Charity Regl$tration No. 101S809 ROYAL SCHOOL OF MINES ASSOCIATION TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ROYAL SCHOOL OF MINES ASSOCIATION TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Ms F M Cassidy Ichaimianl Mr D J Bishop (Treasurer) Mrs H J Baker MrT Cotton Ms J H Crocker Mr G C LkJyd-Davis Mr C Louwarts Prof. J Monhemiu¥ Mr J F O'Reilly Prof, R D Rawlings Mr P M Waugh Charity number 1015809 Principal addM• Braemar The 8utts KenninghaN Norwich NR16 2Ea Ind•pendent •xamln•r David J Richards BAIHonsl ACA CTA Pearson May 37 Great Pulleney Street Bath 8A2 4DA Bankors HS8C Bank pk 60 Queen Victoria Street London EC4N 4TR ROYAL SCHOOL OF MINES ASSOCIATION TRUST CONTENTS Pag• Tru$lee$' report Independent examiners report Slalemenl of financial activitses Balance $heet Ntsles lo the financial s¢alement$ 6-10 ## **ROYAL SCHOOL OF MINES ASSOCIATION TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_ The trustees present their report and financial statements for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 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) (effective 1 January 2019)". ## **Objectives and activities** The Trust's objects [as stated in the Trust Deed) are to encourage and promote education, sport and social activities at The Royal School of Mines for the benefit and welfare of students. For the purpose of the Trust Deed the term 'students' includes both undergraduate and postgraduate students. The trustees confirm that they have reviewed the outcomes and achievements of their activities for the year to ensure that they remain focused on their charitable aims and continue to deliver benefits to the public. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. ## **Achievements and performance Financial review** The charity administers the funds at its disposal in accordance with the specific objectives of the charity and the trustees have continued to support students by making grants and interest free loans. The charity's income is derived from donations and legacies and a small amount of investment income. The charity's unrestricted funds stood at £98,094 at 31 December 2020 (2019 - £81,358). It is the policy of the charity to maintain unrestricted funds at a level which enables the charity to consider making grants of varying sizes to deserving students. The trustees believe that sufficient funds should be maintained to cover not only management and administration costs but also to enable the charity to respond to applications for grants from time to time, the amount and timing of which is difficult to predict with regard to the amounts that are appropriate. ## **Structure, governance and management** The charity was established by a charitable trust deed dated 14 October 1992 (as amended by Deeds of Amendment dated 16 June 2005 and 28 June 2018) and is a registered charity. The trustees of the charity represent the key management personnel in charge of directing and controlling the charity and running and operating the charity on a day to day basis. The trustees received no remuneration or other benefits during the year under review. The trustees who served during the year and up to the date of signature of the financial statements were: Ms F M Cassidy (Chair from 19 August 2020) Mr D J Bishop (Treasurer) Mrs HJ Baker Mr C Carter (resigned 19 August 2020) Mr T Cotton Ms J H Crocker (Appointed 19 August 2020) Mr G C Lloyd-Davis Mr C Louwarts Prof. J Monhemius Mr J F O'Reilly Prof. R D Rawlings (Chair until 19 August 2020) Mr PM Waugh (Appointed 24 June 2021) - 1 - ROYAL SCHOOL OF MINES ASSOCIATION TRUST TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 The trustees have a$8e$$ed the major risks lo ￿1¢h the charity is exposed, and arg satlsfied that $y$lems are in place to miligale exposure lo the major risks. Trust•es' r•$pon$lbllltlos In rela￿on to the flnan¢lal statemonts The trustees are re5pon5ible for preparing the Trustees, Report and the financial statements in accordance wllh applicable law and United Kingdom Aett*unting Standards (Unrted ￿'ngdOM Generally A¢¢epled Accounting Practice). The law applicable lo charibes in England and Wales requires the Iruslees lo prepare financial slalements lor each financial year which give a true and fair view of the slate of affairs of the charity and ol the incoming resources and application of resource$ of the charity for that year. In preparing these financial slalemenls, the trustees are required to.. 3elecl suitable accounting poli¢ies and then app￿ them ¢onsislentty'. - observe the methods and principles in the Chants"es SORP., - make judgements and estimatey that are reasonable and prudent.. state vthether applicable accounting standards have been followed, Subject lo any material departures disclosed and explained in the finan¢i81 slalemenls", 8nd prepare the financial slalemenls on the going concern basis unless it is inappropriate to presume th41 the charity will continue in operation. The Iruslees are re5pon$ible for keepin9 $uffi¢ienl accounting rè¢ords that di$do$e wth rea$onabl• a￿UraCY at any ts'me the financial posilion of the charity and enable them lo ensure that the financial slalemenls comply th the Charities Aci 2011, the Charity (Accounts and Reports) Regulation5 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets of the Charity and hence lor taking r•a$ona￿e steps for the prevention and detection of fraud and other irregularilit$. The trustees. report was approved by the Board of Trustees. Mrs H J Bak•r TnJ$lee Dated". 20 October 2021 ROYAL SCHOOL OF MINES ASSOCIATION TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROYAL SCHOOL OF MINES ASSOCIATION TRUST I report to the trustees on my examination of the financial slalemenls of Royal School of Mines Association Trust Ilhe ¢harilyl for the year ended 31 Oecember 2020. Responsibllltle$ and basi5 of report As the Iruslees of the charity you are responsible for the preparation of the financial $talemenlg in accordance with the requirements of the Charities Act 2011 Ilhe 2011 Adl. I report in respect of my examination of the charity's finaneial statements carried out under secb'on 145 of the 2011 Act. In carrying OLJI my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llb} of the 2011 Act. Indepgnd8nt oxamin•r'$ $tatement I have completed my examinalitsn. I confirm that no matters have eome lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial statements do not accord wlh those ￿e0rdS., or the financial statements do not Comply with the applicable requirements Concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which 13 not a matter considered as part of an independent examinalion. I have no ¢¢ncerns and have come across no other matters in ¢onnec150n with the examination to which ttenlion should be drawn in this report in order lo enable a proper understanding of the financial 5ts1ement5 eached. rds BAIHonsl ACA CTA For and on behalf of Pearson May 37 Great Pulleney Street Bath BA2 4DA Dated.. 21 October 2021 ROYAL SCHOOL OF MINES ASSOCIATION TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENOITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 Unrnstri¢ted Unrestricted funds fund5 2020 2019 Not•4 rJonatson5 an¢J legacies Investment income 25,183 104 24,678 225 TotAI 5ncom• 25.287 25,103 Charitable adivrties 8.551 6,536 N•t income for the yèarl N•t movemont In fund$ 16.736 18,567 Fund balan¢es at 1 January 2020 81,358 62,791 Fund balancv4 at 31 D•¢•mb•r 2020 98.094 81,358 The slalement of financial activities includes all gains and10s8e$ recognised in the year. All Income and &xp•ndilure derive from continuing activilies. ## **ROYAL SCHOOL OF MINES ASSOCIATION TRUST** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2020**_ |||**2020**||**2019**|| |---|---|---|---|---|---| ||**Notes**|£|£|£|£| |**Current assets**|||||| |Stocks|**8**|265||530|| |Debtors|**9**|4,800||5,134|| |Cash at bank and in hand||93,989||76,179|| |||--||--|| |||99,054||81,843|| |**Creditors: amounts falling due within**|||||| |**one year**|**10**|(960)||(485)|| |||--||--|| |Net current assets|||98,094||81,358| ||||--
--||--| ||||||--| |**Income funds**|||||| |Unrestricted funds - general|||||| |Surplus general unrestricted funds for the year||16,736||18,567|| |General unrestricted funds brought forward||81,358||62,791|| |||||--|| |||--|||| ||||98,094||81,358| ||||98,094||81,358| ||||--
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--| The financial statements were approved by the Trustees on 20 October 2021 Mr D J Bishop (Treasurer) **Trustee** - 5 - ROYAL SCHOOL OF MINES ASSOCIATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng pollcl•s Charlty Informatlon Royal School of Mines As50aation Trust is a Charity established by a charitsble trust deed dated 14 October 1992. as amended by Deeds ol Amendments dated 16 June 2005 and 28 June 2018, ancfj is gisleied wth the Charity Commission for England and Wales. 1.1 Accountlng ¢onv•nUon The financial statements have been prePa￿tt in accordance the charity's governing document. the Charities Act 2011 and "A¢¢ounling and Repo￿n9 by Chanlie$." Statement of Recommend&d Practsce applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeth've 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions In thè SORP for charities applying FRS 102 Update BUllet￿n 1 not lo prepare a Slalement of Cash Flows. The financial 51al8menls a￿ prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial $lalements are rounded lo the neare$l £. The financial stalem&nts have been prepared under the historical cost convention. modified lo indude the revaluation ol freehold properties and to include investment properb.es and ￿rtain financial instruments al fair value. The principal accounting polioe$ adopted are $el out below. 1.2 Going con¢•m At the time of approving the financial statements, the Iruslees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thu$ the Iruslees continue to adopt the going concem basis ol accounting in preparing the financial statemgnls. 1.3 Charitable fund8 Unreslricled fund$ are available for use at the discretion of the Iruslees in fijrtherance of thelr charitable objectives. Restricted fvndj are yubject to specTfi¢ ¢onditions by donors as lo how they may be used. Th• purpo$e8 and uses ol the restricted fvnds are set OLrt in the notes to the financial statements. EndovMenl funds are Subject to specthc condthons by donors that the ￿prtaI musl be maintain•d by the charity. 1.4 Income Income Is Tecognised when the charity is legally enlilled lo it after any performance condition8 have been mel, the amounts can be measured reliably, and il Is probable that income b*ill be received. Cash donations ara raeognised on receipt. Othèr donation8 are recognised once the charity has been notified of the donation, unless perfomiance condits'on$ require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Legaries are recognised On receipt or othenmse if the charity has been notified of an impending distribution. the amount is known. and ￿CeIpt Is expected. If the amount is not known. the legacy is treated a$ a ¢onlingent asset. ROYAL SCHOOL OF MINES ASSOCIATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting pollcles Icontlnuedl 1.5 Stocks Stocks are stated al the lower ol c051 and estimaled selling pn¢e less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks lo their present location and eondilion. Items held for distribution al no or nominal consideration are measured the lower ol replacement cost and ¢ost. Net realisable value is the estimated sellin9 price less all estimated costs of completion and costs lo be incurred in marketing, selling and distribution. 1.6 Cash and cash equivalonts Cash and cash equivalents include cash in hand. deposits held al call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowngs in current liabilities. 1.7 Flnan¢lal instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Inslwmenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instnjments are recognised in the ¢h8rity's balance sheet when the charity be¢omes paty lo the contractual prtsvisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements. whon there is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle tsn a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, whi¢h include debtors and cash and bank b8lances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement eonstitules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc finanelal Ilabilitles Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement ¢tsnslilule5 a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of intere$l. Finan¢ial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised ¢051, using the effe¢live intere51 rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as Current liabilities if payment is due wthin one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial liabilities are dere¢ognised when the charity'5 controctual obligations expire or are discharged or cancelled. ROYAL SCHOOL OF MINES ASSOCIATION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Critical accounting 8stlm3to$ and judgements In the application of the charity's accounting policies, the Iruslees are required lo make judgements. estimates and assumptions about the carrying amount ol assets and liabilities that are not readily apparent from other Sources. The estimates and associated assumptions are based on historical experience and other laclors that are considered lo be relevant. Actual results may differ from these eslimales. The estimate$ and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recogni5ed in the period in which the estimate is revised where the revision affects only that period, or in the peiiod of the revision and future period5 where the revision affects both current and future period5. Donation$ and legacies Unrestricted Unrestricted funds funds general general 2020 2019 Donations and gifts Legacies receivable 7,805 17,378 8,658 16,220 25,183 24,878 Invè$tm•nt Income Unrestrictgd Unrestricted funds fijnds ggn8ral general 2020 2019 Intere51 receivable 104 225 ROYAL SCHOOL OF MINES ASSOCIATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Charltable activities Charitabl• Charitabl• activities activltle$ 2020 2019 Medals awarded lo students Tru51 essay prize 100 Club- Burseries and Prizes Bank charges and sundries Short temi loan written off Independent Examiner's Fee VAT on Independent Examiner's Fee 265 200 5,250 78 265 3,000 78 2,279 750 150 6.693 5.622 Grant funding of aclivilie$ (see note 61 1.858 914 8,551 6.536 Grants payable Charitable a¢tiviti•s 2020 Charitsble 2019 Grants to individual$ 1.858 914 1,858 914 Trustè•$ None of the trustees lor any persons connected Tmlh them) received any remuneration or benefits from the charity during the year. Stocks 2020 2019 Award medals 265 530 ROYAL SCHOOL OF MINES ASSOCIATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Dèbtor5 2020 2019 Amounts falllng due within one y•ar- Other debtors 4.800 5,134 10 Creditors.. amount$ falling du& wlthln one yoar 2020 2019 other creditors Accruals and deferred income 335 150 960 960 485 10-