51,9421,692 (6,003) 32,403 40,944 36,061511 |
Market Nominal Estimated Disposals Realisation Value @ Value Book Income @ NBV from Disposal Equalisation Revaluation 31/03/2023 31/03/2023 Cost 2022/23 £ £ £ £ £ Units £ £ 526 30,574 20,260 30,048573 (8,181) 45,371 56,813 52,5692,427 (5,812) 47,620 57,030 51,9421,692 (6,003) 32,403 40,944 36,061511 |
Market Nominal Estimated Disposals Realisation Value @ Value Book Income @ NBV from Disposal Equalisation Revaluation 31/03/2023 31/03/2023 Cost 2022/23 £ £ £ £ £ Units £ £ 526 30,574 20,260 30,048573 (8,181) 45,371 56,813 52,5692,427 (5,812) 47,620 57,030 51,9421,692 (6,003) 32,403 40,944 36,061511 |
|---|---|---|---|---|---|
| 154,788 | 145,390 30,048 - | - - - (19,470) 155,968 175,048 170,619 5,203 |
|||
| 38,587 1,500 |
33,979 18,585 |
(2,423) 31,556 38,587 40,0311,532 (20,777) 3,647 (1,455) - - -- - |
|||
| 40,087 | 52,564 - - | (20,777) 3,647 - (3,878) 31,556 38,587 40,031 1,532 |
|||
| 143,437 1,500 - 5,110 - |
150,107 24,708 - 19,074 80,723 - |
(2,797) 147,310 143,437 91,5165,827 (8,796) (18,063) 2,151 - - -- (19,074) 1,050 (65) (985) - - -- (4,933) 75,790 5,110 52,4444,267 - |
|||
| 150,047 | 255,538 19,074 - | (27,870) (17,013) (65) (6,564) 223,100 148,547 143,960 10,094 |
|||
| 570 16,500 30,940 51,615 11,830 4,180 2,030 |
53,056 23,430 55,719 77,913 81,686 84,185 11,403 27,263 |
(6,404) 346 (6,024) 40,974 500 45,7451,994 (9,647) (1,912) (757) 11,114 8,190 9,508301 (4,575) (659) 12 50,497 27,720 39,3841,756 (449) 77,464 51,615 60,1711,985 (1,774) 79,912 11,830 60,2321,788 (13,062) (9,532) (3,769) 57,822 3,010 33,6051,448 (243) 11,160 9,250 11,403262 (9,086) (3,422) (1,263) 13,492 1,115 11,072302 |
|||
| 117,665 | 403,252 11,403 - | (42,775) (15,179) - (14,267) 342,435 113,230 271,120 9,836 |
|||
| 2,430 - 11,740 5,915 16,035 |
29,298 4,218 20,897 5,017 10,233 15,995 21,679 4,972 |
(29,298) - (34) 20,867 25,051 2,890 31,3711,041 (2,966) 22,948 14,805 25,0081,221 (2,980) 23,248 16,055 25,9941,273 (1,878) 24,773 19,850 25,0351,358 |
|||
| 36,120 | 82,107 30,203 - | - - (34) (16,255) 96,020 53,600 107,408 4,893 |
|||
| **498,707 ** | 938,85190,727 - | (91,421) (28,545) (99) (60,434)849,079529,012 733,13831,558 |
|||
| (119,966) | (60,533) |
P 14
EDWARD STOCKS MASSEY BEQUEST FUND
TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
BURNLEY BOROUGH COUNCIL, TOWN HALL, MANCHESTER ROAD BURNLEY LANCASHIRE BB11 9SA
Page 1
EDWARD STOCKS MASSEY BEQUEST FUND
| CONTENTS KEY DETAILS REPORT OF THE TRUSTEES FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS INDEPENDENT EXAMINER'S REPORT |
PAGE |
|---|---|
| 3 4 - 6 7 - 8 9 - 12 END |
Page 2
EDWARD STOCKS MASSEY BEQUEST FUND
KEY DETAILS
REGISTERED CHARITY NAME & NUMBER
EDWARD STOCKS MASSEY BEQUEST FUND REGISTERED CHARITY NUMBER 526516
TRUSTEES
PAUL WRIGHT PAUL HALSTEAD NEIL BEECHAM
EDWARD STOCKS MASSEY BEQUEST JOINT ADVISORY COMMITTEE
LANCASHIRE COUNTY COUNCIL COUNTY COUNCILLOR COSIMA TOWNELEY COUNTY COUNCILLOR USMAN ARIF COUNTY COUNCILLOR ALAN HOSKER
BURNLEY BOROUGH COUNCIL
COUNCILLOR HOWARD BAKER COUNCILLOR JOHN HARBOUR
CLERK TO THE ADVISORY COMMITTEE
IAN YOUNG - DIRECTOR OF GOVERNANCE, FINANCE AND PUBLIC SERVICES, LANCASHIRE COUNTY COUNCIL
TREASURER
HOWARD HAMITON-SMITH - HEAD OF FINANCE AND PROPERTY, BURNLEY BOROUGH COUNCIL
PROFESSIONAL ADVISOR
QUILTER CHEVIOT THE PINNACLE 73 KING STREET MANCHESTER M2 4NG
INDEPENDENT EXAMINER
AMY JOHNSON - FINANCE MANAGER, BURNLEY BOROUGH COUNCIL
REGISTERED OFFICE
TOWN HALL MANCHESTER ROAD BURNLEY BB11 9SA
BANKERS
HSBC BANK PLC 12 MANCHESTER ROAD BURNLEY
Page 3
LANCASHIRE BBII IJH Page 4
EDWARD STOCKS MASSEY BEQUEST FUND
REPORT OF THE TRUSTEES
The trustees submit their report and the financial statements for the year ended 31st March 2023.
1. PURPOSE AND OBJECTIVES OF THE CHARITY
The charity was established by the will of the late Edward Stocks Massey dated 3rd March 1910, and is further governed by the Charity Commission SORP (FRS 102) applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Equities, effective from the 1st January 2016.
The objects of the Charity are the provision of Education (whether mental, physical, technical, or artistic) and the advancement of science, learning, music or other arts within the borough of Burnley.
There are also two higher education support scholarships available each year to assist young people residing in the borough of Burnley who have gone into further education.
During 1989 the Burnley Mechanics Institution Trust Fund, which was set up in the nineteenth century to provide education in the town, was incorporated into the Edward Stocks Massey Bequest fund to be administered by the Trustees in accordance with the objectives of the Bequest. Income generated each year is to be used to fund special projects in Burnley of an educational nature.
2. MANAGEMENT ARRANGEMENTS & POLICY FOR GRANT MAKING
The trustees are responsible for the financial control and investment strategy of the charity.
Ian Young, Director of Governance, Finance and Public Services at Lancashire County Council, is responsible for the secretarial work and stewardship of the Charity.
Howard Hamilton-Smith, Head of Finance at Burnley Borough Council, acts as Treasurer and is responsible for the financial administration of the charity.
These two individuals and various other officers of both Lancashire County Council and Burnley Borough Council carry out a considerable amount of secretarial and financial administration work on behalf of the charity, for which no charge is made.
A Joint Committee has been established, consisting of elected representatives from both Lancashire County Council and Burnley Borough Council, to determine the annual allocation of grant awards.
A panel of the Joint advisory Committee also meets in December each year to interview the candidates for the higher education support scholarship awards.
Councillors appointed to the Joint Committee by Lancashire County Council have to reside in the borough of Burnley.
We, the trustees, also serve on the Joint Advisory Committee as non-voting members, in order to ensure that any proposed grant awards fall within the stated objectives of the charity.
Trustees shall be persons residing or carrying on business in Burnley.
Page 5
EDWARD STOCKS MASSEY BEQUEST FUND
3. ACTIVITIES & ACHIEVEMENTS
The Joint Advisory Committee met in June 2022 to discuss the scheme of grant allocation for 2022/23
The total allocations approved at that meeting amounted to £34,150, which were awarded to Burnley Borough Council, Lancashire County Council, Individuals and Voluntary organisations and Higher Education Student Scholarships, as disclosed in note 5 of the Statement of Financial Activities.
In addition, the Charity also approved a further £4,000 to the Burnley Mechanics, which now forms part of Burnley Borough Council - Leisure Trust.
The interview panel of the Joint Advisory Committee for the award of higher education support scholarship grants met in December 2022. The total student allocation for the year was £4,000
Lancashire County Council, being the responsible body for the distribution of the scheme under the provisions of the Local Government Act 1972, approved the recommendations of the Joint Committee from its meeting in June 2022 and also authorised the award of scholarships at its Joint Committee interview panel meeting in December 2022.
4. RESERVES POLICY
The Charities Statement of Recommended Practice (SORP) requires all charities preparing accrual based accounts, other than those charities following a more specialised SORP, to set out their Reserves Policy in their annual report. The regulations also require a charity that does not have a Reserves Policy to state this fact in their annual report.
The Edward Stocks Massey Bequest Fund trustees consider that the charity can prudently carry out its planned activities without a Reserves Policy, as they have the power contained within their governing document to sell its Capital investments at short notice to supplement income required for the disbursement of annual grants.
5. FINANCIAL REVIEW
The Edward Stocks Massey Charity's results are set out in the financial statements on pages 7 & 8.
Also attached are the schedule of investments as at 31st March 2023.
Quilter Cheviot manage the investment portfolio in accordance with charity's long term objectives, which is to provide a medium risk financial strategy sufficient to meet annual income requirements and increase the value of the fund through Capital growth.
Quilter Cheviot adhere to the 80/20 rule, which prescribes that at least 80% of the portfolio's assets must be taken from the company's monitored list, and 20% is left to the managers discretion to meet the charity's requirements.
Quilter Cheviot charge 0.6% (+ VAT) per annum for managing the portfolio.
Quilter Cheviot have a twice yearly meeting with trusttes in person and keep in contact via email
The total market value and cost of investments held at 31st March 2023 was £849,079 and £733,138 respectively.
Page 6
EDWARD STOCKS MASSEY BEQUEST FUND
6. PUBLIC BENEFIT
Under the Charities Act 2011, for an organisation to be a charity, each of its purposes must be for the public benefit, and for a purpose to be charitable it must satisfy both the public benefit and the public aspect requirements.
To satisfy the public benefit requirement :
Make decisions to ensure the charity's purpose provides benefit.
Make decisions to manage risks of detriment or harm to the charity's beneficiaries or to the public in general that might result from carrying out the charity's purpose.
To satisfy the public aspect requirement :
- Make decisions that benefit the public in general.
Make decisions to make sure any personal benefits are no more than incidental.
The Trustees are fully aware of the public benefit guidance, and have taken it into account when making a decision and only depart from it if they have evidenced reasons to do so.
Trustee :
Signature :
Date :
Trustee :
Signature :
Date :
Page 7
EDWARD STOCKS MASSEY BEQUEST FUND
Statement of Financial Activities for the year ended 31st March 2023
| Notes Incoming Resources Unrestricted Income 4 Investment Income - Dividends Investment Income - Short-Term Investment Charities Aid Foundation Ground Rent Resources Expended Charitable Expenditure: Grants Payable 5.1 Costs of Generating Funds Investment Management Costs 5.2 Other Costs ICO Data Controller Fee 5.3 Net Incoming Resources / (Resources Expended) Other Recognised Gains / (Losses) Gain / (Loss) on the Value of Investments 7 Net Movement in Funds Funds brought forward 1st April 2022 Funds carried forward 31st March 2023 |
2022/23 £ 31,763 - - - 31,763 42,150 6,569 - 48,719 (16,956) (60,434) (77,390) 951,425 874,035 |
2021/22 £ 29,416 - 30 19 |
|---|---|---|
| 29,465 | ||
| 38,000 6,714 40 |
||
| 44,754 | ||
| (15,289) 45,560 |
||
| 30,272 921,153 |
||
| 951,425 |
Page 8
EDWARD STOCKS MASSEY BEQUEST FUND
Balance Sheet as at 31st March 2023
| Notes Fixed Assets Tangible Assets 6 Investments 7 Current Assets 8 Cash at Bank and in Hand Cash held within the Investment Portfolio Debtors Represented By: Unrestricted Funds 3 |
2022/23 £ 106 849,079 849,185 119,085 37,970 1,888 158,942 1,008,127 1,008,127 |
2021/22 £ 106 938,851 |
|---|---|---|
| 938,957 87,569 15,761 1,590 |
||
| 104,920 | ||
| 1,043,877 | ||
| 1,043,877 |
Page 9
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2023
1. Basis of preparation
1.1 Basis of accounting
The Financial Statements are prepared under the Charity Commission SORP (FRS 102) applicable to Charities preparing their accounts on or after 1 January 2016.
.
2. Accounting policies
2.1 Investment income
Investment income is accounted for in the financial year to which the charity is entitled to receipt.
2.2 Investment gains & losses
Includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the financial year.
2.3 Resources expended
Expenditure is included on an accruals basis.
Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.
Grants payable are charged to the financial year when the offer is conveyed to the recipient, except in those cases where the offer is conditional, such grants being recognised as expenditure only when conditions are fully met. Grants offered subject to conditions which have not been met at financial year end are noted as a commitment, but not accrued as expenditure.
2.4. Fixed Asset Investments
Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
2.5 Administration and Financial Work
All the administrative and financial work relating to the charity is carried out by officers of Lancashire County Council and Burnley Borough Council. No charge is made to the charity for these services.
Quilter Cheviot act as investment advisors and their management fee is 0.6% (+VAT) per annum.
3. Funds
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
Page 10
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2023 (continued)
| 4. | Analysis of Incoming Resources Unrestricted Income Investment Income Burnley Borough Council - Interest on Short-Term Investment Charities Aid Foundation Ground Rent Analysis of Resources Expended 5.1 Charitable Expenditure-Grants Payable Burnley Borough Council Schools Mental Welbeing Project Towneley Hall Museum & Heasandford Primary School Towneley Hall British Textile Biennial Outdoor Art Exhibition Lancashire County Council Burnley Music Centre at Shuttleworth College Burnley Libraries - programme of adult and children events |
2022/23 £ 31,763 - - 31,763 6,500 6,000 - 12,500 7,500 5,000 12,500 |
2021/22 £ 29,416 30 19 |
|---|---|---|---|
5. |
|||
| 29,465 | |||
| 5,000 - 5,000 |
|||
| 10,000 6,500 3,500 |
|||
| 10,000 |
Page 11
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2023 (continued)
| 5. | Analysis of Resources Expended (continued) 5.1 Charitable Expenditure-Grants Payable (continued) Burnley Mechanics-Burnley Leisure Community Arts Events & Projects Voluntary Organisations/Individuals Burnley Film Makers Burnley Municipal Choir Burnley Municipal Symphony Orchestra Burnley Bobcats 352 Air Training Corps Burnley Youth Theatre Holly Grove School St Peter's Parochial Church Council Burnley Tornadoes Amernican Football Club Burnley Garrick Theatre Group St Mary's School St Peter's Young Singers Scholarship Awards 5.2 Costs of Generating Funds-Investment Management Costs Investment Management Fee - Quilter Cheviot 5.3 Compliance Fees ICO Data Controller Fee (GDPR) Tangible Assets Freehold interest in land at cost |
2022/23 £ 4,000 500 1,000 1,000 - - 2,000 - 750 - 2,500 1,000 400 9,150 4,000 42,150 6,569 6,569 - 106 |
2021/22 £ 3,000 400 1,000 800 1,100 1,200 1,000 950 750 800 8,000 7,000 |
|---|---|---|---|
6. |
|||
| 38,000 | |||
| 6,714 | |||
| 6,714 | |||
| 40 | |||
| 106 | |||
Page 12
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2023 (continued)
| 7. | Investments Market Value at 1st April 2022 Add: Acquisitions at cost Less: Disposals at cost Net Gain / (Loss) on Investments Market Value at 31st March 2023 Investment Categories at 31st March 2023 Fixed Interest - United Kingdom Fixed Interest - Overseas Equities - United Kingdom Equities - Other Alternative Investments Net Gain / (Loss) on Investments at 31st March 2023 Value of Investments Disposal of Investments Equalisation of Share value Current Assets Cash at Bank Cash held within the Investment Portfolio - Quilter Cheviot Debtor - Dividend Income - Quilter Cheviot Current Liabilities Creditor - Burnley Borough Council |
2022/23 £ 938,851 90,727 (91,421) (89,078) 849,079 155,968 31,556 223,100 342,435 96,020 849,079 (60,434) (28,545) (99) (89,078) 119,085 37,970 1,888 158,942 131,235 131,235 |
2021/22 £ 899,445 122,965 (95,985) 12,426 |
|---|---|---|---|
| 8. | |||
| 938,851 | |||
| 145,390 52,564 255,538 403,252 82,107 |
|||
| 938,851 | |||
| 45,560 (32,992) (143) |
|||
| 12,426 | |||
| 87,569 15,761 1,590 |
|||
| 9. | |||
| 104,920 | |||
| 89,085 89,085 |
|||
Page 13
Estate of the Late Edward Stocks Massey
Schedule of Investments as at 31st March 2023 and Income for the Year 2022/23
.
| Restated Nominal Value 31/03/2022 Units - 56,813 57,030 40,944 |
Fixed Interest- United Kindom Allianz UK & European Inv Funds Gilt Yield FIL Investment Services (UK) Ltd Fidelity Monrybuilder I M&G Securities Limited Corporate Bond Royal London Unit Trust Managers UK Govt. Bond Fixed Interest- Overseas AXA Investment Managers UK ltd Gross Dis Pimco Global Advisors Irl Ltd Equities- United Kingdom Artemis Fund Managers Income Inatitutional GlaxoSmithkline GBP 0.25 Legal & General (Unit Trust Managers) UK 100 Index M&G Securities Ltd Charifund Royal Dutch Shell EURO.07 Equities- Other Allspring (Lux) Worldwide Fund Emerg Mkts Baille Gifford & Co Japanese Income Growth W4 Dis Blackrock Fund Managers Ltd Continental European BNY Mellon Fund Managers Ltd US Equity Fidelity UCITS ICAV US Kleinwort Benson Investors Institute North America M&G Investment Funds Matthews Asia Funds Alternative Investments BMO fund Management Ltd BMO Property Growth & Income I CT Property Growth & Incme Fund HICL Infrastructure plc International Public Partner The Renewables Infrastructure Grp |
Restated Market Value @ Acquisitions Conversions 31/03/2022 at cost £ £ 30,048 53,552 53,432 38,406 |
Market Nominal Estimated Disposals Realisation Value @ Value Book Income @ NBV from Disposal Equalisation Revaluation 31/03/2023 31/03/2023 Cost 2022/23 £ £ £ £ £ Units £ £ 526 30,574 20,260 30,048573 (8,181) 45,371 56,813 52,5692,427 (5,812) 47,620 57,030 51,9421,692 (6,003) 32,403 40,944 36,061511 |
Market Nominal Estimated Disposals Realisation Value @ Value Book Income @ NBV from Disposal Equalisation Revaluation 31/03/2023 31/03/2023 Cost 2022/23 £ £ £ £ £ Units £ £ 526 30,574 20,260 30,048573 (8,181) 45,371 56,813 52,5692,427 (5,812) 47,620 57,030 51,9421,692 (6,003) 32,403 40,944 36,061511 |
Market Nominal Estimated Disposals Realisation Value @ Value Book Income @ NBV from Disposal Equalisation Revaluation 31/03/2023 31/03/2023 Cost 2022/23 £ £ £ £ £ Units £ £ 526 30,574 20,260 30,048573 (8,181) 45,371 56,813 52,5692,427 (5,812) 47,620 57,030 51,9421,692 (6,003) 32,403 40,944 36,061511 |
|---|---|---|---|---|---|
| 154,788 | 145,390 30,048 - | - - - (19,470) 155,968 175,048 170,619 5,203 |
|||
| 38,587 1,500 |
33,979 18,585 |
(2,423) 31,556 38,587 40,0311,532 (20,777) 3,647 (1,455) - - -- - |
|||
| 40,087 | 52,564 - - | (20,777) 3,647 - (3,878) 31,556 38,587 40,031 1,532 |
|||
| 143,437 1,500 - 5,110 - |
150,107 24,708 - 19,074 80,723 - |
(2,797) 147,310 143,437 91,5165,827 (8,796) (18,063) 2,151 - - -- (19,074) 1,050 (65) (985) - - -- (4,933) 75,790 5,110 52,4444,267 - |
|||
| 150,047 | 255,538 19,074 - | (27,870) (17,013) (65) (6,564) 223,100 148,547 143,960 10,094 |
|||
| 570 16,500 30,940 51,615 11,830 4,180 2,030 |
53,056 23,430 55,719 77,913 81,686 84,185 11,403 27,263 |
(6,404) 346 (6,024) 40,974 500 45,7451,994 (9,647) (1,912) (757) 11,114 8,190 9,508301 (4,575) (659) 12 50,497 27,720 39,3841,756 (449) 77,464 51,615 60,1711,985 (1,774) 79,912 11,830 60,2321,788 (13,062) (9,532) (3,769) 57,822 3,010 33,6051,448 (243) 11,160 9,250 11,403262 (9,086) (3,422) (1,263) 13,492 1,115 11,072302 |
|||
| 117,665 | 403,252 11,403 - | (42,775) (15,179) - (14,267) 342,435 113,230 271,120 9,836 |
|||
| 2,430 - 11,740 5,915 16,035 |
29,298 4,218 20,897 5,017 10,233 15,995 21,679 4,972 |
(29,298) - (34) 20,867 25,051 2,890 31,3711,041 (2,966) 22,948 14,805 25,0081,221 (2,980) 23,248 16,055 25,9941,273 (1,878) 24,773 19,850 25,0351,358 |
|||
| 36,120 | 82,107 30,203 - | - - (34) (16,255) 96,020 53,600 107,408 4,893 |
|||
| **498,707 ** | 938,85190,727 - | (91,421) (28,545) (99) (60,434)849,079529,012 733,13831,558 |
|||
| (119,966) | (60,533) |
P 14
Independent examlnerfs report to the tnstees of Edward Stocks Massey Bequest Fund I report on the accounts of the Trust forthe period ended 31 March 2023. which are set out on pages 7 to 8. Respertlve responslbllttles of trustees and examlner The charltvs twstees are responsible for the preparation of the accounts. The charitvs trustees conslder that an audit is not required forthis year under section 14412} of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examlne the accounts under section 145 of the 2011 Art to follow the procedures laid down in the general Directions given by the commlssion under section 14515)(bl of the 2011 Art to state whether particular matters have come to my attention Basls of Independent examlnerfs report My examinatlon was carried out In accordan wlth the general Directions gSven by the Charity Commisslon. 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 consideratlon of any unusual Stems or disclosures in the accounts. and seeking explanations from you as trustees concerning any such matters. The prOdureS undertaken do not provide all the eviden that would be required In an audit and consequentty no opinion is given a5 to whether the accounts psent a'true and fair vlev/ and the reFK)rt Is limited to those matters set out in the next statement. Independent examinerf5 statement In connection wlth my examination. no matter has come to my attention: 111 whlch gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records In accordance with seclion 130 of the 2011 A¢t and to prepare accounts which accord wFth the accountlng records and comply with the actountlng requirements of the 2011 ACL have not been met or 121 lo which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached Name: Amyjohnson Relevant professional quallflcatlon or Lh)dy: CPFA Address: Burnley Borough Counctl Date: 0210112024