## **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
## **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