Charity Registration No. 1046940
THE LEE AND BAKIRGIAN FAMILY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
THE LEE AND BAKIRGIAN FAMILY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Lord Lee of Trafford D.I., FCA (Chair) |
|---|---|
| Lady Anne Monique Lee | |
| Miss Deborah Lucy Miriam Lee | |
| Miss Elspeth Catherine Rebecca Lee | |
| Ms Sada Lucinda Phillipa Kilby | |
| Charity number | 1046940 |
| Principal address | 11 Seamons Road |
| Altrincham | |
| Cheshire | |
| WA14 4ND | |
| Independent examiner | Peter Atkinson F.C.A. |
| Jackson Stephen LLP | |
| James House, Stonecross Business Park | |
| Yew Tree Way | |
| Warrington | |
| Cheshire | |
| WA3 3JD | |
| Bankers | Barclays Bank PLC |
| 198 Ashley Road | |
| Hale | |
| Altrincham | |
| Cheshire | |
| WA15 9SW |
THE LEE AND BAKIRGIAN FAMILY 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 - 10 |
THE LEE AND BAKIRGIAN FAMILY TRUST
TRUSTEES REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees present their report and financial statements for the year ended 30 September 2020.
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 charity's governing document, 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)".
Objectives and activities
The purpose of this charitable trust is to provide financial or other aid to universities, colleges, schools, community and youth groups and religious institutions particularly in Lancashire and Cheshire to promote research and to further charitable community and youth projects.
The Trustees are satisfied that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.
The Trustees are mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2016. In this regard, the Trustees have monitored closely the supplemental guidance produced by the Charity Commission.
Public Benefit
We review our aims, objectives and activities each year. We have referred to the guidance contained in the Charity Commission’s Charities and Public Benefit document. All of our charitable activities focus on the promotion of research, charitable and youth projects for the benefit of the community.
Achievements and performance
In accordance with the charity's stated objects above it has continued to provide financial support to local organisations to further charitable community and youth projects. The charity made charitable donations to numerous organisations totalling £ 22,750 in the year.
Financial review
In accordance with the stated objects of the charity, the trust aims to make donations to relevant organisations each year which equate in value to the income received. Currently the trust's income is earned from the investment base. During the year to 30 September 20 20 receipts exceeded payments by £ 3,900 (201 9 : £ 1,285 ). The Trustees are satisfied with the asset level at 30 September 20 20 of £ 611,225 (201 9 : £ 735,174 ).
Reserves Policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific purpose should be maintained at a level equal to a minimum of six months expenditure. This policy has been adhered to throughout the period under review.
Structure, governance and management
The charity is unincorporated and was established by a Declaration of Trust dated 30 June 1987, which has subsequently been updated by the Trustees, with the last update being on 31 July 2007. The Lee and Bakirgian Family Trust has been a registered charity since 5 June 1995.
The Trustees who served during the year and up to the date of signature of the financial statements were: Lord Lee of Trafford D.I., FCA (Chair)
Lady Anne Monique Lee Miss Deborah Lucy Miriam Lee Miss Elspeth Catherine Rebecca Lee Ms Sada Lucinda Phillipa Kilby
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THE LEE AND BAKIRGIAN FAMILY TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
The chair is responsible for the induction of new trustees. The induction provides new trustees with an awareness of their responsibilities, the governing document and history and philosophical approach of the charity.
There are currently 5 trustees who meet regularly. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to limit exposure to the major risks.
None of the Trustees has any beneficial interest in the charity .
The Trustees r eport was approved by the Board of Trustees.
Lord Lee of Trafford D.I., FCA (Chair)
Trustee Dated: 29 July 2021
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THE LEE AND BAKIRGIAN FAMILY TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LEE AND BAKIRGIAN FAMILY TRUST
I report to the Trustees on my examination of the financial statements of The Lee and Bakirgian Family Trust (the charity) for the year ended 30 September 2020.
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 2011 Act).
I report in respect of my examination of the charity’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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 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.
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.
Peter Atkinson F.C.A.
Jackson Stephen LLP James House, Stonecross Business Park Yew Tree Way Warrington Cheshire WA3 3JD
Dated: 29 July 2021
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THE LEE AND BAKIRGIAN FAMILY TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2020
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Investments | 3 | 28,824 | 35,068 |
| Expenditure on: | |||
| Charitable activities | 4 | 24,924 | 33,783 |
| Net gains/(losses) on investments | 8 | (127,849) | 38,912 |
| Net movement in funds | (123,949) | 40,197 |
|
| Fund balances at 1 October 2019 | 735,174 | 694,977 | |
| Fund balances at 30 September 2020 | 611,225 | 735,174 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE LEE AND BAKIRGIAN FAMILY TRUST
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
| Notes Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Net current assets Total assets less current liabilities Income funds Unrestricted funds 11 General unrestricted funds Revaluation reserve |
2020 £ 990 26,662 27,652 709,214 (97,989) |
£ 583,573 27,652 611,225 611,225 611,225 |
2019 £ 990 21,163 22,153 586,180 148,994 |
£ 713,021 22,153 735,174 735,174 735,174 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 29 July 2021
Lord Lee of Trafford D.I., FCA (Chair)
Trustee
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THE LEE AND BAKIRGIAN FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
Charity information
The Lee and Bakirgian Family Trust is an unincorporated charity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, 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 charity is a Public Benefit Entity as defined by FRS 102.
The charity 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 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. 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 charity 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.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised on an accruals basis when the charity 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.
1.5 Expenditure
Expenditure, including irrecoverable VAT is recognised on the accrual basis.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on bases designed to reflect the uses of particular resources. Costs relating to a particular activity are allocated directly, while others are apportioned on an appropriate basis.
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THE LEE AND BAKIRGIAN FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
1.6 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. Fair value is arrived at by reference to year end valuation reports received from the charity's investment managers. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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THE LEE AND BAKIRGIAN FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
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 trustees have not made any critical estimates or judgements in the preparation of these financial statements.
3 Investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Income from listed investments | 28,824 | 35,068 | |
| 4 | Charitable activities | ||
| 2020 | 2019 |
||
| £ | £ |
||
| Charitable donations | 22,750 | 32,400 |
|
| Share of governance costs | 2,174 | 1,383 |
|
| 24,924 | 33,783 |
||
| 5 | Independent examiner's remuneration | ||
| Fees payable to the independent examiner | 2020 | 2019 | |
| £ | £ | ||
| Independent examiner review of the annual accounts | 840 | 840 |
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THE LEE AND BAKIRGIAN FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration , benefits or expenses from the charity during the year.
7 Employees
There were no employees during the year.
8 Net gains/(losses) on investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Revaluation of investments | (127,849) | 38,912 |
|
| 9 | Fixed asset investments | ||
| Listed | |||
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 1 October 2019 | 713,021 | ||
| Additions | 291,587 | ||
| Valuation changes | (127,849) | ||
| Disposals | (293,186) | ||
| At 30 September 2020 | 583,573 | ||
| Carrying amount | |||
| At 30 September 2020 | 583,573 | ||
| At 30 September 2019 | 713,021 | ||
| 10 | Debtors | ||
| 2020 | 2019 | ||
| Amounts falling due within one year: | £ | £ | |
| Trade debtors | 990 | 990 |
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THE LEE AND BAKIRGIAN FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
11 Unrestricted funds
The funds of the charity include the following unrestricted funds:
| Balance at 1 October 2019 £ General unrestricted funds 586,180 Revaulation reserve 148,994 735,174 |
Incoming resources Realised gain on disposals of investments Revaluations, gains and losses Balance at 30 September 2020 £ £ £ £ 3,900 119,134 - 709,214 - (119,134) (127,849) (97,989) 3,900 - (127,849) 611,225 |
|---|---|
12 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
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