## **The Moorview Charitable Trust** **Report and financial statements** Year ended 5 April 2023 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 2023. 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. 1 ## **The Moorview Charitable Trust** ## **Report of the trustees** ## **Structure, governance, and management (continued)** 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. 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 heritage, conservation, the environment, and support for prisoners, when funds permit. In the year, the trustees granted a further £62,500 to Fine Cell Work, a charity which works with inmates of UK prisons, providing them with training and helping them develop work skills in order to aid their rehabilitation on release. This donation was made in view of the general interests of Lady Elizabeth Cavendish, who donated an expendable endowment to the charity. The charity also donated £10,000 to Milton Lilbourne PCC to assist with the refurbishment of the local parish church, along with £10,000 to World Wildlife Fund, towards their ‘wholescape’ UK restoration programme, in order to assist them to scale up their restoration of land, river, and sea at key sites throughout the UK. Other donations in the year comprised £10,794 to The Heritage of London Trust, £5,000 to the Salisbury NHS Hospital Charity (Stars Appeal), and £4,280 to The Royal Horticultural Society. All of these are organisations the charity has previously supported, often over a number of years. ## **Financial review, investment policy, and risk management** At the year-end, the market value of investments, excluding capital cash, held by the charity was £2,362,611 (2022 - £2,441,923). This fall 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. 2 ## **The Moorview Charitable Trust** ## **Report of the trustees** ## **Financial review, investment policy, and risk management (continued)** The charity’s investment powers are prescribed in the trust deed. The deed gives the trustees very wide powers of investment. The income from investments for the year was £86,312 (2022 - £60,444). This substantial increase was the result of a special dividend of £21,165 received from Caledonia Investments plc. The trustees annually review the risks facing the charity. The charity’s risks mainly relate to investment management, as well as the performance of its material investment in Caledonia Investments plc. To address this risk, the charity holds a diversified portfolio, actively managed by Rathbone Investment Management Limited, and notes that the holding in Caledonia Investments plc has its own wide range of underlying investments. The trustees have set a policy to generate a sustainable income return to fund annual grant making whilst maintaining the real value of the charity’s assets. Endowment funds are, however, expendable, not permanent, should the trustees resolve to use them. 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. These objectives are being met over the long term, and the trustees monitor the charity’s financial performance at least annually, holding regular meetings with the investment managers. ## **Reserves policy** At 5 April 2023, the endowment fund reserve stood at £2,373,968 (2022 - £2,521,673), and the unrestricted fund reserve totalled £88,580 (2022 - £84,112). The trust has low governance and support costs and easily maintains free reserves to cover unrestricted charitable expenditure. Grants are made on a case by case basis, allowing the trustees to be flexible and adapt grant levels as necessary. The charity’s policy is to restrict grants in any one year to within the level of income generated in that year, plus unrestricted income funds brought forward, unless a project particularly worthy of support is identified by the trustees. Total donations made during the year were £102,574 (2022 - £103,280). 3 The Moorview Charitable Trust Report of the trustees St•tsmentof truslee¥ rejp0n￿b115tl The trustees are responsible for preparing the tru5tee5' annual report and the financial statements in accordance wlth appllcable law and Unlted Kln8dom Acwuntlng Stsndards (United KlnKdom Generally Accepted Accountin8 Practicel. The law appllcable to char￿leS In En8land and Wales requlres the charlty trustees to prepare financial statements for each financlal year wh5ch glve a true and fair view of the state of affairs of the charlty and of the Incomlng re50vrces and applScatlon of re50ufEe5 of the charlty for that perlod. In preparlng the finanrial 5tstements. the trustees are requlred to.. select Suitable accounting policies and then app￿ them con51Stently,' observe the methods and prlndples In the appllcable Charlties SORP,. make judgements and estlmates that are reasonable and prudent: state vthether applicable accounting standards have been followed. svbjett to any material departures that must be disclosed and explained in the financial slatements: and prepare the financial statements on a going concern basi5 unle55 it is inappropriat? to presume that the charity will continue in operatron. The tru5tee5 are respon51ble for keeplng proper a¢¢ounting records ihat dls¢lose wlth rea¥Jnable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wtth the Charltles Act 2011, the appllcable Charltles (Accounts and Reports) Re8ulations. and the provisions of thè trust deed. They are also responslble for sateguarding the assets of the charlty and hencefor taking rea59nable Steps for the preventlon and detectlon of fraud and other Irregularities. roved by the trustees on 21 )* Uzt and s18ned bv James M B Cayz*r**Income**
Donations and legacies: donations
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 2022
Transfers between funds
**Total funds carried forward**
9
**at 5 April 2023**|**Unrestricted**
**funds**
**2023**
**£**
25,093
87,529
112,622
(102,574)
(5,580)
(108,154)
—
(108,154)
—
**4,468**
84,112
—
88,580|**Endowment**
**funds**
**2023**
**£**
—
(1,217)
(1,217)
—
—
—
(13,960)
(13,960)
(132,528)
**(147,705)**
2,521,673
—
2,373,968|**Total**
**funds**
**2023**
**£**
25,093
86,312
111,405
(102,574)
(5,580)
(108,154)
(13,960)
(122,114)
(132,528)
**(143,237)**
2,605,785
—
2,462,548|**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_| |---|---|---|---|---|---|---| All income and expenditure is in respect of continuing activities for the current and the previous year. The notes on pages 8 to 11 form an integral part of these financial statements. . 6 The Moo￿leW Charltable Trust WI￿¢• 5hqetat5 Aprl ZOZI To¢•1 UM•strlctsd Endowmwrt fundj fvnds 2022 Totsl fund¥ lunds fund¥ 2021 Not• rimed a55ets Investrnents 1362.611 1362.611 2.441,923 1441.923 Debtors Cash at bankand in hand 5,019 89,141 94,160 5,019 104,048 ItlJ,067 14,9)7 I4￿]7 421 845tJl 17l946 171029 15,5801 13.5501 19,1301 f4.392J (3,7751 141671 within oJ*ywr 88.580 11.357 99.937 84112 79.750 163.862 Net•5xts 1373,968 2,462,548 84,1 2,521673 1605,785 Thefunds ofthe¢hBrtty: Unrestrlrted funds Enckiwrrpntfunds 88.580 88.580 2J73,968 84.112 84.1 152L673 2,373,963 2,522,673 88.58CI 2.373.968 2.461548 84.112 2.521.673 1605.785 4vroved bythe Trustee5 on Z4 J*2014 dl James M B CayEer-Col¥ln EstherA M Cwer-colvln Trwtpe Wllllam L fj Swan Twu51qe The notes on pa£e$ 8 10 11 fomi an InteEtsl partof these Ilnanclal ststements. ## **The Moorview Charitable Trust** ## **Notes to the financial statements for the year ended 5 April 2023** ## **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. 8 ## **The Moorview Charitable Trust** **Notes to the financial statements for the year ended 5 April 2023** ## **3.** ## **4.** ## **5.** ## **6.** |**Investment income**|**2023**|**2022**| |---|---|---| ||**£**|**£**| |UK listed investments|61,858|_40,295_| |Non-UK listed investments|11,927|_10,715_| |Interest income|12,527|_9,434_| ||86,312|_60,444_| |—
All investment income arose in the unrestricted fund in the current and prior years, excepting £1,217 of UK listed||—| |investments accrued income allowances in the current year, and £1,222 of UK listed investments accrued income||| |charges in the prior year.||| |**Donations and grants to institutions**|**2023**|**2022**| |_Grants were made for the following purposes:_|**£**|**£**| |Heritage and culture|20,794|_—_| |Horticulture, environment, and conservation|14,280|_34,780_| |Medical research, treatment, and care|5,000|_5,000_| |Prisoner training and support|62,500|_62,500_| |Education and training|—|_1,000_| ||102,574|_103,280_| |_Recipients of institutional grants:_||| |Fine Cell Work|62,500|_62,500_| |Milton Lilbourne PCC|10,000|_—_| |Salisbury NHS Hospital Charity (Stars Appeal)|5,000|_5,000_| |The Heritage of London Trust|10,794|_—_| |The Royal Horticultural Society|4,280|_4,280_| |World Wildlife Fund|10,000|_—_| |The Mary Hare Foundation|—|_1,000_| |Yorkshire Sculpture Park|—|_30,500_| ||102,574|_103,280_| |**Governance costs**|**2023**|**2022**| |Administration fee|**£**
3,648|**£**
_3,372_| |Independent examination fee|1,500|_1,020_| |Legal and professional fees|432|_480_| ||5,580|_4,872_| |**Investments**|**2023**|**2022**| |Market value at 6 April 2022|**£**
2,441,923|**£**
_2,246,306_| |Additions at cost|206,784|_41,554_| |Disposal proceeds|(153,568)|_(33,615)_| |Net (losses) / gains on revaluation and on disposal|(132,528)|_187,678_| |Market value at 5 April 2023|2,362,611|_2,441,923_| |**Investments at fair value consists of:**|—|_—_| |Listed equities|1,941,274|_1,996,558_| |Listed fixed interest stocks|421,337|_445,365_| ||2,362,611|_2,441,923_| 9 ## **The Moorview Charitable Trust** **Notes to the financial statements for the year ended 5 April 2023** ## **6. Investments (continued)** ## **7.** ## **8.** ## **9.** |**Material investments at 5 April 2023**
Caledonia Investments plc
**Debtors**
Accrued investment income
Other debtors
**Creditors falling due within one year**
Accruals|**Market value**
**£**
406,963
**2023**
**£**
—
5,019
5,019
**2023**
**£**
9,130
—|**% of**
**portfolio**
17.2%
**2022**
**£**
_83_
_—_
_83_
**2022**
**£**
_8,167_
—| |---|---|---| |Of the total accruals, £5,580 (2022 - £4,392) relates to unrestricted funds. £3,550 (2022 - £3,775) relates to
endowment funds.
**The funds of the charity**
**Unrestricted**
**Endowment**
**funds**
**funds**
**2023**
**£**
**2023**
**£**
Opening balance at 6 April 2022
84,112
2,521,673
Income
112,622
(1,217)
Expenditure
(108,154)
(13,960)
Movement in value of investments
—
(132,528)
Closing balance at 5 April 2023
88,580
2,373,968
**Unrestricted**
**Endowment**
**funds**
**2022**
**£**
**funds**
**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_|**Total**
**funds**
**2023**
**£**
2,605,785
111,405
(122,114)
(132,528)
2,462,548
**Total**
**funds**
**2022**
**£**
_2,426,892_
_114,694_
_(123,479)_
_187,678_
_—_
_2,605,785_| |---|---| 10 ## **The Moorview Charitable Trust** **Notes to the financial statements for the year ended 5 April 2023** ## **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**
**2023**
**£**
—
5,019
89,141
(5,580)
88,580
**Unrestricted**
**funds**
**2022**
**£**
_—_
_83_
_88,421_
_(4,392)_
_84,112_|**Endowment**
**funds**
**2023**
**£**
2,362,611
—
14,907
(3,550)
2,373,968
**Endowment**
**funds**
**2022**
**£**
_2,441,923_
_—_
_83,525_
_(3,775)_
_2,521,673_|**Total**
**funds**
**2023**
**£**
2,362,611
5,019
104,048
(9,130)
2,462,548
**Total**
**funds**
**2022**
**£**
_2,441,923_
_83_
_171,946_
_(8,167)_
_2,605,785_| |---|---|---|---| ## **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 £3,648 (2022 - £3,372) was charged by a company of which Mr James Cayzer-Colvin is a director. Legal fees of £432 (2022 - £480) were charged by a partnership of which Mr William Swan is a partner. Trustees made total donations of £25,093 (2022 - £54,250) during the year. 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. 11