Charity Registration No. 1064582
NEIL BRUCE COPP FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
NEIL BRUCE COPP FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Jonathan Bruce Copp |
|---|---|
| Christina Stevens | |
| Secretary | Christina Stevens |
| Charity number | 1064582 |
| Registered office | 109 Howards Lane |
| Putney | |
| London | |
| SW15 6NZ | |
| Independent examiner | SRG LLP |
| 10 Bolt Court | |
| London | |
| EC4A 3DA |
NEIL BRUCE COPP FOUNDATION
CONTENTS
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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
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NEIL BRUCE COPP FOUNDATION
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 trust 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) (effective 1 January 2019)".
Objectives and activities
The Neil Bruce Copp Foundation (formerly NBC Winner Foundation) was set up on 1 April 1998. It operates as a Charity for the benefit of children and young people, with preference given to those with cancer through the relief of disability and sickness, and the preservation and protection of health.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The Trustees consider that they have acted in the public benefit.
To meet its objectives the Foundation seeks to offer charitable, financial and personal support for young people with life-threatening conditions, serious illness, disability and disadvantage, where future lives are impeded. This is in conjunction with “The Life of a Young Person Fund”.
Achievements and performance
The trustees monitor the charity's investments and funds are primarily invested in equities for long-term growth. The performance for the year was considered satisfactory, with insignificant impact from the Coronavirus (COVID-19) pandemic.
Financial review
During the year, investment income received amounted to £38,845 (2019: £37,536).
£20,000 (2019: £14,000) has been paid as grants in the year. The surplus for the year before investment gains and losses amounted to £13,738 (2019: £18,357). Due to the general market upturn, there was an unrealised gain on the investments of £32,590 (2019: £46,714) for the year.
The Foundation has applied £20,000 during the year to the following charitable projects for the benefit of children and young people:
Wellington School Somerset £10,000 First Touch £10,000
The Trustees have reviewed the reserves of the Charity and are satisfied and confident that they are maintained on a sound and conservative basis. Reserves held at the end of the year were £1,276,490 (2019: £1,230,162).
Structure, governance and management
The Foundation was established in 1998 and its registration number is 1064582. The Charity is an unincorporated association and is governed by its Trust Deed dated 9th July 1997 as amended by resolution 29th July 1999, and further amended 6 March 2018, when the name was changed from NBC Winner Foundation to Neil Bruce Copp Foundation.
The Trustees who served during the year and up to the date of signature of the financial statements were: Jonathan Bruce Copp Christina Stevens Monique Bruce Copp (Deceased 27 November 2019)
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NEIL BRUCE COPP FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The Trustees are members of the same family and comprise the Board of Trustees, which manages the Charity. Trustee appointments are reviewed on an annual basis.
Risk management
The Trustees have identified the major risk as being poor investment performance. This risk has been mitigated by ensuring that a diversified investment portfolio is held and that the investments are fully maintained by a qualified investment manager and regularly reviewed by the Trustees.
The Trustees are satisfied that they comply with the guidelines issued by the Charities Commission.
The Trustees' report was approved by the Board of Trustees.
Jonathan Bruce Copp
Trustee Dated: 30 July 2021
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NEIL BRUCE COPP FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF NEIL BRUCE COPP FOUNDATION
I report to the Trustees on my examination of the financial statements of Neil Bruce Copp Foundation (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.
Name: Trevor Clarke
Relevant professional qualification or body: FCCA SRG LLP
10 Bolt Court London EC4A 3DA
Dated: 30 July 2021
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NEIL BRUCE COPP FOUNDATION
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 | 2 | 38,845 | 37,536 | ||
| Expenditure on: | |||||
| Raising funds | 3 | - | 23 | ||
| Charitable activities | 4 | 25,107 | 19,156 | ||
| Total resources expended | 25,107 | 19,179 | |||
| Net gains/(losses) | on investments | 6 | 32,590 | 46,714 | |
| Net movement in funds | 46,328 | 65,071 | |||
| Fund balances | at 1 October 2019 | 1,230,162 | 1,165,091 | ||
| Fund balances at 30 September 2020 | 1,276,490 | 1,230,162 |
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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NEIL BRUCE COPP FOUNDATION
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
| 2020 | 2020 | 2019 | 2019 | |||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Investments | 7 | 1,265,771 | 1,214,336 | |||
| Current assets | ||||||
| Cash at bank and in hand | 20,529 | 25,636 | ||||
| Creditors: amounts falling due within | ||||||
| one year | 8 | (9,810) | (9,810) | |||
| Net current assets | 10,719 | 15,826 | ||||
| Total assets less current liabilities | 1,276,490 | 1,230,162 | ||||
| Income funds | ||||||
| Unrestricted funds - general | 1,276,490 | 1,230,162 | ||||
| 1,276,490 | 1,230,162 |
The financial statements were approved by the Trustees on 30 July 2021
Jonathan Bruce Copp Trustee
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NEIL BRUCE COPP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
Charity information
Neil Bruce Copp Foundation is an unincorporated charity. The principal address of the charity is 109 Howards Lane, London, SW15 6NZ. The nature of the charity’s operations and its principal activities are set out on pages 1 and 2.
1.1 Accounting convention
The financial statements have been prepared in accordance 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 (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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investments 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.
All funds are unrestricted funds.
1.4 Income
Dividend and interest income from investments are recognised when received by the charity.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.
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NEIL BRUCE COPP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
1 Accounting policies
(Continued)
Governance costs comprise all costs incurred in running the charity itself as an organisation, and its compliance with regulation and good practice. These are included within support costs, which have been allocated to activity cost categories on a basis consistent with the use of the resources.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price including 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.
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.
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.
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 payments 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.
1.8 Taxation
As the Trust is a registered Charity, it is not liable to taxation. Claims are lodged with the Inspector of Taxes for the repayment of any tax deducted where appropriate.
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NEIL BRUCE COPP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 Investments
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | ||
|---|---|---|---|---|---|
| funds | funds | ||||
| general | general | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Income from listed investments | 38,735 | 37,459 | |||
| Interest receivable | 110 | 77 | |||
| 38,845 | 37,536 | ||||
| Raising funds | |||||
| Total | Total | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Fundraising and publicity | |||||
| Other fundraising costs | - | 23 | |||
| - | 23 |
3 Raising funds
4 Charitable activities
| Grants | Support |
Total | Grants | Support |
Total | |
|---|---|---|---|---|---|---|
| payable | costs: | 2020 | payable | costs: | 2019 | |
| 2020 | 2020 | 2019 | 2019 | |||
| £ | £ | £ | £ | £ | £ | |
| Grants made to institutions | 20,000 | - | 20,000 | 14,000 | - | 14,000 |
| Accountancy - | ||||||
| independent examination | - | 1,200 | 1,200 | - | 822 | 822 |
| Telephone | - | 907 | 907 | - | 1,334 | 1,334 |
| Trustee expenses | - | 3,000 | 3,000 | - | 3,000 | 3,000 |
| 20,000 | 5,107 | 25,107 | 14,000 | 5,156 | 19,156 | |
| 20,000 | 5,107 | 25,107 | 14,000 | 5,156 | 19,156 |
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NEIL BRUCE COPP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
5 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Number | Number | ||||||||||
| Total | - | - | |||||||||
| 6 | Net gains/(losses) on investments | ||||||||||
| Unrestricted | Unrestricted | ||||||||||
| funds | funds | ||||||||||
| general | general | ||||||||||
| 2020 | 2019 | ||||||||||
| £ | £ | ||||||||||
| Unrealised gain/(loss) on assets during the year | 32,590 | 46,714 | |||||||||
| 7 | Fixed asset investments | ||||||||||
| Listed | Cash in | Total | |||||||||
| investments | portfolio | ||||||||||
| £ | £ | ||||||||||
| Cost or valuation | |||||||||||
| At 1 October 2019 | 1,196,800 | 17,536 | 1,214,336 | ||||||||
| Unrealised gain/(loss) on market value | 32,590 | - | 32,590 | ||||||||
| At 30 September 2020 | 1,229,390 | 17,536 | 1,246,926 | ||||||||
| Carrying amount | |||||||||||
| At 30 September 2020 | 1,229,390 | 17,536 | 1,246,926 | ||||||||
| At 30 September 2019 | 1,196,800 | 17,536 | 1,214,336 | ||||||||
| 8 | Creditors: amounts falling due within one year | ||||||||||
| 2020 | 2019 | ||||||||||
| £ | £ | ||||||||||
| Accruals and deferred income | 9,810 | 9,810 |
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NEIL BRUCE COPP FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020
9 Related party transactions
No remuneration has been paid to the Trustees in the current or preceding year. The charity has met individual expenses of £3,000 (2019: £3,000) incurred by the Trustees for services provided to the charity. There were no related party transactions during the year.
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