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2022-04-05-accounts

Charity registration number 1022815

THE OLIVER STANLEY CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

THE OLIVER STANLEY CHARITABLE TRUST

CONTENTS

Page
Legal and Administrative Information 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Statement of financial position 8
Statement of cash flows 9
Notes to the accounts 10 - 16
Investment schedule 17

THE OLIVER STANLEY CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Julian Stanley
Ms Deborah Brenner
Mrs Kate Mason
Mr Guy Mason
Ms Albinia Stanley
Secretary Rathbones Trust Company Limited
Charity number 1022815
Registered office / address for appeals 8 Finsbury Circus
London
EC2M 7AZ
Independent examiner Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
Bankers Coutts & Co
440 Strand
London
WC2R 0QS
Investment advisors Rathbones Investment Management Limited
8 Finsbury Circus
London
EC2M 7AZ

THE OLIVER STANLEY CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present their report and accounts for the year ended 5 April 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 of the accounts and comply with 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). The accounts also comply with the charity's governing document.

Objectives and activities

The policy of the Trustees since the creation of the trust has been to make donations to the following classes of charitable objects:

Some donations have been made satisfying these different aims together, as for example, donations to support the use of music in education.

These objectives have been applied generally, keeping all of them in sight, but contributing to a wide range of national and international appeals. Some causes have been supported regularly, for example, St Hilda's College.

The donation policy has been implemented at regular Trustees meetings at which all applications for assistance are carefully considered and donations agreed in the light of the trust resources available.

The Trustees make grants usually to registered charities. The Trustees hold unrestricted funds and all funds are available to meet the charity's objectives. The Trust's incoming resources are mainly generated by investments and cash deposits.

The Trustees are satisfied that the charity's assets are available and adequate to fulfill its current objectives, which will continue for the foreseeable future.

Public Benefit

The Trustees confirm that they have due regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, and in planning future activities and setting donations to be made in the following year.

The Trustees support a number of charitable organisations, as shown within note 19 to the financial statements. The Trustees believe all the donations made are for the benefit of the public.

Grant making policies

The Trustees meet annually to review applications for funding, investment performance, income levels and the financial statements. In between Trustees' Meetings the applications are considered and a full presentation is made at the Annual Meeting.

THE OLIVER STANLEY CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Financial review

Total incoming resources were £34,566 (£31,618 in 2021), with £40,418 (£72,164 in 2021) being committed to charitable activities of which £4,102 (£5,516 in 2021) relating to costs of raising funds and £5,918 (£4,664 in 2021) relating to governance costs, resulting in net outgoing resources of £74,331 (incoming £17,697 in 2021).

The total movement of resources in the year also include the realised loss in the year £47,505 (gain £15,410 in 2021) and an unrealised loss based upon the market value of the investments at the year end of £16,872 (gain £48,349 in 2021).

Grants

During the year under review, the Trustees resolved to make 15 donation payments, as detailed in note 19 of these accounts.

Reserves

The Trustees consider their investments as part of an unrestricted fund, providing a relatively secure and predictable stream of income from which to make grants. The Trustees aim to distribute a large percentage of the income, net of expenses, in each financial year and therefore do not maintain income reserves as such, however, income levels are continually reviewed by the Trustees at the annual meetings to ensure that they have sufficient funds to meet with their objectives.

Investment policy and performance

As there are no specific restrictions of investment powers under the governing deed, the Trustees have full discretion over the investments. The Trustees have delegated Rathbone Investment Management to have full discretionary day to day control of the investments with a risk level of 3 and investment objective for income. In accordance with the Trustee Act 2000, as this duty has been delegated, the Trustees have in place a Policy Statement that has been agreed with Rathbone Investment Management.

The Trustees have reviewed current policies and do not feel any amendments are necessary. Assets have been acquired and disposed of in accordance with the powers available to the Trustees. The value at the 5[th] April 2022 was £913,250. The estimated income at the time was c. £18,800 per annum representing an income yield of around 2.1%. The portfolio returned -4.4% over 1 year, after Rathbones fees. The investment objective for the Trust changed in late 2021 from a focus upon income return to a combination of income and capital growth. Historically the mandate had been a fixed income only strategy and until late 2021 the entirety of the portfolio was invested in fixed income assets. However this has changed and the portfolio is now managed in line with Rathbones Strategy 4 and the asset allocation as at 5[th] April 2022 was 28% liquidity type assets, 60% equity type risk and 12% diversifiers. The equity type risk allocation comprised 10% in fixed income equity type risk, 50% UK equity, 13% US equity, 6% Europe, 3% Asia Pacific and the balance in global investment funds. The investment objective is a balanced return from capital growth and income and an appropriate benchmark would be the MSCI PIMFA Balanced Benchmark, although historically the returns have been compared with the iBoxx Non-Gilt Corporate Bond index reflecting the agreed fixed income approach.

Risks

The Trustees have not identified any major risks and they will continue to keep the adequacy of the systems in place under review.

Plans for the future

The Trustees do not envisage any significant changes to its aims & objectives and they intend to continue supporting the various courses to a similar level.

THE OLIVER STANLEY CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Structure, governance and management

The Oliver Stanley Charitable Trust is a registered charity created by deed dated 20 May 1993. Power to appoint new Trustees is vested in the Settlor or a new Trustee can be appointed by written Resolution of all of the Trustees.

The Trustees ensure that they are operating within current guidelines by discussing all issues arising as advised by the Charity Commission and Rathbone Trust Company Ltd during their meetings. All Trustees who have served to date have been appointed by the Settlor.

The Trustees normally meet on a regular basis to review performance, grant applications and any other matters arising. All Trustees are expected to attend the meetings and play an active role in the administration of the Trust, including researching possible donees and visiting charities and events where applicable. All meetings are minuted. Due to the continued pandemic, the Trustees are still meeting virtually to agree donations.

The Trustees who served during the year were:

Mr Julian Stanley Ms Deborah Brenner Mrs Kate Mason Mr Guy Mason Ms Albinia Stanley

Appointment of new Trustees

A new Trustee can be appointed by written resolution of all of the Trustees.

Decision making

The Trustees meet annually to review applications for funding. Only successful applicants are notified of the Trustees' decision. Certain charities are supported annually, although no commitment is given.

Trustee training

The Trustees correspond and meet with their professional advisors regularly and the advisors are specifically instructed to appraise the Trustees of relevant technical and practice issues as they arise.

THE OLIVER STANLEY CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable 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 the affairs of the Charity and of the incoming resources and applications of resources, including the income and expenditure, of the Charity for the period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Mrs Kate Mason

Trustee

THE OLIVER STANLEY CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE OLIVER STANLEY CHARITABLE TRUST

I report to the Trustees on my examination of the financial statements of The Oliver Stanley Charitable Trust (‘the Charity’) for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes.

This report is made solely to the Foundation’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the Charity’s Trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s financial statements 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.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

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:

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 financial statements to be reached.

......................................................... David Matkins FCA

Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London WC2N 4BE

Dated: 23 January 2023

THE OLIVER STANLEY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2022

Notes
Income
Investment income
3
Other income
4
Total income
Expenditure
Raising funds
7
Charitable activities
5
Total resources expended
Net outgoings before investment (losses) / gains
Net (losses) / gains on investments
11
Net movement in funds
Fund balances at 6 April 2021
Fund balances at 5 April 2022
2022
£
24,566
10,000
34,566
4,102
40,418
44,520
(9,954)
(64,377)
(74,331)
996,990
922,659
2021
£
31,618
-
31,618
5,516
72,164
77,680
(46,062)
63,759
17,697
979,293
996,990

THE OLIVER STANLEY CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 5 APRIL 2022

Notes
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
2022
£
-
15,207
15,207
(6,074)
£
913,526
9,133
922,659
922,659
922,659
2021
£
7,600
10,667
18,267
(6,037)
£
984,760
12,230
996,990
996,990
996,990

The accounts were approved by the Trustees on 23 January 2023

Mrs Kate Mason

Trustee

THE OLIVER STANLEY CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022

Notes
Cash flows from operating activities
Cash absorbed by operations
15
Investing activities
Purchase of investments
Proceeds on disposal of investments
Dividends and interest received from investments
Net cash generated from/(used in)
investing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
18
2022
£
£
(26,883)
(925,035)
1,009,502
24,566
109,033
82,150
77,170
159,320
2021
£
£
(78,058)
(102,735)
107,445
31,618
36,328
(41,730)
118,900
77,170

THE OLIVER STANLEY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

Charity information

The Oliver Stanley Charitable Trust is an unincorporated chariatble trust.

1.1 Accounting convention

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) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

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 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant policy note.

1.2 Going concern

The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives the Trustees confidence the charity remains a going concern for the foreseeable future.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. All funds are unrestricted.

1.4 Incoming resources

Investment income is accounted for on an accruals basis in the period to which it relates.

Donations are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt.

1.5 Prepayments

Prepayments are recognised at their expected settlement amount.

1.6 Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.7 Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

THE OLIVER STANLEY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

1.8 Resources expended

Management and administration costs comprise those costs incurred in running the charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.

Governance costs consist of those costs associated with the overall running of the Charity and meeting statutory and regulatory requirements.

Grants are included in the financial statements when approved by the Trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure.

1.9 Financial instruments

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

The Trustees do not invest in any complex financial instruments.

1.10 Investments

Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE OLIVER STANLEY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

3 Investment income

Fixed interest
UK dividends
Overseas dividends
Unit trust interest
Accrued interest
Bank interest received
4
Other income
GE capital consent fee
5
Charitable activities
Grant funding of activities (see note 6)
Share of governance costs (see note 8)
6
Grants payable
Grants to institutions (15 grants):
Medical
Poverty
Education
Children
Arts
Disability
Community
2022
£
20,871
932
759
9,584
(7,623)
43
24,566
2022
£
10,000
2022
£
34,500
5,918
40,418
2022
£
10,000
7,500
1,000
6,000
1,000
-
9,000
34,500
2021
£
19,565
-
-
12,053
-
-
31,618
2021
£
-
2021
£
67,500
4,664
72,164
2021
£
23,500
14,000
2,000
4,000
3,000
1,000
20,000
67,500

All of the above grants were payable to institutions.

THE OLIVER STANLEY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

7 Raising funds

Investment management fees
Support costs
Support
costs
Governance
costs
£
£
Trust administration fees
-
3,000
Independent examiner's fees
-
1,718
Legal and professional
-
1,200
-
5,918
Unrestricted Unrestricted
funds
funds
2022
2021
£
£
4,102
5,516
4,102
5,516
2022
2021 Basis of
allocation
£
£
3,000
3,024 Governance
1,718
1,640 Governance
1,200
- Governance
5,918
4,664

8 Support costs

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration, benefits or reimbursed expenses from the Charity during the year, or in the previous year.

10 Employees

There were no employees during the year, or in the previous year.

11 Net (losses)/gains on investments

Net (losses)/gains on investments
2022
£
Unrealised (loss) / gain
(16,872)
(Loss) / gain on sale of investments
(47,505)
(64,377)
2021
£
48,349
15,410
63,759

THE OLIVER STANLEY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

12 Fixed asset investments

Listed Listed Cash in Total
investments portfolio
£ £ £
Cost or valuation
At 5 April 2021 918,257 66,503 984,760
Additions 925,035 - 925,035
Unrealised (loss) (16,872) - (16,872)
Realised (loss) (47,505) - (47,505)
Cash invested - 77,610 77,610
Disposals (1,009,502) - (1,009,502)
At 5 April 2022 769,413 144,113 913,526
Investments representing more than 5% of the portfolio's total market value (excluding cash):
Investment Units Market Value % of Total
Market
£ Value
Artemis Fund Mgrs Corp Bond F 45,000 46,012 5.98%
Baille Gifford Strategic Bond B Inc 55,000 46,837 6.09%
Ishares S&P 500 Nav 1,250 43,482 5.65%
Link Fund Solutions Trojan X Inc 30,000 38,688 5.03%
Treasury Index Linked 0.125% 22.03.2029 28,000 46,411 6.03%
2022 2021
£ £
Listed investments 769,413 918,257
Cash in investment portfolio 144,113 66,503
913,526 984,760
Historic cost of investments 787,239 869,036
13 Debtors: amounts falling due within one year
2022 2021
£ £
Prepayments and accrued income - 7,600

THE OLIVER STANLEY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

14
Creditors: amounts falling due within one year
Investment mangement fee
Trust administration fee
Independent examiner's fee
15
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income in the statement of financial activities
Realised loss / (gain) on investments
Unrealised loss / (gain) on investments
Movements in working capital:
Decrease/(increase) in debtors
Increase in creditors
Cash absorbed by operations
2022
£
1,354
3,000
1,720
6,074
2022
£
(74,331)
(24,566)
47,505
16,872
7,600
37
(26,883)
2021
£
1,373
3,024
1,640
6,037
2021
£
17,697
(31,618)
(15,410)
(48,349)
(534)
156
(78,058)

16 Related party transactions

No related party transactions have occurred during the year which require disclosure.

17 Analysis of changes in net funds

The Charity had no debt during the year.

18
Cash and cash equivalents
Cash at bank and in hand
Cash available to invest
2022
£
15,207
144,113
159,320
2021
£
10,667
66,503
77,170

THE OLIVER STANLEY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

19 Donations made to Institutions during the year

Donations made to Institutions during the year
Arts Fund
Bowel Cancer UK
British Red Cross
Children's Helpers Worldwide
Dementia Support
FRG
INTOUNI
John King Brain Tumour Foundation
Leprosy Mission
Liverpool & Merseyside Theatre Trust
London Black Women's Projcect
Maggs Day Centre
Medecins Sans Frontieres
Microloan Foundation
Myeloma UK
National Museums Liverpool
Neighbourcare
North London Hospice
Place2Be
Providence Row
Refuge
Royal Free
Royal National Lifeboat Institute
Sightsavers International
Sistah Space
St Hilda's College
Stiching Dr D Mukwege
St Mungo's
Swan Women's Centre
Trussell Trust
Two Wheels for Life
Urology Foundation
West London Mission
Westminister Society
2022
£
-
-
3,000
4,000
-
2,000
-
3,000
-
1,000
2,500
-
-
2,000
-
-
-
-
-
2,000
-
2,000
2,000
-
-
1,000
-
-
2,500
3,000
2,000
-
2,500
-
34,500
2021
£
1,000
3,000
-
4,000
3,000
-
1,000
-
1,000
1,000
-
1,000
2,000
2,000
1,000
1,000
2,500
1,000
3,000
1,000
2,500
2,000
-
2,000
2,500
1,000
2,000
3,000
7,000
5,500
5,500
2,500
2,500
1,000
67,500