EDWARD STOCKS MASSEY BEQUEST FUND
TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025
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 TOM PICKUP COUNTY COUNCILLOR EDDIE KUTAVICIUS COUNTY COUNCILLOR LIAM THOMSON
BURNLEY BOROUGH COUNCIL
COUNCILLOR JAMIE MCGOWAN COUNCILLOR MARGARET LISHMAN
CLERK TO THE ADVISORY COMMITTEE
IAN YOUNG - DIRECTOR OF GOVERNANCE, FINANCE AND PUBLIC SERVICES, LANCASHIRE COUNTY COUNCIL
TREASURER
HOWARD HAMILTON-SMITH - DIRECTOR OF RESOURCES, BURNLEY BOROUGH COUNCIL
PROFESSIONAL ADVISOR
QUILTER CHEVIOT THE PINNACLE 73 KING STREET MANCHESTER M2 4NG
INDEPENDENT EXAMINER
AMY JOHNSON - HEAD OF FINANCE, BURNLEY BOROUGH COUNCIL
REGISTERED OFFICE
TOWN HALL MANCHESTER ROAD BURNLEY BB11 9SA
BANKERS
HSBC BANK PLC 12 MANCHESTER ROAD BURNLEY LANCASHIRE BB11 1JH
Page 3
EDWARD STOCKS MASSEY BEQUEST FUND
REPORT OF THE TRUSTEES
The trustees submit their report and the financial statements for the year ended 31st March 2025.
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 respon 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 4
EDWARD STOCKS MASSEY BEQUEST FUND
3. ACTIVITIES & ACHIEVEMENTS
The Joint Advisory Committee met in June 2024 to discuss the scheme of grant allocation for 2024/25.
The total allocations approved at that meeting amounted to £37,400, which were awarded to Burnley Boroug Council, Lancashire County Council, Individuals and Voluntary organisations, as disclosed in note 5 of the Statement of Financial Activities.
In addition, the Charity also approved a further £3,600 to the Burnley Mechanics, which now forms part of Burnley Leisure & Culture.
The interview panel of the Joint Advisory Committee for the award of higher education support scholarship grants met in September 2024. The total student allocation for the year was £5,000
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 2024 and also authorised the award of scholarships at its Joint Committee interview panel meeting in September 2024.
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 2025.
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 2025 was £897,115 and £822,337
Page 5
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 6
EDWARD STOCKS MASSEY BEQUEST FUND
Statement of Financial Activities for the year ended 31st March 2025
| 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 2024 Funds carried forward 31st March 2025 |
2024/25 £ 33,623 943 - - 34,567 41,000 6,640 - 47,640 (13,073) (5,189) (18,262) 980,104 961,842 |
2023/24 £ 33,115 1,379 - - |
|---|---|---|
| 34,494 | ||
| 43,000 6,314 - |
||
| 49,314 | ||
| (14,820) 43,499 |
||
| 28,679 951,425 |
||
| 980,104 |
Page 7
EDWARD STOCKS MASSEY BEQUEST FUND
Balance Sheet as at 31st March 2025
| 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: 3 Unrestricted Funds |
2024/25 £ 106 897,115 897,221 57,567 15,290 995 73,852 971,073 971,073 |
2023/24 £ 106 892,367 |
|---|---|---|
| 892,473 22,233 31,867 1,571 |
||
| 55,671 | ||
| 948,144 | ||
| 948,144 |
Page 8
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2025
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 9
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2025 (continued)
| 4. Analysis of Incoming Resources Unrestricted Income Investment Income Deposit Interest Charities Aid Foundation Ground Rent 5. Analysis of Resources Expended 5.1 Charitable Expenditure-Grants Payable Burnley Borough Council Schools Mental Welbeing Project Wildflower Workshops & Surveys Towneley Hall Art Gallery & Museum Burnley Words Festival Lancashire County Council Burnley Music Centre at Shuttleworth College Burnley Libraries - programme of adult and children events |
4. Analysis of Incoming Resources Unrestricted Income Investment Income Deposit Interest Charities Aid Foundation Ground Rent 5. Analysis of Resources Expended 5.1 Charitable Expenditure-Grants Payable Burnley Borough Council Schools Mental Welbeing Project Wildflower Workshops & Surveys Towneley Hall Art Gallery & Museum Burnley Words Festival Lancashire County Council Burnley Music Centre at Shuttleworth College Burnley Libraries - programme of adult and children events |
2024/25 £ 33,623 943 - - 34,567 - - 6,700 5,000 11,700 6,979 4,721 11,700 |
2023/24 £ 33,115 1,379 - - |
|---|---|---|---|
| 34,494 | |||
| 6,500 2,000 4,000 - |
|||
| 12,500 7,500 5,000 |
|||
| 12,500 |
Page 10
EDWARD STOCKS MASSEY BEQUEST FUND
| 2024/25 2023/24 £ £ 5. Analysis of Resources Expended (continued) 5.1 Charitable Expenditure-Grants Payable (continued) Burnley Mechanics-Burnley Leisure Community Arts Events & Projects 3,600 4,000 Voluntary Organisations/Individuals Burnley Film Makers 500 500 Burnley Municipal Choir 1,300 2,000 Burnley Municipal Symphony Orchestra 1,200 1,200 Burnley Youth Theatre 1,000 - Burnley Garrick Theatre Group - 2,000 St Peter's Young Singers 600 600 St Peter's Saturday Morning Concert 1,000 - Burnley Empire Trust - 1,000 Burnley Civic Trust 600 800 Gawthorpe Textiles Collection - 900 Mid Pennine Arts 1,300 1,000 Burnley Light Opera Society 1,500 - Total Grants to Voluntary Organisations/Individuals 9,000 10,000 Scholarship Awards 5,000 4,000 41,000 43,000 5.2 Costs of Generating Funds-Investment Management Costs Investment Management Fee - Quilter Cheviot 6,640 6,314 6,640 6,314 5.3 Compliance Fees ICO Data Controller Fee (GDPR) - - 6. Tangible Assets Freehold interest in land at cost 106 106 Notes to the Financial Statements for year ended 31st March 2025 (continued) |
2024/25 2023/24 £ £ 5. Analysis of Resources Expended (continued) 5.1 Charitable Expenditure-Grants Payable (continued) Burnley Mechanics-Burnley Leisure Community Arts Events & Projects 3,600 4,000 Voluntary Organisations/Individuals Burnley Film Makers 500 500 Burnley Municipal Choir 1,300 2,000 Burnley Municipal Symphony Orchestra 1,200 1,200 Burnley Youth Theatre 1,000 - Burnley Garrick Theatre Group - 2,000 St Peter's Young Singers 600 600 St Peter's Saturday Morning Concert 1,000 - Burnley Empire Trust - 1,000 Burnley Civic Trust 600 800 Gawthorpe Textiles Collection - 900 Mid Pennine Arts 1,300 1,000 Burnley Light Opera Society 1,500 - Total Grants to Voluntary Organisations/Individuals 9,000 10,000 Scholarship Awards 5,000 4,000 41,000 43,000 5.2 Costs of Generating Funds-Investment Management Costs Investment Management Fee - Quilter Cheviot 6,640 6,314 6,640 6,314 5.3 Compliance Fees ICO Data Controller Fee (GDPR) - - 6. Tangible Assets Freehold interest in land at cost 106 106 Notes to the Financial Statements for year ended 31st March 2025 (continued) |
2024/25 2023/24 £ £ 5. Analysis of Resources Expended (continued) 5.1 Charitable Expenditure-Grants Payable (continued) Burnley Mechanics-Burnley Leisure Community Arts Events & Projects 3,600 4,000 Voluntary Organisations/Individuals Burnley Film Makers 500 500 Burnley Municipal Choir 1,300 2,000 Burnley Municipal Symphony Orchestra 1,200 1,200 Burnley Youth Theatre 1,000 - Burnley Garrick Theatre Group - 2,000 St Peter's Young Singers 600 600 St Peter's Saturday Morning Concert 1,000 - Burnley Empire Trust - 1,000 Burnley Civic Trust 600 800 Gawthorpe Textiles Collection - 900 Mid Pennine Arts 1,300 1,000 Burnley Light Opera Society 1,500 - Total Grants to Voluntary Organisations/Individuals 9,000 10,000 Scholarship Awards 5,000 4,000 41,000 43,000 5.2 Costs of Generating Funds-Investment Management Costs Investment Management Fee - Quilter Cheviot 6,640 6,314 6,640 6,314 5.3 Compliance Fees ICO Data Controller Fee (GDPR) - - 6. Tangible Assets Freehold interest in land at cost 106 106 Notes to the Financial Statements for year ended 31st March 2025 (continued) |
|---|---|---|
| 2024/25 £ 3,600 500 1,300 1,200 1,000 - 600 1,000 - 600 - 1,300 1,500 9,000 5,000 41,000 6,640 6,640 - 106 |
||
| 10,000 4,000 |
||
| 43,000 | ||
| 6,314 | ||
| 6,314 | ||
| - | ||
| 106 |
Page 11
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2025 (continued)
| 7. Investments Market Value at 1st April 2024 Add: Acquisitions at cost Less: Disposals at cost Net Gain / (Loss) on Investments Market Value at 31st March 2025 Investment Categories at 31st March 2025 Fixed Interest - United Kingdom Fixed Interest - Overseas Equities - United Kingdom Equities - Other Alternative Investments Net Gain / (Loss) on Investments at 31st March 2025 Value of Investments Disposal of Investments Equalisation of Share value 8. Current Assets Cash at Bank Cash held within the Investment Portfolio - Quilter Cheviot Debtor - Dividend Income - Quilter Cheviot 9. Current Liabilities Creditor - Burnley Borough Council |
2024/25 £ 892,367 184,172 (93,964) (85,460) 897,115 192,148 32,679 216,493 379,349 76,446 897,115 (5,189) (79,239) (1,033) (85,460) 57,567 15,290 995 73,852 41,000 41,000 |
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 |
Page 12
Estate of the Late Edward Stocks Massey
Schedule of Investments as at 31st March 2025 and Income for the Year 2024/25
.
| Restated Nominal Value 31/03/2024 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 Moneybuilder 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 Institutional M&G Securities Ltd Charifund Vanguard Investment Funds UK Eq 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 Ishares Core S&P 500 Kleinwort Benson Investors Institute North America M&G Investment Funds Japan Prusik Umbrella Asian Equity Alternative Investments CT Property Growth & Incme Fund HICL Infrastructure plc International Public Partner The Renewables Infrastructure Grp |
Restated Market Value @ Acquisitions Conversions 31/03/2024 at cost £ £ 29,383 43,639 - 46,195 - - 48,932 - - 31,470 - - |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2025 31/03/2025 Cost 2024/25 £ £ £ £ £ Units £ £ - - (206) (3,750) 69,066 72,816 73,343 1,512 - - - (921) 45,274 56,813 52,569 2,249 - - - (1,140) 47,792 57,030 51,942 2,286 - - - (1,454) 30,016 40,944 36,061 1,281 |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2025 31/03/2025 Cost 2024/25 £ £ £ £ £ Units £ £ - - (206) (3,750) 69,066 72,816 73,343 1,512 - - - (921) 45,274 56,813 52,569 2,249 - - - (1,140) 47,792 57,030 51,942 2,286 - - - (1,454) 30,016 40,944 36,061 1,281 |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2025 31/03/2025 Cost 2024/25 £ £ £ £ £ Units £ £ - - (206) (3,750) 69,066 72,816 73,343 1,512 - - - (921) 45,274 56,813 52,569 2,249 - - - (1,140) 47,792 57,030 51,942 2,286 - - - (1,454) 30,016 40,944 36,061 1,281 |
|---|---|---|---|---|---|
| 175,048 | 155,980 43,639 - |
- - (206) (7,265) 192,148 227,604 213,914 7,328 |
|||
| 38,587 | 32,401 - - |
- - - 278 32,679 38,587 40,031 1,722 - |
|||
| 38,587 | 32,401 - - |
- - - 278 32,679 38,587 40,031 1,722 |
|||
| 143,437 5,110 - |
159,516 - - 74,406 - - - 65,726 - |
(53,362) (41,749) - 7,242 71,646 59,800 38,154 4,324 - - - 3,179 77,585 5,110 52,444 - - (827) 2,363 67,262 645 64,899 812 |
|||
| 148,547 | 233,922 65,726 - |
(53,362) (41,749) (827) 12,784 216,493 65,555 155,497 5,136 |
|||
| 500 8,190 27,720 51,615 11,830 - 3,010 9,250 75 |
43,805 - - 11,835 - - 53,868 - - 89,531 - - 94,122 - - - 74,808 - 66,635 - - 13,779 - - 11,308 - - |
- - - 455 44,260 500 45,745 1,663 - - - (557) 11,278 8,190 9,508 239 (6,997) (2,035) - 358 45,193 22,795 32,386 1,801 - - - 3,020 92,551 51,615 60,171 2,006 - - - 45 94,167 11,830 60,232 1,822 - - - (7,192) 67,616 1,580 74,808 388 (33,605) (35,454) - 2,423 - - - 674 - - - (743) 13,036 9,250 11,309 4,866 - - - (60) 11,248 75 11,328 576 |
|||
| 112,190 | 384,883 74,808 - |
(40,602) (37,489) - (2,251) 379,349 105,835 305,487 14,034 |
|||
| 2,890 14,805 16,055 19,850 |
26,550 - - 18,714 - - 19,908 - - 20,009 - - |
- - - 237 26,787 2,890 31,371 1,268 - - - (2,044) 16,670 14,805 25,008 1,221 - - - (1,926) 17,982 16,055 25,994 1,325 - - - (5,002) 15,007 19,850 25,035 1,483 |
|||
| 53,600 | 85,181 - - |
- - - (8,735) 76,446 53,600 107,408 5,297 |
|||
| 527,972 | 892,367 184,172 - |
(93,964) (79,239) (1,033) (5,189) 897,115 491,181 822,337 33,517 |
|||
| (173,203) | (6,222) |
Page 13
EDWARD STOCKS MASSEY BEQUEST FUND
TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025
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 TOM PICKUP COUNTY COUNCILLOR EDDIE KUTAVICIUS COUNTY COUNCILLOR LIAM THOMSON
BURNLEY BOROUGH COUNCIL
COUNCILLOR JAMIE MCGOWAN COUNCILLOR MARGARET LISHMAN
CLERK TO THE ADVISORY COMMITTEE
IAN YOUNG - DIRECTOR OF GOVERNANCE, FINANCE AND PUBLIC SERVICES, LANCASHIRE COUNTY COUNCIL
TREASURER
HOWARD HAMILTON-SMITH - DIRECTOR OF RESOURCES, BURNLEY BOROUGH COUNCIL
PROFESSIONAL ADVISOR
QUILTER CHEVIOT THE PINNACLE 73 KING STREET MANCHESTER M2 4NG
INDEPENDENT EXAMINER
AMY JOHNSON - HEAD OF FINANCE, BURNLEY BOROUGH COUNCIL
REGISTERED OFFICE
TOWN HALL MANCHESTER ROAD BURNLEY BB11 9SA
BANKERS
HSBC BANK PLC 12 MANCHESTER ROAD BURNLEY LANCASHIRE BB11 1JH
Page 3
EDWARD STOCKS MASSEY BEQUEST FUND
REPORT OF THE TRUSTEES
The trustees submit their report and the financial statements for the year ended 31st March 2025.
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 respon 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 4
EDWARD STOCKS MASSEY BEQUEST FUND
3. ACTIVITIES & ACHIEVEMENTS
The Joint Advisory Committee met in June 2024 to discuss the scheme of grant allocation for 2024/25.
The total allocations approved at that meeting amounted to £37,400, which were awarded to Burnley Boroug Council, Lancashire County Council, Individuals and Voluntary organisations, as disclosed in note 5 of the Statement of Financial Activities.
In addition, the Charity also approved a further £3,600 to the Burnley Mechanics, which now forms part of Burnley Leisure & Culture.
The interview panel of the Joint Advisory Committee for the award of higher education support scholarship grants met in September 2024. The total student allocation for the year was £5,000
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 2024 and also authorised the award of scholarships at its Joint Committee interview panel meeting in September 2024.
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 2025.
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 2025 was £897,115 and £822,337
Page 5
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 6
EDWARD STOCKS MASSEY BEQUEST FUND
Statement of Financial Activities for the year ended 31st March 2025
| 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 2024 Funds carried forward 31st March 2025 |
2024/25 £ 33,623 943 - - 34,567 41,000 6,640 - 47,640 (13,073) (5,189) (18,262) 980,104 961,842 |
2023/24 £ 33,115 1,379 - - |
|---|---|---|
| 34,494 | ||
| 43,000 6,314 - |
||
| 49,314 | ||
| (14,820) 43,499 |
||
| 28,679 951,425 |
||
| 980,104 |
Page 7
EDWARD STOCKS MASSEY BEQUEST FUND
Balance Sheet as at 31st March 2025
| 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: 3 Unrestricted Funds |
2024/25 £ 106 897,115 897,221 57,567 15,290 995 73,852 971,073 971,073 |
2023/24 £ 106 892,367 |
|---|---|---|
| 892,473 22,233 31,867 1,571 |
||
| 55,671 | ||
| 948,144 | ||
| 948,144 |
Page 8
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2025
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 9
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2025 (continued)
| 4. Analysis of Incoming Resources Unrestricted Income Investment Income Deposit Interest Charities Aid Foundation Ground Rent 5. Analysis of Resources Expended 5.1 Charitable Expenditure-Grants Payable Burnley Borough Council Schools Mental Welbeing Project Wildflower Workshops & Surveys Towneley Hall Art Gallery & Museum Burnley Words Festival Lancashire County Council Burnley Music Centre at Shuttleworth College Burnley Libraries - programme of adult and children events |
4. Analysis of Incoming Resources Unrestricted Income Investment Income Deposit Interest Charities Aid Foundation Ground Rent 5. Analysis of Resources Expended 5.1 Charitable Expenditure-Grants Payable Burnley Borough Council Schools Mental Welbeing Project Wildflower Workshops & Surveys Towneley Hall Art Gallery & Museum Burnley Words Festival Lancashire County Council Burnley Music Centre at Shuttleworth College Burnley Libraries - programme of adult and children events |
2024/25 £ 33,623 943 - - 34,567 - - 6,700 5,000 11,700 6,979 4,721 11,700 |
2023/24 £ 33,115 1,379 - - |
|---|---|---|---|
| 34,494 | |||
| 6,500 2,000 4,000 - |
|||
| 12,500 7,500 5,000 |
|||
| 12,500 |
Page 10
EDWARD STOCKS MASSEY BEQUEST FUND
| 2024/25 2023/24 £ £ 5. Analysis of Resources Expended (continued) 5.1 Charitable Expenditure-Grants Payable (continued) Burnley Mechanics-Burnley Leisure Community Arts Events & Projects 3,600 4,000 Voluntary Organisations/Individuals Burnley Film Makers 500 500 Burnley Municipal Choir 1,300 2,000 Burnley Municipal Symphony Orchestra 1,200 1,200 Burnley Youth Theatre 1,000 - Burnley Garrick Theatre Group - 2,000 St Peter's Young Singers 600 600 St Peter's Saturday Morning Concert 1,000 - Burnley Empire Trust - 1,000 Burnley Civic Trust 600 800 Gawthorpe Textiles Collection - 900 Mid Pennine Arts 1,300 1,000 Burnley Light Opera Society 1,500 - Total Grants to Voluntary Organisations/Individuals 9,000 10,000 Scholarship Awards 5,000 4,000 41,000 43,000 5.2 Costs of Generating Funds-Investment Management Costs Investment Management Fee - Quilter Cheviot 6,640 6,314 6,640 6,314 5.3 Compliance Fees ICO Data Controller Fee (GDPR) - - 6. Tangible Assets Freehold interest in land at cost 106 106 Notes to the Financial Statements for year ended 31st March 2025 (continued) |
2024/25 2023/24 £ £ 5. Analysis of Resources Expended (continued) 5.1 Charitable Expenditure-Grants Payable (continued) Burnley Mechanics-Burnley Leisure Community Arts Events & Projects 3,600 4,000 Voluntary Organisations/Individuals Burnley Film Makers 500 500 Burnley Municipal Choir 1,300 2,000 Burnley Municipal Symphony Orchestra 1,200 1,200 Burnley Youth Theatre 1,000 - Burnley Garrick Theatre Group - 2,000 St Peter's Young Singers 600 600 St Peter's Saturday Morning Concert 1,000 - Burnley Empire Trust - 1,000 Burnley Civic Trust 600 800 Gawthorpe Textiles Collection - 900 Mid Pennine Arts 1,300 1,000 Burnley Light Opera Society 1,500 - Total Grants to Voluntary Organisations/Individuals 9,000 10,000 Scholarship Awards 5,000 4,000 41,000 43,000 5.2 Costs of Generating Funds-Investment Management Costs Investment Management Fee - Quilter Cheviot 6,640 6,314 6,640 6,314 5.3 Compliance Fees ICO Data Controller Fee (GDPR) - - 6. Tangible Assets Freehold interest in land at cost 106 106 Notes to the Financial Statements for year ended 31st March 2025 (continued) |
2024/25 2023/24 £ £ 5. Analysis of Resources Expended (continued) 5.1 Charitable Expenditure-Grants Payable (continued) Burnley Mechanics-Burnley Leisure Community Arts Events & Projects 3,600 4,000 Voluntary Organisations/Individuals Burnley Film Makers 500 500 Burnley Municipal Choir 1,300 2,000 Burnley Municipal Symphony Orchestra 1,200 1,200 Burnley Youth Theatre 1,000 - Burnley Garrick Theatre Group - 2,000 St Peter's Young Singers 600 600 St Peter's Saturday Morning Concert 1,000 - Burnley Empire Trust - 1,000 Burnley Civic Trust 600 800 Gawthorpe Textiles Collection - 900 Mid Pennine Arts 1,300 1,000 Burnley Light Opera Society 1,500 - Total Grants to Voluntary Organisations/Individuals 9,000 10,000 Scholarship Awards 5,000 4,000 41,000 43,000 5.2 Costs of Generating Funds-Investment Management Costs Investment Management Fee - Quilter Cheviot 6,640 6,314 6,640 6,314 5.3 Compliance Fees ICO Data Controller Fee (GDPR) - - 6. Tangible Assets Freehold interest in land at cost 106 106 Notes to the Financial Statements for year ended 31st March 2025 (continued) |
|---|---|---|
| 2024/25 £ 3,600 500 1,300 1,200 1,000 - 600 1,000 - 600 - 1,300 1,500 9,000 5,000 41,000 6,640 6,640 - 106 |
||
| 10,000 4,000 |
||
| 43,000 | ||
| 6,314 | ||
| 6,314 | ||
| - | ||
| 106 |
Page 11
EDWARD STOCKS MASSEY BEQUEST FUND
Notes to the Financial Statements for year ended 31st March 2025 (continued)
| 7. Investments Market Value at 1st April 2024 Add: Acquisitions at cost Less: Disposals at cost Net Gain / (Loss) on Investments Market Value at 31st March 2025 Investment Categories at 31st March 2025 Fixed Interest - United Kingdom Fixed Interest - Overseas Equities - United Kingdom Equities - Other Alternative Investments Net Gain / (Loss) on Investments at 31st March 2025 Value of Investments Disposal of Investments Equalisation of Share value 8. Current Assets Cash at Bank Cash held within the Investment Portfolio - Quilter Cheviot Debtor - Dividend Income - Quilter Cheviot 9. Current Liabilities Creditor - Burnley Borough Council |
2024/25 £ 892,367 184,172 (93,964) (85,460) 897,115 192,148 32,679 216,493 379,349 76,446 897,115 (5,189) (79,239) (1,033) (85,460) 57,567 15,290 995 73,852 41,000 41,000 |
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 |
Page 12
Estate of the Late Edward Stocks Massey
Schedule of Investments as at 31st March 2025 and Income for the Year 2024/25
.
| Restated Nominal Value 31/03/2024 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 Moneybuilder 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 Institutional M&G Securities Ltd Charifund Vanguard Investment Funds UK Eq 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 Ishares Core S&P 500 Kleinwort Benson Investors Institute North America M&G Investment Funds Japan Prusik Umbrella Asian Equity Alternative Investments CT Property Growth & Incme Fund HICL Infrastructure plc International Public Partner The Renewables Infrastructure Grp |
Restated Market Value @ Acquisitions Conversions 31/03/2024 at cost £ £ 29,383 43,639 - 46,195 - - 48,932 - - 31,470 - - |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2025 31/03/2025 Cost 2024/25 £ £ £ £ £ Units £ £ - - (206) (3,750) 69,066 72,816 73,343 1,512 - - - (921) 45,274 56,813 52,569 2,249 - - - (1,140) 47,792 57,030 51,942 2,286 - - - (1,454) 30,016 40,944 36,061 1,281 |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2025 31/03/2025 Cost 2024/25 £ £ £ £ £ Units £ £ - - (206) (3,750) 69,066 72,816 73,343 1,512 - - - (921) 45,274 56,813 52,569 2,249 - - - (1,140) 47,792 57,030 51,942 2,286 - - - (1,454) 30,016 40,944 36,061 1,281 |
Market Nominal Income Disposals Realisation Value @ Value Book Received @ NBV from Disposal Equalisation Revaluation 31/03/2025 31/03/2025 Cost 2024/25 £ £ £ £ £ Units £ £ - - (206) (3,750) 69,066 72,816 73,343 1,512 - - - (921) 45,274 56,813 52,569 2,249 - - - (1,140) 47,792 57,030 51,942 2,286 - - - (1,454) 30,016 40,944 36,061 1,281 |
|---|---|---|---|---|---|
| 175,048 | 155,980 43,639 - |
- - (206) (7,265) 192,148 227,604 213,914 7,328 |
|||
| 38,587 | 32,401 - - |
- - - 278 32,679 38,587 40,031 1,722 - |
|||
| 38,587 | 32,401 - - |
- - - 278 32,679 38,587 40,031 1,722 |
|||
| 143,437 5,110 - |
159,516 - - 74,406 - - - 65,726 - |
(53,362) (41,749) - 7,242 71,646 59,800 38,154 4,324 - - - 3,179 77,585 5,110 52,444 - - (827) 2,363 67,262 645 64,899 812 |
|||
| 148,547 | 233,922 65,726 - |
(53,362) (41,749) (827) 12,784 216,493 65,555 155,497 5,136 |
|||
| 500 8,190 27,720 51,615 11,830 - 3,010 9,250 75 |
43,805 - - 11,835 - - 53,868 - - 89,531 - - 94,122 - - - 74,808 - 66,635 - - 13,779 - - 11,308 - - |
- - - 455 44,260 500 45,745 1,663 - - - (557) 11,278 8,190 9,508 239 (6,997) (2,035) - 358 45,193 22,795 32,386 1,801 - - - 3,020 92,551 51,615 60,171 2,006 - - - 45 94,167 11,830 60,232 1,822 - - - (7,192) 67,616 1,580 74,808 388 (33,605) (35,454) - 2,423 - - - 674 - - - (743) 13,036 9,250 11,309 4,866 - - - (60) 11,248 75 11,328 576 |
|||
| 112,190 | 384,883 74,808 - |
(40,602) (37,489) - (2,251) 379,349 105,835 305,487 14,034 |
|||
| 2,890 14,805 16,055 19,850 |
26,550 - - 18,714 - - 19,908 - - 20,009 - - |
- - - 237 26,787 2,890 31,371 1,268 - - - (2,044) 16,670 14,805 25,008 1,221 - - - (1,926) 17,982 16,055 25,994 1,325 - - - (5,002) 15,007 19,850 25,035 1,483 |
|||
| 53,600 | 85,181 - - |
- - - (8,735) 76,446 53,600 107,408 5,297 |
|||
| 527,972 | 892,367 184,172 - |
(93,964) (79,239) (1,033) (5,189) 897,115 491,181 822,337 33,517 |
|||
| (173,203) | (6,222) |
Page 13
Independent examinerfs report to the trustees ofThe Edward Stocks maeY Bequest Fund I report on the accounts of the Trust for the period ended 31 March 2025, whlch are set out on pages 7 to 8. Respectlve responslbillties of trustees and examlner The charitys trustees are responslble forthe prepardtion of the accounts. The charlvs trustees consider that an audit is not required for thi5 year under sertion 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination Is needed. It is my responsibility to.. examine the accounts under section 145 of the 2011 Act to follow the procedures laid down in the general Directions gNen by the commission under sectlon 14515llb} of the 2011 Act to state vthether particular matters have come to my attentlon Basls of Independent examlnerfs report My examination Wds carrted out in accordan with the general Directions given by the CharSty Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented wlth those records. It also include5 consideration of any unusual items or dlsclosures In the accounts, and seeking explanations from you as trustee5 conceming 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 arid fair view. and the report is limited to those matters set out in the next statement. Independent examinerfs ststement In connectlon wh my examlnation, no matter has come to my attentK)n: 111 which gwes me reasonable cause to believe that in any material respett the requirements: to keep accounting records in accordance with section 130 of the 2011 Act and to prepare account5 whith accord with the accounting records and comply wlth the a¢countlng requlrements of ihe 2011 Act have not been met or 121 to which, in my opinion, attention sl)ould be drawn In order to enable a proper understanding of the accounts to be rea hed Name.. Amyjohnson Relevant professional qualification or body: CPFA Address: Burnley Borough Council Date: 2310112026