To
Trustees' Annual Report for the period
Period start date Period end date 1st December 2022 30th November 2023
From
Section A Reference and administration details
Charity name Other names charity is known by Registered charity number (if any) 1002313
THE ERIC TWINAME TRUST
Charity's principal address 26 Ashcombe Avenue Surbiton Surrey Postcode KT6 6QA
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Peter Whipp | Chairman | Eric Twiname Trust trustees | ||
| John Reed | Eric Twiname Trust trustees | |||
| Duncan Truswell | Eric Twiname Trust trustees | |||
| Jim Kirkpatrick | Eric Twiname Trust trustees | |||
| Jon Denwood | Eric Twiname Trust trustees | |||
| Bruce Aitken | Secretary | Eric Twiname Trust trustees | ||
Names of the trustees for the charity, if any, (for example, any custodian trustees)
Name Dates acted if not for whole year
TAR
March 2012
1
Names and addresses of advisers (Optional information)
| Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) |
|---|---|---|
| Type of adviser Name Address |
||
| Independent Examiner | CMA Simon FCA | 13 Malt House Close, Old Windsor, Berkshire SL4 2SD |
| Bankers | HSBC Bank plc | 74 High Street, Alton, Hampshire GU34 1EZ |
Name of chief executive or names of senior staff members (Optional information)
Section B Structure, governance and management
Description of the charity’s trusts
Trust Deed - dated 9[th] January 1991 as amended by Supplemental Deed Type of governing document dated 6[th] October 2010. (eg. trust deed, constitution) Trust How the charity is constituted
- (eg. trust, association, company)
New trustees are appointed by the full committee of existing trustees, after Trustee selection methods instigating appropriate background checks and references, and being (eg. appointed by, elected by) satisfied that any candidate will contribute to the successful management and charitable objectives of the trust. As the trust was set up in memory of Eric Twiname, renowned dinghy sailor, journalist and author, due regard is placed on a candidate’s empathy with the trust’s aims to perpetuate Eric’s diverse sailing interests, principally those that arose out of his teaching and coaching of young dinghy sailors.
Additional governance issues (Optional information)
You may choose to include additional information, where relevant, about:
-
policies and procedures adopted for the induction and training of trustees;
-
the charity’s organisational All trustees give their time voluntarily and receive no remuneration or structure and any wider expenses. The day-to-day management of the trust is vested in the network with which the charity secretary whilst all decisions involving funding and grants are made on a works; majority voting basis.
-
relationship with any related parties;
-
The trustees can confirm that any major risks identified as being those to
-
• trustees’ consideration of which the charity might be exposed have been and are continually major risks and the system reviewed, with procedures in place to manage them. The trustees can also and procedures to manage confirm that there have been no serious incidents during 2023 that should them. have been drawn to the Charity Commission’s attention.
Section C Objectives and activities
TAR
March 2012
2
To organise, provide or assist in the organisation and provision of facilities which will enable and encourage pupils of schools and Summary of the objects of the universities in the United Kingdom to sail or yacht race or to participate in charity set out in its any activity associated solely with yachting thereby to assist in ensuring governing document that due attention is given to the physical education and development of such pupils as well as to the development and occupation of their minds. Major activities include the funding of the purchase of training dinghies and equipment for sailing clubs and associations. Particular regard is paid to those organisations that are unable to raise all the necessary funds for such equipment and notably to assist disadvantaged youngsters to access and benefit from the sport of sailing. Emphasis is placed on the ‘grass roots’ end of the sport and the need to provide encouragement to clubs to help youngsters on to the water. Summary of the main The trust also provides financial support for the cost of two premier activities undertaken for the national annual sailing championship events. (see Section D below). public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance Declaration: The trustees can confirm that in their support for the amateur issued by the Charity sport of youth sailing they have complied with their duty to have due Commission on public regard to the Commission’s guidance on public benefit. benefit)
Additional details of objectives and activities (Optional information)
The trust’s policy on grant making is firstly to ensure that with any application it will be pupils in full-time education that will benefit. Secondly You may choose to include the aim is always to put such grants to optimum effect by maximising further statements, where funding across as many worthy recipients as possible, whilst always relevant, about: ensuring that it provides a long lasting benefit. As such the trust does not • policy on grantmaking; policy on grantmaking; provide grants to individuals - only to bone-fide sailing organisations.
-
policy on grantmaking; policy on grantmaking;
-
policy programme related investment;
Where applicants cannot satisfy trust criteria for a grant, as far as possible an explanation is given in response and advice offered as to what alternatives (including approaching other relevant charities) there are to help them pursue their aims and raise the necessary funds.
- contribution made by volunteers.
Section D Achievements and performance
TAR
March 2012
3
Section D Achievements and erformance p General - Dinghies for Club Training – during 2023 the trust has made Summary of the main partial or full grants to some 7 clubs, to assist with the purchase of a total achievements of the charity of 12 new dinghies and 16 suits of sails. during the year Within this total is an ongoing 13[th ] successive RS Tera scheme whereby the trust subsidises each dinghy (total of 25 boats per project), whilst the manufacturer also heavily discounts its normal retail price. Aimed at the ‘grass roots’ end of the sport, notably to clubs that encourage local community participation and support for disadvantaged children, this initiative has helped a large number of youngsters on to the water with the establishment of Junior fleets and Junior race training programmes. A 14[th] scheme, again with 25 boats, has been approved for 2024.
RYA Eric Twiname Championships – the trust contributes significantly to the cost of this premier national multi-class annual event. It usually attracts up to 300 junior competitors aged between 8 and 15, representing the nine RYA regions and competing in five dinghy/ four windsurfer classes. In 2023 this event was again held successfully at Rutland Sailing Club.
RYA Eric Twiname Youth & Junior Team Racing Championships – the trust contributes significantly towards the cost of this annual event run over a weekend in October at Farmoor Reservoir, home of Oxford Sailing Club. This year included a new pre-Junior (U15) category which contributed to overall entries totalling 348 in 73 teams entered by clubs, class associations and schools. An extraordinary number of races was achieved – 506 in all.
Section E Financial review
The trust’s reserves policy is to retain a sensible level of capital for future Brief statement of the funding. This is primarily aimed at maintaining the regular financial charity’s policy on reserves support the Trust gives to two annual sailing championships as well as a general level of grants awarded annually for the purchase of dinghies and equipment. Generally the aim is for up to 7 year’s planned expenditure to be maintained. Additional revenue is derived from fundraising events and donations. Details of any funds materially None in deficit
Further financial review details (Optional information)
TAR
March 2012
4
You may choose to include additional information, where relevant about:
-
the charity’s principal sources of funds (including any fundraising);
-
how expenditure has supported the key objectives of the charity;
The trust’s income derived originally from the investment legacy of Eric Twiname’s father but has since been bolstered by at least two other significant legacies and one major donation. Dividend and interest payments are relied upon for regular income, with sales of assets such as unit trusts instigated only as and when required. A financial subcommittee of three trustees looks after the trust’s investments.
- investment policy and objectives including any ethical investment policy adopted.
Section F Other optional information
Section G Declaration
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) Full name(s) Peter Thomas Whipp Peter Bruce Aitken Position (eg Secretary, Chair, Chairman Secretary etc) Date 24 January 2024
TAR
March 2012
5
Registered Charity No. 1002313
THE ERIC TWINAME TRUST RECEIPTS AND PAYMENTS ACCOUNTS YEAR ENDED 30 NOVEMBER 2023
C.M.A.Simon F.C.A. Chartered Accountant 13 Malt House Close Old Windsor Berkshire SL4 2SD
THE ERIC TWINAME TRUST
Independent Examiner's Report to the Trustees of The Eric Twiname Trust
I report to the trustees on my examination of the accounts of The Eric Twiname Trust (the Trust) for the year ended 30 November 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the Trust as required
by section 130 of the Act; or
- the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
13 Malt House Close Old Windsor Berkshire SL4 2SD
C.M.A.Simon F.C.A. Chartered Accountant
Date:
THE ERIC TWINAME TRUST
RECEIPTS AND PAYMENTS ACCOUNT
YEAR ENDED 30 NOVEMBER 2023
| Receipts Donations Contribution from Western Isles Y C Royalties on 'Start to Win' sales Investment income Bank interest Assets and investments sales Receipts from sales of investments Total receipts Payments 'Just Giving' membership fees ET/RS Tera scheme subsidies ET National Junior Championship 2023 ET Junior and Youth Team Racing Championship 2022 Grants to sailing clubs Administration Independent examiner's fee Total payments Net receipts Cash funds at 30th November 2022 Cash funds at 30th November 2023 |
Notes 3 4 |
Unrestricted Funds General Investment Fund Fund £ £ 457,065 - - - 31 - 13,280 - 826 - |
Unrestricted Funds General Investment Fund Fund £ £ 457,065 - - - 31 - 13,280 - 826 - |
Unrestricted Funds General Investment Fund Fund £ £ 457,065 - - - 31 - 13,280 - 826 - |
Unrestricted Funds General Investment Fund Fund £ £ 457,065 - - - 31 - 13,280 - 826 - |
Total 2023 £ 457,065 - 31 13,280 826 |
2022 £ 221 6,000 44 14,656 68 |
|---|---|---|---|---|---|---|---|
| General Fund £ 457,065 - 31 13,280 826 |
|||||||
| 471,202 | - | 471,202 | 20,989 | ||||
- |
- | - |
50,000 |
||||
| - | - | - | 50,000 |
||||
| === |
471,202 ====== 216 13,225 16,500 8,000 9,084 1,386 400 |
=== |
- ====== - - - - - - - |
471,202 ========= 216 13,225 16,500 8,000 9,084 1,386 400 |
70,989 ========= 216 2,100 14,000 6,500 14,602 1,289 400 |
||
| 48,811 | - | 48,811 | 39,107 | ||||
=== |
48,811 ====== 422,391 58,867 |
=== |
- ====== - - |
48,811 ========= 422,391 58,867 |
39,107 ========= 31,882 26,985 |
||
481,258 ======== |
- ======== |
481,258 ======== |
58,867 ======== |
Page 2
THE ERIC TWINAME TRUST
STATEMENT OF ASSETS AND LIABILITIES
AT 30 NOVEMBER 2023
| Cash funds Money market deposits Balances at Bankers Total cash funds Investment assets at market value Authorised Unit Trusts Other monetary assets Debtors and prepayments Liabilities ET Junior and Youth Team Racing Championship 2023 Feva sails for team racing boats Independent Examiner's fee Net asset value at 30th November 2023 |
Notes 5 |
Unrestricted Funds General Investment Fund Fund £ £ 420,000 - 58,867 - |
Unrestricted Funds General Investment Fund Fund £ £ 420,000 - 58,867 - |
Unrestricted Funds General Investment Fund Fund £ £ 420,000 - 58,867 - |
Unrestricted Funds General Investment Fund Fund £ £ 420,000 - 58,867 - |
Total 2023 £ 420,000 58,867 |
2022 £ - 58,867 |
|---|---|---|---|---|---|---|---|
| General Fund £ 420,000 58,867 |
|||||||
478,867 |
- | 478,867 |
58,867 |
||||
- |
261,134 | 261,134 |
262,442 |
||||
| 1,198 | - |
1,198 |
- |
||||
8,000 - 400 |
- - |
8,000 - 400 |
8,000 5,963 400 |
||||
| 8,400 | - | 8,400 | 14,363 | ||||
471,665 ======== |
261,134 ======== |
732,799 ======== |
306,946 ======== |
Approved by the Trustees on 24th January 2024 and signed on behalf of all the trustees:
…………………………………….. Trustee
…………………………………….. Trustee
Page 3
THE ERIC TWINAME TRUST
NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS
YEAR ENDED 30 NOVEMBER 2023
1. Basis of preparation
1.1 Basis of accounting
These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with S.133 of the Charities Act 2011.
These accounts have been prepared on the Receipts and Payments basis, as permitted by the Charities Act 2011.
2. Accounting policies
2.1 Fund accounting
The charity maintains various types of funds as follows:
- Investment Fund:
The Investment Fund is the amount designated by the Trustees for long term investment.
- General Fund:
The General Fund comprises the monies that may be used in the furtherance of the Charity's objectives at the discretion of the Trustees.
2.2 Investments
Investments are stated at market value at the year end date.
| 3. Grants to sailing organisations RYA for team racing sails Helensburgh S C University of Bath S C Western Isles Y C (to which the Club contributed £6,000) 4. Administration Printing, stationery, postage, etc. Website maintenance Insurance Bank charges AGM costs |
2023 £ 5,963 1,621 1,500 - |
2022 £ 14,602 |
|---|---|---|
| 9,084 ======= 59 177 420 60 670 |
14,602 ======= 74 153 431 55 576 |
|
| 1,386 ======= |
1,289 ======= |
5. Investments
| Authorised Unit Trusts Summary: At 1st December 2022 Cost Unrealised gains Sales during the year Net (depreciation)/appreciation over the year At 30th November 2023 |
160,228 102,214 262,442 - (1,308) |
197,796 110,834 |
|---|---|---|
308,630 (50,000) 3,812 |
||
| £ 261,134 ======= |
£ 262,442 ======= |
Page 4
Registered Charity No. 1002313
THE ERIC TWINAME TRUST RECEIPTS AND PAYMENTS ACCOUNTS YEAR ENDED 30 NOVEMBER 2023
C.M.A.Simon F.C.A. Chartered Accountant 13 Malt House Close Old Windsor Berkshire SL4 2SD
THE ERIC TWINAME TRUST
Independent Examiner's Report to the Trustees of The Eric Twiname Trust
I report to the trustees on my examination of the accounts of The Eric Twiname Trust (the Trust) for the year ended 30 November 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the Trust as required
by section 130 of the Act; or
- the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
13 Malt House Close Old Windsor Berkshire SL4 2SD
C.M.A.Simon F.C.A. Chartered Accountant
Date:
THE ERIC TWINAME TRUST
RECEIPTS AND PAYMENTS ACCOUNT
YEAR ENDED 30 NOVEMBER 2023
| Receipts Donations Contribution from Western Isles Y C Royalties on 'Start to Win' sales Investment income Bank interest Assets and investments sales Receipts from sales of investments Total receipts Payments 'Just Giving' membership fees ET/RS Tera scheme subsidies ET National Junior Championship 2023 ET Junior and Youth Team Racing Championship 2022 Grants to sailing clubs Administration Independent examiner's fee Total payments Net receipts Cash funds at 30th November 2022 Cash funds at 30th November 2023 |
Notes 3 4 |
Unrestricted Funds General Investment Fund Fund £ £ 457,065 - - - 31 - 13,280 - 826 - |
Unrestricted Funds General Investment Fund Fund £ £ 457,065 - - - 31 - 13,280 - 826 - |
Unrestricted Funds General Investment Fund Fund £ £ 457,065 - - - 31 - 13,280 - 826 - |
Unrestricted Funds General Investment Fund Fund £ £ 457,065 - - - 31 - 13,280 - 826 - |
Total 2023 £ 457,065 - 31 13,280 826 |
2022 £ 221 6,000 44 14,656 68 |
|---|---|---|---|---|---|---|---|
| General Fund £ 457,065 - 31 13,280 826 |
|||||||
| 471,202 | - | 471,202 | 20,989 | ||||
- |
- | - |
50,000 |
||||
| - | - | - | 50,000 |
||||
| === |
471,202 ====== 216 13,225 16,500 8,000 9,084 1,386 400 |
=== |
- ====== - - - - - - - |
471,202 ========= 216 13,225 16,500 8,000 9,084 1,386 400 |
70,989 ========= 216 2,100 14,000 6,500 14,602 1,289 400 |
||
| 48,811 | - | 48,811 | 39,107 | ||||
=== |
48,811 ====== 422,391 58,867 |
=== |
- ====== - - |
48,811 ========= 422,391 58,867 |
39,107 ========= 31,882 26,985 |
||
481,258 ======== |
- ======== |
481,258 ======== |
58,867 ======== |
Page 2
THE ERIC TWINAME TRUST
STATEMENT OF ASSETS AND LIABILITIES
AT 30 NOVEMBER 2023
| Cash funds Money market deposits Balances at Bankers Total cash funds Investment assets at market value Authorised Unit Trusts Other monetary assets Debtors and prepayments Liabilities ET Junior and Youth Team Racing Championship 2023 Feva sails for team racing boats Independent Examiner's fee Net asset value at 30th November 2023 |
Notes 5 |
Unrestricted Funds General Investment Fund Fund £ £ 420,000 - 58,867 - |
Unrestricted Funds General Investment Fund Fund £ £ 420,000 - 58,867 - |
Unrestricted Funds General Investment Fund Fund £ £ 420,000 - 58,867 - |
Unrestricted Funds General Investment Fund Fund £ £ 420,000 - 58,867 - |
Total 2023 £ 420,000 58,867 |
2022 £ - 58,867 |
|---|---|---|---|---|---|---|---|
| General Fund £ 420,000 58,867 |
|||||||
478,867 |
- | 478,867 |
58,867 |
||||
- |
261,134 | 261,134 |
262,442 |
||||
| 1,198 | - |
1,198 |
- |
||||
8,000 - 400 |
- - |
8,000 - 400 |
8,000 5,963 400 |
||||
| 8,400 | - | 8,400 | 14,363 | ||||
471,665 ======== |
261,134 ======== |
732,799 ======== |
306,946 ======== |
Approved by the Trustees on 24th January 2024 and signed on behalf of all the trustees:
…………………………………….. Trustee
…………………………………….. Trustee
Page 3
THE ERIC TWINAME TRUST
NOTES TO THE RECEIPTS AND PAYMENTS ACCOUNTS
YEAR ENDED 30 NOVEMBER 2023
1. Basis of preparation
1.1 Basis of accounting
These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with S.133 of the Charities Act 2011.
These accounts have been prepared on the Receipts and Payments basis, as permitted by the Charities Act 2011.
2. Accounting policies
2.1 Fund accounting
The charity maintains various types of funds as follows:
- Investment Fund:
The Investment Fund is the amount designated by the Trustees for long term investment.
- General Fund:
The General Fund comprises the monies that may be used in the furtherance of the Charity's objectives at the discretion of the Trustees.
2.2 Investments
Investments are stated at market value at the year end date.
| 3. Grants to sailing organisations RYA for team racing sails Helensburgh S C University of Bath S C Western Isles Y C (to which the Club contributed £6,000) 4. Administration Printing, stationery, postage, etc. Website maintenance Insurance Bank charges AGM costs |
2023 £ 5,963 1,621 1,500 - |
2022 £ 14,602 |
|---|---|---|
| 9,084 ======= 59 177 420 60 670 |
14,602 ======= 74 153 431 55 576 |
|
| 1,386 ======= |
1,289 ======= |
5. Investments
| Authorised Unit Trusts Summary: At 1st December 2022 Cost Unrealised gains Sales during the year Net (depreciation)/appreciation over the year At 30th November 2023 |
160,228 102,214 262,442 - (1,308) |
197,796 110,834 |
|---|---|---|
308,630 (50,000) 3,812 |
||
| £ 261,134 ======= |
£ 262,442 ======= |
Page 4