Charity registsation number NIC 100996 SOUTHWELL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SOUTHWELL TRUST CONTENTS Page Charty Information Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to Ihe financial ststements 7-13
SOUTHWELL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs S Beach Mr M Good Mr J Brownlow Mrs R Ward Charlty number NIC 100996 Registered office 58 Myra Road ( MAIN) Downpatrtck 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 Belfast BT15GB Bankers Danske Bank 451 Market Street Downpatrick Co Down BT30 6LR Solicitors Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW Investment advisors Brewin Dolphin Limited 12 Smithfield Street London EC1A 9BD
SOUTHWELL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are pleased to present their report together wrth the financial statements of the charty for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial slatements and comply with the Trust's governing documenl. the Charitie5 Act (N.I.) 2008 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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 direcled by the Will of Edward Southwell {deceased} and the maintenan¢e of the Soulhwell buildings whith are used as Almshouses. The Trustees pursue this objective by the inveslment of funds via stockbrokers and the letting and colleclion of rents on the property. The current objectives are to continue with the existing activities and to seek funding for the repair oflhe propety owned. The Trustees have paid due regard to guidan issued by the Charity Commission in deciding what activities the Trust should undertake. Financial review The Trust receives income from a variety of sources. the principal of which is investment income in the fom of dividends, gains on sale of shares and rent received in relation to the Trusfs property. Other forms of income can include private donations and grant funding although these are more infrequenl. The Trust had net expendtture for the year of (8.978), (2022- net expenditure of {£45.756}. When added to the reserve5 brought forward the total unrestricted fijnds at 31 Decernber 2023 are £388.$46 {2022 - £397.523). The Trustees maintain a policy of reviewing the market value of the Trust's assels. Any reduction in the value of the class of assets is induded in the Financial Statements. This policy assists the Trustees in ensuring that the Trust has sufficient reseTves to satisfy its objectives. In nearfy all equity inveslmenl matters, the Trustees act under the advi of Brewn Dolphin Ltd. Investments remained almost entirely in equity shareholdings in public companies during the year ended 31 December 2023. The Trust has a further holding in addition to the Brewin Dolphin portfolio with Ihe Northern Irèland Central Investmènt Fund for Charities which is managed by the Department for Communities. The satisf8Ction of the Trust's objectives is dependent on the performance of its investments and the Trustees review perfomiance on a regular basis. Risk management The Trustees have considered the major risks to which the Trust is exposed, those related to the long temi operational and financial well-being of the Trust and. whilst keeping the matter under review, are satisfied that systems are in place to mitigate major risks. Structure, governance and management The Trust is a charity recognised by Ihe Charity Commission for Northem Ireland No. 100996, registered 1st September 2016 and does not have a share Capital. The Trust is not a company. It was instituted under Ihe Will of Edward SouthweS1 and the tems of the Trusl We amended and the Trust is govemed by a Scheme for Administration under the Educalional Endowments (Ireland) Act 1885. whith Scheme is daled 1Ph February 1934. The Truslees consider the entire fund to be unreslricted funds. The Trustees listed below all meet as a board 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 the finanual statements were.. Mrs S Beach
SOUTHWELL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Mr M Good Mr J Brownlow Mrs R Ward The TNst adopts an open procedure for the appointrnent of Trustees (and volunteets). This indudes expressions of interest invited to existing Trustees and recommendations from estIng Twstees. Publle Benefft and Purpose The provision of almshouse accommodation for those in need prowdes an identifiable public benefit which Is direcdy in line wrth the Southwell Trusfs aims. Beneficiaries of almshouse accommt)dation in the Southwell Trust must be in need and will be drawn from that section of the public that is elderfy or suffering from leaming disability. There is a benefft for such people as they are ¢ornfortabty housed at a nominal cost. This can b8 demoftstrated by the fact that during the last 250 or so years, eldedy or vulnerdble people have been able to live in a sheltered environment until they die or can no longer look after themselves. We cannot record or anticipate any harm arising from providing such people wtth safe accommodation in the care of a warden. The only private benefits th8t arise are received by the warden of the Almshouses and his wife who reside rent free in a dwelling house on the site of the Almshouse. This house is (rcupied by the warden and his family on th8 condition that they keep the Amshouse and premises in a good stste and are available to look after the residents should they require assistance at any time. The alarm system for the Ilats is centred in this house. The warden is otherwise unpaid unless som8 exceptional problem should arise and demarKI additional work on his parL He keeps the grounds and buildings in a good stste which would othenvise require the Trustees lo employ someone. Likewise. a warden is required for the restdents at nighL Plans for Future Perlods The main objective for the tnjstees for 2024-2025 will conts'nue to be the maintenanlx, repair and upkeep of the Southwell buildings. The Trustees had a rewt meeting at the Southwell and inspected the buildings and our current focus is a number of roof and window repairs and repairs to the house at 48 English Street following recent water leak with a view lo re4etting the property to raise income for the TrusL The Trustees shall continue to work dosely with our stockbrokers Brewin Dolphin. The Truslees, report was approved by the Board of Trustees. Mr M Good Trustee Dated: 25 October 2024
SOUTHWELL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTHWELL TRUST I report on the financial statements of the Trust for the yèar ended 31 December 2023, which are set out on pages 5 10 13. Respective responsibilities of Trustees and examiner As the charity's trustees you are responsible for the preparation of the accoLtnts in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibility to.. Èxamine the accounts under section 65 of the Charities Act follow the prOdureS laid down in the general directions given by the Charity Commission for Northern Ireland under section 65{9)(b) of the Charities Ad to state whether particular matters have come to my attention. Basis of independent examinerfs 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 the general Directions given by the Charity Commission for Northern Ireland under section 65(9){b) of the Charities Acl. My examination included a rewew of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideralion of any unusual ilems or dis¢losures in the accounts. and Seeng explanations from you as charity truslees concerning any su¢h matters. My role is to state whether any material matters have come to our attention giving us cause to believe: 1. That accounting records were nol kept in accordance with section 63 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 A¢t 4. That there is further information needed for a Proper undetstanding of the accounts lo be 3¢hed. Independent examinerfs statèment I have completed our examinalion and have no ncernS in respect of the matters (1) to (4) listed above and, in connedion wilh following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. Dr R I Peters Gallagher OBE FCAJFellow of Chartered Accountants Ireland for and on behatf of Moore (N.I.) LLP 4th Floor Donegall House 7 Donegall Square North Belfast BT15GB Dated: 25 October 2024
SOUTHWELL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Unrestricted funds fund5 2023 2022 Notes Income and endowments from: Income from charitable ackn"vities Investments Other income 9,180 11,929 8,584 10,510 250 Totsl income 21,109 19,344 enditure on: Charitable activitiès 13,946 23,266 Other 4,390 4.143 Total resources expended 18,336 27,409 Net loss on investments 10 111,7501 (37,691) Net movement In funds {8,9771 (45,756) Fund balances at 1 January 2023 397,523 443,279 Fund balances at 31 December 2023 388,546 397,523 The statement of financial actiwties incjudes all gains and losses recognised in the year. The statement of financial acttvitres indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
SOUTHWELL TRUST BALANCE SHEET AS A T31 DECEMBER 2023 2023 2022 Notes Fixed assets Investments 13 364.703 368,616 Current assets Deblofs Cash at bank and in hand 15 4,809 20.546 7.890 22.457 25.355 30,347 Creditors: amounts falllng due within one year 16 {1,512) (1,440) Net current assets 23,843 28,907 Total assets less current liabtitties 388,546 397,523 Not assets 388.546 397,523 The funds of the Trust Unrestricted funds 388.546 397,523 388,546 397,523 The financial statem8nts were approved by the Trustees on 25 October 2024 Mr M Good Trustse
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity inforniation The Southwell Trust is a public benefit enlty and a registered charity in Northem Ireland and is unincorporatèd. The address of the principal offits is 58 Myra Road, Downpatrick, Co. Down. BT30 7JX. 1.1 Accounting convention The financial ststements have been prepared in accordance with the Charities Act (Northem Ireland) 2008 and 2013 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° (as amended for accounting periods commencing from 1 January 2016}. The charity has taken advantage of the provisions in the SORP for charities apptying FRS 102 Update Bullètin 1 not to prepare a Statement of Cash Flows. The financial statemenls are prepared in sterling, which is the funclional currency of the charity, Monetary amounts in these financial statements are rounded to the neast £. The principal accounting polictes adopted are set out below. 1.2 Going concern At the lime of approving the financial statements. the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existen for the foreseeable future. Thus the Trustees continue to adopt the going conrn basis of accounting in preparing the financial statemenls. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the Trustees in fvrtherance of their charitable objectives. Restricted funds are subject to specffic condttions by donors or granlors 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 capital must be maintained by the Tnjst. 1.4 Income Income is recognised when the Trust is legally enlitled lo it after any performance conditions have been met, Ihe amounts can be measured reliably. and it is probable that income will be reived. Cash donations are recognised on reipt. Other donations are recognised once the Trust has been notffied of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift 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 receipt is expected. If Ihe amount is not known. the legacy is treated as a contingent asset.
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued} Expenditure is recogni5ed once there is a legal or constructive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic beneffts will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is dassified by adivity. The cost5 of each activty are made up of the tolal of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly io that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consislenl with the use of reSoUs. Central staff costs are allo¢ated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.5 Fixed asset Investments Fixed asset investments are inttially measured at transaction PTice excluding transaction costs. and are subsequently measured al fair value al each reporting date. 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 include tssh in hand, deposits held at call with banks, Other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdralis are shown within borrowings in current liabililies. 1.7 Financial instruments The Trust has elected to apply the provisions of Section 11 'Basi¢ Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trusvs balan sheet when the Trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the finanual statements, when there is a legally enforceable right to set off the recognised amounls and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets 8asic financial assets, which indude debtors and cash and bank balances, are initially measured at transaction price induding transaction cosls and are subsequently carrièd at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at thè present value of the future receipts discounted al a market rate of interest. Financial assets classified as re1vable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are inttially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt inslrument is measured at the present value of the future payments discounted at a market rale of intèrest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective inlerest rate method. Trade creditors are obligations to pay for goods or seM¢es that have been acquired in the ordinary course of operations from suppliers. Amounts payable a classified as cent liabililies rf payment is due wtthin one year or less. If not, they are presented as non-current liabililies. Trade creditors are recognised initially at transaclion pri 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 2023 Accounting policles (Continued) DecOgnition of financial liabilities Financial liabilities are derecognised when the Tnjsys conlractual obligations expire or are discharged or cancelled. Crttical accounting estimates and judgements In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimales and assumptions about the carying amounl of assets and liabilities that are not readily apparent from other sources. The estimales and associated assumplions are based on historical experience and other factors thal are considered to be felevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are re¢ognised in Ihe period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fvture periods where the revision affects both current and future periods. Income from charitable activities Unrestricted funds 2023 Unrestricted funds 2022 Rent 9.180 8.584 Investments Unrestricted Unrestricted funds funds 2023 2022 Income from listed investments Interest receivable 10,692 1,237 10,503 11,929 10,510 Other income Unrestrrcted Unrestricted funds funds 2023 2022 Other income 250
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities Charitable Charitsble Expenditure Expenditure 2023 2022 Maintenance Insuran Rates Electricty Rental expenses 10.750 1,951 1,845 16001 19,078 1,823 1,773 20 572 13,946 23,266 13,946 23,266 Trustees None of the Trustees (or any persons connected with them) reiVed any remuneration or benefits from Ihe Trust during the year. Employees The average monthly number of employees during the year was: 2023 Number 2022 Number Total There were no employees whose annual remuneration was rn0 than £60,000. Expenditure on other activities Unrestricted UnTrstrictsd funds funds 2023 2022 Stockbroker maintenance fees Accounting Bank fees Other expenditure 3,565 756 33 36 3,009 720 32 382 4.390 4.143 10-
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Net gains on investments Unrestricted Unrestricted funds funds 2023 2022 Revaluation of investrnents Gainl{loss) on sale of investments 111,536) 1214) {39,216) 1,525 {11,750) <37,691) 11 Taxation The charty is exempt from taxation on its acttvities because all its income is applied for charitable purposes. 12 Heritage assets The Southwell land and historic buildings are A1 listed buildings which were built in thè 1700s. They promde Almshouses for the elderly and vulnerable. The Southwell land and buildings were donated to Ihe Trust by Ihe Will of Edward Southwell, with the principal objectivè of the provision of Almshouses and the maintenance of the Southwell buildings which are slill used for Almshouses. The Southwell land and building5 are not included within the Southwell Trust's financial slalernents. 11
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Fixed asset investments Brewin Dolphin NICIF Total Cost orvaluation At 1 January 2023 Additions Valuation changes Disposals 306,083 12,671 {15,163) (5.048) 62,533 368,616 12.671 111,536) (5,048> 3.627 At 31 December 2023 298.543 66,160 364,703 Carrying amount Al 31 December 2023 298,543 66,160 364,703 Al 31 December 2022 306,083 62,533 368.616 14 Financial instruments 2023 2022 Carrying amount of financial assets Instruments measured at fair value Ihrough profft or loss 364,703 368,616 15 Debtors 2023 2022 Amounts falling due within one year: Trade debtors Prepayments and accrued income 2.623 2,186 5,839 2.051 4.809 7,890 16 Crèditors: amounts falling due within one year 2023 2022 Accruals and deferred income 1,512 1,440 12-
SOUTHWELL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Unrestricted funds The unrestricted fvnds of the Gharity comprise the unexpended balances of donations and grants which are not subject to specific condtiions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2023 Incoming resources Resources expended Gains and losses At31 December 2023 General funds 397,523 21,109 118,336} {11,750) 388,546 Previous year: At 1 January 2022 Incoming resources Resources expended Gains and losses At31 December 2022 General fund5 443.279 19.344 {27.409) (37,691) 397,523 18 Related party transactlons The truslees did not recep4e any remuneration or claim any expenses during the year. 13-