## **The Charity Service Limited**
Report of the Trustees and Audited Financial Statements for the year ended 31 March 2021
## **Registered Company Number (England and Wales): 02538910**
**Registered Charity Number: 1011293**
**Ashby Berry Coulsons**
Chartered Accountants Scarborough
## **The Charity Service Limited**
## **Contents of the Financial Statements for the year ended 31 March 2021**
||Page|
|---|---|
|Reference and administrative details|1|
|Report of the Trustees|2 to 9|
|Report of the independent auditors|10 to 12|
|Statement of financial activities|13|
|Balance sheet|14|
|Cash flow statement|15|
|Notes to the financial statements|16 to 29|
## **The Charity Service Limited**
**Reference and Administrative Details for the year ended 31 March 2021**
|**Trustees**|R G Dyson MA FCA (Chair)|R G Dyson MA FCA (Chair)|
|---|---|---|
||G R Bushell LLB||
||P A Chorlton FCCA||
||J S Eckersley BA(Hons) MBA Chartered FCSI||
||K A Graham LLB||
||S Griffiths||
||S Nazir BSc MSc|(retired 11th November 2021)|
|**Company secretary**|C D Mills BA(Hons) MSc PhD ACA||
|**Registered office**|8thFloor||
||111 Piccadilly||
||Manchester||
||M1 2HY||
|**Principal address**|PO Box 155||
||Carnforth||
||LA5 5BR||
|**Registered company number**|02538910 (England and|Wales)|
|**Registered charity number**|1011293||
|**Auditors**|Ashby Berry Coulsons Limited||
||Statutory Auditor||
||2 Belgrave Crescent||
||Scarborough||
||North Yorkshire||
||YO11 1UB||
|**Bankers**|Unity Trust Bank||
||Nine Brindleyplace||
||Birmingham||
||B1 2HB||
|**Investment advisers**|Castlefield Investment Partners LLP||
||111 Piccadilly||
||Manchester||
||M1 2HY||
Page 1
## **The Charity Service Limited**
## **Report of the Trustees For the year ended 31st March 2021**
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, are pleased to present their annual directors’ report together with the financial statements of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 (FRS 102) issued in October 2019. This report has been prepared to meet the requirements for a directors’ report required by company law and has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
## **Structure, governance and management**
The Charity Service Limited is a charitable company limited by guarantee. The charity is governed by its Memorandum and Articles of Association. It is also a Trust Corporation within the meaning of Section 68(18) of the Trustee Act 1925.
The Board of Trustees has legal responsibility for the effective use of resources in meeting the charity’s objects and providing effective leadership and direction. The Trustees meet quarterly and additionally as circumstances require. All Trustees give their time freely. No Trustee has received any remuneration in either this or the preceding year. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest may arise. Responsibility for operational matters and the implementation of policy is delegated to the Company Secretary.
Trustees are committed to improving the diversity of the board. Recruitment of new trustees is, therefore, done openly. When a trustee vacancy arises, the vacancy is advertised. Applications are also promoted by Trustees through their networks and partner organisations. Trustees encourage applications from all individuals regardless of age, disability, sex, gender reassignment, sexual orientation, pregnancy and maternity, race, religion or belief, and marriage and civil partnerships. The Trustees, working with the Company Secretary, then select, interview and propose suitable candidates. The board makes appointments made according to relevant skills, competencies and experience. All new trustees receive an induction into the work of the charity.
All Trustees, their families and business partners are related parties by definition. Any details of transactions with related parties are disclosed in the financial statements.
## **Corporate trusteeship and funds held as trustee**
The Charity Service Limited acts as sole corporate trustee of four separate charitable trusts. Details of these charitable trusts are provided in Note 20. The accounts of these charitable trusts are reported separately.
In its capacity as a corporate trustee, The Charity Service Limited holds investments on behalf of four charitable trusts. The investment assets for each trust are held in a separate portfolio.
Page 2
**Report of the Trustees For the year ended 31st March 2021**
## **The Charity Service Limited**
## **Objectives and activities for the public benefit**
As determined by its Memorandum of Association, the principal objects of the charity are ‘to benefit any charitable institutions or charitable purposes wheresoever the same shall be established by provision of advice and assistance’.
The charity fulfils its objects in two main ways. Firstly, we provide a fee-based service to major donors who wish to manage their long-term charitable giving with a simple and cost-effective fund. We refer to these funds as **‘donor advised funds’** because we manage them on behalf of donors and make grants according to their wishes (providing that we have carried out all necessary due diligence checks and verified that the grants will be used for charitable purposes).
Secondly, we continue to manage various designated, restricted and charitable trust funds from which we make small grants to charities and community groups within the Greater Manchester area. We operate an open grant application process for all of the funds. We refer to these funds as **‘internally advised funds’** because decisions on whether or not to award a grant are made by a Grant Committee comprised entirely of the charity’s trustees.
The charity does not raise funds from the general public.
In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and to the obligations placed upon us by Section 17 of the Charities Act 2011 and confirm that we have complied with the duty placed on us by this Act.
## **Achievements and performance**
Our strategic goal is to build the charity’s core activities of managing donor advised funds and running grant programmes from internally advised funds.
During the year, we managed 15 separate funds, consisting of 11 donor advised funds and 4 internally advised funds. 10 of these funds were operated as restricted funds of The Charity Service, 1 as a designated fund and 4 as separate charitable trusts. The details of the separate charitable trusts, of which The Charity Service is the sole trustee, are provided in Note 20 to the accounts.
Across all funds held within The Charity Service, we increased the value of grants made by 22% to £935,290 (2020: £769,143). This increase reflects two main developments. Firstly, we made several large grants from donor advised funds during the year. Secondly, our full-time Development Officer had continued to work hard to promote the availability of funding from our internally advised funds. Based in the Manchester area, the Development Officer engages with the local voluntary and community organisations and health and social care organisations to promote our grant programme and facilitate applications to it.
Across the charitable trusts of which the Charity Service is the corporate trustee, we also increased the value of grants by 76% to £82,024 (2020: £46,628). As the charitable trusts are separate legal entities, the statement of financial activities on page 9 does not include the value of these grants.
Page 3
## **The Charity Service Limited**
**Report of the Trustees For the year ended 31st March 2021**
## _**Grants from donor advised funds**_
Donor advised funds held within the Charity Service include all restricted funds except for the George James Pennington Bequest fund. During the year, The Charity Service paid out 94 grants from its donor advised funds totalling £833,604 (2020: 63 grants totalling £694,003). The donor advised fund grants supported a range of causes in the UK and overseas, which are summarised in the graph below:
Page 4
**Report of the Trustees For the year ended 31st March 2021**
## **The Charity Service Limited**
## _**Grants from internally advised funds**_
Internally advised funds held within the Charity Service include the George James Pennington Bequest fund and the designated fund. During the year, we paid out 71 grants from internally advised funds totalling £101,686 (2020: 38 grants totalling £75,139). The increase reflects Trustees efforts to increase grant expenditure to provide extra funding to organisations during the covid-19 pandemic. The grants supported a range of causes in Greater Manchester, which are summarised in the graph below:
Page 5
**Report of the Trustees For the year ended 31st March 2021**
## **The Charity Service Limited**
## **Financial review**
The financial outcome for the year and its impact on the charity’s funds are set out in the statement of financial activities on page 9. Total net income for the year was £429,735 (2020: £1,707,725), which represents another year of sound financial performance. Although fewer new donations led to a reduced total income of £473,830 (2020: £3,128,851), funds under investment gained £982,346 (2020: net losses of £578,025). These gains arose as investments recovered from depressed valuations at the outbreak of the covid-19 pandemic in March 2020. Good investment performance helped underpin a 22% increase in charitable grants paid out of £935,290 (2020: £769,142). Total expenditure in the year was £1,026,441 (2020 £843,101).
At year end, net assets amounted to £5,436,267 (2020: £5,006,532), of which £80,212 (2020: £84,343) related to the unrestricted general fund, £213,030 (2020: £221,139) to the unrestricted designated fund and £5,143,025 (2020: £4,701,050) to restricted funds.
## **Investment policy and performance**
Under its Memorandum of Association, the charity has the power to invest funds not immediately required for charitable purposes. Long term investments are placed with Castlefield Investment Partners LLP who specialise in ethical investment, especially for charities. The charity’s investment assets are managed to provide income and long term capital growth. The Trustees monitor investment performance on a quarterly basis by comparing total returns to an independently calculated benchmark comprising the investment portfolios of other charities with similar investment objectives and risk profiles.
Most of the charity’s funds are invested in Castlefield’s managed funds, with the majority held in the Castlefield B.E.S.T Sustainable Portfolio Growth Fund. The funds take an ethical investment approach that seeks to take account of environmental, social and governance factors. Castlefield employs a proprietary methodology called B.E.S.T (standing for Business and Financial, Environmental and Ecological, Social Influence and Transparency and Governance), which acts as a framework for their investment selection and risk management process. Castlefield applies a range of sustainability criteria to exclude unfavourable sectors of the world economy, whilst promoting activities deemed to have positive attributes.
During the year, the CFP Castlefield B.E.S.T Sustainable Portfolio Growth Fund returned a total return of +23.1%, which compares favourably to the +20.3% achieved by similar charities in the ARC Steady Growth Charity Index. The performance also compares favourably to the +22.8% recorded by the Investment Association’s Mixed Investment 40-85% benchmark.
## **Reserves policy**
The charity’s unrestricted reserves are allocated between a general and a designated fund. The general fund consists of monies made available for the charity’s day to day working capital needs and to cover costs if the charity was ever wound up. The designated fund includes monies not needed to sustain working capital, which is set aside for grant-making.
The Trustees aim to hold at least 12 months of general expenditure in the general fund. This policy is based on an assessment of the charity’s working capital requirements and the length of time needed to hand over its corporate trustee, fund management and grant administrator roles if the charity was ever wound up. As at 31 March 2021, the general fund stood at £80,212 (2020: £84,343), which represents approximately 15 months (2020: 23 months) of budgeted general fund expenditure for the next year.
Page 6
## **The Charity Service Limited**
## **Report of the Trustees For the year ended 31st March 2021**
## **Grant-making policy**
Grants are managed according to policies agreed by the trustees. One of two approaches is used, depending on whether the funds are donor advised or internally advised funds.
For donor advised funds, grants are paid to recipients nominated by the donors. Due diligence checks are performed on all grant requests to ensure all funds are distributed in accordance with eligible charitable purposes.
For internally advised funds, grants are paid to recipients selected by Trustees from applications received. These grants are made in accordance with relevant fund restrictions. They share, however, a common focus on helping disadvantaged people in the Greater Manchester area. Key priority areas include: preventing homelessness, reducing social isolation, improving access to employment and the provision of emergency support for vulnerable families & children.
The Trustees set various criteria for assessing grant applications for internally advised funds. These include:
- We focus and encourage applications from local charities working ‘on the ground’ in Greater Manchester, although we also accept applications from national charities if the project and/or individuals are local, i.e. within Greater Manchester.
- We consider applications from Community Interest Companies (CICs) but with greater scrutiny (e.g. we check closely for Limited by Guarantee, Accounts, Reserves, Asset Lock, etc).
- We only normally consider grant applications from organisations that have been active for three years or more. Although we do not prevent applications from organisations operating for less than this period, such applications receive greater scrutiny.
- Grant applications and awards for funding up to or less than £5,000 are treated as small grants and multiple/repeat applications from an organisation are accepted with internal management and assessment of each application considered.
- Grant applications and awards over £5,000 require more budgetary information at the application stage, applications receive greater scrutiny and additional monitoring following any award to ensure funds are spent correctly and as agreed. Such applications and awards are treated as large grants and organisations can only apply once every two years from the previous award date. We normally allocate no more than five large grants in a year.
- Grant applications up to £10,000 would normally be the maximum but, exceptionally, consideration may be given to larger amounts.
- New project costs, including salaries for an initial 12 months, will be considered but sustainability would be a key consideration of each application.
- Grants for holidays and days out/excursions will be funded by the Cinderella Fund. Grant payments from this fund cannot be made to an individual – grant payments will only be made to a supporting or third party organisation (holiday camp, etc.).
The Trustees will not normally fund any of the following:
- contributions to general appeals from national charities;
- activities that solely support animal welfare;
- religious activity which is not for wider public benefit; and
- activities that have already taken place.
Any grant made by the Trustees is made at the absolute discretion of the Trustees.
Page 7
**The Charity Service Limited**
**Report of the Trustees For the year ended 31st March 2021**
## **Risk management**
The Trustees continue to review the charity’s activities to identify the major risk exposure and to maintain the systems to mitigate these risks. Management controls are also reviewed to ensure they are operating effectively and meeting the needs of the charity.
The principal risks and uncertainties identified by Trustees are reliance on key staff and the volatility of investments held by the charity. The steps taken by the Trustees to mitigate these risks as far as practicable are: ensuring two individuals action all payments; monitoring performance against an annual budget; reviewing investment manager reports and assessing investment performance at least every quarter; and, having an audit every year (rather than an annual independent examination).
## **Plans for the future**
As noted above, our strategic goal is to build the charity’s core activities of managing donor advised and internally advised funds. Indeed, we sought to give this goal extra impetus in 2021 by undertaking a strategic review of the charity’s activities.
The strategic review was performed by the charity’s new Manager and Company Secretary, who was appointed in January 2021 and has extensive experience in the voluntary sector. The review concluded that The Charity Service was in a stable financial position and well-placed to expand activities. In particular, there were opportunities to promote philanthropy and build on The Charity Service’s long history as a grant-maker.
As a result of the strategic review, Trustees agreed to new strategic aims for the next three years:
- To provide philanthropists with a high-quality and personal donor advised fund account management service.
- To offer philanthropists a distinctive values-based philanthropy advice service.
- To use the charity’s internally advised funds to provide long-term support to charitable organisations embedded within their community.
Further to the strategic review, we expect to increase staff resources from October 2021 and offer a new philanthropy advice service from January 2022. We also anticipate implementing a revised grant-making policy for internally advised funds.
Page 8
## **The Charity Service Limited**
## **Report of the Trustees For the year ended 31st March 2021**
## **Statement of Trustees’ responsibilities**
The Trustees (who are also the directors of The Charity Service for the purposes of company law) are responsible for preparing the report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP 2019 (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and,
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
- there is no relevant audit information of which the charitable company’s auditor is unaware; and,
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **Auditors**
Ashby Berry Coulsons Limited is deemed to be re-appointed under section 487(2) of the Companies Act 2006. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. TCS is still a small company although now a larger charity.
Signed on behalf of the Trustees on 11[th] November 2021.
C D Mills
Manager and Company Secretary
Page 9
## **Independent Auditor’s Report to the Members of The Charity Service Limited**
## **Opinion**
We have audited the financial statements of The Charity Service Limited (the ‘charitable company’) for the year ended 31 March 2021 which comprise the Statement of Financial activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 10
**Independent Auditor’s Report to the Members of The Charity Service Limited**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees' report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our audit procedures include:
- Performing audit work over the risk of management override of controls, including reviewing accounting estimates for bias and testing journal entries and other adjustments for appropriateness;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures to assess compliance with applicable laws and regulations
- Enquiry of management and those charged with governance concerning potential litigation and claims.
Page 11
**Independent Auditor’s Report to the Members of The Charity Service Limited**
We consider that these procedures, together with evidence acquired from our other audit work, provide an audit approach enabling a reasonable likelihood of detection of irregularities. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Anne Mead BSc FCA (Senior Statutory Auditor) for and on behalf of Ashby Berry Coulsons Limited Statutory Auditor 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB
23[rd] November 2021
Page 12
## **The Charity Service Limited**
## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 March 2021**
**----- Start of picture text -----**
Unrestricted Restricted 2021 2020
Notes funds funds Total funds Total funds
£ £ £ £
Income from:
Donations 2 - 362,663 362,663 3,024,206
Charitable activities 3 47,090 - 47,090 32,645
Investments 4 3,340 60,737 64,077 72,000
Total income 50,430 423,400 473,830 3,128,851
Expenditure 5
Raising funds 6 691 709 1,400 7,154
Charitable activities:
Grants made 7 72,448 895,982 968,430 796,788
Management services 8 30,059 26,552 56,611 39,159
Total expenditure 103,198 923,243 1,026,441 843,101
Operating result for the year before
gains/losses on investments (52,768) (499,843) (552,611) 2,285,750
Net gains / (losses) on investments 13 40,528 941,818 982,346 (578,025)
Net income and net movement of funds 9 (12,240) 441,975 429,735 1,707,725
Reconciliation of funds
Total funds brought forward 305,482 4,701,050 5,006,532 3,298,807
Total funds carried forward 18 293,242 5,143,025 5,436,267 5,006,532
**----- End of picture text -----**
The notes on pages 16 to 29 form part of these financial statements.
Page 13
**The Charity Service Limited**
**(Registered number: 02538910)**
## **Balance Sheet at 31 March 2021**
**----- Start of picture text -----**
2021 2020
Notes £ £
Fixed assets
Tangible fixed assets 12 835 -
Investments 13 5,187,287 4,388,630
5,188,122 4,388,630
Current assets
Debtors 14 2,438 8,244
Investments 15 3,050 34,521
Cash at bank and in hand 247,640 588,446
253,128 631,211
Creditors
Amounts falling due within one year 16 (4,983) (13,309)
Net current assets 248,145 617,902
Total assets less current liabilities 5,436,267 5,006,532
Net assets 5,436,267 5,006,532
Funds 17
Unrestricted funds 293,242 305,482
Restricted funds 5,143,025 4,701,050
Total funds 5,436,267 5,006,532
**----- End of picture text -----**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees on 11th November 2021 and were signed on its behalf by
R G Dyson Chair of the Trustees
The notes on pages 16 to 29 form part of these financial statements.
Page 14
## **The Charity Service Limited**
## **Cash Flow Statement**
## **for the year ended 31 March 2021**
|Note
**Cash flow from operating activities**
Cash provided from operations
(i)
**Cash flows from investing activities:**
Purchase of tangilble fixed assets
New sub-trust capital introduced
Transfers to investment portfolios
Transfers from investment portfolios
Dividends received
**Net cash provided by(used in) investing activities**
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
(ii)
**Note to the cash flow statement**
**(i) Reconciliation of net income to net cash flow from operating activities**
**Net income for the reported period (as per the**
**statement of financial activities)**
**Adjustments for:**
Depreciation charges
New sub-trust capital introduced as investments
Investment fees paid from cash accounts with investment manager
Investment income held in brokers cash
Investment income retained in portfolio
Net (gain)/loss on investments
Dividends received
Decrease/(Increase) in debtors
Increase in creditors
**Net cash provided by operating activities**
**(ii) Analysis of changes in net funds**
**At 1 Apr 2020**
**£**
**Net cash**
Cash at Bank
**588,446**
**588,446**
**Liquid resources**
Deposits included in cash
**-**
Current asset investments
**34,521**
**34,521**
**Total**
**622,967**
P 15|**2021**
2020
**£**
£
**(640,212)**
(783,687)
**(911)**
-
**-**
650,656
**(500,000)**
(441,289)
**735,988**
533,500
**64,329**
69,865
**299,406**
812,732
**(340,806)**
29,045
**588,446**
559,401
**247,640**
588,446
**429,735**
1,707,725
**76**
-
**(21,413)**
(3,007,705)
**951**
9,267
**-**
(7,373)
**(367)**
-
**(982,346)**
578,025
**(64,329)**
(69,865)
**5,807**
2,954
**(8,326)**
3,285
**(1,069,947)**
(2,491,412)
**(640,212)**
(783,687)
**Cash Flow**
**At 31 Mar 2021**
**£**
£
**(340,806)**
**247,640**
**(340,806)**
**247,640**
**-**
**-**
**(31,471)**
**3,050**
**(31,471)**
**3,050**
**(372,277)**
**250,690**|
|---|---|
Page 15
**The Charity Service Limited**
**Notes to the Financial Statements for the year ended 31 March 2021**
## 1. **Accounting policies**
## **General information**
The Charity Service Limited is a charitable private company limited by guarantee incorporated in England and Wales. In addition, it is a Trust Corporation within the meaning of Section 68(18) of the Trustee Act 1925. Every member of the charitable company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to benefit any charitable institutions or charitable purposes by provision of advice and assistance.
## **Basis of preparing the financial statements**
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 (FRS 102) published in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Going concern**
Having considered the level of funds held and the expected level of income and expenditure for the next 12 months, the Trustees have, at the time of approving these financial statements, a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and they therefore continue to adopt the going concern basis of accounting in preparation of these accounts.
## **Judgements and key sources of estimation uncertainty**
The Trustees consider that no judgements, apart from those involving estimates, have been made in the process of applying the above accounting policies which have had a significant effect on amounts recognised in the financial statements.
The Trustees consider that no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date have been made which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
## **Funds**
Unrestricted funds comprise the general fund and the designated fund. The general fund is available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. The designated funds represent charitable funds which the charity may use and distribute to appropriate charitable purposes agreed by the Trustees.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 16
## **The Charity Service Limited**
## **Notes to the Financial Statements for the year ended 31 March 2021**
## 1. **Accounting policies - continued**
## **Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
## **Voluntary income**
Voluntary income usually consists of small donations which are accounted for when received. The charity is not a legacy seeking organisation but will account for any legacies on the basis that entitlement is taken as the earlier of the charity being notified of an impending distribution or the legacy being received.
## **Investment income receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **Income from charitable activities**
Income from fees for accounting and management services is recognised when receivable.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Non-staff costs are allocated directly to the applicable expenditure heading and staff costs are apportioned on the basis of time spent.
Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administrative and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **Grants payable**
Grants are voluntary payments made to charitable institutions. Grants nominated by donors are accounted for when they are paid. Expenditure on other grants is included when the grants have been approved and any conditions attached by the trustees have been satisfied.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Recognised gains and losses**
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
Page 17
**The Charity Service Limited**
**Notes to the Financial Statements for the year ended 31 March 2021**
## 1. **Accounting policies - continued**
## **Tangible fixed assets**
Fixed assets costing more than £500 are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis at the following annual rates.
Computer equipment
## 33 1/3%
## **Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value, which is taken as the market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Cash held by investment managers is classified as current asset investments.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Impairment**
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
## **Provisions**
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
## **Employee benefits**
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The charity contributes to a defined contribution workplace pension plan for the benefit of its employees. Contributions are charged to the statement of financial activities in the period to which they relate.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
Page 18
## **The Charity Service Limited**
## **Notes to the Financial Statements - continued for the year ended 31 March 2021**
## **2. Donations**
|**_Year ended 31 March 2021_**
Donations
New sub-trust capital introduced
**_Year ended 31 March 2020_**
Donations
New sub-trust capital introduced
**3.**
**Charitable activities**
**_Year ended 31 March 2021_**
Fees for management services
**_Year ended 31 March 2020_**
Fees for management services
**4.**
**Investment income**
**_Year ended 31 March 2021_**
Income from investment portfolios
**_Year ended 31 March 2020_**
Income from investment portfolios|Unrestricted
funds
£
-
-
-
50
-
50
Unrestricted
funds
£
47,090
47,090
32,645
32,645
Unrestricted
funds
£
3,340
5,815|Restricted
funds
£
15,000
347,663
362,663
16,450
3,007,706
3,024,156
Restricted
funds
£
-
-
-
-
Restricted
funds
£
60,737
66,185|Total
funds
£
15,000
347,663
362,663
16,500
3,007,706
3,024,206
Total
funds
£
47,090
47,090
32,645
32,645
Total
funds
£
64,077
72,000|
|---|---|---|---|
Page 19
**The Charity Service Limited**
## **Notes to the Financial Statements - continued**
## **for the year ended 31 March 2021**
**----- Start of picture text -----**
5. Total expenditure
Unrestricted Restricted Total
funds funds funds
Note £ £ £
Year ended 31 March 2021
Raising funds 6 691 709 1,400
Grant-making 7 72,448 895,982 968,430
Management services 8 30,059 26,552 56,611
103,198 923,243 1,026,441
Year ended 31 March 2020
Raising funds 6 643 6,511 7,154
Grant-making 7 72,937 723,851 796,788
Management services 8 21,660 17,499 39,159
95,240 747,861 843,101
6. Raising funds
Unrestricted Restricted Total
funds funds funds
£ £ £
Year ended 31 March 2021
Staff costs (note 11) 607 - 607
Portfolio management fees 84 709 793
691 709 1,400
Year ended 31 March 2020
Staff costs (note 11) 520 - 520
Portfolio management fees 123 6,511 6,634
643 6,511 7,154
7. Grant-making
Unrestricted Restricted Total
funds funds funds
Year ended 31 March 2021 £ £ £
Grants payable (listed below) 40,549 894,741 935,290
Support costs 31,298 1,241 32,539
Direct costs 601 - 601
72,448 895,982 968,430
Year ended 31 March 2020
Grants payable (listed below) 48,330 720,812 769,142
Support costs 23,695 3,039 26,734
Direct Costs 912 - 912
72,937 723,851 796,788
**----- End of picture text -----**
Page 20
**The Charity Service Limited**
## **Notes to the Financial Statements - continued**
## **for the year ended 31 March 2021**
**----- Start of picture text -----**
7. Grants payable
2021 2020
£ £
Abortion Support Network 52,000 2,000
Acid Survivors Foundation - 35,000
Acting on Impulse 4,956 -
Action Sport 2,960 -
Age UK Wigan 9,134 600
Akshaya Patra Foundation 65,000 -
Albert Kennedy Trust 250 1,200
Alzheimers 250 500
Amos Trust 1,000 -
Applied Environmental Research Foundation 24,000 22,000
Arthritis Research 250 500
Autistic Society 722 -
Azamrah Youth Club 1,000 -
Back on Track - 980
Barnabus 250 500
Bee Sanctuary 3,000 -
Benedetti 500 -
Bible Society 250 500
-
Birth Companions 40,000
Boaz 5,000 -
Boaz Manchester - 10,000
Bolton Lads & Girls 1,000 -
Booth Centre 950 2,700
Bridge Church - 350
Bridgewater Residents Association - 884
Bridging the Gap 250 -
Bristol Music Trust 30,000 39,780
Bristol NW Food bank 3,000 -
British Heart 250 500
British Legion 250 500
British Red Cross - 1,000
Burdens 45,830 -
Bury2gether 880 -
Cancer Research 250 1,140
Cartwheel Arts 500 -
Cascade Baby Bundle 880 -
Centrepoint 2,000 -
Child Brain Injury Trust - 240
Chrisitans Against Poverty 250 500
Christie Hospital 250 -
c/f 297,062 121,374
**----- End of picture text -----**
Page 21
## **The Charity Service Limited**
## **Notes to the Financial Statements - continued**
## **for the year ended 31 March 2021**
**----- Start of picture text -----**
7. Grants payable (continued)
2021 2020
£ £
b/f 297,062 121,374
Christies - 500
-
Citywise Mentoring 1,900
Class 1,000 -
-
Coffee for Craig 5,000
Collaborative Women 1,715 -
Communic8te Bury 977 -
-
Community Little 1,794
-
Cracking Good Food 1,500
Cribs International 16,500 5,000
CTR for Specialist 500 -
Deafblind 1,000 -
Depaul Nightstop Manchester 3,000 10,000
-
Development Education Centre 2,000
Emerge 500 -
Emmaus Salford 1,000 -
Emmeline's Pantry 1,200 2,350
-
eXXpedition 25,000
-
Federation of Jewish Services (The FED) 1,000
Filmbath 5,000 5,000
Funderbirds 1,500 6,000
Gaddum Centre 2,650 610
Glitch - 10,000
-
Good Comp 1,000
Great Places (A Bed every Night) 1,000 3,609
Greater Manchester Community Chaplaincy 1,000 5,998
-
Hawkwood College 1,000
Helen Bamber 50,000 -
Hidden Treasure 1,760 -
Hits Radio 500 -
Holcombe Brook - 1,000
Humans MCR 1,000 -
IHL 1,000 -
Individuals under the Dick Camplin Educational Trust 19,274 9,240
Individuals under the Human Rights and Nursing Awards 20,000 20,000
Intensive Care Soc 40,000 -
International Animal rescue - 100
International Fund for Animal Welfare - 5,000
Jews for Jesus 250 500
Jigsaw 1,500 1,000
c/f 478,082 240,281
**----- End of picture text -----**
Page 22
## **The Charity Service Limited**
## **Notes to the Financial Statements - continued**
## **for the year ended 31 March 2021**
**----- Start of picture text -----**
7. Grants payable (continued)
2021 2020
£ £
b/f 478,082 240,281
-
Karma Organsation 40,000
Kidsout 1,750 -
-
Kings Chruch 1,000
Latin American Womens Aid 55,000 35,000
Levenshulme Good 2,750 -
Levenshulme Inspire 3,000 4,224
LGBT Foundation 500 -
Lighthouse - 50
London Black Women 50,000 -
-
MACC Migrant 5,000
Macmillan 400 500
Makan 40,000 40,000
-
Manchester City of Sanctuary 2,160
Manchester Deaf Centre - 1,000
Manchester Parent 1,500 -
Medecins Sans Frontiers 5,000 -
-
Middleton Popstars 1,000
-
Migrant Offshore Aid Station (MOAS) UK 100,000
Millie Mittoo 2,500 -
Mission Aviation 250 500
Mustard Tree 5,500 4,500
NCIM - 4,183
Network for Social Change 21,000 25,300
Newton Heath 494 -
Newton Heath Youth Project - 925
-
Northmoor Community Association 10,000
NSPCC 250 500
Odd Arts 500 -
Open Doors 250 1,000
Operation Fistula 40,000 40,000
Ourboards 9,980 -
Practical Action 1,000 -
Proud Trust 780 -
-
Quaker Service NI 10,000
Rainbow Haven 250 -
Reach Out 950 -
-
Resurgence Trust 1,000
Richmond Fellowship 980 -
RNLI 250 500
c/f 769,916 521,623
**----- End of picture text -----**
Page 23
## **The Charity Service Limited**
## **Notes to the Financial Statements - continued for the year ended 31 March 2021**
**----- Start of picture text -----**
7. Grants payable (continued)
2021 2020
£ £
b/f 769,916 521,623
Royal Exchange 30,000 30,000
Saba Relief 10,500 -
Sabden Growers 1,000 -
Safe Hands for Girls 20,000 20,000
Saheli 12,500 -
Salford Council 111 -
Salford Heart Centre 990 -
Salford UCRC - 11,020
Salvation Army 250 500
Savera UK - 50,000
Shift Foundation - 40,000
Soil Association 10,000 -
-
SoundUp Arts 1,000
St Brides 1,000 -
St Lukes Cheshire 420
Stroke 250 -
Sunbula 3,000 -
Talk Listen Change 998 2,000
Talkfirst 1,833 -
Tearfund 250 2,000
The A Team Foundation 10,000 -
The Brick 500 -
The Fed 2,155 -
The Hamlet 817 -
The Pace2B 1,500 -
The Proud Trust - 6,500
The River Manchester 1,500 3,000
Transport for Uganda 250 1,000
Tree of Life Wythenshawe 1,000 1,000
-
University of Sussex 1,000
Visit from the Stork 2,000 -
Wateraid 250 500
WISH - 50,000
-
Women for Reugees 40,000
Women in Prison - 10,000
Womens Environmental Network 7,500 5,000
Wood Street Mission - 5,000
Woodland Trust - 10,000
Youth Leads UK 2,800 -
Total 935,290 769,143
**----- End of picture text -----**
Page 24
## **The Charity Service Limited**
## **Notes to the Financial Statements - continued for the year ended 31 March 2021**
## **8. Management Services**
|Unrestricted
funds
£
**_Year ended 31 March 2021_**
**Direct costs**
Staff costs (note 11)
9,100
**Support costs**
Management costs
11,350
Computer costs
3,293
Office costs
1,301
Other sundry costs
983
16,927
**Governance costs**
Audit fees - current year
4,000
Audit fees - prior year
32
4,032
30,059
**_Year ended 31 March 2020_**
**Direct costs**
Staff costs (note 11)
7,675
**Support costs**
Management costs
2,421
Computer costs
3,210
Office costs
1,181
Other sundry costs
3,141
9,953
**Governance costs**
Audit fees - current year
4,000
Audit fees - prior year
32
4,032
21,660
**9.**
**Net income (expenditure)**
Net income (expenditure) is stated after charging:
Audit fees - current year
Depreciation - owned assets
Realised investment gains
Unrealised investment gains/(losses)
Investment gains/(losses)|Restricted
funds
£
-
26,552
-
-
-
26,552
-
-
-
26,552
-
17,499
-
-
-
17,499
-
-
-
17,499
**2021**
£
4,032
76
87,200
895,146
982,346|Total
funds
£
9,100
37,902
3,293
1,301
983
43,479
4,000
32
4,032
56,611
7,675
19,920
3,210
1,181
3,141
27,452
4,000
32
4,032
39,159
2020
£
4,032
-
84,223
(662,248)
(578,025)|
|---|---|---|
## **10. Trustees' remuneration and benefits and expenses**
No trustee received or waived remuneration or other benefits for the year ended 31 March 2021 (2020: none).
One trustee received £76 (2020: £259) for out of pocket expenses.
Page 25
**The Charity Service Limited**
## **Notes to the Financial Statements - continued for the year ended 31 March 2021**
|**11. Staff costs**
Salaries
Pensions costs
The average monthly number of employees during the year was:
Full time
Part time
Total staffing is approximately 1.2 full time equivalents.
No employees received emoluments in excess of £60,000.|**2021**
£
39,736
1,797
41,533
**2021**
1
1
2|2020
£
30,030
1,513
31,543
2020
1
1
2|
|---|---|---|
## **12. Tangible fixed assets**
|**Tangible fixed assets**||
|---|---|
|**Cost**
Additions|**Computer equipment**
£
911|
|**Depreciation**
Charge for the year|(76)|
|**Net book value**
At 1 March 2020|-|
|At 1 March 2021|835|
## **13. Fixed asset investments**
|**Market value**
At 1 April
Additions at cost
Carrying value of investments sold
Unrealised gains (losses)
At 31 March
**Analysis of investments**
Multi-asset funds
Other assets
Property funds
Historic cost of investments|**2021**
2020
£
£
4,388,630
2,619,312
586,662
6,324,015
(683,151)
(3,892,449)
895,146
(662,248)
5,187,287
4,388,630
5,146,570
4,316,621
40,717
36,076
-
35,933
5,187,287
4,388,630
4,811,985
5,039,117
**Listed investments**|
|---|---|
There were no investment assets outside of the UK.
Page 26
## **The Charity Service Limited**
## **Notes to the Financial Statements - continued for the year ended 31 March 2021**
**----- Start of picture text -----**
14. Debtors
2021 2020
£ £
Trade debtors - 5,267
Other debtors 1,956 2,575
Prepayments and accrued income 482 402
2,438 8,244
15. Current asset investments
2021 2020
£ £
Cash accounts with investment manager 3,050 34,521
16. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 105 51
Social security and other taxes 420 420
Other creditors 458 5,267
Accrued expenses 4,000 7,571
4,983 13,309
17. Analysis of net assets between funds
Unrestricted Restricted Total
funds funds funds
£ £ £
As at 31 March 2021
Tangbile fixed assets 835 - 835
Investments 193,733 4,993,554 5,187,287
Current assets 103,657 149,471 253,128
Current liabilities (4,983) - (4,983)
293,242 5,143,025 5,436,267
As at 31 March 2020
- - -
Tangbile fixed assets
Investments 172,378 4,216,252 4,388,630
Current assets 142,144 489,067 631,211
Current liabilities (9,040) (4,269) (13,309)
305,482 4,701,050 5,006,532
**----- End of picture text -----**
Page 27
**The Charity Service Limited**
**Notes to the Financial Statements - continued for the year ended 31 March 2021**
## **18. Movements in funds**
|**_Year ended 31 March 2021_**
**Unrestricted funds**
General fund
Designated - trustees' discretionary
**Total unrestricted funds**
**Restricted funds**
The Human Rights & Nursing awards
George James Pennington Bequest
Martin Family Charitable Trust
Dick Camplin Educational Trust
Gables End Trust
Castlefield Trust
Charity Cheque accounts
Earthsong Trust
Kelly Trust
Ripple Trust
**Total restricted funds**
**Total funds**
**_Year ended 31 March 2020_**
**Unrestricted funds**
General fund
Designated - trustees' discretionary
**Total unrestricted funds**
**Restricted funds**
The Human Rights & Nursing Awards
George James Pennington Bequest
Martin Family Charitable Trust
Dick Camplin Educational Trust
Gables End Trust
Castlefield Trust
Charity Cheque accounts
Earthsong Trust
Kelly Trust
Ripple Trust
**Total restricted funds**
**Total funds**|**At 1 April**
**£**
84,343
221,139
305,482
622,346
433,392
9,319
14,990
310,626
2,546
45,079
1,441,914
1,728,027
92,811
4,701,050
5,006,532
93,692
280,534
374,226
677,449
489,917
23,150
8,380
407,738
2,546
45,079
1,270,322
-
-
2,924,581
3,298,807|**Incoming**
**resources**
**£**
47,090
3,340
50,430
9,783
7,694
98
15,000
25,808
-
-
352,011
12,463
543
423,400
473,830
32,645
5,865
38,510
14,598
11,487
390
16,450
14,550
-
-
342,890
2,574,357
115,619
3,090,341
3,128,851|**Resources**
**expended**
**£**
(51,221)
(51,977)
(103,198)
(23,546)
(75,702)
(5,500)
(19,989)
(85,878)
-
-
(77,158)
(608,468)
(27,002)
(923,243)
(1,026,441)
(41,994)
(53,246)
(95,240)
(26,702)
(31,611)
(14,001)
(9,840)
(104,515)
-
-
(73,603)
(486,589)
(1,000)
(747,861)
(843,101)|**Gains /**
**(losses)**
**£**
-
40,528
40,528
133,745
93,625
1,386
-
57,220
-
-
333,299
308,692
13,851
941,818
982,346
-
(12,014)
(12,014)
(42,999)
(36,401)
(220)
-
(7,147)
-
-
(97,695)
(359,741)
(21,808)
(566,011)
(578,025)|**Transfers At 31 March**
**£**
**£**
-
80,212
-
213,030
-
293,242
-
742,328
-
459,009
-
5,303
-
10,001
-
307,776
-
2,546
-
45,079
-
2,050,066
-
1,440,714
-
80,203
-
5,143,025
-
5,436,267
-
84,343
-
221,139
-
305,482
-
622,346
-
433,392
-
9,319
-
14,990
-
310,626
-
2,546
-
45,079
-
1,441,914
-
1,728,027
-
92,811
-
4,701,050
-
5,006,532|
|---|---|---|---|---|---|
## _**Fund purposes**_
The general fund receives its income from the fees charged by The Charity Service Limited and provides the resources to support the running of the charity.
The designated fund represents unrestriucted funds set aside by the Trustees for grant-making.
All restricted funds, except for the George James Pennington Bequest fund, are donor advised funds. Grants are made from these funds at the request of donors (subject to appropriate due diligence checks).
The George James Pennington Bequest fund provides grants to assist with the purchase or supply of activities, amenities or equipment which will improve general welfare. Grant beneficiaries must be resident within the cities of Manchester or Salford.
Page 28
**The Charity Service Limited**
**Notes to the Financial Statements - continued for the year ended 31 March 2021**
## **19. Related party disclosures**
Mr J S Eckersley, a Trustee, is a partner in Castlefield Investment Partners LLP, with which the charity places its own investment business and the investment business of several charitable trusts managed by the charity and for which the charity is the sole trustee. During the year ended 31 March 2021, Castlefield Investment Partners LLP received investment management charges of £793 (2020: £6,634) and collected contract charges of £Nil (2020: £4,335).
## **20. Funds held as trustee**
The Charity Service Limited acts as sole trustee for the following charitable trusts:
|**Name**|**Registered**|**Objects**|
|---|---|---|
|**Charity Number**|||
|Chronicle Cinderella Home Fund|233536|Providing convalescent or recuperative holidays|
|||for sick and convalescent children of poor persons.|
|Manchester and Salford Medical Charities|223079|Making grants to charities in the Manchester and|
|Fund||Salford area, particularly for the provision of|
|||comforts, amenities and assistance to the poor,|
|||the sick and the infirm.|
|David Budenberg Charitable Trust|1006640|Making grants to charities.|
|The Richard Budenberg Charitable Trust|267673|Making grants to charities.|
In the capacity as sole trustee, The Charity Service Ltd is the custodian trustee for the investment portfolios held by the above trusts and managed by Castlefield Investment Partners LLP.
Page 29