The Ross Warburton Charitable Trust Charity registration no. 1062844
Trustees' report and unaudited accounts
For the year ended 31 March 2024
## 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 fnancial activities|6|
|Balance sheet|7|
|Cash fow 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 Evelyn Partners 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 37 Fleet Street London EC4P 4DQ Investment managers Waverton Investment Management Ltd 16 Babmaes Street London SW1Y 6AH 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 2024
The trustees present their report and accounts for the year ended 31 March 2024. 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) (effective 1 January 2019).
## 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.
## Related parties
Michael Walker received £1,111 of trustees' fees during the year (2023: £1,394).
## 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 £49,142 (2023: £37,399).
## 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 2024
## FINANCIAL REVIEW
## Grantmaking
During the year the charity made a donation of £33,582 to Bolton School. It also paid £125,000 to Oriel College, University of Oxford, representing the final of four instalments of a £500,000 donation pledged in the 2020/21 tax year. In addition to these, the charity made a number of smaller donations in the year totalling £15,560.
## Reserves policy
All reserves are unrestricted and used at the discretion of the trustees. The level of unrestricted reserves as at 31 March 2024 was £1,846,027 (2023: £1,655,729). 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 performance of 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 from the charity's investment portfolio.
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
..............................
## W Ross Warburton
Trustee
Dated: ........................................ 8 January 2025
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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 and expenditure of the charity for that year.
In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the accounts; and
- 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 proper 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 2024, which are set out 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 out 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:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 130 of the 2011 Act; and
- (ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
- have not been met; or
- (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
Philip Evans FCA PJE Chartered Accountants 2 Oakfield Road
Clifton Bristol BS8 2AL
Dated: ......................... 11 January 2025
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## The Ross Warburton Charitable Trust
## Statement of financial activities For the year ended 31 March 2024
||||Unrestricted|Unrestricted|
|---|---|---|---|---|
||||funds|funds|
||||Total|Total|
||||2024|2023|
||Notes|Page|£|£|
|Income and endowments|||||
|Incoming resources from generated funds|||||
|Investment income|||57,576|21,881|
|Deposit interest|||1,796|1,614|
|Total income|||59,372|23,495|
|Expenditure|||||
|Costs of generating funds|||||
|Investment management costs|||(5,168)|(5,447)|
|Bank charges|||(387)|(389)|
|Charitable activities|||||
|Grants made to various charitable bodies|2||(49,142)|(37,399)|
|Governance costs|||||
|Accountancy fees|||(3,720)|(4,231)|
|Independent examiner fees|||(996)|-|
|Administration expenses|||(396)|(378)|
|Trustees' fees|3||(1,111)|(1,394)|
|Total expenditure|||(60,920)|(49,238)|
||||(1,548)|(25,743)|
|Realised and unrealised gains/(losses) on|||||
|investment assets|||191,846|(51,400)|
|Net movement in funds|||190,298|(77,143)|
|Fund balances at 1 April 2023|||1,655,729|1,732,872|
|Fund balances at 31 March 2024||7|1,846,027|1,655,729|
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## The Ross Warburton Charitable Trust
## Balance sheet As at 31 March 2024
|Notes Page
Fixed assets
Quoted investments
4
Current assets
Debtors
5
Cash at bank and in hand
8
Liabilities
Creditors:
amounts
falling
due
within one year
6
Net current assets/(liabilities)
Total assets less current liabilities
Funds
Unrestricted funds
6|£
10,155
49,836
59,991
(5,357)|2024
£
£
1,791,393
1,791,393
20,000
48,600
68,600
(129,500)
54,634
1,846,027
1,846,027
1,846,027|2023
£
1,716,629|
|---|---|---|---|
||||1,716,629
(60,900)|
||||1,655,729|
||||1,655,729|
||||1,655,729|
8 January 2025
The accounts were approved by the trustees and authorised for issue on ......................... and were signed on their behalf by:
## W Ross Warburton
..............................
## W Ross Warburton
Trustee
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## The Ross Warburton Charitable Trust
## Cash flow statement For the year ended 31 March 2024
|Notes
Net cash outfow from operating
activities
8
Cashfows from investing activities:
Proceeds from the sale of investments
Purchase of investments
4
Net cash infow from investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward|£
117,082
-|2024
£
(115,846)
117,082
1,236
48,600
49,836|£
1,860,218
(1,704,012)|2023
£
(171,769)
156,206
(15,563)
64,163
48,600|
|---|---|---|---|---|
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The Ross Warburton Charitable Trust
## Notes to the accounts for the year ended 31 March 2024
## 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, receipt is probable 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 investment managers' 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.
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## The Ross Warburton Charitable Trust
## Notes to the accounts for the year ended 31 March 2024
|2
Grants made
Bolton School
Royal Horticultural Society
Yorkshire Aid Convoy
Kids Cancer Charity
Strongbones Children's Charitable Trust
The Douglas Bader Foundation
Kidney Research UK
Marie Curie
Bowel Cancer UK
The OnSide Foundation
Child Autism UK
Regenerate
Prostate Cancer UK
Kidz Klub Leeds
Teenage Cancer Trust
Donations under £1,000
Reconcilliation of grants payable
Commitments at 1 April 2023
Grants payable for the year
Grants paid during the year
Commitments at 31 March 2024
Commitments at 31 March 2024 are payable as follows:
Within one year
In more than one year|2024
£
33,582
8,560
1,000
1,000
1,000
1,000
1,000
1,000
1,000
-
-
-
-
-
-
-
49,142
125,000
49,142
(174,142)
-
-
-
-|2023
£
26,899
-
-
-
1,000
1,000
-
-
-
1,500
1,000
1,000
1,000
1,000
1,000
2,000
37,399
250,000
37,399
(162,399)
125,000
125,000
-
125,000|
|---|---|---|
## 3 Trustees' fees
Michael Walker received £1,111 in trustees' fees in 2024 (2023: £1,394).
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## The Ross Warburton Charitable Trust
## Notes to the accounts for the year ended 31 March 2024
|4|Quoted investments|2024|2023|
|---|---|---|---|
|||£|£|
||Market value at 1 April 2023|1,716,629|1,924,235|
||Additions to investments at cost|-|1,704,012|
||Disposals at carrying value|(114,900)|(1,933,185)|
||Unrealised gains on investments|189,664|21,567|
||Market value at 31 March 2024|1,791,393|1,716,629|
|5|Debtors|2024|2023|
|||£|£|
||Due from Waverton|10,155|20,000|
|||10,155|20,000|
|6|Creditors: amounts falling due within one year|2024|2023|
|||£|£|
||Accountancy fees|4,380|3,540|
||Independent examiner fees|977|960|
||Grants committed|-|125,000|
|||5,357|129,500|
|7|Reconciliation of net movement in funds to net cash outfow from operating activities|||
|||2024|2023|
|||£|£|
||Net movement in funds|190,298|(77,143)|
||Realised and unrealised (gains)/losses on investments|(191,846)|51,400|
||Decrease/(increase) in debtors|9,845|(19,316)|
||Decrease in creditors|(124,143)|(126,710)|
|||(115,846)|(171,769)|
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