## **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 ma￿eY 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 w￿h 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