Charity registration number: 1020121
The Bouttell Bequest
Annual Report and Financial Statements for the Year Ended 5 April 2022
The Bouttell Bequest
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 18 |
The Bouttell Bequest
Reference and Administrative Details
Trustees Mr J Rathbone Mrs C Rathbone Mrs E Osborn Mr S J Porter Charity Registration Number 1020121 Principal Office c/o Freeths LLP Spires House 5700 Oxford Business Park South Oxford OX4 2RW Solicitors Freeths LLP Spires House 5700 Oxford Business Park South Oxford OX4 2RW Independent Examiner Buzzard's Accountancy Limited 95 Sinclair Avenue Banbury Oxon OX16 1BQ Bankers and investment J M Finn & Co advisors 4 Coleman Street London EC2R 5TA Rathbones Rathbones Investment Management 8 Finsbury Circus London EC2M 7AZ
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The Bouttell Bequest
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2022.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mr J Rathbone Mrs C Rathbone Mrs A Houston (resigned 26 April 2022) Mrs E Osborn Mr S J Porter (appointed 26 April 2022)
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 and the Charities SORP (FRS102) "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)".
Objectives and activities
Objects and aims
The trusts objects are "to further such charitable purposes, and to assist such charitable institutions established in England and Wales as the trustees from time to time in their absolute discretion think fit". The policies adopted in furtherance of these objects are to use two stockbrokers to manage the investments on a daily basis with a view to generate income and to maintain the capital of the trust. There have been no changes to the policy during the year.
Objectives, strategies and activities
The main charitable activity of the charity is that of making grants. The charity aims to support charitable projects in the village of Brill, Oxfordshire where the settlor of the trust, Mrs M J Bouttell resided before her death.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
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The Bouttell Bequest
Trustees' Report (continued)
Grant making policies
In accordance with the trust deed the charity makes grants to other charities which support disadvantaged children, the care of the terminally ill and disabled, and various community projects within the local area. Applications are submitted to the trustees who meet regularly to consider them each based on their own merit and the funds available for distribution.
To fulfil the charitable objectives, during the year under review the charity paid out grants totalling £102,200 to 24 different institutions (2021 - £80,300 of grants to 19 different institutions).
Achievements and performance
The investment income for the year is detailed in the Statement of Financial Activities on page 6.
Financial review
The financial transactions during the year and charities financial position at the year end are shown on pages 6 to 18 of the financial statements.
The income generated from investments amounted to £95,207, an increase of £8,476 compared to a decrease of £25,376 in 2021. This increase is in line with trustees expectations as a result of the impact of the easing of the COVID pandemic restrictions on the investment market.
The trustees aim to maintain the total expenditure in any year in line with the investment income for that year. The amount of grants paid out in 2022 (£102,200) was higher compared to the 2021 year (£80,300).
The endowment fund increased in value by £170,982 due to continued revaluation gains in the investment portfolio at the year end. This is in line with the trustees expectations. The total endowment fund balance at 5 April 2022 amounted to £3,457,816 (2021 - £3,286,834). In addition the charity had unrestricted funds as at 5 April 2022 of £26,090 (2021 - £42,391).
The trustees review the capital and income performance of the portfolios on an ongoing basis.
The trustees consider that the charity's financial position at the year end is satisfactory.
Policy on reserves
It is the policy of the trust that unrestricted funds which have not been designated for a specific purpose should be maintained at a level equivalent to twelve months expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in investment income, they will be able to continue the trust's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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The Bouttell Bequest
Trustees' Report (continued)
Investment policy and objectives
The only source of income for the charity is the investment income from the two portfolios lodged with independent stockbrokers - Rathbones and J M Finn & Co. The investment terms provide for a balanced approach between the production of income and capital growth. A medium risk investment strategy has been applied.
Structure, governance and management
Nature of governing document
The trust was established by a charitable trust deed on 29 March 1993.
The charity is registered as The Bouttell Bequest with the Charities Commission, England and Wales - number 1020121.
Mrs Bouttell died on 29 October 2006. Prior to this the trust had £7,500 cash on deposit.
In accordance with the trust deed, the charity makes grants to other charities which support disadvantaged children, the care of the terminally ill and disabled, and various community projects within the local area. Applications are submitted to the trustees who meet regularly to consider them each based on their own merit and the funds available for distribution.
Recruitment and appointment of trustees
Trustees are recruited by approaching local individuals who are known to be sympathetic to the aims which the charity supports.
Any new trustee appointed is inducted and mentored by a nominated trustee.
Major risks and management of those risks
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to major risks.
The annual report was approved by the trustees of the charity on 1 November 2022 and signed on its behalf by:
Mr J Rathbone Trustee
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The Bouttell Bequest
Independent Examiner's Report to the trustees of The Bouttell Bequest
I report to the trustees on my examination of the accounts of The Bouttell Bequest for the year ended 5 April 2022.
Responsibilities and basis of report
As the charity trustees of The Bouttell Bequest you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the The Bouttell Bequest's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of The Bouttell Bequest as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Valerie Buzzard, FCCA Buzzards Accountancy Limited
95 Sinclair Avenue Banbury Oxon OX16 1BQ
18 November 2022
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The Bouttell Bequest
Statement of Financial Activities for the Year Ended 5 April 2022
| Note Income and Endowments from: Investment income 3 Total income Expenditure on: Raising funds Charitable activities Total expenditure Gains/losses on investment assets Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 Note Income and Endowments from: Investment income 3 Total income Expenditure on: Raising funds Charitable activities Total expenditure Gains/losses on investment assets Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 |
Unrestricted funds £ 95,207 95,207 - (111,508) (111,508) - (16,301) (16,301) 42,391 26,090 Unrestricted funds £ 86,731 86,731 - (88,204) (88,204) - (1,473) (1,473) 43,864 42,391 |
Endowment funds £ - - (30,791) - (30,791) 201,773 170,982 170,982 3,286,834 3,457,816 Endowment funds £ - - (27,640) - (27,640) 646,436 618,796 618,796 2,668,038 3,286,834 |
Total 2022 £ 95,207 |
|---|---|---|---|
| 95,207 | |||
| (30,791) (111,508) |
|||
| (142,299) 201,773 |
|||
| 154,681 | |||
| 154,681 3,329,225 |
|||
| 3,483,906 | |||
| Total 2021 £ 86,731 |
|||
| 86,731 | |||
| (27,640) (88,204) |
|||
| (115,844) 646,436 |
|||
| 617,323 | |||
| 617,323 2,711,902 |
|||
| 3,329,225 |
The notes on pages 8 to 18 form an integral part of these financial statements. Page 6
The Bouttell Bequest
(Registration number: 1020121) Balance Sheet as at 5 April 2022
| Note Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand 10 Creditors: Amounts falling due within one year 11 Net current assets Net assets Funds of the charity: Endowment funds Unrestricted income funds Unrestricted funds Total funds 12 |
2022 £ 3,455,982 199 40,859 41,058 (13,134) 27,924 3,483,906 3,457,816 26,090 3,483,906 |
2021 £ 3,282,438 - 58,236 |
|---|---|---|
| 58,236 (11,449) |
||
| 46,787 | ||
| 3,329,225 | ||
| 3,286,834 42,391 |
||
| 3,329,225 |
The financial statements on pages 6 to 18 were approved by the trustees, and authorised for issue on 1 November 2022 and signed on their behalf by:
Mr J Rathbone Trustee
The notes on pages 8 to 18 form an integral part of these financial statements. Page 7
The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022
1 Accounting policies
Charity information
The Bouttell Bequest is a charitable trust established by a charitable trust deed on 29 March 1993. The charity is registered as The Bouttell Bequest with the Charities Commission, England and Wales - number 1020121.
Statement of compliance
The financial statements have been prepared 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) and the Charities Act 2011.
The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than Accounting and Reporting by Charities:Statements of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Basis of preparation
The Bouttell Bequest meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements have been prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
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The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022 (continued)
Incoming resources
Investment income
Income from endowment funds comprise dividends received on listed investments, interest received on interest bearing securities and bank interest all of which is treated as unrestricted funds.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
Liabilities and related expenditure are recognised in full in the financial statements as soon as the obligation arises.
Raising funds
These are costs incurred in the management of investments that raise funds.
Charitable activities
Charitable activities include expenditure associated with the payment of grants in accordance with the charities objectives and aims.
Support and governance costs included within expenditure on charitable activities comprise costs for the running of the charity itself as an organisation and are recognised when incurred.
Grant expenditure
Expenditure on charitable activities is charged in the year when the offer is confirmed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Other expenditure
Support and governance costs included within expenditure on charitable activities comprise costs for the running of the charity itself as an organisation and are recognised when incurred.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
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The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022 (continued)
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed asset investments
Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Trade debtors
Trade debtors are amounts due to the charity in the ordinary course of the activities of the charities.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022 (continued)
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of activities of the charity from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Fund structure
Unrestricted funds are available for use at the trustees discretion in furtherance of the objectives of the charity.
Endowment funds are subject to specific conditions by the donor that the capital must be maintained by the trust.
2 Continued operations
All the charity's activities derive from continuing operations during the two periods shown on the Statement of Financial Activities.
3 Investment income
| Income from listed investments Interest bearing securities |
Unrestricted funds General Total Total 2022 £ 2021 £ 83,540 77,423 11,665 9,307 95,205 86,730 |
Unrestricted funds General Total Total 2022 £ 2021 £ 83,540 77,423 11,665 9,307 95,205 86,730 |
|---|---|---|
| 86,730 |
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The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022 (continued)
4 Expenditure on raising funds
a) Investment management costs
| Note Other investment management costs; Administration of the investments |
Endowment funds Permanent Total Total 2022 £ 2021 £ 30,791 27,640 30,791 27,640 |
Endowment funds Permanent Total Total 2022 £ 2021 £ 30,791 27,640 30,791 27,640 |
|---|---|---|
| 27,640 |
5 Expenditure on charitable activities
| Note Grant funding of activities 6 Governance costs 7 |
Unrestricted funds General Total Total 2022 £ 2021 £ 102,200 80,300 9,308 7,904 111,508 88,204 |
Unrestricted funds General Total Total 2022 £ 2021 £ 102,200 80,300 9,308 7,904 111,508 88,204 |
|---|---|---|
| 88,204 |
6 Grant-making
Analysis of grants
| Analysis of grants | ||
|---|---|---|
| Grants to | institutions | |
| 2022 | 2021 | |
| £ | £ | |
| Analysis | ||
| Grants | 102,200 | 80,300 |
The support costs associated with grant-making are £9,308 (5 April 2021 - £7,904). Below are the details of material grants made to institutions.
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The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022 (continued)
| Name of institution Activity Asthma Relief Aylesbury Vale Child Contact Centre Banbury Food Bank Banbury Museum Trust BBO Wildlife Trust Bicester Food Bank Blind Veterans Blue Cross Brill Church Brill PCC Playground British Red Cross Cherwell Theatre Company Criminon UK Different Strokes Dogs for Good Emmaus Flag DV Happy Days Home Start Katherine House Hospice Let's Play Muscular Dystrophy UK My Life My Choice Our Bus Bartons Limited Oxford Hospital Police Community Clubs of GB Rainbow Trust Rangers Riding Ranch Salvation Army Standing in the Gap Thames Valley & Chiltern Air ambulance Transitives Voices Across Time |
2022 £ - - 5,000 5,000 - 5,000 3,000 3,000 200 15,000 2,000 5,000 2,000 3,000 5,000 - - 3,000 5,000 5,000 5,000 3,000 2,000 - 5,000 3,000 - 5,000 - 5,000 5,000 3,000 - 102,200 |
2021 £ 5,000 5,000 8,000 - 6,200 8,000 - - 100 5,000 3,500 3,000 - - 5,000 3,000 2,000 - 4,000 5,000 - - - 5,000 - - 5,000 - 5,000 - 2,000 - 500 |
|---|---|---|
| 80,300 |
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The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022 (continued)
7 Analysis of governance and support costs
Support costs allocated to charitable activities
| Support costs allocated to charitable activities | ||
|---|---|---|
| Trustee expenses Secretarial support costs Bank charges Accountancy Secretarial support costs Bank charges Accountancy |
Governance costs £ Administration costs £ - 18 - 6,885 - 121 2,284 - 2,284 7,024 Governance costs £ Administration costs £ - 4,938 - 74 2,892 - 2,892 5,012 |
Total 2022 £ 18 6,885 121 2,284 |
| 9,308 | ||
| Total 2021 £ 4,938 74 2,892 |
||
| 7,904 |
Governance costs includes payments of £2,284 (2021 - £2,892) for independent examination fees.
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The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022 (continued)
8 Fixed asset investments
Other investments
| Cost or Valuation At 6 April 2021 Revaluation Additions Disposals At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 |
Listed investments £ 3,246,348 220,080 179,736 (242,047) 3,404,117 3,404,117 3,246,348 |
Cash in portfolio £ 36,090 - - 15,775 51,865 51,865 36,090 |
Total £ 3,282,438 220,080 179,736 (226,272) |
|---|---|---|---|
| 3,455,982 | |||
| 3,455,982 | |||
| 3,282,438 |
Listed investments are stated at market value as at the balance sheet date, and are valued by the investment managers.
9 Debtors
| 9 Debtors | ||
|---|---|---|
| Other debtors 10 Cash and cash equivalents Cash at bank |
2022 £ 199 2022 £ 40,859 |
2021 £ - |
| 2021 £ 58,236 |
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The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022 (continued)
11 Creditors: amounts falling due within one year
| Trade creditors Accruals 12 Funds Unrestricted funds General Endowment funds Permanent Total funds Unrestricted funds General Endowment funds Permanent Total funds |
Balance at 6 April 2021 £ 42,391 3,286,834 3,329,225 Balance at 6 April 2020 £ 43,864 2,668,038 2,711,902 |
Incoming resources £ 95,207 - 95,207 Incoming resources £ 86,731 - 86,731 |
2022 £ 2021 £ 6,875 4,949 6,259 6,500 13,134 11,449 Resources expended £ Other recognised gains/(losses) £ Balance at 5 April 2022 £ (111,508) - 26,090 (30,791) 201,773 3,457,816 (142,299) 201,773 3,483,906 Resources expended £ Other recognised gains/(losses) £ Balance at 5 April 2021 £ (88,204) - 42,391 (27,640) 646,436 3,286,834 (115,844) 646,436 3,329,225 |
2021 £ 4,949 6,500 |
2021 £ 4,949 6,500 |
|---|---|---|---|---|---|
| 11,449 | |||||
| 3,329,225 |
The permanent endowment fund relates to the residual estate of the late Mrs M J Bouttell.
The permanent endowment funds purpose is to further such charitable purposes, and to assist such charitable institutions established in England and Wales as the trustees from time to time in their absolute discretion think fit.
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The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022 (continued)
13 Analysis of net assets between funds
| 13 Analysis of net assets between funds | |||
|---|---|---|---|
| Fixed asset investments Current assets Current liabilities Total net assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ - 35,857 (9,767) 26,090 Unrestricted funds General £ - 50,840 (8,449) 42,391 |
Endowment funds Permanent £ 3,455,982 5,201 (3,367) 3,457,816 Endowment funds Permanent £ 3,282,438 7,396 (3,000) 3,286,834 |
Total funds at 5 April 2022 £ 3,455,982 41,058 (13,134) |
| 3,483,906 | |||
| Total funds at 5 April 2021 £ 3,282,438 58,236 (11,449) |
|||
| 3,329,225 |
14 Related party transactions
There were no related party transactions in the year.
15 Net incoming/outgoing resources
Net outgoing resources for the year include:
| (Loss)/profit on disposal of investments Unrealised gains/(losses) on investments |
Endowment funds General 2022 £ 2021 £ (18,307) 80,764 220,080 565,672 201,773 646,436 |
Endowment funds General 2022 £ 2021 £ (18,307) 80,764 220,080 565,672 201,773 646,436 |
|---|---|---|
| 646,436 |
16 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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The Bouttell Bequest
Notes to the Financial Statements for the Year Ended 5 April 2022 (continued)
17 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
Expenses of £18 (2021 - £nil) were reimbursed to 1 trustee during the year for meeting expenses and are included in support costs.
18 Staff costs
There were no employees during the year to 5 April 2022 (2021 - nil).
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