SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP REGISTERED CHARITY 1019611
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2020
SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
CONTENTS
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 - 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the financial statements | 7 - 10 |
SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
CHARITY INFORMATION
| Trustees | Dr Roger Chapman |
|---|---|
| Mr Shaun Wilson | |
| Mr Andrew Millet (Appointed 2 April 2020) | |
| Charity Number | 1019611 |
| Principal office | Quay House |
| Quay Road | |
| Newton Abbot | |
| Devon | |
| TQ12 2BU | |
| Accountants | Darnells Chartered Accountants |
| Quay House | |
| Quay Road | |
| Newton Abbot | |
| Devon | |
| TQ12 2BU | |
| Bankers | National Westminster plc |
| 55 The Broadway | |
| Mill Hill | |
| London | |
| NW7 3WF |
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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
TRUSTEES’ REPORT – YEAR ENDED 5 APRIL 2020
The Trustees present their report and the financial statements for the year ended 5 April 2020.
Constitution
The charity was constituted by a Trust Deed dated 10 February 1982 when 5,000 “A” Ordinary Shares in East Midland Allied Press Limited with a then value of £13,800 were transferred to the Trustees.
Trustees and principal officers
The charity trustees during the year to 5 April 2020 were:-
Dr Roger Chapman Mr Shaun Wilson Mr Andrew Millet (Appointed 2 April 2020) Mr Geoffrey Vero (Deceased 20 May 2019)
Objects of the charity
The Trust Deed provides that the income shall be applied in scholarships to members of Mill Hill School upon entering the sixth form for two years, who, but for the scholarship, might be unable for financial reasons to do so or where the effect might be financial hardship. The Trustees were directed to only award scholarships to a scholar who would be taking history and where possible with a personal or family non-conformist background.
By Scheme of the Charity Commissioners dated 14 November 1996, income not required to be applied as above may be applied in promoting the education of sixth form scholars studying any subject as the Trustees think fit.
Achievements and activities
This has achieved its objectives by:
-
Providing funding to scholars who fulfil the criteria above.
-
Promoting the education of sixth form scholars at Mill Hill School.
Financial Review
The income and expenses for the year ended 5 April 2020 were £26,978 (2019: £24,551) received in income and expenses totalling £1,569 (2019: £5,302). During the year ended 5 April 2020 no payments were due to Mill Hill School in respect of Scholarship Awards (2019: £3,710).
The market value of investments decreased from £683,677 to £621,306. The overall net movement in funds during the year was a decrease of £36,962 (2019: increase of £65,225).
Investments Policy
Under the Trust Deed the Trustees have wide powers of investment. The investments have been acquired in accordance with these powers.
In accordance with the Charity Commission’s latest regulations, the Trustees are satisfied that there are sufficient reserves to meet the need designated by the Charity’s Trust.
There were no investment additions during the year.
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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
TRUSTEES’ REPORT – YEAR ENDED 5 APRIL 2020
Reserves Policy
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a high level in order to generate sufficient investment income to be able to pay future awards out of income, and to provide sufficient funds to cover the costs of generating funds and support costs.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Award of scholarships
The Trustees seek the advice of the Head of Mill Hill School as to candidates for scholarships and then consult between themselves, bearing in mind the requirements set out above before awarding scholarships.
Charity law requires the Trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its financial activities for that period. In preparing those financial statements the trustees are required to:-
-
a. select suitable accounting policies and then apply them consistently
-
b. make judgements and estimates that are reasonable and prudent
-
c. state whether the policies adopted are in accordance with the Charities SORP, the Regulations made under S.145 of the Charities Act, and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements
-
d. prepare the financial statements on a going concern basis unless it is inappropriate to assume the charity will continue to operate
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
This report was approved by the trustees on 25 November 2020.
Signed on behalf of the trustees
…………………………………
Dr R Chapman
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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
We report on the accounts for the year ended 5 April 2020 set out on pages 5 to 10.
Respective responsibilities of Trustees and examiner
The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Act;
-
follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and,
-
state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.
Independent Examiner’s Statement
In connection with my examination, no matters have come to my attention;
-
which give me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with Section 130 of the 2011 Act); or
-
to prepare accounts which accord with these accounting records;
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
| Paul Beard ACA FCCA | ................................................... |
|---|---|
| Independent Examiner | |
| Darnells Chartered Accountants | |
| Quay House | |
| Quay Road | |
| Newton Abbot | |
| Devon, TQ12 2BU | .................................................... |
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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
STATEMENT OF FINANCIAL ACTIVITIES – YEAR ENDED 5 APRIL 2020
| Note Incoming Resources Investment income 3 Total Incoming Resources Resources Expended Direct charitable expenses: Awards of scholarships to Mill Hill School 4 Management and administration: Independent examiners fees Bank charges Total Resources Expended Net (Expended)/Incoming Resources Transfer to unrestricted funds 7 Cost of Generating Funds: Unrealised increase/(decrease) in investment assets value Net Movement in Funds Funds brought forward at 6 April 2019 Funds carried forward at 5 April 2020 |
2020 2020 2020 2019 Endowment Funds Unrestricted Funds Total Total £ £ £ £ 26,978 - 26,978 24,551 |
|---|---|
| 26,978 - 26,978 24,551 |
|
| - - - 3,710 - - - - - 1,569 1,569 1,592 - - - - |
|
| - 1,569 1,569 5,302 |
|
| 26,978 (1,569) 25,409 19,249 (26,978) 26,978 - - (62,371) - (62,371) 45,976 |
|
| (62,371) 25,409 (36,962) 65,225 |
|
| 683,677 78,506 762,183 696,958 |
|
| 621,306 103,915 725,221 762,183 |
The notes on pages 7 to 10 form part of these accounts
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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
BALANCE SHEET – YEAR ENDED 5 APRIL 2020
| Note Fixed assets: Investments 2 Current assets: Short term deposits Bank current account Liabilities due within one year 6 Net current assets Net assets Expendable Endowment Funds: Capital account–Original Gift Capital account–Realised Gains Capital account–Unrealised Gains Unrestricted Funds: Income account |
2020 2020 2020 2019 Endowment Unrestricted Total Total £ £ £ £ 621,306 - 621,306 683,677 - 16,659 16,659 16,659 - 90,105 90,105 63,127 |
|---|---|
| - 106,764 106,764 79,786 - (2,849) (2,849) (1,280) |
|
| - 103,915 103,915 78,506 |
|
| 621,306 103,915 725,221 762,183 |
|
| 13,800 - 13,800 13,800 349,292 - 349,292 349,292 258,214 - 258,214 320,585 |
|
| 621,306 - 621,306 683,677 - 103,915 103,915 78,506 |
|
| 621,306 103,915 725,221 762,183 |
Approved by the Board of Trustees on 25 November 2020 and signed on its behalf by
----- Start of picture text -----
…………………………..Trustee …………………………..Trustee
Dr R Chapman Mr A Millet
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The notes on pages 7 to 10 form part of these accounts
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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
NOTES TO THE ACCOUNTS – YEAR ENDED 5 APRIL 2020
1. Accounting Policies
1.1 Investments
Investments on a recognised stock exchange are valued at market value at the year end. Other investment assets are included either at the value shown on the statement or at trustees’ best estimate of market value.
1.2 Incoming resources
Any income from donations or grants would be included in incoming resources in the Statement of Financial Activities when they are receivable.
Investment income and any associated tax credits are included in the accounts when receivable.
Any unrealised gain on the annual revaluation of the investments is included in the accounts as an increase in the Endowment Funds.
1.3 Resources expended
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any value added tax which cannot be recovered.
Costs relating to the management and administration of the charity are separately analysed within charitable expenditure.
Any unrealised loss on the annual revaluation of the investments is included in the accounts as a decrease in the Endowment Funds.
1.4 Liability recognition
Generally, liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure.
1.5 Allocation of costs
Costs are allocated between direct charitable and other expenditure according to the nature of the cost. Where items involve more than one category they are apportioned between the categories according to the nature of the cost.
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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
NOTES TO THE ACCOUNTS – YEAR ENDED 5 APRIL 2020
2. Investments
| Holding 8,910.79 M & G Charifund 29,398.17 Blackrock Charishare 11,020.71 COIF Charity Funds 44,706.39 Schroders Equity Fund |
Cost £ 66,645 75,367 126,755 94,325 363,092 |
2020 2019 Market Market Value Value £ £ 102,276 137,137 240,360 185,032 158,365 169,717 120,305 191,791 |
|---|---|---|
| 621,306 683,677 |
Shareholdings: -
| 2020 | 2019 | |
|---|---|---|
| Holding | Holding | |
| M & G Charifund | 8,910.79 | 8,910.79 |
| Blackrock Charishare | 29,398.17 | 29,398.17 |
| COIF Charity Funds | 11,020.71 | 11,020.71 |
| Schroders Equity Fund | 44,706.39 | 44,706.39 |
3. Investment income
| vestment income | |
|---|---|
| M & G Charifund Blackrock Charishare COIF Charity Funds Schroders Charity Equity Fund Deposit interest |
2020 £ 2019 £ 7,441 7,129 4,511 4,175 5,657 5,617 9,277 7,600 92 30 |
| 26,978 24,551 |
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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
NOTES TO THE ACCOUNTS – YEAR ENDED 5 APRIL 2020
4. Awards of scholarships to Mill Hill School
| Pupil J Drage |
2020 £ 2019 £ - 3,710 |
|---|---|
| - 3,710 |
5. Trustees’ Remuneration and Expenses
No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.
No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year.
6. Liabilities within one year
| Mil Hill School Darnells Chartered Accountants |
2020 £ 2019 £ 1,792 1,057 - 1,280 |
|---|---|
| 2,849 1,280 |
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SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP
NOTES TO THE ACCOUNTS – YEAR ENDED 5 APRIL 2020
7. Endowment Fund
The Endowment Fund is represented by the fixed asset investments.
The movement during the year relates to the decrease in the value of the investments.
During the year the following movements occurred between the endowment and unrestricted funds: -
£26,978 investment income was transferred from endowment to unrestricted funds.
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