## **THE OLIVE TREE TRUST**
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **Charity no: 1026345**
**BOWKER ORFORD Accountants & Business Advisers 15-19 Cavendish Place LONDON W1G 0DD**
## **THE OLIVE TREE TRUST**
## **Content**
||**Page**|
|---|---|
|**Legal and Administrative information**|1|
|**Report of the Trustees**|2 - 3|
|**Statement of Financial Activities**|4|
|**Balance Sheet**|5|
|**Notes to the Financial Statements**|6|
|**Reconcilitation of Investments**|7|
|**Schedule of Investments**|8|
|**Independent Examiner's Report**|9|
**THE OLIVE TREE TRUST**
**1**
## **Legal and administrative information**
## **Trustees**
Caroline Ruth Charity Emma Rebecca Ranson Claire Ball
## **Foundation Offices**
## **Accountants**
84 Fairacres Road Oxford OX4 1TG Bowker Orford 15/19 Cavendish Place London W1G 0DD
## **Bankers**
The Co-operative Bank plc PO Box 250 WN8 6WT
**THE OLIVE TREE TRUST**
**2**
## **Trustees' Annual Report for the year ended 5 April 2021**
## **Structure, Governance and management**
The trustees named on page 1 have served throughout the year. Appointment of the trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
In considering the direction and activities of the Foundation, the trustees have had due regard to the Charity Commission's guidance on public benefit.
The trustees present their report along with the financial statements of the Foundation for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 6 and comply with the charity's trust deed and applicable law.
## **History, objectives and Activities**
The charitable trust was established on 25th August 1993.
The Foundation is constituted by Trust Deed, and its objects are to apply the income and capital of the trust for such charitable purposes as the trustees in their absolute discretion determine.
## **Achievements and Performance**
The Olive Tree Trust aims to provide long term support to a small number of charities. We are therefore able to get to know these charities well, visit their premises and gain a deeper understanding of their work. In 2020/2021 we continued our support for two charities that offer help to those who are homeless or on low incomes, providing much needed advice on housing, employment and benefits as well as practical support in these areas - Key Steps and The Upper Room. Donations of £15k were made to each of these two charities - £9k as the third payment of a 3 year funding agreement and an additional £6k to support the charities an exceptionally difficult time with the effects of Covid-19 and Brexit.
**THE OLIVE TREE TRUST**
**3**
## **Trustees' Annual Report for the year ended 5 April 2021 (cont'd)**
## **Financial review**
The focus of expenditure from the Trust is support to charities. Costs for the running of the Trust are kept to a minimum to ensure that as much funding as possible can be devoted to charitable causes.
## **Statement of trustees' responsibilities**
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the Foundation's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:
a) select suitable accounting policies and apply them consistently;
b) make judgements and estimates that are reasonable and prudent;
c) state whether applicable accounting standards and statement of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
d) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence take reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees have complied with the duty in section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission, including public benefit guidance.
## **Approval**
This report was approved by the trustees on ………………………….. and signed on their behalf.
…………………………….
## **Caroline Ruth Charity Trustee**
**THE OLIVE TREE TRUST**
**4**
## **Statement of Financial Activities for the Year ended 5 April 2021**
|**Note**
Undistributed Income at 5th April 2020
Add
Investment Income per Schedule below
Deduct
Charitable Payments
Undistributed Income at 5th April 2021
**Schedule**
3,657
3I Group PLC
600 - 450
AstraZeneca PLC
5,000
Aviva PLC
2,000
British Land Co PLC
3,000
Britvic PLC
2,500
Clinigen Group PLC
21,200
Foresight Solar Fund Ltd
16,700
Greencoat UK Wind PLC
23,500
Gresham House Energy Storage Fd PLC
12,000 - 8,000
HICL Infrastructure PLC
12,000
Hipgnosis Songs Fund Ltd
20,000
Home Reit PLC
3,000
IG Group Hldgs PLC
7,700
Impax Environmental Markets PLC
22,000
Jlen Environmental Assets Group Ltd
7,400
Jpmorgan American Inv Trust PLC
12,700
Jupiter Green Investment Trust PLC
12,000
Legal & General Group PLC
1,500
Lowland Inv Co Plc
8,000
Primary Health Properties PLC
2,000
Prudential PLC
14,235.56
Rathbone Unit Trust Management
5,000
RWS Holdings PLC
4,900
Sage Group PLC
8,000
Scottish Mortgage Inv Trust PLC
2,000
Smith & Nephew PLC
800
Smurfit Kappa Group PLC
21,200
The Renewables Infrastructure Grp
9,000
UK Government Bonds
HMRC Refund - Russells|**£**
16,768.20
20,225.68|
|---|---|
||36,993.88
30,000.00|
||£6,993.88|
||1,279.96
1,035.90
650.00
168.00
648.00
190.25
1,456.44
1,185.72
1,645.00
412.00
157.50
166.00
388.80
408.10
1,481.70
481.00
165.10
2,108.40
900.00
99.20
500.20
128.12
450.00
845.25
264.80
594.60
600.22
1,433.12
302.34
79.96|
||£20,225.68|
There were no recognised gains or losses for 2021 or 2020 other than those included in the Statement of Financial Activities.
There were no acquisitions or discontinued operations during the current or preceding year.
The notes on pages 6 form part of these accounts.
**THE OLIVE TREE TRUST**
**5**
## **Balance Sheet at 5 April 2021**
|**Note**
**TRUST FUNDS**
**CAPTIAL ACCOUNT**
Balance brought forward as at 6th April 2020
**Add**
Gain on Sale of Securites
**Deduct**
Trustees Expenses
Redmayne Bentley Management Fees
Bowker Orford
Bank Charges
Russells - Costs
Balance carried forward at 5th April 2021
**INCOME ACCOUNT**
Undistributed Income at 5th April 2021
**Represented by:-**
Investments at Cost (per page 7)
(Market Value £915,215)
Debtor - HMRC
Cash with Redmayne Bentley
Cash with Russells
Cash with Co-operative Bank
**Deduct Creditor**
Co-operative Bank
Bowker Orford
Russells|**2021**
**£**
647,728.94
76,093.42
723,822.36
3,795.02
2,400.00
480.00
6,675.02
**717,147.34**
6,993.88
**£724,141.22**
689,848.84
26,501.66
79.96
9,390.76
725,821.22
1,200.00
480.00
1,680.00
**£724,141.22**
**==========**|**2020**
**£**
605,966.54
48,015.60
653,982.14
195.00
4,377.79
0.41
1,680.00
6,253.20|**2020**
**£**
605,966.54
48,015.60|
|---|---|---|---|
||1,200.00
480.00|-
1,680.00|**647,728.94**
16,768.20|
||||**£664,497.14**|
||||630,651.67
-
34,854.75
79.96
590.76|
||||666,177.14
1,680.00|
||||**£664,497.14**
**==========**|
Approved by trustees on ……………………………. and signed on their behalf.
………………………………..
**Caroline Ruth Charity Trustee**
**THE OLIVE TREE TRUST**
**6**
## **Notes to the financial statements for the year ended 5 April 2021**
## **1 ACCOUNTING POLICIES**
## **Basis of preparation of accounts**
The financial statements have been prepared under the historical cost convention. The accounts are in accordance with applicable accounting standards, the Charities SORP 2005 (Accounting and Reporting by Charities) and comply with the Charities (Accounts and reports) Regulations 2008 issued under the charities Act 2011.
## **Income**
The income of the Trust comprises the income arising from the investment portfolio, and is accounted for as received.
## **Value Added Tax**
Value added tax is not recoverable by the Trust, and as such is included in the relevant costs in the Statement of Financial Activities.
## **Taxtion**
The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
**THE OLIVE TREE TRUST**
**7**
## **Reconcilation of Investments for the year ended 5 April 2021**
£
Investments at cost value at 6th April 2020
629,055.09
## **Add**
## **Acquisitions**
|28.09.20|8,000|HICL Infrastructure PLC|13,579.85|
|---|---|---|---|
|28.09.20|1,500|IG Group Hldgs PLC|12,072.14|
|08.10.20|20,000|Home Reit PLC|20,115.00|
|03.12.20|4,000|HICL Infrastructure PLC|7,047.80|
|03.12.20|1,500|IG Group Hldgs PLC|12,736.07|
|03.12.20|12,000|Hipgnosis Songs Fund Ltd|14,989.27|
|03.12.20|37|Personal Assets Trust PLC|16,937.46|
|03.12.20|8,000|Primary Health Properties PLC|11,490.05|
|03.12.20|14,236|Rathbone Unit Trust Management|15,215.01|
|03.12.20|20,000|Retail Charity Bonds PLC|20,065.00|
773,302.74
## **Deduct Disposals**
|05.01.21
1,500 Lowland Inv Co PLC
03.12.20
150 AstraZeneca PLC
03.02.20
857 3I Group PLC
05.01.21
750 Compass Group PLC
29.09.20
19,501 Invesco Fund Managers
03.12.20
1,808 Invesco Fund Managers
03.12.20
1,850 Jpmorgan American Inv Trust PLC
03.12.20
2,500 Scottish Mortgage Inv Trust PLC
05.01.21
800 Scottish Mortgage Inv Trust PLC
20.09.20
2,532 Land Securities Group PLC
Rounding Adjustment
**Investments at cost value at 5th April 2021 (per page 5)**|**Proceeds**
**Cost**
**Profit**
**£**
**£**
**£**
17,918.25
19,898.00
(1,979.75)
11,499.85
4,325.25
7,174.60
9,374.38
2,940.80
6,433.58
10,199.66
5,022.93
5,176.73
41,667.86
23,310.00
18,357.86
7,844.99
1,467.10
6,377.89
10,304.34
7,551.39
2,752.95
27,296.25
6,301.25
20,995.00
10,215.51
2,142.43
8,073.09
13,222.77
10,491.30
2,731.47
159,543.86
83,450.44
76,093.42|(83,450.44)|
|---|---|---|
|||(3.46)
**£689,848.84**|
**THE OLIVE TREE TRUST**
**8**
## **Schedule of Investments for the year ended 5 April 2021**
|9,000 Treasury I/L Stock 2035
20,000 Retail Charity Bonds PLC
14,236 Rathbone Unit Trust Management
300 Britvic Plc
1,795 Standard Chartered PLC
5,000 Aviva Plc
12,000 Legal & General Group Plc
2,000.00 Prudential PLC
3,000 IG Group Hldgs PLC
450 AstraZeneca PLC
2,000 Smith & Nephew PLC
4,285 Redrow Plc
11,000 Bifa Plc
8,706 Compass Group Plc
10,000 ITV Plc
4,900.00 SAGE Group Plc
6,875 Centrica Plc
2,120 The Renewables Infrastructure Grp
2,500 Clinigen Group PLC
5,000 RWS Holdings PLC
800 Smurfit Kappa Group Plc
5,550 Jpmorgan American Inv Trust PLC
8,554 Invesco Pacific Accumulation Units
7,700 Impax Environmental Markets PLC
12,700 Jupiter Green Investment Trust PLC
4,650 Scottish Mortgage Inv Trust PLC
37 Personal Assets Trust PLC
2,000 British Land Co PLC
20,000 Home Reit PLC
8,000 Primary Health Properties PLC
12,000 Hipgnosis Songs Fund Ltd
21,200 Foresight Solar Fund Ltd
16,700 Greencoat UK Wind PLC
23,500 Gresham House Energy Storage Fd
12,000 HICL Infrastructure PLC
22,000 Jlen Environmental Assets Group Ltd
21,200 The Renewables Infrastructure Grp
2,800 3I Group PLC|**Cost**
**£**
24,769
20,065
15,215
9,066
14,659
25,414
12,136
9,255
24,808
12,975
4,328
28,435
25,066
8,706
21,485
9,795
18,274
-
26,007
32,733
18,835
22,654
6,942
24,898
24,889
11,720
16,937
17,144
20,115
11,490
14,989
24,753
25,043
25,399
20,627
25,260
25,355
9,608
**£689,848.84**|**Market**
**Value**
**£**
26,172
20,700
14,661
25,035
8,799
20,455
34,020
31,030
27,285
32,274
27,190
27,295
29,590
19,435
12,180
30,625
3,850
-
19,950
31,100
27,704
33,689
40,794
34,034
33,528
54,126
16,743
10,192
22,800
11,824
14,880
21,624
21,610
26,908
19,800
24,464
25,991
32,858|
|---|---|---|
|||**£915,215**|
**THE OLIVE TREE TRUST**
**9**
## **Independent examiner's report to the trustees of The Olive Tree Trust**
I report on the accounts of the Trust for the year ended 5 April 2021, which are set out on pages 1 to 7.
Respective responsibilities of trustees and examiner:
The charitable trust was established on 25th August 1993.
The charity's trustees are responsible for the preparation of the accounts. 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 responsibilty to:
examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matters have come to my attention:
(1) 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; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met.
(2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
……………………………. ……………………………. R,S. Parmar BA FCA Dated FCA Bowker Orford (430315), 15 - 19 Cavendish Place, London W1G 0DD