| Trusteesi | Cllr I A Cooke (Chanman) | Cllr I A Cooke (Chanman) | ||
|---|---|---|---|---|
| Cllr M FCoker (Vice-Chairman) | ||||
| Mr N J Vincett | ||||
| Mr P J Ryan | ||||
| Dr G Raper | ||||
| Ms J Richmond | ||||
| Dr R Device | ||||
| Mr J Bausor | ||||
| Cllr PJ Jones | ||||
| Principal OIIice: | Heath gt Blenkinsop | |||
| Solicitors | ||||
| 42 Bmok Street | ||||
| Warwick | ||||
| CV344BL | ||||
| Clerk to the | Charity: | J M P Hathaway | ||
| Solicitor | ||||
| 42 Brook Street | ||||
| Warwick | ||||
| CV344BL | ||||
| Senior Statutory | Auditor: | Steven R Mugglestone | ||
| Auditors: | Michael Harwood | dt Co | ||
| Chartered Accountants |
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| Greville House | ||||
| IO Jury Street | ||||
| Warwick | ||||
| CV34 4EW | ||||
| Bankers: | Lloyds Bank pic | |||
| Swan Street | ||||
| Warwick | ||||
| CV3448J | ||||
| Investment | Advisers: | Quilter Cheviot | ||
| Investment Managem |
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| 39Bennetts Hill | ||||
| Birmingham | ||||
| 82 5SN |
| ACHIEVEMENTS AND PERFORMANCE |
ACHIEVEMENTS AND PERFORMANCE |
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|---|---|---|---|---|---|---|---|---|
| The Trustees have continued to suppori individuals under nventy-five years ofage who:- ' |
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| are resident or whose parents are resident within the town ofKenilworth or |
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| ~ | are attending or have attended any school in the town of Kenilworth and |
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| ~ | sre in need offinancial assistance. | |||||||
| During | the yeari- | |||||||
| ~ | Six full meetings had been held by the Trustw», together wnh visits to several ofthe |
schools within | Kenilworth. | |||||
| ~ | The Trustees considered eighty applications received by the Charity for assistance |
fmm individuals, |
or on behalf of | |||||
| individuals, under twenty-five years ofage (excluding bursary applications). |
||||||||
| ~ | Sixty seven awards were made to assist with school uniforms, school trips and similar totalling 532,954(2022:f25,574). |
needs, the | amount | being swwded | ||||
| ~ | The Charity continued with its annual bursmy scheme. Ager interview, six bursaries were awarded to the value of551,518 (2022:f69,247)to assist postgraduate applicants in respmt oftuition fees and living expenses. In addition to the new bursary |
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| awards, payments were made in respect ofthe ongoing bursaries. |
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| ~ | During the year the Charity concentrated its eiforis considering postgraduate applications |
and applications | fiom individuals | |||||
| for assistance with school uniforms and school trips. No undergraduate applications |
were | considered | in this ilnancial | year, | ||||
| although ongoing comminnents to undergraduates arising fmm earlier years contmued |
to be paid | during | the year. | In the | ||||
| previous year to June 2022, four undergraduate awards were made totalling 529,450. |
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| ~ | The trustees had previously earmarked f250000 as Designated Funds to makes grant |
to Kenilworth | School, | and the payment | ||||
| of the f250,000 took place in December 2022, The purpose of the grant was to provide |
the furnishings | and ICT | for the | |||||
| Learning Resource Centre at the new schook |
| Notes | Unrestricted | Designated | Endowment | 2023 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Fuads | Funds | Fuads | Total | ||||||
| 8 | 8 | ||||||||
| INCOME | |||||||||
| lacome from: | |||||||||
| Investments | I | 287,320 | 287,320 | ||||||
| Bank interest | 1,321 | 1,321 | |||||||
| Total income | 288,641 | 288,641 | |||||||
| EXPENDITURE | |||||||||
| Expeaditure on: |
|||||||||
| Raising funds | 9,858 | 9,858 | |||||||
| Charitable activities |
124,323 | 250,000 | 374,323 | ||||||
| Other costs | 68384 | 68284 | |||||||
| Totalexpeadlture | 202,465 | 250„000 | 452,465 | ||||||
| Realised gain on mvestments | 6,221 | 6,221 | |||||||
| Netincomet(expenditure) | before transfers aad | 86,176 | (250,000) | 6,221 | (157,603) | ||||
| unreallsed gains |
on revaluation | ofinvestments | |||||||
| Transfers between |
funds | ||||||||
| 86,176 | (250.000) | 6,221 | (157,603) | ||||||
| Other recognised | galas: | ||||||||
| Unteslised gain on revaluation of |
investments | 209 | 224,943 | 225,152 | |||||
| Net movement ia |
funds | 86J85 | (250,000) | 231,164 | 67,549 | ||||
| Fund balances bmught forward |
at | I July 2022 | 59523 | 250,000 | 9,694,440 | 10,003,963 | |||
| Fuad balances at | 30June 2023 | 145,908 | 9,925,604 | 10,071,512 | |||||
| The notes on pages | I I to 14 form | psst ofthese accounts. |
| Notes | Unrestricted | Designated | Eodowment | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds f |
Total f |
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| INCOME | |||||||||||
| Income from: | |||||||||||
| Investments | I | 275,201 | 275,201 | ||||||||
| Bank interest | 391 | 391 | |||||||||
| Total Income | 275,592 | 275,592 | |||||||||
| EXPENDITURE | |||||||||||
| Expeaditure on: |
|||||||||||
| Raising funds | 10306 | 10,206 | |||||||||
| Charitable activities |
148,271 | 148371 | |||||||||
| Other costs | 66323 | 66323 | |||||||||
| Total expenditure | 224.700 | 224,700 | |||||||||
| Realised loss on investments | (48,488) | (48,488) | |||||||||
| Net income/(expenditure) | before transfers | and | 50,892 | (48,488) | |||||||
| unrealised gains on revaluation |
ofiavestments | ||||||||||
| Transfers between | funds | (100,000) | 100,000 | ||||||||
| (49.108) | 100,000 | (48,488) | 2,404 | ||||||||
| Other recognised | galas: | ||||||||||
| Unrealiscd loss on revaluation of investments |
(369) | (487.189) | (487,558) | ||||||||
| Net movemeot in |
funds | (49,477) | 100,000 | (535,677) | (485,154) | ||||||
| Fund balances brought fonvard |
at | 1 July 2021 | 109.000 | 150,000 | 10230,t t | 7 | 10,489,117 | ||||
| Fund balances at | 30June | 2022 | 59,523 | 250,000 | 9,694,440 | 10,003,963 | |||||
| The notes on pages | 11 to 14 form | part ofthese | accounts. |
| Endowment | 30June 2023 | 30June2022 | |||
|---|---|---|---|---|---|
| Notes | 8 | 8 | 8 | ||
| FIXEDASSETS | |||||
| Investments | 9,809,715 | 9,816.615 | 9,530,465 | ||
| Cash held by broker | 67,741 | 67,741 | 132,128 | ||
| 9,877,456 | 9,884,356 | 9,662393 | |||
| CURRENT ASSETS | |||||
| Debtors | 7,711 | 7,711 | 7,140 | ||
| Cash at bank | 176,597 | 48,148 | 224,745 | 450.540 | |
| 184,308 | 48,148 | 232,456 | 457,680 | ||
| CREDITORS | |||||
| Amounts falling due within one year |
8 | (45,300) | (45J00) | (116310) | |
| NET CURRENT ASSETS | )39,008 | 48,148 | 187,156 | 341370 | |
| TOTAL ASSETS | 145,908 | 9,925,604 | 10,071,512 | 10,003,963 | |
| fUNDSt | |||||
| Unrestricted | 145,908 | 59423 | |||
| Designated | 250,000 | ||||
| 145,908 | 309,523 | ||||
| Eodowm ant | 9,925,604 | ||||
| 10,071,512 | 10,003.963 |
| NOTES TOTHE FINANCIAL | NOTES TOTHE FINANCIAL | STATEMENTS | STATEMENTS | STATEMENTS | |||||
|---|---|---|---|---|---|---|---|---|---|
| For | the year ceded 30June 2023 | ||||||||
| l. | INVESTMENT INCOME | 2023 | 2022 | ||||||
| 8 | |||||||||
| Managed funds inrxsme |
70,875 | 61.696 | |||||||
| Income from Charities Official Investment | Fund | 216,445 | 213,505 | ||||||
| 287,320 | 275,201 | ||||||||
| 2. | EXPENDITURE ON RAISING FUNDS | ||||||||
| 2023f | 2022 8 |
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| Investment Brokers' fees |
9,858 | 10,206 | |||||||
| 3 | CHARITABLE ACTIVITIES EXPENDITURE | 2023f | 2022 8 |
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| Grants awarded to schools |
42.792 | 40,000 | |||||||
| Exceptional grant awarded |
to Kenilworth | School (Seebelow) | 250,000 | ||||||
| Grants awmded to individuals |
32,943 | 25474 | |||||||
| Grants awarded for bursaries |
51,518 | 69347 | |||||||
| Grants awarded to undegraduates |
29,450 | ||||||||
| Grants no longer required | (2,930) | (16,000) | |||||||
| 374,323 | 148,271 | ||||||||
| The fnllowing material grants were made |
to schools during | the year in accordance | with the objectives ofthe chanty: | ||||||
| 2023 f |
2022 f |
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| St John's Primary School | 2,792 | 40,000 | |||||||
| Clinton Primary School |
10,000 | ||||||||
| St Nicholas CofEPrimary | School | 30,000 | |||||||
| Kenilwonh School |
250,000 | ||||||||
| The exceptional amount of |
f250.000 was | paid in November | 2022 to Kenilworth | School | |||||
| asacontribution tothe costs |
ofthe newly rebuilt school. This | amount had been previously | |||||||
| earmarked by the Trustees |
in Designated | Funds commencing | m the 2019financial | year | |||||
| and rising tof250.000 at the | start ofthis financial year. | ||||||||
| 4. | OTHER COSTS | 2023f | 2022f | ||||||
| Administrative costs |
43,700 | 43220 | |||||||
| lnvesnnent management costs |
14,880 | 13,920 | |||||||
| Advertising | 1,416 | 1,323 | |||||||
| Bank charges | |||||||||
| Trustees' meetings |
1,143 | 1,040 | |||||||
| Audit foe | 3.900 | 3,720 | |||||||
| Accountancy fee |
2,940 | 2.760 | |||||||
| Sundries | 305 | 180 | |||||||
| 68,284 | 66,223 |
| 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| 8 | ||||||||
| Market value at I July 2022 |
9,662,593 | 10308,845 | ||||||
| Additions | 231,381 | 459,041 | ||||||
| DI spo salt Increase/(decrease) in cash |
(176,604) (64,3S7) |
(504,S52) 35,605 |
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| Net gains/(losses) on disposal |
6.221 | (48,488) | ||||||
| Net gains/(losses) on revaluation |
225,152 | (487,558) | ||||||
| Market value at 30June 2023 | 9,884,356 | 9,662,593 | ||||||
| Cost at 30June 2023 | 2,690,990 | 2,617,053 | ||||||
| Investments comprise ofthe follovi ing. |
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| Managed | funds | 2,344,608 | 2,285,152 | |||||
| COIF Charities Investment Fund |
7.472,007 | 7,245,313 | ||||||
| Cash held by broker | 67,741 | 132,128 | ||||||
| 9,884,356 | 9,662,593 | |||||||
| All the invesnnents are assets in the UK. |
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| Market | ||||||||
| Cost | Value | Iacome | ||||||
| Holdiogsi Stock Exchange |
8 | |||||||
| 40.000 | United Kingdom (Government of)0.75% Snr Bds |
22/10/2029 GBPI00 'Regs' | 34,725 | 32,085 | 175 | |||
| 17,750 | United Kingdom (Government of) 1.75% Snr Bds07/09/2037 GBP100 'Regs' |
20266 | 12,689 | 311 | ||||
| 11,750 | United Kingdom (Government of)4.5%Snr Bds 07/12/2042 GBP1000 'Regs' |
20316 | 11,739 | 529 | ||||
| 23,000 | United Kingdom (Government of) Idx/Lkd Nts 10/08/2028 GBP100 |
30,357 | 29443 | 36 | ||||
| 30,000 | United Kingdom (Government of)0.125%I/L Gilt |
Bds 22/I I/2036 GBP1000 | 50,442 | 39,739 | 51 | |||
| 44,030.9 | M/kG Securities Limited Corporate | Bond PP GBP | Dis | 39,313 | 35373 | 1,817 | ||
| 800 | Vanguanl Investment Series Pic UK |
Inv Grade BdIdx | 74,465 | 70,748 | 591 | |||
| 31,500 | Royal London Unit Trust Managers |
Sterling Credii | lnstl Inc Z GBP NAV | 45390 | 35,532 | 1,729 | ||
| 46,154.363 | AXA Investment Managers UK Ltd |
US Sht Duration | High Yld BdZl Net | Dis | 47,651 | 38376 | 1,832 | |
| 4,000 | Pimco Global Advis Gbl Inv Grad Cred Hgd Instl | 54,156 | 44560 | 1,490 | ||||
| 8,500 | BPOrd USD0.25 | 43,168 | 38,960 | 1,782 | ||||
| 3,100 | Royal Dutch Shell 'B'ord EURO.07 | 59,633 | 72,618 | 2,768 | ||||
| 500 | Rio Tinto Ord GBPO.I0 | 15,407 | 24,928 | 2,035 | ||||
| 900 | Pemimmon Ord GBPO.10 |
10270 | 9.230 | 1,530 | ||||
| 365 | Reckitt Benckiser Group Ord GBPO.IO | 25,147 | 21,579 | 669 | ||||
| 500 | Unilever Ord CBP0.031111 |
8,571 | 20,488 | 747 | ||||
| 800 | British American Tobacco Ord GPB0.25 | 22,790 | 20,864 | 1,769 | ||||
| 400 | AstraZeneca Ord USD0.25 |
19,879 | 45,104 | 957 | ||||
| 1.160 | GlaxoSmithKline Ord GBP0.25 |
14,761 | 16,110 | 710 | ||||
| 4,000 | BA M European Value Retail SA Ord GBPO.I (Dl) |
15.439 | 22,280 | 1,241 | ||||
| 1,375 | Relx Pic GBP0.1444 | 19,670 | 36,039 | 751 | ||||
| 1.250 | Compass Group Pic Ord GBP0.1105 | 20,027 | 27,525 | 394 | ||||
| 17,525 | Vodafone Croup Ord USD0.2095238 | 35,709 | 12,963 | 1,357 | ||||
| 2,979 | National Grid Ord GBP0.12431289 |
29.914 | 30,997 | 1,537 | ||||
| 13,000 | Bamlays Pic Ord GBP0.25 | 41,080 | 19,939 | 943 | ||||
| 60,000 | Lloyds Banking Group Ord GBPO. IO | 62,630 | 26,154 | 1,440 | ||||
| 6.080 | Aviva Ord GBP0.328947368 | 34,841 | 24,028 | 1,885 | ||||
| 7.500 | Legal A General Group Ord CBP0.025 | 10,047 | 17,048 | 1.453 | ||||
| 3,500 | Segro Ord GBPO 10 | 12,291 | 25.088 | 921 | ||||
| 6,150 | MJEG Pic Ord GBP0.05 | 15.291 | 11,771 | 824 | ||||
| 2.350 | Henderson Investmcm Funds Ltd Janus Henderson |
UK Smaller Companies | IA | 25,339 | 21,712 | |||
| 1.295 | Vanguard Funds Pic FTSE250 UCITS ETFGBP Dis |
42,634 | 36,736 | 1,265 | ||||
| 4,850 | HSBC ETFSSdtp 500 Ucits Etf | 106,526 | 171,491 | 2,217 | ||||
| 6.0IX) | iShan:s Sdtp 51st Ucits Etf (Dist) | 45237 | 208,545 | 2.886 | ||||
| 1.153.182 | 1,312.381 | 40,642 |
| 7. | DEBTORS | DUK WITHIN | DUK WITHIN | DUK WITHIN | ONE | YEAR | 2023 | 2022 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8 | 8 | ||||||||||
| Managed fund dividends |
receivable | 7,447 | 6,722 | ||||||||
| Compensation | 264 | 418 | |||||||||
| 7,711 | 7,140 | ||||||||||
| CREDITORS DUE WITHIN ONE YEAR | |||||||||||
| 2023 | 2022 | ||||||||||
| 8 | 8 | ||||||||||
| Accrue)a | 15,900 | 8,880 | |||||||||
| Grants for bursaries | awmded | but yet to be pard | 9,250 | 40,800 | |||||||
| Grams for undergraduates | awarded | but yet to be | paid | 20,150 | 26200 | ||||||
| Grants for schools awarded | but yet | to be paid | 40,430 | ||||||||
| 45,300 | 116,310 | ||||||||||
| 9. | FUNDS | ||||||||||
| Balance at | Balaace at | ||||||||||
| I July | Incomlag | Rumurces | Revaluatloa | 30June | |||||||
| 2022 8 |
resources f |
expeaded | Transfers 8 |
Gains/loss 8 |
2023 | ||||||
| Unresmcted | funds | 59.523 | 288,641 | (202,465) | 209 | 145,908 | |||||
| Designated | funds | 250,000 | - | (250,000) | |||||||
| Endowment | funds | 9,694,440 | 231,164 | 9,925,604 | |||||||
| 10,003,963 | 288,641 | (452,465) | 231,373 | 10,071,512 |