2021-06-30-accounts - The Rotary Club Of Ilfracombe Trust Fund

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CHARITY REGISTRATION NUMBER: 1037348

The Rotary Club of Ilfracombe Trust Fund Unaudited Financial Statements 30 June 2021

THOMAS WESTCOTT Chartered accountants 47 Boutport Street Barnstaple Devon EX31 1SQ

The Rotary Club of Ilfracombe Trust Fund

Financial Statements

Year ended 30 June 2021

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	5
Statement of financial activities	6
Statement offinancial position	7
Notestothefinancialstatements	8

The Rotary Club of Ilfracombe Trust Fund

Trustees’ Annual Report

Year ended 30 June 2021

The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2021.

Reference and administrative details

Registered charity name The Rotary Club of Ilfracombe Trust Fund Charity registration number 1037348 Principal office The Rock Granville Road \lfracombe Devon EX34 8AS The trustees Wr A Downie (Resigned 1 July 2021) Mrs M Blundell (Resigned 1 July 2021) Mr N Vince Ms J Parkin (Appointed 1 July 2020) Mrs P Cox (Appointed 1 July 2021) Mr P Williams (Appointed 1 July 2021) Secretary A Downie Accountants Thomas Westcott Chartered accountants 47 Boutport Street Barnstaple Devon EX31 1SQ

The Rotary Club of Ilfracombe Trust Fund

Trustees’ Annual Report (continued)

Year ended 30 June 2021

Structure, governance and management

Organisational Structure

The Rotary Club of Ilfracombe Trust Fund is a charitable trust set up and governed by a Trust Deed dated 5 April 1994.

The Trustees (as listed on page 1) of the Charity are appointed for a period of 12 months and are also members and elected officers of the Ilfracombe Rotary Club. The trustees of the Rotary Club of llfracombe Trust Fund meet regularly and also approve/ratify recommendations of Rotary Club of \lfracombe Council.

The trustees are appointed from nominations at the AGM which is then ratified by a majority vote.

New Trustees are inducted and trained by being briefed from existing trustees on their legal obligations under charity law, how the charity is run, the expectations of the charity and their role in it.

Related Parties

The charity is independent of the members of Rotary Club of Ilfracombe, who provide services voluntarily, to enable the charity to fulfill its commitments referred to in its trustees report.

Risk Management

The trustees have reviewed the major risks of the charity, which include the risks relating to the ‘Star Trek' event and have taken action and established systems which will mitigate known risks.

During the year the Charity did not experience any serious incidents that should have been brought to the Charity Commissions attention but were not.

Volunteers

The charity receives considerable support from volunteers in raising funds for the charity for which the trustees are very thankful.

Objectives and activities

Charitable Objectives

The Trust was created and registered with the Charity Commission for the purpose of raising funds for charitable purposes and distributing them to worthy causes.

Grant Making

The trustees of the Rotary Club of Ilfracombe Trust Fund approve/ratify recommendations of the Rotary Club of Ilfracombe Council. A majority decision of the trustees is required to approve all donations and activities carried out by this charity.

The Rotary Club of Ilfracombe Trust Fund

Trustees’ Annual Report (continued)

Year ended 30 June 2021

Achievements and performance

Activities and Achievements

During the year the charity has continued to raise funds for charitable purposes and has distributed them to worthy causes as shown in the Annual Accounts. There are no anticipated changes to its activities for the future.

During the year the Rotary Club of Ilfracombe Trust Fund raised the majority of its funds as shown in detail in the notes. The Star Trek event was not successful this year as it was unable to take place due to COVID19, however £200 was raised and gift aid on donations of £2,469 (30 June 2020 £5,710 and gift aid on donations £Nil). The grants and donations paid during the year are shown in the notes. However of note is that In October 2020 The Club Trust Fund received a substantial unrestricted donation of £40,000 from John Leng, an American, who wished to support the Club following the help he was given by the Club in the early 1950's.

The trustees of the Rotary Club of Ilfracombe Trust Fund approve/ratify grants/donations recommendations of the Rotary Club of Ilfracombe Club Council. A majority decision of the trustees is required to approve all donations/grants and activities carried out by this charity.

Public Benefit

The trustees consider that the objects of the charity, as stated above, comply with the Charities and Public Benefit Summary Guideline for Charity Trustees (January 2008). The trustees confirm that they have given due regard to the Public Benefit Guidance in planning their activities.

Financial review

The results of The Rotary Club of Ilfracombe Trust Fund for the year are shown in the financial statements.

All charitable income raised during the year, after costs of raising that charitable income, have been distributed as grants and donations.

Investment Policy

The charity has the power to make investments which the trustees feel is appropriate to the charity. Any surplus funds are held in interest bearing accounts.

Reserves Policy

Sufficient funds are held to ensure that resources are available to meet all known and committed expenditure.

Plans for future periods

The Rotary Club of Ilfracombe Trust Fund will continue to raise funds for charitable purposes and distribute them to worthy causes. There are no anticipated changes to its activities for the future.

The Rotary Club of Ilfracombe Trust Fund

Trustees’ Annual Report (continued)

Year ended 30 June 2021

The trustees’ annual report was approved on ea a Se and signed on behalf of the board of Boutrustees by: VLrN Vince a Trustee Trustee

The Rotary Club of Ilfracombe Trust Fund

Independent Examiner's Report to the Trustees of The Rotary Club of llfracombe Trust Fund

Year ended 30 June 2021

| report to the trustees on my examination of the financial statements of The Rotary Club of Ilfracombe Trust Fund (‘the charity’) for the year ended 30 June 2021.

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’).

| report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

| have completed my examination. | 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 charity as required by section 130 of the Act; or
— the financial statements do not accord with those records; or
the financial statements 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.

| 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.

Catherine Williams ACA DChA

Independent Examiner Thomas Westcott Chartered Accountants 47 Boutport Street

Barnstaple Devon EX31 1SQ ~y< Qa a &.

The Rotary Club of Ilfracombe Trust Fund

Statement of Financial Activities

Year ended 30 June 2021

==> picture [440 x 295] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |et| |2021|2020| |Unrestricted|Restricted| |funds|funds|Totalfunds|Total|funds| |Income|and|endowments|Note|£|£|£|£| |Donations|and|legacies|4|43,222|4,077|47,299|6,334| |Charitable|activities|5|-|2,669|2,669|12,076| |Total|income|43,222|6,746|49,968|18,541| |Expenditure| |Expenditure|on|charitable|activities|6,7|13,833|5,300|19,133|21,576| |Total|expenditure|13,833|5,300|19,133|21,576| |Net|income/(expenditure)|29,389|1,446|30,835|(3,035)| |Transfers|between|funds|(1,467)|1,467|-|-| |Net movement|in funds|27,922|2,913|30,835|(3,035)| |Reconciliation|of funds| |Total funds|brought|forward|14,835|2,180|17,015|20,050| |Total funds|carried|forward|42,757|5,093|47,850|17,015|

----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages8 to 16 form part of these financial statements. EEini atl ll

The Rotary Club of Ilfracombe Trust Fund

Statement of Financial Position

30 June 2021

		2021	2020
	Note	£	£
Fixed assets
Tangible fixed assets	10	59	59
Current assets
Cash at bank and in hand		47,791	16,956
Net current assets		47,791	16,956
Total assets less current liabilities		47,850	17,015
Funds of the charity
Restricted funds		5,093	2,180
Unrestricted funds		42,757	14,835
Totalcharityfunds	11	47,850	17,015

These financial statements were approved by the board of trustees and authorised for issue on aty).3$.42)..., and are signed on behalf of the board by: 4 AN Va Trustee Trustee

The notes on pages8 to 16 form part of these financial statements.

The Rotary Club of Ilfracombe Trust Fund

Notes to the Financial Statements

Year ended 30 June 2021

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Rock, Granville Road, Ilfracombe, Devon, EX34 8AS.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and the other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by there nature, will rarely equal the related actual outcome.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

‘Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

The Rotary Club of Ilfracombe Trust Fund

Notes to the Financial Statements (continueg)

Year ended 30 June 2021

Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: e income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

® legacy income is recognised when receipt is probable and entitlement is established. e income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
e income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

e expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
e expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
e other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The Rotary Club of Ilfracombe Trust Fund

Notes to the Financial Statements (continueg

Year ended 30 June 2021

Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings - 25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomesa party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including _any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

The Rotary Club of Ilfracombe Trust Fund Notes to the Financial Statements (continueg)

Year ended 30 June 2021

3. Accounting policies (continued)

Financial instruments (continued)

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Donations and legacies

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
		£	£	£
	Donations
	Chapel income	-	-	-
	Donations	41,795	3,370	45,165
	Gift Aid received on donations	1,427	707	2,134
		43,222	4,077	47,299
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2020	-
		£	£	£
	Donations
:	Chapel income	6,013	-	6,013
	Donations	321	-	321
	Gift Aid received on donations	-	-	-
		6,334	-	6,334

The Rotary Club of Ilfracombe Trust Fund

Notes to the Financial Statements (continueg

Year ended 30 June 2021

5. Charitable activities

			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
		StarTrek	-	200	200
		GiftAid received for StarTrek donations	-	2,469	2,469
		Shop income	-	-	-
		Miscellaneous	-	-	-
		Sea Ilfracombe	=	-	-
		Mary's Meals	-	-	-
			=	2,669	2,669
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2020
			£	£	£
		StarTrek	895	4,815	5,710
		Gift Aid received for Star Trek donations	-	-	-
		Shop income Miscellaneous	5,567 448	- -	5,567 448
		Sea Ilfracombe	242	-	242
		Mary's Meals	-	109	109
			7,152	4,924	12,076
6.		Expenditure on charitable activities by fund type
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
		Charitable Activities	13,833	5,300	19,133
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2020
			£	£	£
		Charitable Activities	18,590	2,986	21,576
7.		Expenditure on charitable activities by activity type
	:		Activities
			undertaken	Total funds	Total fund
			directly	2021	2020
			£	£	£
		Charitable Activities	19,133	19,133	21,576
8.		Staffcosts

i

The Rotary Club of Ilfracombe Trust Fund

Notes to the Financial Statements (continueg

Year ended 30 June 2021

8. Staff costs (continued)

During the year there were 4 Trustees(2020: 4). There were no employees (2020:Nil) and no remuneration is included in these financial statements.

The trustees appointed during the year are as listed in the reference and administrative details in the Trustees Report.

In addition to the Trustees, more than fifty volunteers were involved in the Star Trek event.

No employee received employee benefits of more than £60,000 during the year (2020: Nil).

9. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

10. Tangible fixed assets

	Fixtures and
	fittings
	£
Cost
At 1 July 2020 and 30 June 2021	1,485
Depreciation
At 1 July 2020 and 30 June 2021	1,426
Carrying amount
At 30 June 2021	59
At30June2020	59

The Rotary Club of Ilfracombe Trust Fund

Notes to the Financial Statements (continueg)

Year ended 30 June 2021

11. Analysis of charitable funds

Unrestricted funds
	At					At
	1 July 2020	Income	Expenditure		Transfers 30June 2021
	£	£	£		£	£
General funds	12,233	32,892	(11,109)		(1,467)	32,549
Designated -Amigos
Sponsor Students	928	-	(384)		-	544
Designated - Scouts
Trailer	1,000	=	_		-	1,000
Designated -CM Girl
Guides Designated - Diabettes	200 224	- -	- -		- -	200 224
Designated -Appledore
Book Fest	250	-	(240)		-	10
Designated - Youth
Expense	-	330	-		-	330
Designated -Wave
Project	-	3,000	(2,100)		=	900
Designated - RYLA Snr
& Jnr	-	5,000	-		-	5,000
Designated - Chapel
Ring fence	-	2,000	-		-	2,000
	14,835	43,222	(13,833)		(1,467)	42,757
	At					At
	1 July 2019	Income	Expenditure		Transfers 30 June 2020
	>a	£	£		£	£
General funds	19,718	10,884	(18,590)		221	12,233
Designated -Amigos				;
Sponsor Students	-	928	-		_	928
Designated - Scouts
Trailer	=	1,000	-		-	1,000
Designated -CM Girl
Guides	-	200	-		-	200
Designated - Diabettes	-	224	-		-	224
Designated -Appledore
Book Fest	-	250	~		-	250
Designated - Youth
.Expense	~	-	_		~	-
Designated -Wave
Project	-	-	_		-	-
Designated - RYLA Snr
& Jnr	-	-	-		=	-
Designated - Chapel
Ring fence	~	-	-		-	-
	19,718	13,486	(18,590)		221	14,835

The Rotary Club of Ilfracombe Trust Fund Notes to the Financial Statements (continueg)

Year ended 30 June 2021

11. Analysis of charitable funds (continued)

Unrestricted funds are those which the charity may use in accordance the charitable objects at its discretion.

Restricted funds
	At				At
	1 July 2020	Income	Expenditure	Transfers 30 June 2021
	£	E	£	£	2
Interact	132	-	-	-	132
Mary's Meals	33	-	-	-	33
Jam and Cream Teas
for Polio	-	-	-	-	-
Kitgum	~	1,145	(535)	~	610
Rotary Club of
Kasangati Startrek	~ 2,015	2,932 2,669	(4,399) (366)	1,467 =	- 4,318
	2,180	6,746	(5,300)	1,467	5,093
	At				At
	1 July 2019	Income	Expenditure	Transfers 30 June 2020
Interact	= 222	fe 131	£ -	£ (221)	£ 132
Mary's Meals	60	109	(136)	-	33
Jam and Cream Teas
for Polio	50	-	(50)	=	-
Kitgum	-	-	-	-	-
Rotary Club of
Kasangati Startrek	- -	- 4,815	- (2,800)	- -	- 2,015
	332	5,055	(2,986)	(221)	2,180

Donations are received on behalf of Ilfracombe Interact Club. Ilfracombe Interact Club is managed by a team of students at The Ilfracombe Academy. Their aim is to raise money for charities through fun events.

Donations are received on behalf of Mary's Meals. Mary's Meals set up school feeding programmes in some of the world's poorest communities, where hunger and poverty prevent children from gaining an education.

.Donations are received for Cream Teas and Jam. The donations are given to the Rotary end polio campaign.

Donations are received through fund raising for the event Star Trek. The aim of the event is to raise money to donate to Rotary Charities.

The Rotary Club of Ilfracombe Trust Fund

Notes to the Financial Statements (continuea

Year ended 30 June 2021

12. Analysis of net assets between funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
	£	£	£
Tangible fixed assets	59	-	59
Current assets	42,698	5,093	47,791
Net assets	42,757	5,093	47,850
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2020
	£	£	£
Tangible fixed assets	59	-	59
Current assets	14,776	2,180	16,956
Netassets	14,835	2,180	17,015

13. Post balance sheet events

It should be noted that at the end of the financial year there was instability relating to the global health emergency in respect of Coronavirus. Under Government Guidance due to Covid-19, activities were ceased. When activities are able to recommence, they will do so following the current guidelines.

14. Related parties

There were no related party transactions during the year.

15. Controlling party

During the year the charity was under the control of the members of the Rotary Club of \lfracombe.