## **THE TRUSTEES ANNUAL REPORT AND ACCOUNTS** In compliance with Charities Acts Financial Year 1 April 2021 - 31 March 2022 ## Trustees J Douglas-Hughes, OBE DL, Esq (Chairman) Rt Hon Lord Petre KCVO JP MA HM Lord-Lieutenant of Essex Mrs Jennifer Tolhurst B J Moody Esq (Managing Trustee) P J Mamelok, DL FCA, Esq (Hon. Treasurer) R H Wollaston, Esq M F Pertwee, Esq Dr J Bettley JP DL FSA Mrs S Brice Mrs K Twitchen OBE T J Gregson, FRICS FFBE MEWI, Esq Councillor E Johnson, Chairman of Essex County Council Administrator Mrs Sharon Hill Trust Address Cressing Temple, Braintree, Essex, CM77 8PD Bankers Barclays Bank, 40-41 High Street, Chelmsford, Essex Investment Managers Quilter Cheviot, One Kingsway, London. WC2B 6AN Charity Registration No. 802317 ## 1. Objectives The Trust has been established to safeguard or preserve for the benefit of the public, such lands, buildings, objects or records as may be illustrative of, or significant to, the history of the county or which enhance an understanding of the characteristics and traditions of the county. ## 2. Constitution The charity is an independent organisation constituted and governed by a Trust Deed dated 27 October 1989. There have been various Deeds of Variation since the principal Trust Deed, to take account of appointment and retirement of Trustees. Essex Heritage Trust does not have any direct relationship with any other charity or organisation. ## 3. Administration Trustees meet three times a year to consider grant applications, review the Trust’s financial position and investment strategies, and deal with any other formal business. In addition, an Annual Meeting may be held, to which all the Friends of the Trust and others connected with the Trust are invited. The Trust affairs are managed by the Management Committee supported by Mrs Sharon Hill who provides her services as a Consultant. Applications for grants are submitted, and these are considered at the Trustees’ meetings. In reviewing applications the Trustees consider the heritage nature of the projects, and attach importance to evidence of self-help and fund raising efforts in considering whether to award a grant, and if so, how much the grant shall be. Costs for handling projects are kept to a minimum due to the fact that the Trustees advisors give freely of their time. The Trustees carry out a review of risks that the Trust faces on a regular basis. 2 ## 4. Friends of Essex Heritage Trust The Friends of Essex Heritage Trust was launched in 1993 and the Trustees continue to be keen to recruit more members. Our newsletter plays a vital part in promoting the role of the Trust and encouraging enquiries. The newsletter is normally published once a year, and is sent to all of our Friends, as well as being distributed widely to parish councils and similar bodies who might seek to apply for grants. ## 5. Accounting Matters The Hon Treasurer, Mr P J Mamelok DL, who is a Chartered Accountant, has prepared the financial statements assisted by Mrs Hill. The financial statements have been prepared to comply with current statutory requirements and the requirements of the Trust Deed. The independent examination of the financial statements has been carried out by Mr P J Bentley, who is a Chartered Accountant. As such, Mr Bentley is a member of a body approved under the Charities Act 2011. ## 6. Grants During the financial year, 17 applications for grants were received, and 13 were awarded a grant totalling £34,800. At the end of the financial year, grants awarded in this and previous years but remaining unpaid at 31 March 2022, amounted to £48,468 as set out in note 2 on page 9. ## 7. Trust Fund At the start of the financial year the value of the Trust Fund stood at £1,529,779. By the end of the financial year the value of the Trust Fund was £1,629,080 reflecting the effect of general market conditions on valuations at the year end. ………………………………………………………… Chairman of Trustees Date : 3 ## **GRANTS AWARDED** ## **Location Project Grant** |Audley End House & Gardens
English Heritage|
Conserve and display Portrait of Audley End’s
former owner Sir John Griffin Griffin|£ 2,500| |---|---|---| |Harlow Art Trust|Conserve six key sculptures|£ 5,000| |Johanna Dale|Publication St Peter-on-the-Wall: Heritage &
Landscape on the North Sea Coast|
£ 1,000| |Holy Trinity Church, Rayleigh|Re-ordering of the Chancel, Access ramp between
Nave and Chancel (part of Project 640)|£ 5,000| |Emma Edmondson
Focal Point Gallery|Publication on the hidden stories of Southchurch
brickfields|
£ 3,500| |Juliet Townsend|Essex Women’s Commemoration Project|£ 5,000| |Stow Maries Great War
AerodromeTrust|Exhibition ‘Words off the Wires’|£ 5,000| |Harwich Kindertransport
Memorial & Learning Trust
Ltd|Mayor’s Garden Listening Bench|£ 2,500| |Elliot Gibbons|Publication – Southend’s Twilight Worlds|£ 1,500| |Coggeshall Museum|Sound System for Oral History project|£ 800| |Essex Industrial Archaeology
Group|Publication of Booklet ‘Discover Essex Wind and
Water Mills’|£ 500| |Wivenhoe Town Council
Museum|Multi-Media-Display-Space|£ 1,000| |Hempstead Parish Council|Pump restoration|£ 1,500| |**TOTAL**|**GRANTS AWARDED**|**£ 34,800**| 4 ## **Essex Heritage Trust** ## **Statement of Trustees Responsibilities** The charity's trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. In preparing those financial statements, the trustees are required to: - a) select suitable accounting policies and apply them consistently; - b) make judgments and estimates that are reasonable and prudent; - c) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## Report of the Independent Examiner In my examination of the books and records of the Essex Heritage Trust for the year ended 31st March 2022, I have, when conducting my review, recognised the Trustees financial and legal responsibilities as set out in the above statement to this Annual Report and Accounts. My examination confirms that the Trustees have, in my opinion, met their obligations and that the Financial Statements, comprising the Balance sheet and Statement of Financial Activities together with the appended notes have been properly prepared in accordance with the Charities Act 2011. In my opinion the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the charity’s affairs at 31st March 2022, and of its incoming resources and application of resources for the year then ended. Mr P J Bentley FCA ……………………………………. Date 5 ## **Essex Heritage Trust Statement of Financial Activities for the year ended 31 March 2022** |**Incoming Resources:**
Investment Income (note 4)
Gift Aid Donations and Friends Subscriptions (gross)
Donations
**Total incoming resources**
**Less: Resources Expended**
Grants approved and paid
Grants approved-not yet paid
Grants withdrawn
**Total grants and donations**
**Administration costs of the charity:**
Annual Meeting
Insurance
Licence (rent)
Stationery & Postage
Telecoms and Website
Printing and Photography
Administrator payment
Computer Upgrade
Sundry
Investment Management Charge
**Total administration costs**
**Total resources expended**
**Net Surplus/Deficit for the year**
**Unrealised Gains/Losses on Investments:**
**Net movement in funds**
**Balance brought forward**
**1 April 2021**
**Balance carried forward**
**31 March 2022**|**2021/22**
**2020/21**
61,314
54,285
3,077
3,030
1,300
1,300| |---|---| ||**£65,691**
**£58,615**| ||10,000
8,000
24,800
37,768| ||34,800
45,768
354
327| ||**£34,446**
**£45,441**| ||739
0
448
400
1,400
1400
813
372
559
371
480
480
2,653
2,721
860
0
71
35
9,192
8,215| ||**£17,215**
**£13,994**| ||**£51,661**
**£59,435**| ||**£14,030**
**-£820**
**£85,271 £ 235,025**| ||**£99,301**
**£234,205**
**£1,529,779**
**£1,295,574**| ||**£1,629,080**
**£1,529,779**| 6 ## **Balance Sheet Year Ended 31 March 2022** |**Fixed Assets:**
**Investments at Valuation (note 3)**
**Current Assets:**
Income Tax Recoverable
Cash at Bank
Debtors and Prepayments**(note 5)**
Charities Deposit Fund
Petty Cash
**Total current assets**
**Current Liabilities:**
Grants approved but unpaid
**Total current liabilities**
**Net current assets**
**Total**
**Represented by Trust Fund:**
**At 1 April 2021**
**Net movement in funds for the year**
**At 31 March 2022**|**31st March 2022**
**£1,590,468**
213
21,419
4,198
61,218
32
**£87,080**
48,468
**£48,468**
**£38,612**
**£1,629,080**
**£1,529,779**
**99,301 **
**£1,629,080**|**31st March 2022**
**£1,590,468**
213
21,419
4,198
61,218
32
**£87,080**
48,468
**£48,468**
**£38,612**
**£1,629,080**
**£1,529,779**
**99,301 **
**£1,629,080**|**31st March 2021**
**£1,505,197**
301
18,521
5,475
61,192
34
**£85,523**
60,941
**£60,941**
**£24,582**
**£1,529,779**
**£1,295,574**
**234,205**
**£1,529,779**|**31st March 2021**
**£1,505,197**
301
18,521
5,475
61,192
34
**£85,523**
60,941
**£60,941**
**£24,582**
**£1,529,779**
**£1,295,574**
**234,205**
**£1,529,779**| |---|---|---|---|---| ||**£87,080**||**£85,523**|| ||48,468||60,941|| ||**£48,468**||**£60,941**|| |||||| |||**£1,629,080**||**£1,529,779**| |||**£1,529,779**
**99,301 **||**£1,295,574**
**234,205**| |||**£1,629,080**||**£1,529,779**| The financial statements were approved by the Trustees on …………………….. Mr P J Mamelok DL FCA Hon. Treasurer 7 ## **Notes to the Financial Statements 31 March 2022** ## **1. Accounting Policies** : ## **1.1 Accounting Convention** The financial statements are prepared under the historical cost convention, as modified by the annual revaluation of listed investments to market value, and in accordance with applicable accounting standards and Statement of Recommended Practice. ## 1.2 **Donations** All donations, other than specific donations for fundraising purposes are credited to the Trust Fund. ## 1.3 **Investments** Listed investments are stated at market value. Investment income is brought into account when received. All realised profits and losses on realisation of investments, and unrealised profits and losses on revaluation, are credited to the Trust Fund 8 ## **2.** |**Grants**
Unpaid Grants from previous years
Grants awarded during the year
Grants withdrawn during the year
Grant payments made during the year
Grants remaining unpaid at 31 March 2022*|**2021/22 2020/21**
60,941
39,900
34,800
45,768
-354
-327| |---|---| ||**£95,387**
**£85,341**
46,919
24,400| ||**£48,468**
**£60,941**| *Owing to the effects of the pandemic extensions have been granted to a number of older grantees to enable projects to be completed. ## **3.** |**Investments**
**Investments held at market value: 1 April 2021**
Net Increase in market value during year
**Investments held at market value 31 March 2022**
**Pooled investment funds:**
COIF Fixed Interest Fund
M&G Charifund
Henderson Global Income
Majedie Asset Management Global Income
Artemis Income Fund
Edinburgh Investment Trust
Charities Property Fund
City of London Ord
Vanguard FTSE 100 ETF
Royal London Sterling Income
Artemis Global Income
**Total Pooled Investment Funds**
Treasury Stocks
**Total Investments**||**£1,505,197**|**£1,270,172**|**£1,270,172**| |---|---|---|---|---| |||85,271|£235,025|| |||**£1,590,468**|**£1,505,197 **|| |||||**% of**
**Portfolio**
6.33
14.39
9.07
6.60
12.73
7.18
9.49
7.59
8.34
2.92
10.66| |||||**95.30%**
4.70| |||||**100.00%**| 9 ## **4. Investment Income** Investment income £61,314 (£54,285 – 2020/21) is analysed as follows: |COIF Fixed Income
Interest
Treasury Stocks
Dividend Income
**TOTAL**|**2021/22**
**2020/21**
2,880
3,552
26
50
2,550
2,550
55,858
48,133| |---|---| ||**£61,314**
**£54,285**| ## **5. Debtors** |XD Dividends
Quilter trading balances
Sundry Debtors
**TOTAL**|**2021/22**
**2020/21**
720
0
3,128
5,125
350
350| |---|---| ||**£4,198**
**£5,475**| 10