**The Warwick Trust** Charity Registration No. 1020530
## **Trustees' report and unaudited accounts**
**For the year ended 5 April 2021**
## **The Warwick Trust**
## **Legal and administrative information**
|**Settlor**|Katrina Ormsby McCrossan|
|---|---|
|**Trustees**|Katrina Ormsby McCrossan|
||Archie Douglas David McCrossan|
||Edward Stanley McCrossan|
||Smith & Williamson Trust Corporation Limited|
|**Date of registration**|4 April 1993|
|**Charity number**|1020530|
|**Principal address**|Flat 3|
||11 Nottingham Place|
||London|
||W1U 5LE|
|**Accountants**|Smith & Williamson LLP|
||Accountants|
||Old Library Chambers|
||21 Chipper Lane|
||Salisbury|
||Wiltshire|
||SP1 1BG|
|**Bankers**|HSBC plc|
||4th Floor|
||8 Canada Square|
||London|
||E14 5HQ|
|**Independent examiner**|Simon Ellingham FCA|
||Fawcetts LLP|
||Windover House|
||26 St Ann Street|
||Salisbury|
||Wiltshire|
||SP1 2DR|
|**Investment advisors**|Smith & Williamson Investment Management LLP|
||25 Moorgate|
||London|
||EC2R 6AY|
## **The Warwick Trust**
## **Contents**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 10|
## **The Warwick Trust**
## **Trustees' report for the year ended 5 April 2021**
The trustees present their report and accounts for the year ended 5 April 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, 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").
## **Objects and activities**
The trust was established for charitable purposes only. The trustees have power to pay or apply income and (if and when they think fit) capital for charitable objects at their discretion. The trustees have power to accumulate income during the period of 21 years from 4 April 1993.
## **Achievements and performance**
During the year the trustees made and committed to make 10 donations (2020: 9) totalling £74,000 (2020: £85,000) to various charitable institutions who all carry out their activities within the UK. Of these, three related to donations committed to last year and included as donations in last year's accounts. In addition, two separate donations were made to the same charity and therefore six new charities received donations this year, as shown in note 3.
## **Public benefit**
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's purposes and aims, and when planning future activities. In particular how planned activities will contribute to the achievement of the objectives and aims. The main activity underaken for the public benefit is the making of grants to other registered charities.
## **Future plans**
The trustees intend continuing to support other registered charities, in line with their grants policy.
## **Financial review**
Incoming resources amounted to £34,512 (2020: £53,655) arising from investment income and donations. After expenditure of £24,428 (2020: £19,169) on support costs, £74,000 (2020: £85,000) on donations and gains on investments amounting to £466,371 (2020: losses of £415,150), there was an increase in funds of £402,455 (2020: decrease of £465,664).
## **Reserves policy**
The trustees consider the level of reserves at 5 April 2021 of £2,205,765 to be in line with the charity's reserve policy to hold investments that will produce income adequate to enable the trust to continue making charitable donations in the future in accordance with its objects.
## **Grant making policy**
The trustees will only make grants and donations to organisations as opposed to individuals. The trustees consider those causes they wish to support and make grants in those areas. There is no restriction on the types of activity they support but they generally support UK based activities and organisations. They do not generally support those charities providing overseas aid.
## **Investment policy**
The aim is to produce sufficient resources annually to maintain the level of grant making, and if possible, enhance the capital value of the funds of the charity. The investment manager has discretion to invest within agreed parameters and reports regularly to the trustees, who review the extent to which it has been possible to achieve the investment objective.
## **Structure, governance and management**
The Warwick Trust is constituted by Deed of Trust dated 4 April 1993 and is a registered charity No. 1020530. Its address is at Flat 3, 11 Nottingham Place, London, W1U 5LE.
- 1 -
## **The Warwick Trust**
## **Trustees' report for the year ended 5 April 2021**
The charity trustees who served during the year were:
Katrina Ormsby McCrossan Archie Douglas David McCrossan Edward Stanley McCrossan Smith & Williamson Trust Corporation Limited
The charity is administered by the trustees who were appointed by the settlor. The charity's principal assets are in quoted investments as shown in the notes to the accounts.
## **Investment managers**
Smith & Williamson Investment Management LLP, 25 Moorgate, London, EC2R 6AY
## **Banker**
HSBC plc, 4th Floor, 8 Canada Square, London, E14 5HQ
## **Independent examiner**
Simon Ellingham FCA, Fawcetts LLP, Windover House, 26 St Ann Street, Salisbury, Wiltshire, SP1 2DR
- 2 -
## **The Warwick Trust**
## **Trustees' report for the year ended 5 April 2021**
## **Trustees' responsibilities**
The trustees are responsible for preparing the Trustees' report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year.
In preparing the accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the charity's governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board of trustees
Joss Dalrymple
.................................................
**for and on behalf of Smith & Williamson Trust Corporation Limited** Trustee
Date: 3 September 2021
- 3 -
## **The Warwick Trust**
## **Independent examiner's report to the trustees of The Warwick Trust**
I report to the trustees on my examination of the accounts of The Warwick Trust for the year ended 5 April 2021 which comprise the statement of financial activities, the balance sheet and the notes to the accounts, including a summary of significant accounting policies.
## **Respective responsibilites of trustees and examiner and basis of report**
As the charity's trustees, 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 charity's accounts carried out under section 145 of the 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:
1. accounting records were not kept in respect of the trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable 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.
Simon Ellingham
..................................... **Simon Ellingham FCA** Fawcetts LLP Chartered Accountants Windover House 26 St Ann Street Salisbury Wiltshire SP1 2DR
Date: 6 September 2021
- 4 -
## **The Warwick Trust**
## **Statement of financial activities for the year ended 5 April 2021**
|**Note**
**Income**
Investment income and interest receivable
**2**
Donations receivable
**Total income**
**Expenditure**
**Costs of raising funds**
Investment management fees
**Expenditure on charitable activities**
Grants payable
**3**
Support costs
**4**
**Total expenditure**
**Net deficit before gains and losses on investments**
Gains/(losses) on investments
**7**
**Net movement in funds**
Fund balances at 6 April 2020
**Fund balances at 5 April 2021**|**2021**
**£**
**34,512**
**-**
**34,512**
**11,384**
**74,000**
**13,044**
**98,428**
**(63,916)**
**466,371**
**402,455**
**1,803,310**
**2,205,765**|2020
£
53,645
10
53,655
14,909
85,000
4,260
104,169
(50,514)
(415,150)
(465,664)
2,268,974
1,803,310|
|---|---|---|
All funds were unrestricted in the current and preceding year.
The notes on pages 7 to 10 form a part of these accounts.
- 5 -
## **The Warwick Trust**
## **Balance sheet as at 5 April 2021**
|**Notes**
**Fixed assets**
Investments
**7**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**8**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**9**
**Net assets**
**Income funds**
Unrestricted funds|**£**
**62,999**
**62,999**
**(20,428)**|**2021**
**£**
**2,191,194**
**42,571**
**2,233,765**
**(28,000)**
**2,205,765**
**2,205,765**
**2,205,765**|£
154,992
154,992
(20,034)|2020
£
1,710,352
134,958
1,845,310
(42,000)
1,803,310
1,803,310
1,803,310|
|---|---|---|---|---|
The accounts were approved by the Trustees and authorised for issue by:
Joss Dalrymple
..............................
**for and on behalf of Smith & Williamson Trust Corporation Limited** Trustee
Date: 3 September 2021
The notes on pages 7 to 10 form a part of these accounts.
- 6 -
## **The Warwick Trust**
## **Notes to the accounts for the year ended 5 April 2021**
## **1 Accounting policies**
The Warwick Trust is an unincorporated trust, constituted under a charitable trust deed on 4 April 1993. It is registered with the Charity Commission in England & Wales (No. 1020530). The address of the principal office is Flat 3, 11 Nottingham Place, London, W1U 5LE.
## **1.1 Basis of preparation**
The accounts have been prepared under the historical cost convention with the exception of listed investments which are included at market value at the balance sheet date.
The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") and with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 issued in 2019. The accounts are also prepared in accordance with the Charities Act 2011.
The charity is a public benefit entity as defined by FRS 102.
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value.
The accounts are prepared on a going concern basis; there are no material uncertainties about the charity's ability to continue as a going concern.
## **1.2 Income**
All income resources are included in the statement of financial activities when the trust is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **1.3 Expenditure**
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of resources.
## **1.4 Investments**
Listed investments are stated at market value at the balance sheet date. Realised gains and losses on investments, calculated on the difference between the sale proceeds and their costs, are credited or charged to the statement of financial activities in the year of gains or losses.
Unrealised gains and losses representing the movement in the market values during the year are credited or charged to the statement of financial activities in the year of gains or losses.
## **1.5 Fund accounting**
The funds held are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the trust and which have not been designated for other purposes.
- 7 -
## **The Warwick Trust**
## **Notes to the accounts for the year ended 5 April 2021**
|**2**
**Investment income**
**2021**
**£**
Income from listed investments
**34,497**
Deposit interest
**15**
**34,512**
**3.**
**Grants to institutions**
**2021**
**£**
Ealing Soup Kitchen
**-**
Foodcycle
**-**
In Kind Direct
**29,000**
London's Air Ambulance Limited
**4,000**
Norfold and Waveney Mind
**-**
Surfers Against Sewage
**4,000**
The Brain Tumour Charity
**-**
The Hardman Trust
**-**
The Lord's Taverners
**-**
The Marylebone Project
**2,000**
The Royal College of Nurses Foundation
**25,000**
Youthnet UK
**10,000**
**74,000**
**Reconciliation of grants payable**
**2021**
**£**
Commitments charged to the Statement of financial activities in the year
**74,000**
Grants paid during the year
**(88,000)**
Commitments at 6 April 2020
**56,000**
Commitments at 5 April 2021
**42,000**
Commitments at 5 April 2021 are payable as follows:
Within 1 year
**14,000**
After more than 1 year
**28,000**
**42,000**|2020
£
53,215
430
53,645
2020
£
1,000
20,000
4,000
4,000
2,000
2,000
25,000
25,000
2,000
-
-
-
85,000
2020
£
85,000
(29,000)
-
56,000
14,000
42,000
56,000|
|---|---|
The grants payable to Foodcycle, The Brain Tumour Charity and The Hardman Trust are all due to be paid in equal instalments over 5 years. £14,000 was paid in total to these charities this year with the same amount due to be paid in each of the following two years.
- 8 -
## **The Warwick Trust**
## **Notes to the accounts for the year ended 5 April 2021**
## **4 Support costs**
|**Support costs**|||
|---|---|---|
|Accountancy fees
Independent examiner's fees
Legal fees|**2021**
**£**
**10,200**
**1,944**
**900**
**13,044**|2020
£
2,640
1,020
600|
|||4,260|
All support costs are considered to be costs of governance.
## **5 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or were reimbursed for any expenses during the year (2020: £nil).
## **6 Employees**
There were no employees during the year (2020: none).
- 9 -
## **The Warwick Trust**
## **Notes to the accounts for the year ended 5 April 2021**
## **7 Fixed asset investments**
|Market value at 6 April 2020
Disposal proceeds
Additions at cost
Change in value in the year
**Market value at 5 April 2021**
Book cost at 5 April 2021
**Analysis of investments**
£ Fixed interest
£ Index linked
Other Index Linked
UK specialist credit
Aternative investments
Multi asset
Property
Global
United Kingdom
North America
Europe
Far East
Rest of the world
**8**
**Creditors: amounts falling due within one year**
Grants payable (see note 3)
Accountancy fees
Independent examiner's fees
Investment management fees
**9**
**Creditors falling due after more than one year**
Grants payable (see note 3)||**2021**
**£**
**1,710,352**
**(293,848)**
**308,319**
**466,371**
**2,191,194**
**1,509,375**
**-**
**96,839**
**85,764**
**-**
**180,779**
**872,433**
**163,490**
**-**
**323,709**
**193,955**
**59,445**
**51,620**
**163,160**
**2,191,194**
**2021**
**£**
**14,000**
**2,640**
**864**
**2,924**
**20,428**
**2021**
**£**
**28,000**|2020
£
1,994,456
(375,349)
506,395
(415,150)
1,710,352
1,511,811
25,665
49,045
89,952
44,096
287,291
668,336
-
65,888
237,579
73,432
45,019
97,232
26,817
1,710,352
2020
£
14,000
2,640
960
2,434
20,034
2020
£
42,000|
|---|---|---|---|
|||||
|||||
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