## **The Moorview Charitable Trust** **Report and financial statements** Year ended 5 April 2022 Charity number: 803598 ## **The Moorview Charitable Trust** ## **Contents** **Page** Report of the trustees Independent examiner’s report Statement of financial activities Balance sheet Notes to the financial statements **The Moorview Charitable Trust** ## **Report of the trustees** The trustees present their report and the financial statements of the charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s trust deed, the Charities Act 2011, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 2 October 2019. ## **Reference and administrative information** Address: Cayzer House 30 Buckingham Gate London SW1E 6NN Governed by: Deed of Appointment dated 9 April 1990 as amended on 6 April 2020 (change of name) Trustees: James Michael Beale Cayzer-Colvin Esther Anne Mary Cayzer-Colvin William Lawrence Greenwell Swan Administrator: The Cayzer Trust Company Limited Cayzer House 30 Buckingham Gate London SW1E 6NN Solicitors: Currey & Co. 33 Queen Anne Street London W1G 9HY Independent examiner: S J Wakefield ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS ## **Structure, governance, and management** The trust was established by The Honourable Nichola Colvin through a Deed of Appointment dated 9 April 1990. The charity was registered by the Charity Commissioners for England and Wales on 13 July 1990 under charity number 803598. By a Deed of Appointment dated 22 March 2019, £1,500,000 was unconditionally donated to the trust from the Estate of Lady Elizabeth Cavendish. It was subsequently decided by the executors that this donation would take the form of investments, calculated at their values at probate. These were transferred to the trust in November 2019, and the uplift in value between the probate date and the date of donation was reflected in the accounts for the year ended 5 April 2020 as an additional donation. Following this donation, the trustees resolved to change the name of the charity from The Colvin Charitable Trust to The Moorview Charitable Trust, by a resolution dated 6 April 2020. By a Deed of Appointment dated 22 July 2020, a further £652,000 was unconditionally donated to the trust from the Estate of Lady Elizabeth Cavendish. The executors decided that this donation would take the form of cash, and this sum was transferred to the trust in the same month. The trustees do not actively fundraise, although the governing document allows them to do so. The trustees are prohibited, under the trust deed, from undertaking any permanent trading activities to raise funds for the charity. The power of appointing new trustees is vested in the present trustees. New trustees may be appointed at any time, either by way of replacement or addition. The current trustees have all held office since being appointed on 27 November 2002. 1 1 **The Moorview Charitable Trust** ## **Report of the trustees** ## **Structure, governance, and management (continued)** The trustees agree the broad strategy and areas of activity for the trust, including grant-making, investment, risk management, reserves, and performance. The day to day administration of grants and the processing and handling of applications prior to consideration is delegated to James and Esther Cayzer-Colvin, and the financial affairs of the charity are handled by the administrator. The trustees annually review the risks facing the charity. ## **Objectives and activities** The trust deed gives the trustees the power to pay or apply the income and the whole or any part or parts of the capital to or for such charitable institution or institutions or other such charitable object or objects in any part of the world as the trustees shall in their absolute discretion think fit to support or establish. The trustees identify the projects and organisations they wish to support and so do not consider grants to people or organisations who apply speculatively. The trust also has a policy of not responding to any correspondence unless it relates to grants it has agreed to make or to the general management of the trust. ## **Public benefit** The trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with Section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test, set out in Section 4 of the same act. ## **Achievements and performance** The charity continues to support and assist charitable objectives which promote medical research, treatment, and care, as well as education, research, conservation, the environment, support for prisoners, and support for veterans, when funds permit. In the year, the trustees granted £62,500 to Fine Cell Work, £30,500 to the Yorkshire Sculpture Park, £5,000 to the Salisbury NHS Hospital Charity (Stars appeal), £4,280 to The Royal Horticultural Society, and £1,000 to The Mary Hare Foundation. ## **Financial review, investment policy, and risk management** At the year-end, the market value of investments, excluding capital cash, held by the charity was £2,441,923 (2021 - £2,246,306). This increase follows the general market trends experienced during the year. Details of the charity’s fixed asset investments are described in note 6 to the financial statements. The charity’s investment powers are prescribed in the trust deed. The deed gives the trustees very wide powers of investment. The trustees have set a policy to generate a sustainable return to fund annual grant making whilst maintaining the real value of the charity’s assets, noting, however, that endowment funds are expendable, not permanent. The income from investments for the year was £60,444 (2021 - £40,563). This substantial increase is a result of the additional expendable endowment donation made in July 2020, as this is the first full year for which these funds have been invested in the market. The charity’s investment objective is to produce the best financial return possible within an acceptable level of risk, and specifically to produce a capital return above the FTSE All Share Index over the long term, with a minimum 2% yield. As at 5 April 2022, the charity’s performance was in line with these objectives. 2 2 The Moorview Charitable Trust Report of the tfUStees Fina￿la1 revlmv. investrnent policy. and rlsk management Icontinu•dl The trustee5 annually revlew the rlsks lacln8 the charty. The charlvs rfjsks malnly relate to Investment management, as well a5 the performance of it5 rnaterSal Investrnent ill Caledonia Investrnent5 plc. These have been ameliorated by holding a diversified portfolio, actively managed by Rathbone Investment Management Llmited, along wlth the holdlng In Caledonla Investments plc, an investment trust with its own wide range of underlylng investments. Performance 15 rèvlewtd at least annual￿ by the trustees. and regular meetings are held with the investment manaeers. Resetves polkv At 5 April 2022, the endowment fund reserve stood at £2,521,673 12021 £2.380,1(K)I, and the unrestricted fund reserve totalled £84,11212021- £46.7921. The tnjst has l¢>wgovemance ènd support costs and easily maintain5 free reserve5 to cover unrestricted charitable expenditure. Grar)ts are made on a case by case basis, allowin8 the trustees to be flexible and adapt 8rant levels as necessary. The charity's polity is to r&trict grants in any one year to withln the level of incom• Benerated in that year, plus unrestricted income lund5 brought forward. unless a project particularly worthy of sUPPOrt 15 identlfied by the trustee5. Totsl donations made durln8 the year were £103,280 12021. £34,280). 5tatÈment of trystees. r•sponslbllltl•s The trustees are responslble for preparlng the trustees, annual report and the financlal statements In accordance with applitable law and United Kingdorn Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel. The law applitsble to charities in Enzland and Wales requires the charity trustees to prepare financial ststernents for each financial year which give a true and fair view of the state of affairs of the charity and of the Incomlng resources and application of resources of the charity for that period. In preparing the finantial statements, the trustees are required to.. 5eled sultable accountin8 policies and then applythem consistently., observe the method5 and principles in the applicable Charities SORP,. make judgements and estimate5 that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures thai must be disdosed and explained in the finantial statements.- and prepare the financial statements on a Boing concern basi5 unless It is Inappropriate to presume ihat the tharlty will continue in operation. The trustees are responsible for keeping proper accounting records that disclose wth reasonable accuracy at any time the financial position of the charity and enable thern to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the prtsvisions of thè trust deed. They are also rèsptsnsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees on 2 February 2023 and 518ned by james M B Cay2er-Colvin Trustee Esther A M Ca￿er-CO1Vln Trustee William L G Swan Trustee ## **The Moorview Charitable Trust** ## **Independent examiner’s report to the trustees of The Moorview Charitable Trust (‘the Trust’)** I report to the trustees on my examination of the accounts of the Trust for the year ended 5 April 2022. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed. I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement. ## **Independent examiner’s statement** I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 2 February 2023 S J WAKEFIELD ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS 4 4 ## **The Moorview Charitable Trust** ## **Statement of financial activities for the year ended 5 April 2022** |**Note**
**Income**
Donations and legacies: donations
Donations and legacies: expendable
endowment
Investment income
3
**Total income**
**Expenditure**
_Expenditure on charitable activities_
Donations and grants to institutions
4
Governance costs
5
_Expenditure on raising funds_
Investment management costs
**Total expenditure**
Net gains on financial assets
6
**Net income and net**
**movement in funds**
_Reconciliation of funds_
Total funds brought forward
9
at 6 April 2021
Transfers between funds
**Total funds carried forward**
9
**at 5 April 2022**|**Unrestricted**
**funds**
**2022**
**£**
54,250
—
59,222
113,472
(103,280)
(4,872)
(108,152)
—
(108,152)
—
**5,320**
46,792
32,000
84,112|**Endowment**
**funds**
**2022**
**£**
—
—
1,222
1,222
—
—
—
(15,327)
(15,327)
187,678
**173,573**
2,380,100
(32,000)
2,521,673|**Total**
**funds**
**2022**
**£**
54,250
—
60,444
114,694
(103,280)
(4,872)
(108,152)
(15,327)
(123,479)
187,678
**178,893**
2,426,892
—
2,605,785|**Unrestricted**
**funds**
**2021**
**£**
_12,500_
_—_
_40,563_
_53,063_
_(34,280)_
_(9,373)_
_(43,653)_
_—_
_(43,653)_
_—_
**_9,410_**
_37,382_
_—_
_46,792_|**Endowment**
**funds**
**2021**
**£**
_—_
_652,000_
_—_
_652,000_
_—_
_—_
_—_
_(13,428)_
_(13,428)_
_342,567_
**_981,139_**
_1,398,961_
_—_
_2,380,100_|**Total**
**funds**
**2021**
**£**
_12,500_
_652,000_
_40,563_
_705,063_
_(34,280)_
_(9,373)_
_(43,653)_
_(13,428)_
_(57,081)_
_342,567_
**_990,549_**
_1,436,343_
_—_
_2,426,892_| |---|---|---|---|---|---|---| All income and expenditure is in respect of continuing activities for the current and the previous year. The notes on pages 7 to 10 form an integral part of these financial statements. . 5 The Moorview Charitable Trust Balancesheet ats Aprl 2022 Uiwesithied Endowment fvnd5 funds 2021 201Z Total fwds zou urweS￿rted nd5 ZQ21 Endm¥menl Totsl 2U21 2011 Note Fixed assets Investrnerbts 2,441.923 2.441.923 2,246.306 2.Z46,3C CYr￿rrtoS%¢ts Debrors sh at bank and in hand 6,342 46.030 52,372 6.342 183.477 185.829 88,421 88,504 83525 83.525 171,946 172,029 137,447 137,447 Credltofs fallln8d¥e ¥Athih onÈyt•r 14.3921 13.7751 18.1671 15,580J 13.6531 19,2331 Netcurrerta5sets 84,112 79,750 163,862 133,794 180,586 84.112 2.521.673 2.￿5.785 46,792 Z380.1 Z426.892 The funds ofthe c￿lIty. Unrèstritted funds Endowmentfvnds 84,112 84,112 2.521.673 46,792 d16.792 2,380.100 2,521,673 2.380.1 84,112 2,521,673 2.605,785 46,792 2,380,IC 2,426,892 ApprD¥ed bythe Trustees an 2 February 2023 Jèmes M B Ctyzerlolwn Trustee EstherA M Cayzerlolvin Trustee Wllliam L G Swan Twstee The not*$ Dn page$ 7 to 10 fomi an It)te6ral part of these fin8ncial statemeTht5. ## **The Moorview Charitable Trust** ## **Notes to the financial statements for the year ended 5 April 2022** ## **1. Accounting policies** ## **Basis of preparation** The financial statements have been prepared under the historical cost convention, with items recognised at cost or transaction value, unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: accounting and reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) issued on 2 October 2019 and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. ## **Going concern** The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern, and that there are no key assumptions that affect items in the accounts. ## **Funds structure** The charity has an expendable endowment fund created by gifts from the settlor and others. Income arising in the expendable endowment fund is unrestricted. Unrestricted funds comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. ## **Income recognition** Donations and legacies are recognised once the charity has been formally notified that it is unconditionally entitled to the funds, and the amount can be measured reliably. Gift aid reclaimable on donations to the charity is included with the amount received. Income from investments and cash deposits is included on an accruals basis. ## **Expenditure recognition** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Grants are charged to the statement of financial activities when paid or when a constructive obligation exists, notwithstanding that they may be paid in future accounting periods. Other expenditure is included in the accounts on an accruals basis. Irrecoverable VAT has been charged against the relevant expenditure. ## **2.** ## **Taxation** The trust is a registered charity and is thus exempt from taxation of its income and gains falling within Section 532 of the Income Tax Act 2007 to the extent that they are applied to its charitable objectives. No tax charges have arisen in the charity. 7 ## **The Moorview Charitable Trust** **Notes to the financial statements for the year ended 5 April 2022** ## **3.** ## **4.** ## **5.** ## **6.** |**Investment income**
**2022**
**£**
UK listed investments
40,295
Non-UK listed investments
10,715
Interest income
9,434
60,444
—
All investment income arose in the unrestricted fund in the current and prior years, excepting £1,222 of UK
listed investment income in the current year.
**Donations and grants to institutions**
**2022**
**£**
_Grants were made for the following purposes:_
Conservation and heritage
—
Education and training
1,000
Horticulture and environment
34,780
Medical research, treatment, and care
5,000
Prisoner training and support
62,500
Veterans' support and heritage
—
103,280
_Recipients of institutional grants:_
Fine Cell Work
62,500
Help for Heroes
—
Salisbury NHS Hospital Charity (Stars appeal)
5,000
Southern Spinal Injuries Trust
—
The Heritage of London Trust
—
The Mary Hare Foundation
1,000
The Royal Horticultural Society
4,280
Yorkshire Sculpture Park
30,500
103,280
**Governance costs**
**2022**
**£**
Legal and professional fees
480
Independent examination fee
1,020
Administration fee
3,372
4,872
**Investments**
**2022**
**£**
Market value at 6 April 2021
2,246,306
Additions at cost
41,554
Disposal proceeds
(33,615)
Net gains on revaluation and on disposal
187,678
Market value at 5 April 2022
2,441,923
—
**Investments at fair value consists of:**
Listed equities
2,125,919
Listed fixed interest stocks
316,004
2,441,923|**2021**
**£**
_28,987_
_6,080_
_5,496_
_40,563_
—
**2021**
**£**
_10,000_
_—_
_14,280_
_5,000_
_—_
_5,000_
_34,280_
_—_
_5,000_
_—_
_5,000_
_10,000_
_—_
_4,280_
_10,000_
_34,280_
**2021**
**£**
_3,793_
_960_
_4,620_
_9,373_
**2021**
**£**
_1,154,401_
_749,338_
_—_
_342,567_
_2,246,306_
_—_
_1,920,597_
_325,709_
_2,246,306_| |---|---| 8 ## **The Moorview Charitable Trust** **Notes to the financial statements for the year ended 5 April 2022** ## **6. Investments (continued)** ## **7.** ## **8.** ## **9.** |**Material investments at 5 April 2022**
**Market value**
**£**
Caledonia Investments plc
428,732
**Debtors**
**2022**
**£**
Accrued investment income
83
Other debtors
—
83
**Creditors falling due within one year**
**2022**
**£**
Accruals
8,167
—
Of the total accruals, £4,392 (2021 - £5,580) relates to unrestricted funds. £3,775 (2021 - £3,653) relates to
endowment funds.
**The funds of the charity**
**Unrestricted**
**Endowment**
**funds**
**funds**
**2022**
**£**
**2022**
**£**
Opening balance at 6 April 2021
46,792
2,380,100
Income
113,472
1,222
Expenditure
(108,152)
(15,327)
Movement in value of investments
—
187,678
Transfers between funds
32,000
(32,000)
Closing balance at 5 April 2022
84,112
2,521,673|**% of**
**portfolio**
17.6%
**2021**
**£**
_92_
_6,250_
_6,342_
**2021**
**£**
_9,233_
—
**Total**
**funds**
**2022**
**£**
2,426,892
114,694
(123,479)
187,678
—
2,605,785| |---|---| The trustees have the power to spend the expendable endowment as necessary, and a transfer was made to unrestricted funds in the year. |Opening balance at 6 April 2020
Income
Expenditure
Movement in value of investments
Closing balance at 5 April 2021|**Unrestricted**
**funds**
**2021**
**£**
_37,382_
_53,063_
_(43,653)_
_—_
_46,792_|**Endowment**
**funds**
**2021**
**£**
_1,398,961_
_652,000_
_(13,428)_
_342,567_
_2,380,100_|**Total**
**funds**
**2021**
**£**
_1,436,343_
_705,063_
_(57,081)_
_342,567_
_2,426,892_| |---|---|---|---| 9 ## **The Moorview Charitable Trust** **Notes to the financial statements for the year ended 5 April 2022** ## **9. The funds of the charity (continued)** |**Analysis of fund assets and liabilities**
Investments
Debtors
Cash at bank and in hand
Creditors
Investments
Debtors
Cash at bank and in hand
Creditors|**Unrestricted**
**funds**
**2022**
**£**
—
83
88,421
(4,392)
84,112
**Unrestricted**
**funds**
**2021**
**£**
_—_
_6,342_
_46,030_
_(5,580)_
_46,792_|**Endowment**
**funds**
**2022**
**£**
2,441,923
—
83,525
(3,775)
2,521,673
**Endowment**
**funds**
**2021**
**£**
_2,246,306_
_—_
_137,447_
_(3,653)_
_2,380,100_|**Total**
**funds**
**2022**
**£**
2,441,923
83
171,946
(8,167)
2,605,785
**Total**
**funds**
**2021**
**£**
_2,246,306_
_6,342_
_183,477_
_(9,233)_
_2,426,892_| |---|---|---|---| ## **10. Employees** The trust did not have any employees during the current or prior year. ## **11.** ## **Transactions with trustees or connected persons** An administration fee of £3,372 (2021 - £4,620) was charged by a company of which Mr James Cayzer-Colvin is a director. Legal fees of £480 (2021 - £3,793) were charged by a partnership of which Mr William Swan is a partner. The total amount of donations received without conditions from trustees was £54,250 (2021 - £12,500). No other arrangement, including transactions, contracts, and grants, existed during the accounting period with trustees or connected persons. No trustees, or connected persons, received remuneration directly or indirectly from the charity during the accounting period nor did the trustees receive reimbursement of any expenses. ## **12. Events after the end of the reporting period** After the end of the reporting period, on 19 May 2022, the charity made a donation of £62,500 to Fine Cell Work, a registered charity. The donation was made by the trustees in particular consideration of the wishes of the late Lady Elizabeth Cavendish, from whose estate the expendable endowments received by the charity in 2019, 2020, and 2021 were received. After the year-end, Caledonia Investments plc declared and paid a special dividend, which generated a dividend receivable by the charity of £21,165. 10