Henderson Black & Co CHARTERED ACCOUNTANTS MHK/YJK/W Edenbank House, 22 Crossgate, Cupar Fife KY15 5HW Tel 01334 656666 Fax 01334 656278 Email [email protected] Website www.hendersonblack.co.uk 5 January 2021
Thorntons Law LLP Whitehall House 33 Yeaman Shore Dundee DD1 4BJ
THE MARY MOORE TRUST YEAR ENDED 5 APRIL 2020
We enclose the Accounts for the above Trust which have been signed by Robin Winter as Examiner.
Yours sincerely
Enc
Partners: Associates: Other Offices: Robin T Winter LLB CA TEP Moira H Kinloch CA 26 Rodger Street, Anstruther Matthew Struthers BA CA Lynn A Marshall FCCA 01333 310585 Jonathan L Adamson BSc CA Consultant: 149 Market Street, St Andrews Mark J Robertson BA CA John S Stewart BSc CA Joanne Paul BA CA CTA TEP 01334 472255
Registered to carry on audit work and regulated for a range of investment business activities by The Institute of Chartered Accountants of Scotland THE MARY MOORE TRUST
Accounts
For the Year to 5th April 2020 Scottish Charity no: SC030002
Prinicipal Account
Trustees:
Pagan Osborne & Grace Trustees Ltd.
Ref: ELC/LRL/MA26062.0001 INDEX
Trust Information 1
Trustees' Report 2/3
Independent Examiners' Report 4
Balance Sheet 5
Statement of Financial Activities 6
Statement of Cash Flows 7
Appendix 1 - Rental Income 8
Appendix 2 - Payments to Beneficiaries 8
Appendix 3 - Trust Management Fees 8
Appendix 4 - Property Expenses 9
Appendix 5 - Investment Management Fees 10
Appendix 6 - Expenses of Adminiatration 10
Appendix 7 - Investment Income 11/13
Appendix 8 - Asset Schedule 14/16
Notes to the Accounts 17/18 THE MARY MOORE TRUST
TRUST INFORMATION
Trustees
Pagan Osborne & Grace Trustees Ltd
Solicitors Thorntons Law LLP Whitehall House, 33 Yeaman Shore Dundee DD1 4BJ
Independent Examiners Henderson Black & Co Edenbank House 22 Crossgate Cupar Fife KY15 5HW
Bankers Royal Bank of Scotland 3 High Street Dundee DD1 9LY
Investment Managers Tilney Discretionary Investment Management Ltd Atria Two, Third Floor 148 Morrison Street Edinburgh EH3 8EX THE MARY MOORE TRUST
CHARITY REFERENCE SC030002
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2020
ORIGINS The Trust was established by Deed of Trust by Miss Rosetta Mary Moore dated 20/03/00 and registered in the books of council and session on 14/04/00.
OBJECTIVES, ACTIVITIES AND PLANS FOR FUTURE PERIODS The terms of the Trust are that the funds must be used for:
1) Making payments from its income and capital to give charitable assistance to the aged, the poor and the sick primarily in Fife, or elsewhere in Scotland. 2) Making payments to such bodies or organisations established for Charitable purposes only as the Trustees in their sole discretion may decide.
During the year to 5th April 2020 the Trustees' objectives remained unchanged. However, they recognise that there will be an impact on their future plans from the effects of the covid-19 pandemic, principally from the likely reduction of dividend income in the current year and probably in years to come as well.
LEGAL STATUS The legal status of the Trust is a single Scottish Charitable Trust; no company or equivalent exists.
TRUSTEES The Trustees during the year were:
Pagan Osborne & Grace Trustees Ltd
PROPERTIES The property at 28B City Road St Andrews is currently let out and the rents form part of the distributable income.
ACCOUNTS The Accounts show the overall financial position of the Trust at 5 April 2020 including the net movement of funds during the year. Corresponding figures for the two years ended 5th April 2019 and 5th April 2018 are also shown.
TRUST ASSETS/FREE RESERVES As shown in the Balance Sheet, the total assets of the Trust, net of liabilities at the balance sheet date, were £801,594 (2019 - £866,498).
2 INCOME AND EXPENDITURE Grants paid in the year to 5 April 2020 totalled £12,000 (2019 - £8,300). Income for the year was £37,984 ( 2019 - £38,357) and general administration costs were £28,066 (2019 - £19,073) including VAT.
INVESTMENTS The Trustees have issued an investment policy statement to the investment managers. Both the policy and performance are reviewed annually. The last month of the Trust's financial year saw a sharp fall in the value of the Trust's portfolio, a direct result of the impact of markets' reaction to the covid-19 pandemic. Since 5th April a sharp partial recovery has been seen, but Trustees expect more than usual volatility in the months to come.
CONNECTED BODIES Thorntons Law LLP carry out day to day administration work for the Trust. They are a connected body by virtue of Pagan Osborne & Grace Trustees Ltd being Trustees.
RESERVES POLICY The reserves represent the funds arising from past operations. The Trustees are satisfied these funds are sufficient for the continuation of the Trust for the foreseeable future.
RISK MANAGEMENT The Trustees have assessed the major risks to which the trust is exposed, in particular those relating to the operations and finances of the Trust. They recognise that the codid-19 pandemic has brought new challenges which will impact the performance of the Trust assets for some time, but they remain satisfied that the systems in place to mitigate the Trusts's exposure to the major risks remain appropriate and sufficient.
The Trustees consider that this report, combined w'th the Accounts and Appendices provides all the necessary information about the Tr st. This report was approved by the Trustees on I I Ao2 and signed on their behalf by
ttAL VP^CgtkiA INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MARY MOORE TRUST
I report on the accounts of the charity for the year ended 5 April 2020 which are set out on pages 5 to 17.
Respective Responsibilities of the Trustees and Examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine and report on the accounts under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the trustees for my work or for this report.
Basis of Independent Examiner's Statement My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner's Statement In the course of 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 44 (1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and • To prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or
2. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
22 Crossgate Partner CUPAR Henderson Black & Co Fife Chartered Accountants KY15 5HW
at-tetlA 2020
4 The Mary Moore Trust
BALANCE SHEET
as at 5th April 2020
2020 2019 2018
Fixed Assets
Investment properties: 28B City Road St Andrews 440,000.00 440,000.00 375,485.66
Investments App 8 306,280.11 373,901.71 369,914.68
Current Assets
Cash on Deposit 56,948.75 57,870.54 39,153.21 Lawson & Thompson expense float 500.00 500.00 500.00 Rental Income due Lawson & Thomson 2,305.60 Tax Refund 226.00 226.00
TOTAL ASSETS £ 806,034.46 872,498.25 785,279.55
Liabilities Creditors: amounts due within one year
Due to Independent Examiners 600.00 600.00 600.00 Due to Agents 3,840.00 2,400.00 1,680.00 Charitable Commitments 3,000.00 3,600.00
Net Current Assets 55,314.35 52,596.54 33,999.21
TOTAL NET ASSETS £ 801,594.46 £ 866,498.25 779,399.55
The Funds of the Charity:
General Fund 801,594.46 866,498.25 779,399.55
£ 801,594.46 866,498.25 779,399.55
These accounts were approved by the Trustees on * and signed on their behalf by: r
Trustees
5 The Mary Moore Trust
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 5th APRIL 2020
2020 2019 2018 INCOME & ENDOWMENTS FROM:
Investment Income Dividends and fixed interest App 7 11,559.49 10,553.85 13,723.35 Interest on Cash & Deposits 84.95 42.16 Rental Income App 1 26,200.00 27,260.00 20,200.00 Tax Refund 34.59 0.32 Tenant deposits retained 105.00 501.42 244.00 £ 37,984.03 £ 38,357.43 £ 34,167.67
EXPENDITURE ON:
Raising Funds Investment Management App 5 4,726.20 4,581.56 4,570.14 Property Expenses App 4 12,411.29 4,051.96 8,317.90 Property Management Fees App 5 4,329.25 4,079.90 4,185.54
Charitable activities Grants paid and committed App 2 12,000.00 8,300.00 11,600.00 Expenses of Administration App 3 6,000.00 5,760.00 4,380.00 Examination fee 600.00 600.00 600.00 £ 40,066.74 27,373.42 £ 33,653.58
Net incoming/(expenditure) and net movement in funds before gains (2,082.71) 10,984.01 514.09 and losses on investments
Net gains/(losses) on Investments Gain/loss on investments sold App 8 (2,479.57) 12.86 (2,539.35) Gain/loss on revaluation of investments App 8 (60,341.51) 11,587.49 (865.17) Gain/loss on revaluation of property 64,514.34 Net Income (expenditure) and net movement in funds (64,903.79) 87,098.70 (2,890.43)
Reconciliation of Funds Total Funds brought forward £ 866,498.25 £ 779,399.55 £782,289.98
Total Funds carried forward 801,594.46 866,498.25 £779,399.55
6 The Mary Moore Trust
Statement of Cash Flows For the year ending 5th April 2020
2020 2019 2018
Net cash used in operating activities (43,706.34) (27,253.42) (28,069.57)
Cash flows from investing activities:
Interest & Dividends 37,984.03 38,357.43 34,167.67 Proceeds from sale of investments 79,520.60 10,463.52 41,265.95 Purchase of investments (55,380.76) (9,456.09) (45,904.47) Capitalised property upgrades
Net cash provided by (used in) activities 62,123.87 39,364.86 29,529.15
Change in cash & cash equivalents in year 18,417.53 12,111.44 1,459.58
Cash & cash equivalents brought forward 72,371.33 60,259.89 58,800.31
Cash & cash equivalents carried forward £ 90,788.86 £ 72,371.33 £ 60,259.89
Reconciliation of net movement in funds to net cash flow from operating activities
2020 2019 2018 £ £ £ Net movement in funds (64,903.79) 87,098.70 (2,890.43) Deduct gains/add back losses on investments 62,821.08 (11,600.35) 3,404.52 Deduct gains/add back losses on property - (64,514.34) Deduct investment and interest income (37,984.03) (38,357.43) (34,167.67) (Increase) Decrease in debtors (2,079.60) - 304.01 (Decrease) Increase in creditors (1,560.00) 120.00 5,280.00
Net cash used in operating activities (43,706.34) (27,253.42) (28,069.57)
Analysis of cash & cash equivalents
Cash on Deposit 57,448.75 58,370.54 39,653.21 Capital Cash 33,340.11 14,000.79 20,606.68 Total cash and cash equivalents £ 90,788.86 £ 72,371.33 £ 60,259.89
The above are the only components of net debt
7
The Mary Moore Trust APPENDIX 1 RENTAL INCOME
Rent received period 08/03/19 to 09/08/19 7,860.00 Rent received period 12/08/19 to 13/11/19 7,860.00 Rent received period 14/11/19 to 10/02/20 7,860.00 Rent received period 11/02/20 to 08/05/20 2,620.00
£ 26,200.00
Comparative figure 2019 £ 27,260.00
APPENDIX 2 PAYMENTS TO BENEFICIARIES
Opening creditor (3,000.00) 29/04/19 Families First - monthly payment 250.00 29/05/19 Families First - monthly payment 250.00 27/06/19 Families First - monthly payment 250.00 30/07/19 Families First - monthly payment 250.00 28/08/19 Families First - monthly payment 250.00 27/09/19 Families First - monthly payment 250.00 30/10/19 Families First - monthly payment 250.00 27/11/19 Families First - monthly payment 250.00 30/12/19 Families First - monthly payment 250.00 29/01/20 Families First - monthly payment 250.00 26/02/20 Families First - monthly payment 250.00 30/03/20 Families First - monthly payment 250.00 04/03/20 Link - East Fife Mental Health Befriending Project -Adult 4,000.00 04/03/20 Link - East Fife Mental Health Befriending Project - Adolescent 4,000.00 10/03/20 Families First 4,000.00
£12,000.00
Comparative figure 2019 £8,300.00
APPENDIX 3 TRUST MANAGEMENT FEES (2,400.00) 28/05/19 Thorntons Law Trust Management Fee 2,400.00 03/12/19 Thorntons Law Trust Management Fee 2,160.00 Thorntons Law Trust Management Fee 3,840.00
6,000.00
Comparative figure 2019 £ 5,760.00
8 The Mary Moore Trust
APPENDIX 4 PROPERTY EXPENSES
04/02/20 TUGL South Scotian Client NST Acc - Annual Insurance renewal for Trust property 28b City Road St Andrews 437.29 - Replace slipped slates & clean gutters 72.00 Weed Whackers 54.00 - Garden maintenance 01/05/19 - 31/07/19 85.00 BR Gas Services & Maintenance - 12 mnth Boiler maintenace contract 01/05/19 - 30/04/20 191.88 Sunshine Cleaning - End of tenancy clean 35.00 Sunshine cleaning - Pre-tenancy cleaning 35.00 Sunshine cleaning - Pre-tenancy window cleaning 25.00 - Garden maintenance 01/08/19 - 31/10/19 85.00 Lawson & Thompson - Essential items including matress protect( 82.50 - New roof & insulation fitted 9,870.00 MCL Property Maintenance - Replace bulbs, tenant charge 22.00 AM Elecrical - Replace bulbs in WC ceiling light 31.00 Caledonia Fire & Security - Fire equipment certificate 33.79 SSE Scottish Hydro - SSE gas bill (period 31/05/19 to 01/08/19) 23.50 SSE Scottish Hydro - SSE electricity bill (period 31/05/19 to 01/0 31.58 AO.com - New Bosch electric oven 279.00 AM Electrical - Installation of new oven - plus disconnection and removal of old appliance. 37.50 AM - Fitting of new LED bulb in enclosed bathroom light fitting 31.00 AM Electrical - Routine PAT and EICR. 19/20/41 200.25 - Garden maintenance (dates: 01.11.19 to 31.01.2C 85.00 AMS Appliance Maintenance Services - Replacement part for dishwasher 86.00 Ikea items 343.00 - Assembly of Ikea furniture and removal of old items 125.00 AM Electrical - Annual check of CO/smoke/heat detectors and emergency lights 85.00 - Garden maintenance (01/02/20 to 30/04/20) 25.00
£ 12,411.29
Comparative figure 2019 4,051.96
9
The Mary Moore Trust APPENDIX 5 MANAGEMENT FEES - INVESTMENTS
15/04/19 Investment Management Charge 367.69 15/05/19 Investment Management Charge 375.51 17/06/19 Investment Management Charge 376.15 15/07/19 Investment Management Charge 381.42 15/08/19 Investment Management Charge 389.11 16/09/19 Investment Management Charge 381.86 15/10/19 Investment Management Charge 385.11 15/11/19 Investment Management Charge 377.60 16/12/19 Investment Management Charge 382.02 15/01/20 Investment Management Charge 386.31 23/01/20 LEI Fee 72.00 23/01/20 LEI Fee 72.00 17/02/20 Investment Management Charge 391.68 16/03/20 Investment Management Charge 387.74
£ 4,726.20
Comparative figure 2019 £ 4,581.56
APPENDIX 6 EXPENSES OF ADMINISTRATION
Lawson & Thompson Management Fee 08/03/19 - 09/08/19 943.20 Lawson & Thompson - Lease/Advertising /Inventory Fee/ HMO Fire Risk Assessment 445.00 Lawson & Thompson Management Fees 943.20 Lawson & Thompson Property Services - 7.5% Arrangement Fee on following invoices: McManus 740.25 Lawson & Thompson Management Fees 943.20 Lawson & Thompson Management Fees 314.40
£ 4,329.25
Comparative figure 2019 £ 4,079.90
10 The Mary Moore Trust
APPENDIX 7 Investment Income 06.04.19 to 05.04.20
Date Holding Quantity Amount
08/07/19 31 Infrastructure Ord NPV 7468 254.96 13/01/20 31 Infrastructure Ord NPV 5895 271.17 06/04/19 Aberdeen UK Property PAIF 6482 8.95 31/05/19 Aberdeen UK Property PAIF 6482 0.53 31/05/19 Aberdeen UK Property PAIF 6482 0.42 31/05/19 Aberdeen UK Property PAIF 6482 66.17 02/09/19 Aberdeen UK Property PAIF 6482 2.61 02/09/19 Aberdeen UK Property PAIF 6482 52.39 29/11/19 Aberdeen UK Property PAIF 6482 53.75 29/11/19 Aberdeen UK Property PAIF 6482 1.23 28/02/20 Aberdeen UK Property PAIF 6482 1.05 28/02/20 Aberdeen UK Property PAIF 6482 51.58 30/08/19 Aberforth Smaller Cos Ord 1p 600 60.00 06/03/20 Aberforth Smaller Cos Ord 1p 600 156.00 30/05/19 Aviva 913 189.45 26/09/19 Aviva 913 86.74 24/05/19 BBA Aviation Plc 1971 152.07 01/11/19 BBA Aviation Plc 1971 67.69 13/12/19 BBA Aviation Plc 1971 1,232.03 21/06/19 BP Ord USD 0.25 1275 102.84 20/09/19 BP Ord USD 0.25 1275 106.43 20/12/19 BP Ord USD 0.25 1275 99.77 27/03/20 BP Ord USD 0.25 1275 103.99 08/08/19 Caledonia Investments 275 118.80 09/01/20 Caledonia Investments 275 45.65 15/11/19 CF Ruffer Total Return fund 0 Income 3947 109.33 23/05/19 City Merchants High Yield Trust Ord NPV 5827 145.68 19/08/19 City Merchants High Yield Trust Ord NPV 5827 145.68 18/11/19 City Merchants High Yield Trust Ord NPV 5827 145.68 20/03/20 Easyjet Ord 330 144.87 11/04/19 GlaxoSmithKline Ord 25p 480 110.40 11/07/19 GlaxoSmithKline Ord 25p 480 91.20 10/10/19 GlaxoSmithKline Ord 25p 480 91.20 09/01/20 GlaxoSmithKline Ord 25p 480 91.20 24/05/19 Greencoat UK Wind Plc 6610 114.68 23/08/19 Greencoat UK Wind Plc 6610 114.68 22/11/19 Greencoat UK Wind Plc 6610 114.68 28/02/20 Greencoat UK Wind Plc 6610 114.68 30/05/19 Greggs 360 90.00 03/10/19 Greggs Plc 360 168.84
11 The Mary Moore Trust
Date Holding Quantity Amount
26/04/10 Henderson Eurotrust Ord 5p 1235 98.80 20/11/19 Henderson Eurotrust Ord 5p 1235 284.05 08/04/19 HSBC Holdings plc 715 113.88 05/07/19 HSBC Holdings plc 715 56.03 26/09/19 HSBC Holdings plc 715 57.44 20/11/19 HSBC Holdings plc 715 55.77 28/06/19 Imperial Brands Plc 225 70.38 30/09/19 Imperial Brands Plc 225 70.38 31/12/19 Imperial Brands Plc 225 162.00 31/03/20 Imperial Brands Plc 225 162.02 14/05/19 Intercontinental Hotels Group 158 90.60 03/10/19 Intercontinental Hotels Group 150 48.00 06/08/19 Johnson Matthey Ord £1 112 69.72 04/02/20 Johnson Matthey Ord £1 112 27.44 14/05/19 JPM American Inv Trust Ord 25P 2525 101.00 04/10/19 JPM American Investment Trust Ord 25p 2525 63.13 18/07/19 JPM European Smaller Companies Trust 2175 119.63 17/01/20 JPM European Smaller Companies Trust 2175 26.10 30/04/19 JPM US Equity Inc 5144 97.23 31/07/19 JPM US Equity Inc 5144 97.74 31/10/19 JPM US Equity Inc 5144 101.34 31/01/20 JPM US Equity Inc 100.83 12/12/19 Jupiter European Opportunities Trust Plc 3260 179.30 01/07/19 Kames Investment Grade Bond B Dis 14241 102.01 30/09/19 Kames Investment Grade Bond B Dis 14241 107.19 31/12/19 Kames Investment Grade Bond B Dis 14241 100.10 07/05/19 L & G Fixed Interest I Trust Dist Inc 15829 78.40 05/08/19 L & G Fixed Interest I Trust Dist Inc 15829 80.62 05/11/19 L & G Fixed Interest I Trust Dist Inc 15829 83.30 05/02/20 L & G Fixed Interest I Trust Dist Inc 15829 73.51 15/05/19 LF Ruffer Total Return fund 0 Income 3946 70.32 30/09/19 Linked Fund Solutions Trojan 0 Inc 3007 34.03 31/03/20 Linked Fund Solutions Trojan 0 Inc 3007 12.58 31/05/19 Maitland Inst Emerging Markets Growth 4987 53.56 29/11/19 Maitland Inst Emerging Markets Growth 4987 127.20 17/05/19 MAN Group Ord USD0.03428571 2198 89.24 04/09/19 MAN Group Ord USD0.03428571 2198 85.06 03/09/19 Pennon Group 511 144.20 03/04/20 Pennon Group 511 69.80 23/05/19 Reckitt Benckiser Ord 10p 135 135.27 26/09/19 Reckitt Benckiser Ord 10p 135 98.55 24/06/19 Royal Dutch Shell B Ord Euro 0.07 539 199.27 23/09/19 Royal Dutch Shell B Ord Euro 0.07 539 204.87 18/12/19 Royal Dutch Shell B Ord Euro 0.07 539 192.58 23/03/20 Royal Dutch Shell B Ord Euro 0.07 539 196.20
12 The Mary Moore Trust
Date Holding Quantity Amount
30/04/19 Schroder Tokyo 19936 222.19 01/05/19 Smiths (DS) 1005 52.26 01/11/19 Smiths (DS) 790 110.55 02/07/19 SSGA S&P UCITS US 205 49.14 02/10/19 SSGA S&P UCITS US 205 52.80 31/12/19 SSGA S&P US DIV 205 49.66 31/03/20 SSGA S&P US DIV 205 54.00 15/08/19 SSGA SPDR Euro Plc - Barclays 5 Year Gilt 170 28.54 18/02/20 SSGA SPDR Euro Plc - Barclays 5 Year Gilt 170 22.19 30/07/19 Tr Property Inv Tst Ord 25p 3083 265.14 07/01/20 Tr Property Inv Tst Ord 25p 3083 160.32 05/06/19 Unilever Plc 115 40.78 11/09/19 Unilever Plc 115 42.34 04/12/19 Unilever Plc 115 41.12 18/03/20 Unilever Plc 115 39.93 02/08/19 Vodafone Group Ord USD 0.11 3/7 2374 88.43 07/02/20 Vodafone Group Ord USD 0.11 3/7 2374 90.16 05/07/19 Whitbread Plc Ord GBP 0.76797385 185 123.95 13/12/19 Whitbread Plc Ord GBP 0.76797385 185 60.40 08/07/19 WPP Plc Ord 10p 378 140.99 04/11/19 WPP Plc Ord 10p 378 85.81 18/04/19 Dividend correction - Platform Securities 3.89
30/04/19 Deposit Interest to 30/04/19 6.26 31/05/19 Deposit Interest to 31/05/19 7.69 28/06/19 Deposit Interest to 30/06/19 6.04 31/07/19 Deposit Interest to 31/07/19 6.04 30/08/19 Deposit Interest to 31/08/19 6.17 30/09/19 Deposit Interest to 30/09/19 5.78 31/10/19 Deposit Interest to 31/10/19 5.80 29/11/19 Deposit Interest to 30/11/19 5.70 31/12/19 Deposit Interest to 31/12/19 6.25 31/01/20 Deposit Interest to 31/01/20 5.96 28/02/20 Deposit Interest to 29/02/20 2.58 31/03/20 Deposit Interest to 31/03/20 0.89
£ 11,559.49
Comparative figure 2019 £ 10,553.85
13 The Mary Moore Trust
APPENDIX 8 INVESTMENTS AS AT 05.04.20
Company Opening Closing Opening Closing Market Value Market Value Holding Holding Cost Cost 05.04.19 Purchase Sale Gain/(Loss) Revaluation 05.04.20
SSGA SPDR Europe Plc - Barclays 5 Year Gilt 170 170 8,703.59 8,703.59 8,687.00 117.00 8,804.00
INVESCO Perpetual Corporate Bond Fund 0 7253 15,762.27 - 15,762.27 (670.27) 15,092.00
L & G Fixed interest I Trust Dist Inc 15829 15829 8,189.51 8,189.51 11,306.55 (11.55) 11,295.00
BP Plc Ord USD 0.25 1275 1275 6,839.44 6,839.44 7,249.65 (2,948.65) 4,301.00
Royal Dutch Shell B Shares Euro.07 539 539 1,209.22 1,209.22 13,458.83 (5,813.83) 7,645.00
Johnson Matthey Ord £1 112 112 2,517.87 2,517.87 3,753.12 (1,867.12) 1,886.00
Smiths (DS) 1005 1005 4,601.31 4,601.31 3,494.39 (934.39) 2,560.00
Glencore Xstrata Ord USD 0.50 793 793 3,195.93 3,069.54 2,634.74 126.39 22.19 (1,578.54) 952.00
Easyjet Ord GBP 0.27285714 330 330 3,616.07 3,616.07 3,494.70 (1,926.70) 1,568.00
Greggs 360 360 3,852.89 3,852.89 6,591.60 (1,133.60) 5,458.00
Intercontinental Hotels Group Ord 10p 158 158 5,298.55 5,298.55 7,167.00 (2,905.00) 4,262.00
Whitbread Ord 76 122/153p 185 185 2,385.00 2,385.00 9,305.50 (4,734.50) 4,571.00
Imperial Brands Ord 10p 225 225 4,983.04 4,983.04 5,773.50 (2,255.50) 3,518.00
Reckitt Benckiser Ord 10 10/19p 135 135 1,994.41 1,994.41 8,617.05 (177.05) 8,440.00
Unilever Plc Ord GBP 0.31111 115 115 4,597.64 4,597.64 5,062.30 (419.30) 4,643.00
GlaxoSmithKline 480 480 5,769.66 5,769.66 7,651.20 (502.20) 7,149.00
HSBC Holdings plc Ord 50p 715 715 4,326.05 4,326.05 4,669.67 (1,829.67) 2,840.00
14 The Mary Moore Trust
Company Opening Closing Opening Closing Market Value Market Value Holding Holding Cost Cost 05.04.19 Purchase Sale Gain/(Loss) Revaluation 05.04.20
Aviva 913 913 3,278.19 3,278.19 3,930.47 (1,797.47) 2,133.00
Vodafone Group Ord USD 0.11 3/7 2374 2374 6,114.27 6,114.27 3,355.41 (719.41) 2,636.00
WPP Ord 10p 378 378 3,846.29 3,846.29 3,284.82 (1,456.82) 1,828.00
Pennon Group Ord 0.407p 511 511 3,278.58 3,278.58 3,742.56 1,597.44 5,340.00
Aberforth Smaller Companies Ord 1p 600 600 2,740.50 2,740.50 7,512.00 (2,628.00) 4,884.00
JPM American Investment Trust Ord 25p 2525 2525 5,062.63 5,062.63 11,185.75 (2,045.75) 9,140.00
JP Morgan Asset Management US Ltd Equity Inc 5144 5144 14,945.26 14,945.26 16,723.89 (2,340.89) 14,383.00
SSGA S&P US Div Aristocrats 205 205 7,680.63 7,680.63 8,777.07 (1,691.07) 7,086.00
Jupiter European Opportunities Trust Plc 3260 3260 8,113.29 8,113.29 24,254.40 (3,390.40) 20,864.00
Henderson Eurotrust Ord 5p 1235 1235 4,157.40 4,157.40 13,399.75 (1,123.75) 12,276.00
Baillie Gifford Overseas Growth Japanese Fd 0 744 - 11,594.80 - 11,594.80 (2,386.80) 9,208.00
First State Asia Pacific Leaders Fund CI B 1636 1636 2,550.74 2,550.74 12,298.88 (1,380.88) 10,918.00
Maitland Inst Emerging Markets Growth 4986 4986 7,538.96 7,538.96 6,863.98 (1,679.98) 5,184.00
Fundsmith Equity Fund 0 1936 - 8,559.83 - 8,559.83 (1,128.83) 7,431.00
Signature Aviation Ord 1971 1576 2,782.80 2,782.80 5,069.41 (2,652.41) 2,417.00
3i infrastructure Fund Ord NPV 5895 5895 9,174.09 9,174.09 16,564.95 (2,387.95) 14,177.00
Aberdeen Investment Funds UK Property Trust 6483 6483 6,749.38 6,749.38 7,643.80 (938.80) 6,705.00
Greencoat UK Wind Plc Ord 1p 6610 6610 7,462.92 7,462.92 9,320.10 (582.10) 8,738.00
15 The Mary Moore Trust
Company Opening Closing Opening Closing Market Value Market Value Holding Holding Cost Cost 05.04.19 Purchase Sale Gain/(Loss) Revaluation 05.04.20
Tr Property Investment Trust Ord 25p 3083 3083 5,218.92 5,218.92 12,177.85 (2,481.85) 9,696.00
Invesco Fd Mgrs IP Global Targeted Returns Z 1543 1543 3,773.40 3,773.40 3,633.08 41.92 3,675.00
CF Ruffer Total Return fund 0 Income SHA 3947 3947 9,764.78 9,764.78 11,254.52 109.48 11,364.00
Linked Fund Solutions Trojan 0 Inc 3007 3007 7,484.64 7,484.64 7,559.32 313.68 7,873.00
Man Group Ord USD 0.03428571 2198 0 3,018.46 - 3,121.16 3,424.53 303.37 -
Caledonia Investments Ord 5p 275 0 4,945.84 - 8,181.25 5,961.25 (2,220.00) -
)PM European Smaller Cos Trust Plc Ord 5p 2175 0 4,893.73 7,743.00 8,034.50 291.50
Schroder Tokyo 19936 0 15,216.63 - 15,516.45 15,384.81 (131.64) -
City Merchants High Yield Trust Ord NPV 5827 0 9,194.97 - 10,561.44 11,400.92 839.48 -
Kames Investment Grade Bond B Dis 14241 0 15,325.00 - 17,308.81 18,170.34 861.53
AXA Fund Managers Global High Income Z 0 0 - - 19,463.86 17,017.86 (2,446.00) -
Deposit Account 14,000.79 33,340.11 14,000.79 33,340.11
260,393.27 262,928.47 373,901.71 55,380.76 79,520.60 (2,479.57) (60,341.51) 306,280.11
Comparative figures 2019 271,344.67 260,393.27 369,914.68 9,456.09 10,463.52 12.86 11,587.49 373,901.71
16 THE MARY MOORE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2020
Accounting Policies
The principal accounting policies, which have been applied consistently in the current and preceding year in dealing with items which are considered material to the accounts, are set out below.
Basis of Preparation
The accounts are prepared under the historical cost convention, modified for the revaluation of investments, and in accordance with Accounting and Reporting by Charities: 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 (FRS102) (Effective 1st January 2019).
The accounts are also prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Mary Moore Trust meets the definition of a public benefit entity under FRS 102.
The Trust's transactional currency is pounds sterling, and rounding is to the nearest penny.
The Trustees consider that there are no material uncertainties that would lead them to question the Trust's ability to continue as a going concern.
Major Funds
The Trust has only one general fund. Movement on the fund is shown in the statement of Financial Activities.
Income
Investment and other income represent amounts receivable in the accounts year.
Expenditure
All expenditure is included on an accruals basis and is recognised when there is a legal and constructive obligation to pay for expenditure. Irrecoverable VAT is included in the related expenditure.
Charitable activities include all expenditure associated with grant making.
Tangible Fixed Assets
The property at 28B City Road St Andrews is let and is, accordingly, classified as investment property. The property is valued at £440,000 this being the Trustees' estimate of market value, based on a valuation by Thorntons Property Services in May 2019. The value also takes into account expenditure in the years ended 5 April 2015 and 2017 which is considered to have enhanced the property. No depreciation is charged in accordance with the Statement of Recommended Practice.
Value at 6 April 2019 £ 440,000 Unrealised gain on revaluation in year £ Value at 5 April 2020 £ 440,000
17 Investments
The investment portfolio is included in the balance sheet at market value. Gains and losses on disposal and revaluation of investments are charged or credited to the Statement of Financial Activities.
The historical cost of the investment portfolio at 5 April 2020 is £262,928 (2019 - £260,393)
Gains/(losses) on investments sold during the year were: 2020 2019 On a market value basis £ (2,480) £ 13 On a historical cost basis £ 7,336 £ (3,341)
Material Commitments
There were no material commitments at 5 April 2020 other than those already provided for in the accounts (2019 - none).
Guarantees and Contingent Liabilities
There were no guarantees or contingent liabilities at 5 April 2020 (2019 - none).
Secured Loans
There were no loans or other liabilities secured on the Trust's assets at 5 April 2020 (2019 - none).
The Trust had no employees at any time during the year.
Remuneration of Trustees
No remuneration or reimbursement of expenses was paid in respect of the services of Trustees. The Trustees made no donations to the trust during the year (2019 - none).
Related Parties
Thorntons Law LLP carry out administration work for the Trust and are deemed to be a related party by virtue of Pagan Osborne & Grace Trustees Ltd being a Trustee.
Total fees paid to Thorntons Law LLP for the year were £6,000 (2019 - £5,760). Fees amounting to £3,840 were outstanding and due to Thorntons LLP at the year end (2019 - £2,400)
18