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|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||
||||Greville House||
||||IO Jury Street||
||||Warwick||
||||CV34 4EW||
|Bankers:|||Lloyds Bank pic||
||||Swan Street||
||||Warwick||
||||CV3448J||
|Investment|Advisers:||Quilter Cheviot||
||||Investment
Managem||
||||39Bennetts Hill||
||||Birmingham||
||||82 5SN||
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|ACHIEVEMENTS
AND PERFORMANCE|ACHIEVEMENTS
AND PERFORMANCE||||||||
|---|---|---|---|---|---|---|---|---|
|The Trustees have continued
to suppori
individuals
under nventy-five
years ofage who:-
'|||||||||
||are resident or whose parents are resident
within the town ofKenilworth
or||||||||
|~|are attending
or have attended
any school in the town of Kenilworth
and||||||||
|~|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||||||||
||awards, payments
were made in respect ofthe ongoing bursaries.||||||||
|~|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.||||||||
|~|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||||||||
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||||||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|
|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|
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|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|
||Investment
Brokers' fees|||||||9,858|10,206|
|3|CHARITABLE ACTIVITIES EXPENDITURE|||||||2023f|2022
8|
||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|
||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|
##
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||||||||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|
|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.|||||||||
|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.|||||||||
||||||||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|
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|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|
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