THE KATHLEEN & SIDNEY LINKINS MEMORIAL TRUST
Registered Charity No 801712
Barley, 10 Fordwater Road Summersdale, Chichester PO19 6PR
ANNUAL REPORT FOR YEAR ENDED 31[ST] MARCH 2023
At the year end the investment assets of the Trust were valued at £759,795 having suffered another significant fall due to the financial turmoil of recent months. The estimated gross yield was 4.51%. The gross annual income derived was £32,179 . After expenses of £9,383 net income was £22,796. There is little doubt that the effects of the pandemic and the war in Europe have had a negative impact on both dividends and capital values but the improved trust income is to the credit of our investment manager..
During the year under review the Trust made Grants totaling £8,640 to the following recipients:
| recipients: | |
|---|---|
| Transport support costs | £360.00 |
| Xmas Food Vouchers - RCC | £2280.00 |
| 4Sight Vision Support | £1000.00 |
| Sage House Dementia Support Tangmere | £2000.00 |
| Charitable Fund Harbour RC Xmas lunch scheme. | £1000.00 |
| Cancer Wise Chichester | £2000.00 |
This is Chichester Rotary Clubs in house Charity and we welcome appropriate referrals from both the public and Members of the Club, recognizing many are involved in assisting local charitable organizations. BENEFICIARIES MUST BE – over the age of 60 years - in need of care and attention and comfort - unable, through straitened circumstances, to provide for themselves AND resident within the area served by Chichester District Council, south of the South Downs Way.
The Trusts portfolio is managed by Rowan Dartington and Accountancy services provided by Moore(South) LLP
My fellow Trustees are Howard Bottomley, Dick Hammond and Simonne Fellowes. I thank them all for their help and support during the Year.
Keith Osterloh
Trustee Report updated February 2024
KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST 2023 ACCOUNTS
KATHLEEN AND SIDNEY LINKINS IAEMORIAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST I report on the accounts of thè Kathert and Sidney Linkins Memorial Trust for the year ended 5 April 2023, which are set out on pag8s 1 to 4. Respectlve rospon$ibiliti•s of Irustses and examinor The ¢harty's truslges are responsibte forthe preparation of tha a¢¢ounls. The charity's trus1 conslder that an audit is not r8quir8d ftsr this year under seclton 144(2) ofthe Charities Act 2011 (the Charities Act) and thal an independent examination is needed. 11 is my responsibility lo examine the accounts under S8ction 145 ofth8 ChaibesAct. to followthe procedures 18id down in the General Directions given by tha Charity Commission under sectK)n 145{5)Ib) ofthe Charities A¢t, and 10 Stale whether particular matters have com8 to my 8ttention. Basi8 tsf independent examIne¥ roport My examinab.on was carried out in accordan with th& General Directions given by the Charity Commlsslon. An examination indudes a review of thè aceountiftg records kept by the Charity and a comparison of the accounts presented with thos8 records. It also indudes consideration of any unusual itèms or dis¢losure5 in the accounts. 8nd seeking exptanations from you as trusle¢s ¢oncerning any such matters. The prOdur&S undertaken do not provide all the tsvidpnce that woutd be required in an audit, and consequenUy no opinion is given as lo whether the accounts prgs¢nt a 'lrue and fairf view and the report is Imited to Iho3e matters sel out below. Ind¢p•ndent ox4minorfs statomant In connection wlh my examination. matter has come to my attention.. (1) which gives me reasonable cause to believe that in any matarial reSpt the requirements la) to keep attounling records in accordance with 8ection 130 ofthe Charitias Art. and Ib) to prepare accounts which accord with the accounting records and to comply wilh th¢ accounting requirements of the Charftles Act" have not been mel.. or 121 to whith. in my opinion. attentKJn should bo drawn In order to enablè a proper undersl8nding of the accounts to be reathed. k,Vd bj MICHAEL IAN WAKEFORD FCA Moore Stephens {Soulhl LLP Cty Gates 2-4 Soulhgat6 Chichest8r P019 8 DJ 24 January 2024
KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST Page I BALANCE SHEET AS AT 5 APRIL 2023 2023 2022 Investments lat matket vdue.. cost £773,888} Bank accounts Cash held by Investment Managers 749.167 1,341 8.230 819.067 6,413 10,570 758,738 836,050 CURRENT ASSErs Dividends not banked at year end Income tax repayment dLte 1,400 227 961 212 1.627 1.173 CURRENT LIABILThIES Accountancy fees 570 570 NET CURRE ASsS1(LIABILrnES) 1,057 603 NET ASSETS £759,795 £836.653 CAPITAL ACCOUNT {Page 21 £759,795 £836,653 These accounts weTè approved by the tnJstees on 5 7(kKJJ 2oL H Bottomley: R Hammond: K Osterloh: S Fellowes:
KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST Paga 2 CAPITAL ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 2023 B8lan¢8 89 at 6 4)ril 2022 836,653 Add.. Re81i$ed lossès on sales of investments Unrealised losses for year on Investments still held Salance transferred from incom8 account (6.17n (80.837) 10.156 176,858) Balartt a8 at 5 April 2023 £759.795
KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST Pago 3 INCOME ACCOUNT FOR THE YEAR ENDED S APRIL 2023 2023 2022 Income from Investments UK drvidends 16.624 12,844 UK interest 2,565 3,247 Property IncAxne distributions 1,745 1,530 Foreign dividends 6,858 6.351 Foreign interest 4,387 4,843 32.179 28,615 Less expens8S: Accountancy Broker fees LEI renewal fee 570 8.684 78 570 8.923 78 9,332 9.571 22.847 19,044 Less foreign tax not reGlgimable 51 Nel income for th8 year 22.796 19.040 Less: Distributicms made during the year 12,640 5,147 Balance transferr8d to capital aco)unt £10.156 £13,893
KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST Pagp4 TRUST ASSETS FOR THE YEAR ENDED S APRIL 2023 Numbgr Cost Market Valua ncome Artemis US Select Income Astrazeneca Aviva Baillie GrfFor(l Mulli Asset Growth Barclays Blackrock Corporat8 Bond Blaekrock Sustainable American Income BP Digital 9 Ir)frastructure Fundiock Foresight UK Infrastructure Fundsmith LLP Equity In¢ome GCP Asset Backed Incomè Fund GCP Infrastructure Investments GSK HipgnosiB Songs Fund Janu8 Henderson Slrale9ic Bond Jupitar Europèan nits Legal & General Uoyds Banking Group M&G Emerging Maikets Fund M&G Global Dividends Fund Marlborough North American Trust Murray Intemational Trust Persimmon Polar Cathl Funds Global Convertikle Residential Income Secure Rio Tinto Round Hill RoyaFty Fund Royal London Short thjralion Global High Yiekt Royal London Sterling Extra Yield Bond Sèquoia Economic Infrastructure Smurfit Kappa Trilax Eurobox UK Govt Index-tinked Treasury Stock 2026 Unilwer 6,631 150 3.826 18,208 13,300 48.857 12.650 8.500 17.300 17.979 6.000 27.350 24.100 892 17.600 21.052 800 8.100 43.300 20.174 17.574 3.700 1,400 1.055 .3,642 22.000 410 26.000 49.827 25.837 17,200 740 21.000 25.000 565 20.180 11.990 15,252 25.615 20.314 55,117 25,364 20,632 20,213 19.945 22.453 28.251 30.263 12.197 15,133 30,018 16.488 20,272 20,244 15,155 16,001 2.525 15,129 25,463 30.000 20.113 25.560 20.331 39,355 30,119 19,986 20.409 20,146 34,998 6.657 18,609 16.848 15.465 21,322 19.391 49.542 23,276 21,709 10.570 17.391 33.828 18.872 20,533 12,747 14,256 24,736 24.595 19.351 20,643 14,756 22,532 27.771 18,732 13,251 27,574 13,948 22.460 13.806 36.767 26.835 13.829 21.652 12.705 35.191 23.674 359 1.134 350 1,119 1,255 1.038 87 1,730 1.687 680 81 657 402 770 583 1.414 1,135 2.353 1.350 1,760 1,102 204 905 17 834 Sha Id durtn the ear Ajpha Real Cap Tim¢ Comm Long Income Balf(r 8eaty M&G Murray Income Tru81 S¢hroder Sterling Corporate Bond Fund Worlthide Healthcaie Trust 795 1.342 413 339 129 £773.888 £749,167 £32.179
KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST 2023 ACCOUNTS
KATHLEEN AND SIDNEY LINKINS IAEMORIAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST I report on the accounts of thè Kathert and Sidney Linkins Memorial Trust for the year ended 5 April 2023, which are set out on pag8s 1 to 4. Respectlve rospon$ibiliti•s of Irustses and examinor The ¢harty's truslges are responsibte forthe preparation of tha a¢¢ounls. The charity's trus1 conslder that an audit is not r8quir8d ftsr this year under seclton 144(2) ofthe Charities Act 2011 (the Charities Act) and thal an independent examination is needed. 11 is my responsibility lo examine the accounts under S8ction 145 ofth8 ChaibesAct. to followthe procedures 18id down in the General Directions given by tha Charity Commission under sectK)n 145{5)Ib) ofthe Charities A¢t, and 10 Stale whether particular matters have com8 to my 8ttention. Basi8 tsf independent examIne¥ roport My examinab.on was carried out in accordan with th& General Directions given by the Charity Commlsslon. An examination indudes a review of thè aceountiftg records kept by the Charity and a comparison of the accounts presented with thos8 records. It also indudes consideration of any unusual itèms or dis¢losure5 in the accounts. 8nd seeking exptanations from you as trusle¢s ¢oncerning any such matters. The prOdur&S undertaken do not provide all the tsvidpnce that woutd be required in an audit, and consequenUy no opinion is given as lo whether the accounts prgs¢nt a 'lrue and fairf view and the report is Imited to Iho3e matters sel out below. Ind¢p•ndent ox4minorfs statomant In connection wlh my examination. matter has come to my attention.. (1) which gives me reasonable cause to believe that in any matarial reSpt the requirements la) to keep attounling records in accordance with 8ection 130 ofthe Charitias Art. and Ib) to prepare accounts which accord with the accounting records and to comply wilh th¢ accounting requirements of the Charftles Act" have not been mel.. or 121 to whith. in my opinion. attentKJn should bo drawn In order to enablè a proper undersl8nding of the accounts to be reathed. k,Vd bj MICHAEL IAN WAKEFORD FCA Moore Stephens {Soulhl LLP Cty Gates 2-4 Soulhgat6 Chichest8r P019 8 DJ 24 January 2024
KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST Page I BALANCE SHEET AS AT 5 APRIL 2023 2023 2022 Investments lat matket vdue.. cost £773,888} Bank accounts Cash held by Investment Managers 749.167 1,341 8.230 819.067 6,413 10,570 758,738 836,050 CURRENT ASSErs Dividends not banked at year end Income tax repayment dLte 1,400 227 961 212 1.627 1.173 CURRENT LIABILThIES Accountancy fees 570 570 NET CURRE ASsS1(LIABILrnES) 1,057 603 NET ASSETS £759,795 £836.653 CAPITAL ACCOUNT {Page 21 £759,795 £836,653 These accounts weTè approved by the tnJstees on 5 7(kKJJ 2oL H Bottomley: R Hammond: K Osterloh: S Fellowes:
KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST Paga 2 CAPITAL ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023 2023 B8lan¢8 89 at 6 4)ril 2022 836,653 Add.. Re81i$ed lossès on sales of investments Unrealised losses for year on Investments still held Salance transferred from incom8 account (6.17n (80.837) 10.156 176,858) Balartt a8 at 5 April 2023 £759.795
KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST Pago 3 INCOME ACCOUNT FOR THE YEAR ENDED S APRIL 2023 2023 2022 Income from Investments UK drvidends 16.624 12,844 UK interest 2,565 3,247 Property IncAxne distributions 1,745 1,530 Foreign dividends 6,858 6.351 Foreign interest 4,387 4,843 32.179 28,615 Less expens8S: Accountancy Broker fees LEI renewal fee 570 8.684 78 570 8.923 78 9,332 9.571 22.847 19,044 Less foreign tax not reGlgimable 51 Nel income for th8 year 22.796 19.040 Less: Distributicms made during the year 12,640 5,147 Balance transferr8d to capital aco)unt £10.156 £13,893
KATHLEEN AND SIDNEY LINKINS MEMORIAL TRUST Pagp4 TRUST ASSETS FOR THE YEAR ENDED S APRIL 2023 Numbgr Cost Market Valua ncome Artemis US Select Income Astrazeneca Aviva Baillie GrfFor(l Mulli Asset Growth Barclays Blackrock Corporat8 Bond Blaekrock Sustainable American Income BP Digital 9 Ir)frastructure Fundiock Foresight UK Infrastructure Fundsmith LLP Equity In¢ome GCP Asset Backed Incomè Fund GCP Infrastructure Investments GSK HipgnosiB Songs Fund Janu8 Henderson Slrale9ic Bond Jupitar Europèan nits Legal & General Uoyds Banking Group M&G Emerging Maikets Fund M&G Global Dividends Fund Marlborough North American Trust Murray Intemational Trust Persimmon Polar Cathl Funds Global Convertikle Residential Income Secure Rio Tinto Round Hill RoyaFty Fund Royal London Short thjralion Global High Yiekt Royal London Sterling Extra Yield Bond Sèquoia Economic Infrastructure Smurfit Kappa Trilax Eurobox UK Govt Index-tinked Treasury Stock 2026 Unilwer 6,631 150 3.826 18,208 13,300 48.857 12.650 8.500 17.300 17.979 6.000 27.350 24.100 892 17.600 21.052 800 8.100 43.300 20.174 17.574 3.700 1,400 1.055 .3,642 22.000 410 26.000 49.827 25.837 17,200 740 21.000 25.000 565 20.180 11.990 15,252 25.615 20.314 55,117 25,364 20,632 20,213 19.945 22.453 28.251 30.263 12.197 15,133 30,018 16.488 20,272 20,244 15,155 16,001 2.525 15,129 25,463 30.000 20.113 25.560 20.331 39,355 30,119 19,986 20.409 20,146 34,998 6.657 18,609 16.848 15.465 21,322 19.391 49.542 23,276 21,709 10.570 17.391 33.828 18.872 20,533 12,747 14,256 24,736 24.595 19.351 20,643 14,756 22,532 27.771 18,732 13,251 27,574 13,948 22.460 13.806 36.767 26.835 13.829 21.652 12.705 35.191 23.674 359 1.134 350 1,119 1,255 1.038 87 1,730 1.687 680 81 657 402 770 583 1.414 1,135 2.353 1.350 1,760 1,102 204 905 17 834 Sha Id durtn the ear Ajpha Real Cap Tim¢ Comm Long Income Balf(r 8eaty M&G Murray Income Tru81 S¢hroder Sterling Corporate Bond Fund Worlthide Healthcaie Trust 795 1.342 413 339 129 £773.888 £749,167 £32.179