2022-04-05-accounts - The Chelsea Square 1994 Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

THE CHELSEA SQUARE 1994 TRUST CHARITY NUMBER: 1040479 FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022

THE CHELSEA SQUARE 1994 TRUST

INDEX TO THE FINANCIAL STATEMENTS

Page
1	General Information
2 - 3	Trustees’ Report
4	Independent Examiner’s Report
5	Statement of Financial Activities
6	Balance Sheet
7 - 8	Notes to the Financial Statements
9 - 13	Schedule of Investments

THE CHELSEA SQUARE 1994 TRUST

GENERAL INFORMATION

Trustees:	PatrickJohn Talbot
	Jonathan Teulon Woods
	SusanElizabethEvans
	John Frederick Woods
Principal Office:	c/o William Sturges LLP
	Burwood House
	14 – 16 Caxton Street
	London
	SW1H 0QY
Charity Number:	1040479
Independent Examiner:	VMR Anderson BA (Hons) FCA DChA
	Clark Brownscombe
	2 St Andrews Place
	Lewes
	East Sussex
	BN7 1UP
Investment Advisers:	Rathbones
	8 Finsbury Circus
	London
	EC2M 7AZ
Solicitors:	William Sturges LLP
	Burwood House
	14 – 16 Caxton Street
	London
	SW1H 0QY
Investment Powers:	The Trust has wide investment powers

Page: 1

THE CHELSEA SQUARE 1994 TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 5TH APRIL 2022

The trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 5 April 2022, which have been prepared in accordance with the Charities Act and regulations made thereunder, together with the Charity Commission Statement of Recommended Practice on Accounting for Charities (The SORP).

Structure, governance and management

The Chelsea Square 1994 Trust is registered with the Charity Commissioners No. 1040479 and constituted by the Deed of Trust dated 27th July 1994.

The Settlement Deed established a general Charitable Trust. The Trustees make regular donations to registered charities. The Trustees do not themselves intend to engage in charitable activities other than the making of charitable donations.

Objectives and activities of the charity

The objective of the charity is to provide funds to other charities so that they can carry out their charitable objectives. Fifteen donations were made during the year as disclosed in note 2.

Achievements and performance

Total incoming resources were £43,859. Commitments to charitable donations totalled £40,000 with £16,666 being paid in respect of governance costs. Investment gains totalled £148,612 resulting in overall net increase in funds of £135,805.

The Trustees’ capital is partly invested in quoted investments whilst the remainder is held in cash. The value of the Trust’s portfolio as at 5 April 2022 totalled £1,823,194 an increase of £124,581 since 5 April 2021. The Trustees have reviewed the portfolio regularly and are satisfied with its performance.

Reserves

The Trustees consider their investments as expendable endowments, 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 in each financial year and therefore do not maintain income reserves as such; however, income levels are continually reviewed by the Trustees to ensure that they have sufficient funds to meet their objectives.

Investment Policies

The Trustees have delegated their investment power. Investments are managed for them by Rathbones on a discretionary basis having regard to the Trustees' investment policy of maintaining an even balance between income and capital growth with medium-risk profile.

The Trustees receive reports and recommendations from their investment advisers on a quarterly basis. Assets have been acquired and disposed of in accordance with the powers available to the Trustees.

Plans for the Future

The Trustees are satisfied that their current policies are sufficient to meet their objectives and do not feel that these will be amended in the foreseeable future. They will continue to review the position.

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the charity’s aims and objectives and in setting the grant making policy.

Page: 2

THE CHELSEA SQUARE 1994 TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 5TH APRIL 2022

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Under charity law, the Trustees shall prepare financial statements for each year which show a true and fair view of the structure, aims, objectives, activities and performance of the Charity. In preparing those financial statements, generally accepted accounting practice entails that the Trustees:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.

The Trustees are required to act in accordance with the trust deed and the rules of the charity within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time with reasonable accuracy, the financial position of the charity at that time and enable the trustees to ensure that where any statements of account are prepared by them under the Charities Act, those statements will comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

Approved by the board of trustees

Patrick John Talbot - Trustee

Jonathan Teulon Woods - Trustee

Susan Elizabeth Evans – Trustee

John Frederick Woods - Trustee

Date: 21st September 2022

Page: 3

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CHELSEA SQUARE 1994 TRUST

I report on the financial statements of the Trust for the year ended 5th April 2022, which are set out on pages 5 to 13.

Respective responsibilities of trustees and examiner

As the charity trustees of the Trust 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 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 2011 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 financial statements do not accord with those records; or
(3) the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.

VMR Anderson BA (Hons) FCA DChA Clark Brownscombe Chartered Accountant 2 St Andrews Place LEWES East Sussex BN7 1UP

Date: 22nd September 2022

Page: 4

THE CHELSEA SQUARE 1994 TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5TH APRIL 2022

Notes Unrestricted Fund Income Unrestricted Fund Capital £ £ INCOME Investments - Dividends 27,961 - - Fixed interest 3,516 - - Interest 3 - - Overseas interest 3,960 - - Overseas dividends 2,997 - - Other income 1,544 - - Unit trust interest 3,878 - Total income 43,859 - EXPENDITURE Charitable activities - Grants 2 40,000 - - Legal fees 2,370 - - Accountancy fees 1,260 - - Investment managers fees - 13,036 Total expenditure 43,630 13,036 229 (13,036) Gains on investment assets - 148,612 Net movement in funds 229 135,576 Reconciliation of funds Fund balances at 6th April 2021 (7,102) 1,763,073 Fund balances at 5th April 2022 (6,873) 1,898,649	Total 2022 £ 27,961 3,516 3 3,960 2,997 1,544 3,878 43,859 40,000 2,370 1,260 13,036 56,666 (12,807) 148,612 135,805 1,755,971 1,891,776	Total 2021 £ 23,169 4,001 18 845 1,311 1,136 3,928 34,408 40,000 2,370 1,336 11,287 54,993 (20,585) 318,276 297,691 1,458,280 1,755,971

Page: 5

THE CHELSEA SQUARE 1994 TRUST

BALANCE SHEET

AS AT 5TH APRIL 2022

Note FIXED ASSETS Investments 3 CURRENT ASSETS Cash held at NatWest bank Cash held by solicitors Cash held by brokers CREDITORS:Amounts falling due within one year NET CURRENT ASSETS TOTAL NET ASSETS THE FUNDS OF THE CHARITY Unrestricted capital fund Unrestricted income fund		2022 £ £ 1,823,194 41,455 1,336 30,657 73,448 (4,866) 68,582 1,891,776 1,898,649 (6,873) 1,891,776	2021 £ 1,698,613 46,766 - 17,768 64,534 (7,176) 57,358 1,755,971 1,763,073 (7,102)

			1,755,971

and signed on their behalf by:

Patrick John Talbot - Trustee

Page: 6

THE CHELSEA SQUARE 1994 TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2022

1. ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared on an accruals basis in accordance with the Charities Act and regulations made thereunder, together with the Charity Commission Statement of Recommended Practice on Accounting for Charities (SORP). The accounting policies adopted are regularly reviewed to ensure that they remain the most appropriate for the circumstances of this Charitable Trust. The financial statements have been prepared under the historical cost convention, except for investments that are included at valuation.

The trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

Assets

Assets are accounted for under the historical cost convention, except for stock market Investments that are valued at market value.

Valuation of investments

All the investments held are listed securities and are valued at the mid market value ruling at the accounting date.

Income

Income is recognised on a receivable basis.

Dividends are included within the financial statements when they are due.

Expenditure

Expenditure is recognised on an accruals basis, being included when the liability has been incurred as at the Balance Sheet date.

Grants are recognised on an accruals basis, being included when the Trustees have resolved to make such donations by the Balance Sheet date.

Additions Disposals Holding 06/04/2021 Book Value 06/04/2021 Market Value 06/04/2021 Quantity Cost Quantity Proceeds Profit/(Loss) Holding 05/04/2022 Book Value 05/04/2022 Market Value 05/04/2022	Additions Disposals Holding 06/04/2021 Book Value 06/04/2021 Market Value 06/04/2021 Quantity Cost Quantity Proceeds Profit/(Loss) Holding 05/04/2022 Book Value 05/04/2022 Market Value 05/04/2022	Additions Disposals Holding 06/04/2021 Book Value 06/04/2021 Market Value 06/04/2021 Quantity Cost Quantity Proceeds Profit/(Loss) Holding 05/04/2022 Book Value 05/04/2022 Market Value 05/04/2022	Additions Disposals Holding 06/04/2021 Book Value 06/04/2021 Market Value 06/04/2021 Quantity Cost Quantity Proceeds Profit/(Loss) Holding 05/04/2022 Book Value 05/04/2022 Market Value 05/04/2022	Additions Disposals Holding 06/04/2021 Book Value 06/04/2021 Market Value 06/04/2021 Quantity Cost Quantity Proceeds Profit/(Loss) Holding 05/04/2022 Book Value 05/04/2022 Market Value 05/04/2022	Additions Disposals Holding 06/04/2021 Book Value 06/04/2021 Market Value 06/04/2021 Quantity Cost Quantity Proceeds Profit/(Loss) Holding 05/04/2022 Book Value 05/04/2022 Market Value 05/04/2022	Additions Disposals Holding 06/04/2021 Book Value 06/04/2021 Market Value 06/04/2021 Quantity Cost Quantity Proceeds Profit/(Loss) Holding 05/04/2022 Book Value 05/04/2022 Market Value 05/04/2022	Additions Disposals Holding 06/04/2021 Book Value 06/04/2021 Market Value 06/04/2021 Quantity Cost Quantity Proceeds Profit/(Loss) Holding 05/04/2022 Book Value 05/04/2022 Market Value 05/04/2022
Shell €0.07 B Ordinary shares 2,100 Schroder Investment Asian Income 35,000 Scottish Mortgage & Trust 5p Ordinary shares 4,300 SPDR Series Trust S&P 500 ETF 550 Treasury 1 ¼% Index Linked Stock 21,000 Treasury 5% Stock 42,000 Unilever 3 1/9p Ordinary shares 580 Vanguard Investments FTSE 250 UCITS 490 Vodafone Group US$ 0.2095238 Ordinary shares 14,000 Weir Group 12.5p Ordinary shares 1,100	£ 50,613 23,585 3,056 126,828 41,280 52,073 23,768 16,768 15,436 15,240 1,465,349	£ 28,043 - 28,018 - 50,052 - 159,173 - 41,940 - 49,997 - 23,328 - 16,685 - 18,712 - 19,938 - 1,698,613	£ - - - - - 4,300 - - - - - - - - 4 - - 14,000 - - 150,272	£ - - 63,301 - - - - - 16,525 - 174,304	£ - 2,100 - 35,000 13,249 - - 550 - 21,000 - 42,000 - 580 - 490 (2,187) - - 1,100 2,444	£ 50,613 23,585 - 126,828 41,280 52,073 23,768 16,772 - 15,240 1,483,278	£ 44,541 28,105 - 191,059 44,092 46,252 20,512 16,231 - 18,194 1,823,194

Page: 13