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2021-09-28-accounts

Charity registration number 1044136

THE CONSCIENCE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 SEPTEMBER 2021

THE CONSCIENCE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr A Miller Mr S Whewell Mr J Anderson Mr D Acland

Charity number 1044136 Principal address Michael House Castle Street Exeter Devon EX4 3LQ Independent examiner Mr J L Coombs MA (Cantab) FCA Simpkins Edwards LLP Michael House Castle Street Exeter Devon

THE CONSCIENCE TRUST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 12

THE CONSCIENCE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 28 SEPTEMBER 2021

The Trustees present their annual report and financial statements for the year ended 28 September 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's 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)” (as amended for accounting periods commencing from 1 January 2019)

Objectives and activities

The Trust continues to support charitable causes by making grants and donations of income and capital in the support and monitoring of projects that enhance, promote and progress the principal objectives of the charity in the advancement and development of education, research and development of ecology and environmental issues.

There has been no change in policy since the last report.

The Trustees have paid due regard to the terms of the Trust and the wishes of the Trust Founder and guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

Achievements and performance Financial review

Total income during the year was £31,268 (2020: £50,084) which included £11,154 compensation in respect of bad investment advice. Total expenditure was £230,291 (2020: £61,860), including grants totalling £217,395 (2020: £37,000) to Ambios Limited, a not for profit organisation. At the 28 September 2021, the charity reported an overall reduction in value of £201,906 due to the grant provided to Ambios Ltd together with net losses on investments of £2,883 arising in the year.

At 28 September 2021 the Trust held unrestricted reserves of £438,559 (2020: £640,465).

Reserves policy

It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Major risks

The Trustees has assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

For some years now, the Trust has adopted Ambios Ltd, a registered not-for-profit company limited by guarantee, as their preferred beneficiary as the work and policies of this organisation significantly mirrors the particular objectives and wishes of the Trust Founder and of the Trustees.

The Trustees are in the process of rationalisation and reconfiguration of their structure, funds and activities to most expeditiously optimise the future effectiveness of their preferred primary charitable objectives.

Structure, governance and management

The Conscience Trust is an unincorporated charity constituted by a Trust Deed

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr A Miller

Mr S Whewell Mr J Anderson Mr D Acland

THE CONSCIENCE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 28 SEPTEMBER 2021

The power of appointing new Trustees of the charity is vested in the continuing Trustees.

The Trustees' report was approved by the Board of Trustees.

Mr A Miller

Trustee Dated: 21 July 2022

THE CONSCIENCE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CONSCIENCE TRUST

I report to the Trustees on my examination of the financial statements of The Conscience Trust (the Trust) for the year ended 28 September 2021.

Responsibilities and basis of report

As the 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 2011 Act).

I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. 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

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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.

Mr J L Coombs MA ( Cantab) FCA

Simpkins Edwards LLP Michael House Castle Street Exeter Devon EX4 3LQ

Dated: 21 July 2022

THE CONSCIENCE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 28 SEPTEMBER 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes £ £
Income from:
Donations and legacies 2 3,000 30,040
Investments 3 17,114 20,044
Material other income 4 11,154 -
Total income 31,268 50,084
Expenditure on:
Raising funds 5 2,708 2,423
Charitable activities 6 227,583 53,768
Other 10 - 5,669
Total resources expended 230,291 61,860
Net gains/(losses) on investments 11 (2,883) (20,221)
Net movement in funds (201,906) (31,997)
Fund balances at 29 September 2020 640,465 672,462
Fund balances at 28 September 2021 438,559 640,465

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE CONSCIENCE TRUST

BALANCE SHEET

AS AT 28 SEPTEMBER 2021

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors falling due after one year
14
Debtors falling due within one year
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2021
£
160,692
10,176
55,879
226,747
(14,803)		 £
3
226,612
226,615
211,944
438,559
438,559
438,559		 2020
£
187,934
-
163,887
351,821
(7,089)		 £
3
295,730
295,733
344,732
640,465
640,465
640,465

The financial statements were approved by the Trustees on 21 July 2022

Mr A Miller Trustee

THE CONSCIENCE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 SEPTEMBER 2021

1 Accounting policies

Charity information

The Conscience Trust is an un-incorporated charity registered in England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's deed dated 29 September 1994 and Supplement deed dated 8 January 2003, 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)” (as amended for accounting periods commencing from 1 January 2019). The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income received by way of grants, legacies, donations and gifts is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.

Investment income is represented by:

1.5 Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Costs of generating funds comprise the costs associated with managing and maintaining the Trust's investment portfolio.

THE CONSCIENCE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 SEPTEMBER 2021

1 Accounting policies

(Continued)

Grants payable are charged in the year when the offer is conveyed to the recipient. In those cases where a grant is conditional, such grants are recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Other costs comprise all costs incurred in running the Trust which are necessary for furtherance of the Trust's objectives.

1.6 Tangible fixed assets

The tangible fixed assets of the charity consist of a reversionary interest of £1 each in three long (999) year leases granted on the Trusts land at Marley Road, Exmouth.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, except property and investments which are shown at their fair (market) value.

1.9 Taxation

Under Section 505 of the Income and Corporation Taxes Act 1988, the Trust, as a Charity, is exempt from certain taxes.

1.10 VAT

The charity is not registered for Value Added Tax. In these financial statements, where applicable, expenditure is shown inclusive of VAT.

2 Donations and legacies

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Legacy Received - 40
Grant received 3,000 30,000
3,000 30,040

THE CONSCIENCE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 SEPTEMBER 2021

3 Investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Rental income 5 1,025
Income from listed investments 5,599 6,717
Interest receivable 11,510 12,302
17,114 20,044

4 Material other income

During the year, the Charity received £11,154 for compensation received on bad investment advice.

5 Raising funds

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Investment management fees 2,708 2,423
2,708 2,423

6 Charitable activities

Insurance costs
Accountancy fees
Management fees
Legal and professional fees
Bank charges
Grant funding of activities (see note 7)		 2021
£
707
2,520
4,599
2,341
21
10,188
217,395
227,583		 2020
£
638
2,160
8,259
5,711
-
16,768
37,000
53,768

THE CONSCIENCE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 SEPTEMBER 2021

7 Grants payable

Charitable
Charitable
Expenditure Expenditure
2021 2020
£ £
Grants to institutions:
Ambios Ltd 217,395 37,000

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

9 Employees

There were no employees during the year (2020 - none).

10 Other

Net loss on disposal of tangible fixed assets Total
Unrestricted
funds
2021
2020
£
-
5,669
-
5,669		 Total
Unrestricted
funds
2021
2020
£
-
5,669
-
5,669
5,669

11 Net gains/(losses) on investments

Net gains/(losses) on investments
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Revaluation of investments 20,721 (21,807)
Gain/(loss) on sale of investments (23,604) 1,586
(2,883) (20,221)

THE CONSCIENCE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 SEPTEMBER 2021

12 Tangible fixed assets

Tangible fixed assets
Cost or valuation
At 29 September 2020
At 28 September 2021
Carrying amount
At 28 September 2021
At 28 September 2020		 Land
£
3
3
3
3

During the accounting year ended 30 September 2020, the Trust granted three long (999 year) leases in respect of land at Marley Road, Exmouth. The Trust retains a reversionary interest of £1 per lease

13 Fixed asset investments

Rathbones Other listed Total
investments investments
£ £ £
Cost or valuation
At 29 September 2020 272,645 23,085 295,730
Additions 109,998 - 109,998
Valuation changes 21,085 (364) 20,721
Realised loss on disposals (23,604) - (23,604)
Disposals (176,233) - (176,233)
At 28 September 2021 203,891 22,721 226,612
Carrying amount
At 28 September 2021 203,891 22,721 226,612
At 28 September 2020 272,645 23,085 295,730

THE CONSCIENCE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 SEPTEMBER 2021

14
Debtors
Amounts falling due within one year:
Prepayments and accrued income
Amounts falling due after more than one year:
Loan to the Torquay Coast and Countryside Trust (TCCT).
Total debtors
The Loan		 2021
£
10,176
2021
£
160,692
170,868		 2020
£
-
2020
£
187,934
187,934

1.The purpose of the loan is to purchase specified equipment and other costs relating to the installation of a Solar panel (PV) array.

2.Interest on the loan is calculated on the following basis: Interest shall accrue on the loan at a rate of 4% per annum above the base rate of Barclays Bank plc, as varied from time to time.

3.Subject to paragraph 4 below, the amount due from TCCT to The Conscience Trust in repayment of the loan during the term of this agreement shall equal the Feed in Tariffs (FITS) payable in respect of the installation from the date of the installation up to the repayment date.

4.On the repayment date, the lender will calculate an amount which shall equal the sum of the Advances plus interest thereon on the assumption that no repayment of the loan has been made at any time prior to the repayment date.

If the amounts that the lender has received from FITS during the term of the agreement are less than the total repayment sum, and TCCT has observed the agreement , The Conscience Trust will notify TCCT that it waives the outstanding balance of the Total Repayment Sum.

If the amounts that The Conscience Trust has received from the FITS during the term of the agreement are equal or more than the Total Repayment Sum then The Conscience Trust will notify TCCT that the loan has been repaid in full.

5.However, if TCCT elects (in writing) to repay the loan before the repayment date The Conscience Trust will calculate the sum due on the Early Repayment Date.

On this basis the year end position is reported as if early repayment has been nominated at the year end date.

15 Creditors: amounts falling due within one year

2021 2020
£ £
Accruals and deferred income 14,803 7,089

THE CONSCIENCE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 SEPTEMBER 2021

16 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).

17 COVID 19

The trustees continue to consider the best steps to take in order to protect the assets of the Trust as a result of the COVID 19 pandemic.