The Ross Warburton Charitable Trust Charity Registration No. 1062844
Trustees' report and accounts For the year ended 31 March 2021
The Ross Warburton Charitable Trust
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Cash flow statement | 8 |
| Notes to the accounts | 9 - 11 |
The Ross Warburton Charitable Trust
Legal and administrative information
| Trustees | W Ross Warburton |
|---|---|
| Peter Liptrott | |
| Michael Walker | |
| Date of settlement | 10 January 1997 |
| Charity number | 1062844 |
| Principal address | PO Box 202 |
| Clitheroe | |
| BB7 0ER | |
| Accountants | Smith & Williamson LLP |
| Portwall Place | |
| Portwall Lane | |
| Bristol | |
| BS1 6NA | |
| Independent examiner | Philip Evans FCA |
| PJE Chartered Accountants | |
| 2 Oakfield Road | |
| Clifton | |
| Bristol | |
| BS8 2AL | |
| Bankers | C Hoare & Co |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| Investment managers | Sanlam Private Investments |
| Bank House | |
| Kirkby Lonsdale | |
| Cumbria | |
| LA6 2AH | |
| Investment advisors | Artorius Wealth Management Ltd |
| 2nd Floor | |
| The Boardwalk | |
| 21 Little Peter Street | |
| Manchester | |
| M15 4PS |
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The Ross Warburton Charitable Trust
Trustees' report For the year ended 31 March 2021
The trustees present their report and accounts for the year ended 31 March 2021. The accounts have been prepared in accordance with the accounting policies set out in note 1 and comply with 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 (FRS102) published on 16 July 2014.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Trustees
The trustees who served during the year were: W Ross Warburton Peter Liptrott Michael Walker
The power of appointment of trustees is vested in W Ross Warburton.
Risk management
The trustees have a duty to identify and review risks to which the charity is exposed and to ensure the appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have assessed such risks and are satisfied that systems are in place to mitigate their exposure to major risks.
The COVID-19 pandemic continues to cause economic uncertainty within the United Kingdom. The trustees have considered the potential impact on the financial position of the charity and have concluded that the charity is nevertheless able to meet its financial obligations for a period of at least 12 months from the date of approving these financial statements and therefore continue to adopt the going concern basis in their preparation.
Related parties
During the year ended 31 March 2021, the credit balance of £2,180 due to W Ross Warburton was cleared and treated as a donation.
Michael Walker received £787 of trustees' fees during the year.
OBJECTIVES AND ACTIVITIES
Objectives and aims
General charitable purposes and to make grants to various charitable bodies which mainly benefit young children, young people and voluntary bodies. The Statement of Financial Activities for the year is set out on page 6. During the year the trustees donated £283,324 (2020: £525,431).
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and setting its grantmaking policies.
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The Ross Warburton Charitable Trust
Trustees' report For the year ended 31 March 2021
FINANCIAL REVIEW
Grantmaking
During the year the charity made a new pledge of £500,000 to Oriel College, University of Oxford (payable over four years). £125,000 of this pledge was paid during the year, with further payments of £125,000 to be paid in subsequent years. The charity also made payments of £250,000 to the OnSide Foundation, and £25,924 to Bolton School. In the previous year's accounts, a four year grant of £500,000 to Cancer Research UK was included in the accounts in error. This pledge has been reversed in this year's accounts.
Reserves policy
All reserves are unrestricted and used at the discretion of the trustees. The level of unrestricted reserves as at 31 March 2021 was £1,811,948 (2020: £1,700,000). Generally, the income is used to meet grants in the year.
Investment policy
There are no restrictions on the trustees' powers to invest. The trustees have delegated under section 11 of the Trustee Act 2000 full discretionary powers to the investment managers. Their policy is to seek to maximise total return, whilst maintaining the real value of the portfolio and not subjecting it to undue risk. The trustees review the investment managers at their meetings.
Plans for the future
The trustees do not intend to embark upon any fundraising and it is anticipated that they will continue to fund donations from income arising.
Against this background of anticipated applications of funds, the trustees are working with their investment advisors on an ongoing basis and regularly monitor the investment policy.
On behalf of the board of trustees
..............................
W Ross Warburton
Trustee Dated: ........................................
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The Ross Warburton Charitable Trust
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income resources and application of resources of the charity for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standard have been followed subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The Ross Warburton Charitable Trust
Independent examiner's report To the trustees of The Ross Warburton Charitable Trust
I report on the accounts of the charity for the year ended 31 March 2021, which are set our on pages 6 to 11.
Respective reponsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for the period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Basis of independent examiners' report
My examination was carried our 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 comparision 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 matter has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
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have not been met; or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Philip Evans FCA PJE Chartered Accountants 2 Oakfield Road Clifton Bristol BS8 2AL
Dated: .........................
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The Ross Warburton Charitable Trust
Statement of financial activities For the year ended 31 March 2021
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| funds | funds | |||
| Total | Total | |||
| 2021 | 2020 | |||
| Notes | Page | £ | £ | |
| Income and endowments | ||||
| Incoming resources from generated funds | ||||
| Voluntary income | 2 | 2,725 | 7,064 | |
| Investment income | 52,151 | 67,204 | ||
| Deposit interest | 15 | 290 | ||
| Total income | 54,891 | 74,558 | ||
| Expenditure | ||||
| Costs of generating funds | ||||
| Investment management costs | (27,220) | (24,560) | ||
| Bank charges | (34) | - | ||
| Charitable activities | ||||
| Grants made to various charitable bodies | 3 | (283,324) | (525,431) | |
| Governance costs | ||||
| Accountancy fees | (6,852) | (3,900) | ||
| Independent examiner fees | (910) | (900) | ||
| Administration expense | (353) | (342) | ||
| Legal fees | - | (140) | ||
| Trustees' fees | 4 | (787) | (1,276) | |
| Total expenditure | (319,480) | (556,549) | ||
| Realised and unrealised gains/(losses) on | 9 |
|||
| investment assets | 376,537 | (194,238) | ||
| Net movement in funds | 111,948 | (676,229) | ||
| Fund balances at 1 April 2020 | 1,700,000 | 2,376,229 | ||
| Fund balances at 31 March 2021 | 7 | 1,811,948 | 1,700,000 |
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The Ross Warburton Charitable Trust
Balance sheet As at 31 March 2021
| Notes Page Fixed assets Quoted investments 5 Current assets Debtors 6 Cash at bank and in hand 8 Liabilities Creditors: amounts falling due within one year 7 Creditors: amounts falling due more than one year 8 Net current assets Total assets less current liabilities Funds Unrestricted funds 6 |
£ 575 133,069 133,644 (133,412) (250,000) (383,412) |
2021 £ 2,061,716 2,061,716 (249,768) 1,811,948 1,811,948 1,811,948 |
£ 189 133,088 133,277 (133,180) (375,000) (508,180) |
2020 £ 2,074,903 2,074,903 (374,903) 1,700,000 1,700,000 1,700,000 |
|---|---|---|---|---|
The accounts were approved by the trustees on ......................... and were signed on their behalf by:
..............................
W Ross Warburton
Trustee
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The Ross Warburton Charitable Trust
Cash flow statement For the year ended 31 March 2021
| Notes £ Net cash inflow from operating activities 9 Cashflows from investing activities: Proceeds from the sale of investments 1,560,507 Purchase of investments 5 (1,170,784) Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
2021 £ (389,742) 389,723 (19) 133,088 133,069 |
£ 701,997 (549,272) |
2020 £ (105,896) 152,725 46,829 86,259 133,088 |
|---|---|---|---|
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The Ross Warburton Charitable Trust
Notes to the accounts for the year ended 31 March 2021
1 Accounting policies
1.1 Basis of preparation
These accounts have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Charities Act 2011.
The charity constitues a public benefit entity as defined by FRS102.
1.2 Incoming resources
All incoming resources are accounted for when the charity has entitlement to the funds, certainty of receipt and the amount is measurable.
Investment income from UK investments is received gross. Income from foreign investments is received net of local withholding tax. Investment income is accounted for on a receivable basis and includes any payments due by the balance sheet date, whether or not received.
Interest on bank and stockbrokers' deposits is included on the basis of the amounts actually received during the year.
1.3 Investments
Investments are shown at their market value at the balance sheet date. All investments held are quoted on a recognised stock exchange.
1.4 Resources expended
All resources expended are recognised once there is a legal or constructive obligation to make a payment to a third party. For grants, recognition occurs in the year the grant is approved by the trustees.
1.5 Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
| 2 Voluntary income Donation |
2021 £ 2,725 2,725 |
2020 £ 7,064 7,064 |
|---|---|---|
The 2021 donation represents the writing-off of £2,180 due to W Ross Warburton plus the associated £545 of gift aid.
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The Ross Warburton Charitable Trust
Notes to the accounts for the year ended 31 March 2021
| 3 Grants made 2021 £ Bolton School 25,924 Cancer Research UK - Oriel College, University of Oxford 500,000 Oneside Foundation 250,000 Donations under £1,000 7,400 Cancer Research UK (500,000) 283,324 Commitments falling due within one year: Oriel College, University of Oxford 125,000 Cancer Research UK - 125,000 Commitments falling due in more than one year: Oriel College, University of Oxford 250,000 Cancer Research UK - 250,000 4 Trustees Remuneration Michael Walker received £787 in trustees' fees in 2021 (2020: £1,276). 5 Quoted investments 2021 £ Market value at 1 April 2020 2,074,903 Additions to investments at cost 1,170,784 Disposals at carrying value (1,368,765) Unrealised gains/(losses) on investments 184,794 Market value at 31 March 2021 2,061,716 6 Debtors 2021 £ Dividends receivable 575 Income tax recoverable - 575 |
2020 £ 25,431 500,000 - - - - 525,431 - 125,000 125,000 - 375,000 375,000 2020 £ 2,421,866 549,272 (657,407) (238,828) 2,074,903 2020 £ - 189 189 |
|---|---|
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The Ross Warburton Charitable Trust
Notes to the accounts for the year ended 31 March 2021
| 7 Creditors: amounts falling due within one year 2021 £ Smith & Williamson fees 7,512 Independent examiner fees 900 W Ross Warburton - Grants committed 125,000 133,412 8 Creditors: amounts falling due in more than one year 2021 £ Grants committed 250,000 250,000 9 Reconciliation of net income/(expenditure) to net cash flow from operating activities 2021 £ Net income/(expenditure) 111,948 Realised and unrealised (gains)/losses on investments (376,536) (Increase)/decrease in debtors (386) Increase/(decrease) in creditors (124,768) (389,742) |
2020 £ 4,260 1,740 2,180 125,000 133,180 2020 £ 375,000 375,000 2020 £ (676,229) 194,238 - 376,095 (105,896) |
|---|---|
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