Post on 04-Feb-2022
Charity Registration No. 263952
DENNIS CURRY'S CHARITABLE TRUST T49
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
DENNIS CURRY'S CHARITABLE TRUST T49
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees A. S. Curry
P. R. Edmond
M. Curry-JonesP. A. Curry
Charity number
Principal address
263952
4th Floor
Imperial House15 KingswayLondon
WC28 6UN
Independent Examiner Alliotts
Imperial House15 Kingsway
London
WC28 6UN
Investment advisors Investec Wealth & Investment
2 Gresham StreetLondon
EC2V 7QP
DENNIS CURRY'S CHARITABLE TRUST T49
CONTENTS
Page
Trustees' report
Independent examiner's report
Statement of financial activities
Balance sheet
Notes to the accounts 7-13
Schedule of Investments 14-19
DENNIS CURRY'S CHARITABLE TRUST T49
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2017
The charity was established by a charitable trust deed on 15th October 1971 by Mr Dennis Curry and wasregistered with the Charity Commission on 14th June 1972 as a charity for general charitable purposes,
The accounts have been prepared in accordance with the accounting policies set out in note 1 to th e accountsand comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting byCharities: Statement of Recommended Practice applicable to charities preparing their accounts in accordancewith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amendedfor accounting periods commencing from 1 January 2016)
Objectives and activitiesThe objects of the charity are to support a wide range of general charitable causes, in adherence to thesettlor's wishes, and there has been no change in these during the year.
Investment policyThe charity holds investments whose market value is in excess of F4,2 million. The objectives are to achieve abalanced return from income and capital growth sufficient to fund the grants given whilst maintaining the valueof the fund in real terms.
There are no instructions to the stockbroker to have regard to any specific ethical, environmental or socialconsiderations when deciding investment strategy.
RiskThe trustees actively review the major risks which the charity faces on a regular basis and believe thatmaintaining the charity's fee reserves at a sufficient level, combined with an annual review of financialsystems, will provide sufficient resources in the event of adverse conditions. The trustees believe adequatesystems are in place that will mitigate any significant operational risks which the charity might face.
Public benefitThe charity supports a wide range of general charitable causes through which the public benefits, Thetrustees have paid due regard to guidance issued by the Charity Commission in deciding what activities thecharity should undertake.
Achievements and performanceThe charity expended in grants 53.2% of its incoming resources during 2016/17, Some recipients of grants inthe previous year were included in the 2016/17 grant allocation. The trustees believe that they award grants toa sufficient cross-section of charities in adherence to the wishes of the settlor.
Financial reviewunrestricted funds: The trustees distributed F50,500 (2016: 34,500) as donations out of an available surplusof 287,293 (2016: F83,710). Support costs amounted to E4, 310, Realised loss on disposal of investmentsamounted to F1,249 compared to a gain on disposal of F8,064 in the previous year. Unrealised gains oninvestments during the year were f19,264 compared to a loss of F4,614 in the previous year. After realisedand unrealised losses the net movement in funds of f54,808 is added to the balance brought forward to giveE?87,664 (2016.' E?32,856),
Endowment funds: Investment management costs amounted to F22, 889 (2016; f22, 074). Realised gain ondisposal of investments amounted to F36,905 compared to a loss on disposal of F1?,005 in the previous year.Unrealised gains on investments during the year were 2523,813 compared to a loss of 6208,624 in theprevious year. After realised and unrealised losses the net movement in funds of F537,829 is added to thebalance brought forward to give F3,468,515 (2016; E2,930,686).
Note 14 sets out an analysis of the assets attributable to the various funds, These assets are sufficient tomeet the charity's obligations on a fund by fund basis.
OENNIS CURRY'S CHARITABLE TRUST T49
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRlL 2017
ReservesThe charity utilises its funds to award grants to certain organisations. The level of reserves held has beensuch as to enable future grant awards to be met and to enable sufficient income to be generated so thatreserves would not be depleted by any future grants that may be awarded in excess of income generated.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems arein place to mitigate any exposure.
Structure„governance and managementThe objects of the charity are to support a wide range of general charitable causes, in adherence to thesettlor's wishes, and there has been no change in these during the year.
M Curry-Jones has sole power of appointment.
Reference and administrative
The trustees who served during the year were:AS Curry
P R Edmund
M Curry-JonesP A Curry
The charity registration number 263952
Principal address4th FloorImperial House15 KingswayLondon, WC2B 6UN
Independent ExaminerAlliotts
Imperial House15 KingswayLondon, WC2B 6UN
Investment advisorsInvestec Wealth & Investment2 Gresham StreetLondon
EC2V 7QP
DENNIS CURRY'S CHARITABLE TRUST T49
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2017
Statement of trustees' responsibilitiesThe trustees are responsible for preparing the Trustees' Report and the accounts in accordance withapplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccountingPractice),
The law applicable to charities in England and Wales requires the trustees to prepare accounts for eachfinancial year which give a true and fair view of the state of affairs of the charity and of the incoming resourcesand application of resources of the charity for that year,
In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departuresdisclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity willcontinue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracyat any time the financial position of the charity and enable them to ensure that the accounts comply with theCharities Act 2011, the Charity (Accounts and Reports) Regulations 200S and the provisions of the trust deed.They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
A S Curry
Dates:. ..+) t.f..i..lf.
M CurrydonesTrusteeDated; ...!X.... .... . .... . .
P R EdmondTrusteett ate~:!P.:-.. r.'./. ...!.,rs.
P A CurryTrustee
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DENNIS CURRY'S CHARITABLE TRUST T49
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF DENNIS CURRY'S CHARITABLE TRUST T49
I have examined, without carrying out an audit, the accounts for the year ended 5 April 2017 set out on pages3 to 9, as required by Section 43 of the Charities Act 1993 and in accordance with the directions given by theCharity Commissioners under Section 43(7)(b) of that Act.
Respective responsibilities of trustees and examinerThe charity's trustees are responsible for the preparation of the accounts, The charity's trustees consider thatan audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that anindependent examination is needed,
It is my responsibility to:(i) examine the accounts under section 145 of the 2011 Act;(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under
section 145(5)(b) of the 2011 Act; and
(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's reportI conducted our examination in accordance with the General Directions given by the Charity Commissionersunder Section 43(7)(b) of the Charities Act 1993. This examination consisted of comparing the accounts withthe accounting records kept by the Trustees and making such limited enquiries of the Trustees as I considerednecessary for the purposes of the report.
The examination was not an audit conducted in accordance with Auditing Standards. Accordingly, I do notexpress an audit opinion on the accounts. Therefore, the examination does not provide any assurance thatthe accounting records and the accounts are free from material misstatement.
Independent examiner's statementYour attention is drawn to the fact that the charity has prepared accounts in accordance with Accounting andreporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicablein the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities:Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations buthas now been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordancewith Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January2015.
In connection with my examination, no matter has come to my attention;1, which gives me reasonable cause to believe that in, any material respect, the requirements:- to keep accounting records in accordance with section 130 of the Charities Act; and- to prepare accounts which accord with the accounting records and comply with the accounting requirements
of the Charities Act have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of theaccounts to be reached.
Nigel Armstrong FCAChartered Accountant
Dated LR 6~g~l x
AlliottsImperial House15 Kingsway
London, WC2B 6UN
DENNIS CURRY'S CHARITABLE TRUST T4S
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2017
Notes
Unrestricted Endowmentfunds funds
E
Total2017
E
Total2016
Income from:Investments 94,963 94, 963 91,840
Total income 94,963 94,963 91,840
Expenditure on:Raising fundsCharitable activitiesOther
50,5007,670
22, 889 22, 88950,500
7,670
22, 07434,500
8, 130
Total expenditure
Net income/(expenditure)
58, 170
36,793
22, 889
(22, 889)
81,059
13,904
64,704
27, 136
Net gains/(losses) on investments
Net movement in funds
18,015 560,718 578,733 (222, 179)
54,808 537,829 592,637 (195,043)
Reconciliation of funds:Total funds brought forward 732,856 2,930,686 3,663,542 3,858,585
Total funds carried forward 787,664 3,468,515 4,256, 179 3,663,542
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities,
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DENNIS CURRY'S CHARITABLE TRUST T49
BALANCE SHEET
As AT 5 APRIL 2047
Notes2017
F2016
F
Fixed assetsinvestments 10 4,262, 966 3,667, 163
Current assetsDebtors 12 793 3,129
Creditors: amounts falling due within 13one year (7,580) (6,750)
Net current liabilities (6,787) (3,621)
Total assets less current liabilities 4,256, 179 3,663,542
The funds of a charity:
Endowment funds - general
Unrestricted funds
3,468,515
787,664
4,256, 179
2,930,686
732,856
3,663,542
The accounts were approved by the Trustees on Q. ...l. ...M. f.k
AS Curry
TrusteeDated'. . .+. .. I . -"lg
/~(a ~~& Qe~M urry-Jones
/) ' P /7
7
P R Edmond
Trustee,Dated: !.7... . ..t('/. . . .:.I7
P A Curry
TrusteeDated:. .lit. . .jl. . .g..
Charity Registration No. 263952
DENNIS CURRY'S CHARITABLE TRUST T49
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
Accounting policies
Charity informationDennis Curry's Trust T49 is an unincorporated charity trust registered with the Charity Commission inEngland and Wales with registration number 263952. The charity's registered address is 4th Floor, ImperialHouse, 15 Kingsway, London, WC2B 6UN.
Accounting conventionThe accounts have been prepared in accordance with the charitable trust's governing document, theCharities Act 2011 and "Accounting and Reporting by Charities; Statement of Recommended Practiceapplicable to charities preparing their accounts in accordance with the Financial Reporting Standardapplicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods ccommencingfrom 1 January 2016). The charitable trust is a Public Benefit Entity as defined by FRS 102.
The charitable trust has taken advantage of the provisions in the SORP for charities applying FRS 102Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to theextent required to provide a true and fair view. This departure has involved following the Statement ofRecommended Practice for charities applying FRS 102 rather than the version of the Statement ofRecommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts inthese financial statements are rounded to the nearest E.
The accounts have been prepared under the historical cost convention, The principal accounting policiesadopted are set out below.
These accounts for the year ended 5 April 2017 are the first accounts of Dennis Curry's Charitable TrustT49 prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK andRepublic of Ireland. The date of transition to FRS 102 was 6 April 2015. The reported financial position andfinancial performance for the previous period are not affected by the transition to FRS 102.
Going concernAt the time of approving the accounts, the trustees have a reasonable expectation that the charity hasadequate resources to continue in operational existence for the foreseeable future, Thus the trusteescontinue to adopt the going concern basis of accounting in preparing the accounts,
1.3 Charitable fundsUnrestricted funds are available for use at the discretion of the trustees in furtherance of their charitableobjectives unless the funds have been designated for other purposes.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by thecharity.
1.4 Incoming resourcesIncome is recognised when the charity is legally entitled to it after any performance conditions have beenmet, the amounts can be measured reliably, and it is probable that income will be received.
All incoming resources incurred by the endowment funds during the year has been allocated to theunrestricted funds.
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DENNIS CURRY'S CHARITABLE TRUST T4S
NOTES TO THE FINANCIAL STATEINENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2017
Accounting policies (Continued)
1.5 Resources expendedAll revenue expenditure incurred by the charity during the year has been charged to the Statement ofFinancial Activities.
Included within costs of charitable activities are support costs, which comprise costs for processing grantsand applications; governance costs are those incurred in the running of the charity itself as an organisation,Irrecoverable VAT is charged against the category of expenditure for which it was incurred,
1.6 Fixed asset investmentsFixed asset investments are initially measured at transaction price excluding transaction costs, and aresubsequently measured at fair value at each reporting date. Changes in fair value are recognised in netincome/(expenditure) for the year. Transaction costs are expensed as incurred.
Stocks and shares quoted on the London Stock Exchange are shown at their market value at the balancesheet date including, in respect of fixed interest securities, accrued interest.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains andlosses are calculated as the difference between sales proceeds and opening market value (or purchasedate if later), Unrealised gains and losses are calculated as the difference between the market value at theend of the year and opening market value (or purchase date if later). Realised and unrealised gains andlosses are not separated in the Statement of Financial Activities.
1.7 Cash and cash equivalentsCash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquidinvestments with original maturities of three months or less, and bank overdrafts, Bank overdrafts areshown within borrowings in current liabilities.
Financial instrumentsThe charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 'l2'Other Financial Instruments Issues' of FRS 102 to al! of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to thecontractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, whenthere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on anet basis or to realise the asset and settle the liability simultaneously.
Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using theeffective interest method unless the arrangement constitutes a financing transaction, where the transactionis measured at the present value of the future receipts discounted at a market rate of interest. Financialassets classified as receivable within one year are not amortised.
Basic financial liabilitiesBasic financial liabilities, including creditors, are initially recognised at transaction price unless thearrangement constitutes a financing transaction, where the debt instrument is measured at the presentvalue of the future payments discounted at a market rate of interest, Financial liabilities classified aspayable within one year are not amortised.
-8-
DENNIS CURRY'S CHARITABLE TRUST T49
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2017
1 Accounting policies (Continued)
Oerecognition of financial liabilitiesFinancial liabilities are derecognised when the charity's contractual obligations expire or are discharged orcancelled.
1.9 DistributionsIn certain cases, distributions may be made from the Permanent Endowment Fund for charitable purposesas may be directed by the settlor in writing whether by deed, will, codicil or otherwise.
If the capital and income of the Trust has not been disposed of at the appointed date fifty years from thecommencement of the trust, the then trustees will have twelve months to dispose of the remaining funds forcharitable purposes,
2 Critical accounting estimates and judgements
The trustees consider that there are no critical judgements or key sources of estimation uncertainty in theaccounts.
3 Investments
2017 2016
Income from listed investmentsFixed interestInterest from stockbroker
94,604355
4
78,87312,300
667
94,963 91,840
4 Raising funds
2017 2016
Investment management 22, 889 22, 074
DENNIS CURRY'S CHARITABLE TRUST T49
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2017
5 Charitable activities
Donations:Berkshire, Buckinghamshire & Oxfordshire Wildlife TrustCancer Research UK
CancerwiseEarth Science DepartmentFriends of Chichester Hospital
Galapagos Conservation Trust
Medicins Sans FrontieresNational Museum of ComputingThe Open Spaces SocietyRedR UK
ScannappealSt Wilfrid's Hospital
University of Glasgow Trinidad ExpeditionUniversity of Oxford - Dept. of Zoology, Wildlife Conservation ResearchUnit
2017E
50030,000
1,0001,000
500
1,0005,0001,500
10,000
50, 500
2016
2,0005, 0003,000
5001,5005,000
5005,000
12,000
34,500
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from thecharity during the year,
7 Employees
There were no employees during the year or preceding year.
8 Other costs
2017 2016
Administration feesIndependent examiner's feeAccountancy
4,3102, 1601,200
5,3712,039
720
7,670 8, 130
DENNIS CURRY'S CHARITABLE TRUST T49
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2017
9 Net gains/(losses) on investments
Unrestricted Endowmentfunds funds
generalE E
Total2017
Total2016
Revaluation of investments
Gain/(loss) on sale of investments19,264 523,813 543,077 (213,238)(1,249) 36,905 35,656 (8,941)
18,015 560,718 578,733 (222, 179)
For the year ended 5 April2016 3,450 (225,629) (222, 179)
10 Fixed asset investments
Cost or valuationAt 05 April 2016Additions
Valuation changesDisposals
At 5 April 2017
Listedinvestments
E
3,351,852830,734543,076
(654,919)
4,070,743
Cash inportfolio
315,311
(123,088)
192,223
Total
3,667, 163830,734543,076
(778,007)
4,262, 966
Carrying amountAt 05 April 2017 4,070,743 192,223 4,262,966
At 05 April 2016 3,351,852 315,311 3,667, 163
Historical cost:At 05 April 2016
At 05 April 2017
3,020, 891
3,238,378
315,311
192,223
3,336,202
3,430,601
There are no individual investments whose market value is more than 5% of the marketvalue of the charity's investment portfolio.
Refer to Schedule 1 - Investments for the full analysis of the listed investments between Unrestricted Fundand Endowment Fund.
-11-
DENNIS CURRY'S CHARITABLE TRUST T49
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRlL 2017
11 Financial instruments
Carrying amount of financial assetsDebt instruments measured at amortised costEquity instruments measured at cost less impairment
2017E
7934,262, 966
2016
3,1293,667, 163
Carrying amount of financial liabilitiesMeasured at amortised cost 7,580 6,750
12 Debtors
Amounts falling due within one year:
Other debtors
2017
793
2016E
3,129
13 Creditors: amounts falling due within one year
Accruals
2017E
7,580
2016E
6,750
14 Analysis of net assets between funds
Fund balances at 5 April 2017 are represented by:Investments
Current assets/(liabilities)
Unrestrictedfunds
E
629,396158,268
Endowmentfunds
E
3,633,570(165,055)
Total
4,262,966(6,787)
787,664 3,468,515 4,256, 179
-12-
DENNIS CURRY'S CHARITABLE TRUST T49
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2017
15 Amounts available for distributionP. R. M. Curry-
Total A. S. Curry Edmond Jones P. A. CurryE E
Surplus brought forward
Gains on investments
Surplus for the year
732,85618,01587,293
22,729 260,832 392,4534,504 4, 504 4,504
21,823 21,823 21,823
56,8424,503
21,824
838,164 49,056 287, 159 418,780 83,169
Earth Science DepartmentFriends of Chichester Hospital
Galapagos Conservation Trust
Medicins Sans Frontieres
The Open Spaces SocietyScannappealSt Wilfrid's Hospital
University of GlasgowUniveristy of Oxford - Dept ofZoology, Wildlife ConservationResearch Unit
50030,000
1,0001,000
5001,0005,0001,500
500
1,0001,000
5001,000
1,500
10,000 10,000
5,000
30,000
Surplus carried forward
50,500
787,664
15,500
33,556
5,000
282,159
30,000
388,780 83,169
16 Related party transactions
There were no disclosable related party transactions during the year (2016- none).
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