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The Oliver Morland Charitable Trust Charity Number 1076213
Unudited Financial Statements For the Year Ended 5 April 2021
‘. The Oliver Morland Charitable Trust Year Ended 5 April 2021 Reference and Administrative Information
Board of Trustees
The trustees at the date of this report and holding office during the year were:
Kate Lovell (Chairman) Simon Rutter Jennifer Pittard David Pittard Simon Pittard Charlotte Jones
Registered Charity Number
1076213
Registered Address
Thomas's House Stour Row Shaftesbury Dorset SP7 OQW
Bankers
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Investment Advisers
Tilney Investment Management Services Limited 6 Chesterfield Gardens London W1J 5BQ
Independent Examiners
Rutter and Allhusen Limited Innovation House Wincombe Lane Shaftesbury Dorset SP7 8FG
*s The Oliver Morland Charitable Trust Year Ended 5 April 2021 Reference and Administrative Information
Index
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| Page | |
|---|---|
| Annual report of the Trustees | 1 |
| Independent Examiners report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notestotheaccounts | 5-6 |
*. The Oliver Morland Charitable Trust Year Ended 5 April 2021 Trustees Report
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The Trustees present their report and the unaudited financial statements of the Charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011 and the Statement of Recommended Practice Accounting and Reporting for Charities (FRS102).
The Charity is constituted and governed by a Declaration of Trust dated 11 July 1951 as amended by Deed and Declaration of Trust dated 31 March 1999.
Principal Objects for public benefit
The principal objects of the Charity are to pay or apply the income of the trust fund and such parts of the capital thereof (which the Trustees shall raise as required by sale of the requisite part of the Trust Fund), to or for such charitable institutions or charitable purposes and in such shares and proportions as the settlor shall at any time or times and from time to time appoint and after the death of the settlor as the Trustees shall from time to time in their absolute discretion determine.
Financial report
Tilney Ethical Investment portfolio has increased in value following the decrease in value in prior year due to volatility in the world markets. TheTrustees have remained cautious in their grants programme and looked fo sustain their current level of awards and look forward to increasing them should this improved performance be sustained.
Report on Activities during the year
The trustees were able to maintain the level of grants in 2020/21 and it is hoped that the performance of our portfolio will again enable us to continue the present level of grants. Eventually it is hoped that our portfolio’s performance will enable us to reach our target of grants of £100,000. We continue to receive a significant number of new appeals but the trustees find it difficult to respond to new requests. Our current commitments take priority.
Trustees’ responsibilities in respect of the preparation of the Accounts
The Trustees are required by Law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently:
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make judgements and estimates that are reasonable and prudent
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prepare the financial statements on a going concern basis unless it is appropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity. 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.
Approval This report was approved by the Board of Trustees on .243...2Mi2™ Alo.Ms 20240¢_. and signed on its behalf by:
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Kate Lovell
Chairman
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‘. Independent Examiner’s Report to the Trustees of the Oliver Morland Charitable Trust Charity No. 1076213
| report on the accounts of the trust for the year ended 5 April 2021, which are set out on pages 4 to 9.
Respective responsibilities 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 this year (under section 144(2) of the Charities Act 2011 and that an independent examination is needed.
It is my responsibility: e to examine the accounts under section 145 of the 2011 Act:
- e to follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)}(b) of the 2011 Act; and
° to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking of 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 ‘frue 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
- e which gives me reasonable cause to believe that in any material respect the requirements:
e to keep accounting records in accordance with section 130 of the 2011 Act; and
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e to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
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e to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Paul Stacey FCA For and on behalf of Rutter & Allhusen, Chartered Accountants
Signed: — .. fV...f. Aue Herercers
Innovation House Wincombe Lane ShaftesburyDorset SP7 8FG
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Date: Ae Meu a001
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Page 2
*. The Oliver Morland Charitable Trust Statement of Financial Activities
Year Ended 5 April 2021
| Unrestricted | Funds | ||
|---|---|---|---|
| Notes | 2021 | 2020 | |
| income | £ | £ | |
| Investment income | 2 | 40,895 | 49,809 |
| 40,895 | 49,809 | ||
| Expenditure | |||
| Charitable activities | 3 | 95,507 | 98,580 |
| Support costs | 4 | 28,437 | 29,164 |
| 123,944 | 127,744 | ||
| Netoutgoing resources | (83,049) | (77,935) | |
| Othergains and losses | |||
| Gains/(losses) on investments | 5 | 296,014 | (94,426) |
| Netmovement infunds | 212,965 | (172,361) | |
| Funds broughtforward | 2,284,764 | 2,457,125 | |
| Fundscarriedforward | 6 | 2,497,729 | 2,284,764 |
Page 3
‘. The Oliver Morland Charitable Trust Balance sheet as at 5 April 2021
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Unrestricted Funds
Note 2021 2020
£ £
Fixed Assets
Investments 5 2,492,779 2,273,782
Current Assets
Cash at bank 5,874 11,882
Current Liabilities
Accruals (924) (900)
Net current assets 4,950 10,982
Net Assets 2,497,729 2,284,764
Net Assets
Fund balances
Unrestricted funds .) 2,497,729 2,284,764
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On behalf of the Trustees of The Oliver Morland Charitable Trust we approve the financial statements set out on pages 4 to 7.
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AA Kate Lovell
Chairman
(A Nge be, Zz Date
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Page 4
". The Oliver Morland Charitable Trust Notes fo the financial statements
Year Ended 5 April 2021
1 Principal Accounting Policies
1.1 Basis of preparation of accounts
These accounts have been prepared under the historical cost convention(except that investments are shown at market value) 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 (FRS 102) (effective January 2019) and the Charities Act 2011.
The Charity has taken advantage of the exemption in Financial Reporting Standard 1 from the requirement to produce a cash flow statement on the grounds that it qualifies as a small charity.
The presentation currency of the financial statements is Pound Sterling.
The charity meets the definition of a public benefit entity under FRS102.
1.2 Fund Accounting
Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives. There are no designated or restricted funds.
1.3 Incoming Resources
All incoming resources are recognised once the funds have been received in the Charity's bank account.
1.4
Expenditure
Liabilities are recognised and expended as soon as there is a legal and constructive obligation committing the Charity to the expenditure. All expenditure is included on an accruals basis and has been classified under headings that aggregate all costs related to that category.
Governance cost comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs relating to accountancy services.
Costs of charitable activities include costs directly associated with the charitable activities of the Charity.
- 1.5 Investments
Investments are shown at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The investments are held on the Charities behalf by Tilney are to provide an investment return for the Charity.
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Investment income 2021 2020
£ £
Tilney investment income 40,895 49,809
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The Oliver Morland Charitable Trust Notes to the financial statements (continued) Year Ended 5 April 2021
| 3 | Charitable activities | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Grants | 95,507 | 98,580 | |
| 4 | Support costs | 2021 | 2020 |
| £ | £ | ||
| Investment charges | 27,448 | 27,976 | |
| Bank charges | 66 | 60 | |
| Trustees expenses | - | 228 | |
| Independentexamination fees | 924 | 900 | |
| 28,437 | 29,164 | ||
| 5 | Investments | 2021 | 2020 |
| £ | £ | ||
| Market value brought forward | 1,783,706 | 2,407,099 | |
| Additions | 1,123,623 | 267,248 | |
| Disposals | (740,965) | (796,215) | |
| Unrealised gains/(losses) on investments | 296,014 | (94,426) | |
| 2,462,378 | 1,783,706 | ||
| Cash held | 30,401 | 490,076 | |
| Market value carried forward | 2,492,779 | 2,273,782 | |
| 6 | Movement in funds | 2021 | 2020 |
| £ | £ | ||
| At 6 April 2020 | 2,284,764 | 2,457,125 | |
| Netmovement in funds | 212,965 | (172,361) | |
| At5April2021 | 2,497,729 | 2,284,764 |
Trustees remuneration and expenses
During the current and previous year, no remuneration or other benefits were payable to the Trustees by the charity.
Related party transactions
There were no related party transactions during the current or previous year.
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