EDWARD STOCKS MASSEY BEQUEST FUND
TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
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 |
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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 - DIRECTOR OF RESOURCES, 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 2024.
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, Director of Resources 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.
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EDWARD STOCKS MASSEY BEQUEST FUND
3. ACTIVITIES & ACHIEVEMENTS
The Joint Advisory Committee met in June 2023 to discuss the scheme of grant allocation for 2022/23
The total allocations approved at that meeting amounted to £39,000, 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 2023. 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 2023 and also authorised the award of scholarships at its Joint Committee interview panel meeting in December 2023.
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 2024.
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 trustees in person and keep in contact via email
The total market value and cost of investments held at 31st March 2024 was £892,367 and £733,161 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 2024
| 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 2023 Funds carried forward 31st March 2024 |
2023/24 £ 33,115 1,379 - - 34,494 43,000 6,314 - 49,314 (14,820) 43,499 28,679 951,425 980,104 |
2022/23 £ 31,763 - - - |
|---|---|---|
| 31,763 | ||
| 42,150 6,569 40 |
||
| 48,759 | ||
| (16,996) (60,434) |
||
| 30,272 921,153 |
||
| 951,425 |
Page 8
EDWARD STOCKS MASSEY BEQUEST FUND
Balance Sheet as at 31st March 2024
| 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 |
2023/24 £ 106 892,367 892,473 22,233 31,867 1,571 55,671 948,144 948,144 |
2022/23 £ 106 849,079 |
|---|---|---|
| 849,185 119,085 37,970 1,888 |
||
| 158,943 | ||
| 1,008,128 | ||
| 1,008,128 |
Page 9
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2024
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 2024 (continued)
| 4. | Analysis of Incoming Resources Unrestricted Income Investment Income Deposit Interest 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 Art Gallery & Museum Wildflower Workshops & Surveys Lancashire County Council Burnley Music Centre at Shuttleworth College Burnley Libraries - programme of adult and children events |
2023/24 £ 33,115 1,379 - - 34,494 6,500 - 4,000 2,000 12,500 7,500 5,000 12,500 |
2022/23 £ 31,763 - - - |
|---|---|---|---|
5. |
|||
| 31,763 | |||
| 6,500 6,000 - - |
|||
| 12,500 7,500 5,000 |
|||
| 12,500 |
Page 11
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2024 (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 Youth Theatre St Peter's Parochial Church Council Burnley Garrick Theatre Group St Mary's School St Peter's Young Singers Burnley Empire Trust Burnley Civic Trust Gawthorpe Textiles Collection Mid Pennine Arts Total Grants to Voluntary Organisations/Individuals 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 |
2023/24 £ 4,000 500 2,000 1,200 - - 2,000 - 600 1,000 800 900 1,000 10,000 4,000 43,000 6,314 6,314 - 106 |
2022/23 £ 4,000 500 1,000 1,000 2,000 750 2,500 1,000 400 - - - - 9,150 4,000 |
|---|---|---|---|
6. |
|||
| 42,150 | |||
| 6,569 | |||
| 6,569 | |||
| - | |||
| 106 | |||
Page 12
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2024 (continued)
| 7. | Investments Market Value at 1st April 2023 Add: Acquisitions at cost Less: Disposals at cost Net Gain / (Loss) on Investments Market Value at 31st March 2024 Investment Categories at 31st March 2024 Fixed Interest - United Kingdom Fixed Interest - Overseas Equities - United Kingdom Equities - Other Alternative Investments Net Gain / (Loss) on Investments at 31st March 2024 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 |
2023/24 £ 849,079 11,328 (11,072) 43,032 892,367 155,980 32,401 233,922 384,883 85,181 892,367 43,499 (234) (233) 43,032 22,233 31,867 1,571 55,671 43,000 43,000 |
2022/23 £ 938,851 90,727 (91,421) (89,078) |
|---|---|---|---|
| 8. | |||
| 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 |
|||
| 9. | |||
| 158,943 | |||
| 131,235 | |||
| 131,235 |
Page 13
Estate of the Late Edward Stocks Massey
.
Schedule of Investments as at 31st March 2024 and Income for the Year 2023/24
| Restated Nominal Value 31/03/2023 Units 20,260 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 Equities- United Kingdom Artemis Fund Managers Income Inatitutional M&G Securities Ltd Charifund 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 Prusik Umbrella Alternative Investments CT Property Growth & Incme Fund HICL Infrastructure plc International Public Partner The Renewables Infrastructure Grp |
Restated Market Value @ Acquisitions Conversions 31/03/2023 at cost £ £ 30,574 45,371 47,620 32,403 |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2024 31/03/2024 Cost 2023/24 £ £ £ £ £ Units £ £ (138) (1,053) 29,383 20,260 29,910 709 824 46,195 56,813 52,569 2,309 1,312 48,932 57,030 51,942 2,189 (933) 31,470 40,944 36,061 1,149 |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2024 31/03/2024 Cost 2023/24 £ £ £ £ £ Units £ £ (138) (1,053) 29,383 20,260 29,910 709 824 46,195 56,813 52,569 2,309 1,312 48,932 57,030 51,942 2,189 (933) 31,470 40,944 36,061 1,149 |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2024 31/03/2024 Cost 2023/24 £ £ £ £ £ Units £ £ (138) (1,053) 29,383 20,260 29,910 709 824 46,195 56,813 52,569 2,309 1,312 48,932 57,030 51,942 2,189 (933) 31,470 40,944 36,061 1,149 |
|---|---|---|---|---|---|
| 175,048 | 155,968 - - | - - (138) 150 155,980 175,048 170,481 6,356 |
|||
| 38,587 | 31,556 | 845 32,401 38,587 40,031 1,539 - |
|||
| 38,587 | 31,556 - - | - - - 845 32,401 38,587 40,031 1,539 | |||
| 143,437 5,110 |
147,310 75,790 |
12,206 159,516 143,437 91,516 5,867 (95) (1,289) 74,406 5,110 52,444 4,395 |
|||
| 148,547 | 223,100 - - | - - (95) 10,917 233,922 148,547 143,960 10,261 |
|||
| 500 8,190 27,720 51,615 11,830 3,010 9,250 1,115 - |
40,974 11,114 50,497 77,464 79,912 57,822 11,160 13,492 - 11,328 |
2,831 43,805 500 45,745 1,611 721 11,835 8,190 9,508 270 3,371 53,868 27,720 39,384 2,068 12,067 89,531 51,615 60,171 1,872 14,210 94,122 11,830 60,232 1,916 8,813 66,635 3,010 33,605 1,352 2,619 13,779 9,250 11,309 136 (11,072) (234) (2,186) --- 275 (20) 11,308 75 11,328 306 |
|||
| 113,230 | 342,435 11,328 - | (11,072) (234) - 42,426 384,883 112,190 271,281 9,807 |
|||
| 2,890 14,805 16,055 19,850 |
25,051 22,948 23,248 24,773 |
1,499 26,550 2,890 31,371 1,231 (4,234) 18,714 14,805 25,008 1,221 (3,340) 19,908 16,055 25,994 1,273 (4,764) 20,009 19,850 25,035 1,425 |
|||
| 53,600 | 96,020 - - | - - - (10,839) 85,181 53,600 107,408 5,151 |
|||
| 529,012 | 849,079 11,328 - | (11,072) (234) (233) 43,499 892,367 527,972 733,16133,115 |
|||
| (11,306) | 43,266 |
P 14
EDWARD STOCKS MASSEY BEQUEST FUND
TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
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 - DIRECTOR OF RESOURCES, 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 2024.
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, Director of Resources 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 2023 to discuss the scheme of grant allocation for 2022/23
The total allocations approved at that meeting amounted to £39,000, 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 2023. 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 2023 and also authorised the award of scholarships at its Joint Committee interview panel meeting in December 2023.
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 2024.
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 trustees in person and keep in contact via email
The total market value and cost of investments held at 31st March 2024 was £892,367 and £733,161 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 2024
| 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 2023 Funds carried forward 31st March 2024 |
2023/24 £ 33,115 1,379 - - 34,494 43,000 6,314 - 49,314 (14,820) 43,499 28,679 951,425 980,104 |
2022/23 £ 31,763 - - - |
|---|---|---|
| 31,763 | ||
| 42,150 6,569 40 |
||
| 48,759 | ||
| (16,996) (60,434) |
||
| 30,272 921,153 |
||
| 951,425 |
Page 8
EDWARD STOCKS MASSEY BEQUEST FUND
Balance Sheet as at 31st March 2024
| 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 |
2023/24 £ 106 892,367 892,473 22,233 31,867 1,571 55,671 948,144 948,144 |
2022/23 £ 106 849,079 |
|---|---|---|
| 849,185 119,085 37,970 1,888 |
||
| 158,943 | ||
| 1,008,128 | ||
| 1,008,128 |
Page 9
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2024
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 2024 (continued)
| 4. | Analysis of Incoming Resources Unrestricted Income Investment Income Deposit Interest 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 Art Gallery & Museum Wildflower Workshops & Surveys Lancashire County Council Burnley Music Centre at Shuttleworth College Burnley Libraries - programme of adult and children events |
2023/24 £ 33,115 1,379 - - 34,494 6,500 - 4,000 2,000 12,500 7,500 5,000 12,500 |
2022/23 £ 31,763 - - - |
|---|---|---|---|
5. |
|||
| 31,763 | |||
| 6,500 6,000 - - |
|||
| 12,500 7,500 5,000 |
|||
| 12,500 |
Page 11
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2024 (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 Youth Theatre St Peter's Parochial Church Council Burnley Garrick Theatre Group St Mary's School St Peter's Young Singers Burnley Empire Trust Burnley Civic Trust Gawthorpe Textiles Collection Mid Pennine Arts Total Grants to Voluntary Organisations/Individuals 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 |
2023/24 £ 4,000 500 2,000 1,200 - - 2,000 - 600 1,000 800 900 1,000 10,000 4,000 43,000 6,314 6,314 - 106 |
2022/23 £ 4,000 500 1,000 1,000 2,000 750 2,500 1,000 400 - - - - 9,150 4,000 |
|---|---|---|---|
6. |
|||
| 42,150 | |||
| 6,569 | |||
| 6,569 | |||
| - | |||
| 106 | |||
Page 12
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2024 (continued)
| 7. | Investments Market Value at 1st April 2023 Add: Acquisitions at cost Less: Disposals at cost Net Gain / (Loss) on Investments Market Value at 31st March 2024 Investment Categories at 31st March 2024 Fixed Interest - United Kingdom Fixed Interest - Overseas Equities - United Kingdom Equities - Other Alternative Investments Net Gain / (Loss) on Investments at 31st March 2024 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 |
2023/24 £ 849,079 11,328 (11,072) 43,032 892,367 155,980 32,401 233,922 384,883 85,181 892,367 43,499 (234) (233) 43,032 22,233 31,867 1,571 55,671 43,000 43,000 |
2022/23 £ 938,851 90,727 (91,421) (89,078) |
|---|---|---|---|
| 8. | |||
| 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 |
|||
| 9. | |||
| 158,943 | |||
| 131,235 | |||
| 131,235 |
Page 13
Estate of the Late Edward Stocks Massey
.
Schedule of Investments as at 31st March 2024 and Income for the Year 2023/24
| Restated Nominal Value 31/03/2023 Units 20,260 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 Equities- United Kingdom Artemis Fund Managers Income Inatitutional M&G Securities Ltd Charifund 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 Prusik Umbrella Alternative Investments CT Property Growth & Incme Fund HICL Infrastructure plc International Public Partner The Renewables Infrastructure Grp |
Restated Market Value @ Acquisitions Conversions 31/03/2023 at cost £ £ 30,574 45,371 47,620 32,403 |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2024 31/03/2024 Cost 2023/24 £ £ £ £ £ Units £ £ (138) (1,053) 29,383 20,260 29,910 709 824 46,195 56,813 52,569 2,309 1,312 48,932 57,030 51,942 2,189 (933) 31,470 40,944 36,061 1,149 |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2024 31/03/2024 Cost 2023/24 £ £ £ £ £ Units £ £ (138) (1,053) 29,383 20,260 29,910 709 824 46,195 56,813 52,569 2,309 1,312 48,932 57,030 51,942 2,189 (933) 31,470 40,944 36,061 1,149 |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2024 31/03/2024 Cost 2023/24 £ £ £ £ £ Units £ £ (138) (1,053) 29,383 20,260 29,910 709 824 46,195 56,813 52,569 2,309 1,312 48,932 57,030 51,942 2,189 (933) 31,470 40,944 36,061 1,149 |
|---|---|---|---|---|---|
| 175,048 | 155,968 - - | - - (138) 150 155,980 175,048 170,481 6,356 |
|||
| 38,587 | 31,556 | 845 32,401 38,587 40,031 1,539 - |
|||
| 38,587 | 31,556 - - | - - - 845 32,401 38,587 40,031 1,539 | |||
| 143,437 5,110 |
147,310 75,790 |
12,206 159,516 143,437 91,516 5,867 (95) (1,289) 74,406 5,110 52,444 4,395 |
|||
| 148,547 | 223,100 - - | - - (95) 10,917 233,922 148,547 143,960 10,261 |
|||
| 500 8,190 27,720 51,615 11,830 3,010 9,250 1,115 - |
40,974 11,114 50,497 77,464 79,912 57,822 11,160 13,492 - 11,328 |
2,831 43,805 500 45,745 1,611 721 11,835 8,190 9,508 270 3,371 53,868 27,720 39,384 2,068 12,067 89,531 51,615 60,171 1,872 14,210 94,122 11,830 60,232 1,916 8,813 66,635 3,010 33,605 1,352 2,619 13,779 9,250 11,309 136 (11,072) (234) (2,186) --- 275 (20) 11,308 75 11,328 306 |
|||
| 113,230 | 342,435 11,328 - | (11,072) (234) - 42,426 384,883 112,190 271,281 9,807 |
|||
| 2,890 14,805 16,055 19,850 |
25,051 22,948 23,248 24,773 |
1,499 26,550 2,890 31,371 1,231 (4,234) 18,714 14,805 25,008 1,221 (3,340) 19,908 16,055 25,994 1,273 (4,764) 20,009 19,850 25,035 1,425 |
|||
| 53,600 | 96,020 - - | - - - (10,839) 85,181 53,600 107,408 5,151 |
|||
| 529,012 | 849,079 11,328 - | (11,072) (234) (233) 43,499 892,367 527,972 733,16133,115 |
|||
| (11,306) | 43,266 |
P 14
Independent examinerfs report lo the trustees of The Edward Stocks Ma55ey Bequest Fund I report on the accounts of the Trust for the period ended 31 March 2024. which are set out on pages 7 to 8. Respectlve responsibllbties of trnstees and examiner The charitvs trustees are responsible forthe preparation of the accounts. The charity's trustees consider that an audit Is not required for this year under sertion 14412) of the Charities Act 2011 (the 2011 Actl and that an independent examination is needed. It is my responsibllity to.. examlne the accounts under Section 145 of the 2011 Act to follow the procedure5 laid down in the general Directions gwen by the commlsslon under section 14515llbl of the 2011 Act to state whether particular matters have come to my attention Basls of independent examlnerfs report . My examlnatton was carried out in accordance with the general Directions given by the Charity Commlsslon. An examination includes a review of the accounting records kept by the charlty and a comparison of the accounts presented wtth those record5. It also includes consideration of any unusual ttems or disclosures in the accounts, and seeking explanation5 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 gNen as to whether the accounts present a 'true and falr view and the report Is limited to ihose matters set out in the next statement. Independent examlnerfs statement In connection with my examination, no matter has come to my attention: {11 which Elves me reasonable cause to believe that in any material re5pert the requlrements: to keep accounting records in accordance with section 130 of the 2011 Act and to prepare accounts which accord wf(h the accounting records and comply with the accountlng requlrements of the 2011 Aci have not been mei or (21 to which, in my opinlon. attention should be drawn In order to enable a proper understandln8 ofthe accountslo be reached Name: Amyjohnson Relevant professlonal qualification or"iK)dy: CPFA Address: Burnley Borough Council Date: 2410112025