Charity registration number NIC 100996 SOUTHWELL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
SOUTHWELL TRUST CONTENTS Page Charty Infomalion Trustees, report Independent examinerfs report Statemenl of financial activities Balance sheet Notes to the finan¢ral statements 7-12
SOUTHWELL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs S Beach Mr M Good Mr J Brownlow Mrs R Ward Charity number NIC 100996 Registered office 58 Myra Road { MAIN) Downpatrick Co Down BT30 7JX Independent examiner Dr R I Peters Gallagher OBE FCA Moore {N.I.) LLP 4th Floor Donegall House 7 Donegall Square North Beifast BT15G8 Bankers Danske Bank 451 Markei street Downpatridr Co Down BT30 6LR Sollcitors Cleaver Futton Rankin 50 Bedford Street Belfast BT2 7FW Investment advisors Brewin Dolphin Limited 12 Smithfield Street London EC1A9BD
SOUTHWELL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees are pleased to present their report together with the financial statements of thè chartty for the year ended 31 December 2022. ThÈ financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trusfs tgoverning documentl, the Charities Act 2011 and "Accounting and Reporting by Charities.- Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activities The principal objective of the Trust is the provision of Almshouses as directed by the Will of Edward Southwell (decea5edl and the maintenance of the Southwell buildings whi¢h are used as Almshouses. The Trustees pursue this objective by the investment of fvnds via stockbrokers and the letting and collection of rents on the property. The current objecttves are to continue wrth the existing activities and to seek funding for the repair of the property owned. The trustees havè paid due regard to guidance issued by the Charity Commission in deciding what aclivilies the twst should undertake. Financial revièw The Trust receives income from a variety of sources. the principal of which is investment income in the form of dividend5, gains on sale of shares and rent received in relation to the Trusys property. Other forms of income can include privale donations and grant funding although these are more infrequent. The Trust had net income for the year of {£45,756), (2021- net income of £35,711). When added to the reseNes brought fOard thè total unrestricted fijnds at 31 December 2022 are £397,523 (2021- £443,279). The Tnjstees mainlain a policy of reviewing the market valLJe of the Trust's assets. Any reduction in the value of the class of assets is included in the Financial Statements. This policy assists the Trusleès in ensuring that the Trust has sufficient reserves to satisfy its objectives. In nearly all equity investment matters, the Trustees act under Ihe advi of Brewin Dolphin Ltd. Investments remained almost entirely in equity shareholdings in public companies during the year ended 31 $1 December 2022. The Trust has a further holding in addition to the Brewin Dolphin portfolio with the Northern Ireland Central Investment Fund for Charities which is managed by the Department for Communities. The satisfaction of the Trust's objectives is dependent on the perfoman¢e of its investments and the Trustees review performance on a regular basis. Risk management The Trustees have conSided the major risks to which the Trust is exposed, those related to the long term operational and financial well-being of Ihe Trust and. whilst keeping the matter under review, arè satisfied that systems are in Pla to mitigate major risks. Structure. govemance and management The Trust is a charity recognised by the Charity Commission for Northem Ireland No. 100996, registered 1 September 2016 and does not have a share capital. The Trust 15 not a company. It was instituted under the Will of Edward Southwell and the tems of the Trust were amended and the Trust is govemed by a Scheme for Administration under the Educalional Endowment5 (Ireland) Act 1885, which Scheme is dated 17th FèbnFary 1934. The Trustees consider the èntire fund to be unrestricted funds. The Trustees listed below all meet as a boafd at least once a year. Less formal meetings are arranged to deal with specific issues as required. The trustees who served during the year and up to the date of signature of Ihe financial statements were-. Mrs S Beach
SOUTHWELL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Mr M Good Mr J Brownlow Mrs R Ward The Trust adopts an open procedure for the appointrnent of Trustee5 (and volunteer5). This indudes expressions of interest invited to existing Trustees and recommendations from existing TTUStees. Public Benefft and Purpose The provision of almshouse accommodation for those in need provides an identifiab18 public benefft which is diredy in line with the Southwell Trusfs aims. Beneficiaries of almshouse accommodation in the Southwell Trust must be in need and will be drdwn from that section of the public that is elderly or suffering from leaming disabillty. There is a benefft for such people as they are comfortably housed at a nominal cost. This can be demonstrated by ihe fact that during the last 250 or so years, elderly or vulnerable people have been able lo live in a sheltered 8nvironment until they die or can no longer look after themselves. We cannot record or anticipate any harm arising from providing such people wrth safe accommodation in the care of a warden. The only private benefits that arise a received by the warden of the Alfflshouses and his wife who reside rent free in a dwelling house on the site of the Almshouse. This house is occupied by the warden and his family on the condition that they keep the Almshouse and premises in a good state and are available to look after the Sidents should they require assistan at any time. The alarm system for the flats is centred in this house. The warden is otherwise unpaid unless some exceptional problem should arise and demand additional work on his part He keeps the grounds and buildings in a good stste which would otheThvise require the Trustees to 8mploy someone. knkewise. a warden is required for the residents at nighL Plans for Future Periods As in previous years, the Trustees. main objective will be the maintenance, repair and upkeep of the Southwell Buildings. To this end, repair work to some windows and the tower is cUrrenY undeThvay. Vth some more work planned. The Trustees will continue to work dosely with our stockbrokers, Brewtn Dolphin. The portfolio is the Trust's principal source of financing any repair work that might need to be carried out in the year ahead. The Trustees, report was approved by the Board of Trustees. Mr M Good Trustee Dated.. 27 October 2023
SOUTHWELL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTHWELL TRUST I report on the financial stslements of the trust for the year ended 31 December 2022, whith are sel out on pages 5 to 12. Respective responsibilities of trustees and examiner As the charity's trustees you are responsible for the preparation of the accounts in a¢cordance with the Charities Act (Northern Ireland) 2008. It is my responsibilty to.. examine the accounts under section 65 of the Charities Act follow the procedures laid down in the general direclions given by the Charity Commission for Northern Ireland under section 65{9){b) of the Charities Act to state whether particular matters have come to my attention. Basls of independent examlnerfs report I have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with Ihe gÈnÈral Directions given by the Charity Commission for Northern Ireland under section 65{9)Ibl of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of Ihe accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to our attention gtving us cause to believe.. 1. That ac¢ounting records were not kepl in accordan wrth section 83 of the Charities Act 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of the Charities Act 4. That there is further information needed for a proper underslarbding of Ihe accounts to be reached. Independent examinerfs statement I have completed our examination and have no concems in respect of the matters (1> to {4) listed above and, In connection with following the Directions of the Charity Commission for Northern Ireland. wè have found no matters that require drawing to your attention. Dr R I Peters Gallagher OBE FCAIFellow of Chartered Accountants Ireland for and on behalf of Moore (N.1.) LLP 4th Floor Donegall House 7 Donegall Square North Belfast BT15GB Dated.. 27 October 2023
SOUTHWELL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Unrestrictèd funds funds 2022 2021 Notes Income and endowments from: Income from charitable activities Investmenls Olher income 8,584 10,510 250 12,792 9,576 Total income 19,344 22,368 enditure on: Charitable activities 23,266 17,529 Other 4.143 4,184 Total resources expended 27,409 21,713 Net gain(loss) on inveslments 10 (37,691) 35,056 Net movement in funds (45,756) 35,711 Fund balances at 1 January 2022 443,279 407,588 Fund balances at 31 December 2022 397,523 443,279 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing acttvities.
SOUTHWELL TRUST BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Fixed assets Investments 13 368,616 407.832 Current assets Debtors Cash at bank and in hand 15 7,890 22,457 3.608 33.279 30,347 Creditors." amounts falling due wlthin one year 36.887 16 (1,440) (1.4401 Net current assets 28,907 35,447 Total assets less current liabilities 397,523 443.279 Income funds Unrestricted funds 397.523 443.279 397,523 443,279 The financial statements were approved by the Trustees on 27 0(Aober 2023 Mr M Good Trustee
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Charity inforniation The Southwell Trust is a public benefit entty and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 58 Myra Road. Downpatrick, Co. Down. BT30 7JX. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charities Acl {Northern Ireland) 2008 and 2013 and 'Accounting and Reporting by Chartties.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Finanoal Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102). (as amended for accounting periods commencing from 1 January 2018). The charity has taken advantage of thè provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the fvnctional currency of the charity, Monetary amounts in these financial statements are rounded to the nearest £. The principal accounting policies adopted are set out below. 1.2 Going concern At the lime of appromng the financial statements, the trustees have a reasonable expectation thal the trust has adequate resources to continue in operational existence for the foreseeable fvture. Thus the trustees continue to adopt the going COnM basis of accounting in preparing the financial ststements. 1.3 Charitable funds Unrestricted fvnds are available for use at the discretion of the tnjstees In furtherance of their charitable objectives. Reslricted funds a subject to spectfic conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capilal must be maintsined by the trust. 1.4 Income In¢ome is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on ceIPt. Other donations are recognised On the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tsx recoverable in relation to donations received under Gifi Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise rf the trust has been notified of an impending distribution, the amount is known, and reIpl is expected. If the amount is not known. the legacy is trealed as a contingent asset.
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued} Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be requirèd in settlement, and the amount of Ihe obligation can be measured reliably. Expenditure is classffied by actimty. The costs of each activty are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are nol attributable to a single activtty are apportioned between those activities on a basis consistent Wtlh the use of resources. Central staff cosls are allocated on the basis of time spent, and depreciation Charges are allocated on the portion of the asset's use. 1.S Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al fair value at each reporting dale. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction costs are expensed as incurred. 1.6 Cash and cash equivalents Cash and cash equivalents inciude cash in hand. depostts held at call with banks, other short-term liquid investments with original maturilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial Instruments The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 10210 all of its financial instruments. Financial instruments are recognised in the trusfs balan sheet when Ihe trust becomes paty to Ihe contradual provisions of the instrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settlè on a nel basis or to realise the asset and settle the liabilty simultaneousty. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using thè effective interest method unless the arrangement constitules a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Finanaal assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initialty recognised at transaction price unless the arrangement constilutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities ¢lassified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effectwe interesl rate method. Trade creditors are obligations to pay for goods or seplices that have been acquired in the ordinary course of operations from suppliers. Amounls payable are classified as tUent liabililies if payment is due wtthin one year or less. If not, they are presented a5 nOn-cUenl liabilities. Trade creditors are recognised irbitially at Iransaclion price and subsequently measured at amortised cost using the effective interest method.
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) Derecognition of financial liabilitles Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the trusvs accounting policies. the trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual su11$ may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fijture periods where the revision affects both current and future periods. Income from charftable activities Unrestricted funds 2022 Unrestricted funds 2021 Rent 8,584 12.792 Investrnents Unrestricted Unrèstricted funds funds 2022 2021 Income from listed investments Interest receivable 10,503 9,566 10 10.510 9,576 Other income Unrestricted funds Totsl 2022 2021 Other income 250
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Other income {Continued) Charitsble activlties Charitsble Charitsble Expenditure Expenditure 2022 2021 Maintenance Insurance Rates Electricty Rental expenses 19,078 1,823 1,773 20 572 11,990 1,726 1,754 1,939 120 23,266 17,529 23,266 17,529 Trustses None of the Irustees (or any persons connected with them) received any remuneration or benefits from the trust during the year. Employees The average monthly number of èmployees during the year was.. 2022 Number 2021 Number Total There were no employees whose annual remuneration was more than £60,000. Expenditure on other activities Unrestricted Unrestricted funds funds 2022 2021 stockbroker Maintenan fees Accounting Bank fees Other expenditure 3,009 720 32 382 3,171 720 112 181 4,143 4,184 10-
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10 Net gains on investments Unrestricted Unrestricted funds funds 2022 2021 Revaluation of investments Gainl{loss) on sale of investments {39,216) 1,525 34,801 255 137,691) 35.056 11 Taxatlon The charity is exempt from tax on income and gains falling wtthin section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 12 Heritage assets The Southwell land and historic buildings are A1 listed buildings which were built in the 1700s. They provide Almshouses for the elderly and vulnerable. The Southwell land and buildings were donated to the Trust by the Will of Edward Southwell, wilh the principal objective of the provision of Almshouses and the Maintenan of the Southwell buildings which are still used for Almshouses. The Southwell land and buildings are not included within the Southwell Trust's financial stalements. 11
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 13 Fixed asset investments Brewin Dolphin DHSS Charity Total Cost or valuation At 1 January 2022 Valuation changes 336,616 {30,533) 71.216 (8,683) 407,832 {39,216) At 31 December 2022 306,083 62,533 368,616 Carrying amount At 31 December 2022 306,083 62,533 368,616 At 31 December 2021 336,616 71,216 407,832 14 Financial instruments 2022 2021 Carrying amount of financial assets Instruments measured at fair value Ihrough profit or loss 368,616 407,832 15 Debtors 2022 2021 Amounts falling due within one year. Trade debtors Prepayments and accrued income 5,839 2,051 1,666 1,942 7,890 3,608 16 Creditors: amounts falling due within one year 2022 2021 Accruals and deferred income 1,440 1,440 17 Related party transactions The trustees did not receive any remuneration or daim any expenses during the year. 12-