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2021-04-05-accounts

THE AMATEURS TRUST DATED 30 JUNE 1999 REGISTERED CHARITY NO: 1076369 STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021

THE AMATEURS TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 CONTENTS PAGE

Page
1 - 5
6
7
8
9
10
11
12 - 17		 Contents
Trustees' Report
Statement of Trustees' Responsibilities
Report of the Independent Examiner
Statement of Financial Activities
Balance Sheet
Statement of Cash Flows
Notes to the Statement of Cash Flows
Notes forming part of the Financial Statements

THE AMATEURS TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021

Page 1

Reference & Administrative Information

Official Charity Name: The Amateurs Trust
Registered Charity Number: 1076369
Principal Office Address: 53 Bowbrook Vale, Wigmore Park
Luton, Bedfordshire LU2 8SY
Trustees: Mrs Zewen Alford
Mrs Pamela Marjorie Brown
Dr Philip Alford
Mr Terence Ilott
Administrator: Mrs Pamela Marjorie Brown
Main Bank Account: Lloyds Bank plc
PO Box 13, 60 George Street
Luton, Bedfordshire, LU1 2BB
Accountants: Moore Family Office Limited
42 Berkeley Square
London
W1J 5AW
Independent Examiner: Stephen Jones FCA FCCA
R. E. Jones & Co.
132 Burnt Ash Road
Lee, London, SE12 8PU
Investment Managers: Quilter Cheviot
28/30 The Parade, St Helier
Jersey, JE4 8TE
BNY Mellon Fund Managers Limited
The Bank of New York Mellon Centre
160 Queen Victoria Street
London EC4V 4LA
Tilney Investment Management Services Ltd
6 Chesterfield Gardens
London,
W1J 5BQ
Legal Advisors: Browne Jacobson LLP
Mowbray House
Castle Meadow Road
Nottingham NG2 1BJ

THE AMATEURS TRUST TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Page 2

Report of the Trustees for the year ended 5 April 2021

The Trustees present their report for the year ended 5 April 2021 under the Charities Act 2011, together with the financial statements for the year, and confirm that they comply with the requirements of the Act, the Trust Deed 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 2015.

Structure, Governance and Management

The Amateurs Trust is an unincorporated registered Charity, which was established by Ian Carrodus Hutcheon under a governing Deed of Trust dated 30 June 1999. Zewen Alford is an original Trustee and Dr Philip Ramsey Alford and Pamela Marjorie Brown were subsequently appointed on 14 November 2002. Terence Ilott was appointed as an additional Trustee on 15 December 2013. The four Trustees are considered to be the Key Management Personnel of the Trust and are actively involved in the administration.

The minimum number of Trustees, required by the governing Deed, is three. Trustees serve an indefinite term based on their relative experience and contribution to the Trust as a whole. On the agreement of all existing Trustees, a new Trustee may be recruited. In selecting new Trustees the existing Trustees take into account the benefits of appointing a person who through residence, occupation, employment or otherwise has special knowledge of the area of benefit or who is otherwise able, by virtue of his or her personal professional qualifications to make a contribution to the pursuit of the objects or the management of the Trust. The Trustees keep the skill requirements of the Trustee body under review and in the event that a Trustee retires, or additional new Trustees are required, the existing Trustees collectively discuss the change.

The background to the Trust is provided to the prospective new Trustee before appointment and further information is then shared at the regular Trustees' meetings throughout the year. This information includes a brief history of the Trust, a copy of the previous year's financial statements, a copy of the previous Trustees' Minutes, and a copy of the governing Trust Deed. There is no formal induction or training of new Trustees, however the Trustees attend charity Trustee training workshops to upgrade their skills and knowledge when possible.

The Trustees meet regularly throughout the year and agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to the consideration of the Trustees is shared by the Trustees.

All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 6 to the accounts. Trustees are required to disclose all relevant interests and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises.

During the year the Trustees have continued to assess and, where necessary, refine the governance of the trust and the policies that are in place. The Trustees have a conflict of interest policy and have investment policies with each investment manager together with an overall investment policy for the Trust. Going forward the Trustees will continue to monitor and adapt their policies in the best interests of the Trust.

THE AMATEURS TRUST TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Page 3

Risk Management

The Trustees are responsible for the management of the risks faced by the Trust. Risks are identified and assessed, and controls are established throughout the year. A formal review of the Trust's risk management process is undertaken on an annual basis. The key controls used by the Trust include formal agendas and minutes for all Trustee meetings, comprehensive planning, budgeting and accounting and clear authorisation and approval levels of all grants and other expenditure.

Through the risk management processes established, the Trustees are satisfied that the major risks identified have been adequately managed. The major risks identified by the Trustees are financial, being the volatility of investment returns on the managed portfolios and the proper use of the grants given by the Trust each year.

Objects, Objectives and Principal Activities

The Trust’s objects are:-

  1. To further the advancement of the education of the general public particularly in matters of historical, artistic, geographical and scientific interest.

  2. The relief of poverty, distress and hardship.

  3. The provision of relief for the elderly, sick or disabled.

  4. The provision of medical and health services to relieve sickness and protect and preserve public health; and

  5. Generally for such purposes or objects which are from time to time recognised as exclusively charitable according to the law of England and Wales.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives in planning future activities and setting the grant making policy for the year.

The Trust fulfils its objectives through its donations, in particular by:

Grant Making Policy

The Trust has established its grant making policy to achieve its objectives for the benefit of the public.

In making decisions on applications for funding, Trustees consider factors including the expected outcomes of projects, the beneficiaries, and organisations’ governance arrangements and financial viability. The Trustees request regular reports from the recipients of their donations to provide details of how the grants have been allocated and spent. Grants are only continued where the applicant provides sufficient relevant information to the Trustees and satisfies the Trustees that continuation of funding is in the interests of the Trust. In the case of local projects, these may be monitored personally by a Trustee or Trustees, for example through visits to projects and meetings with organisations.

THE AMATEURS TRUST TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Page 4

Achievements and Performance

A summary of the year's results and performance is given on page 8 of the accounts.

The Trust's charitable donations in the year continued to focus on health, education and relief of hardship and disadvantage. Grants were made to causes in Luton, Bedfordshire, north Hertfordshire and Dorset, as well as nationally-based organisations. In the area of medicine and health, including mental health, donations included continued support for the work of Keech Hospice, CHUMS, CALM and Tilehouse Counselling. The Trust provided new funding for the Human Milk Foundation, which supplies donor milk to premature infants and other babies requiring it, and for autism services in Bedfordshire. It continued to fund research supported by the British Heart Foundation. The Trust continued its support for Azalea’s work to address disadvantage for women; for the Luton-based youth charity Youthscape; and for the work of STEP in Hertfordshire schools. It provided new funding for employability training services in Luton through the LETS Hub, and for services for the elderly in Luton. The Trust contributed funds to the Bedfordshire Community Foundation’s Stability fund, established to provide financial security and stability for the voluntary sector following the coronavirus pandemic. The Trust also provided a further donation to the Tiyeni Fund, a UK charity which supports sustainable agriculture in Malawi, and contributed towards the efforts of Harpenden Spotlight on Africa to construct new maternity services in Uganda.

The Trustees try to predict the forthcoming year's annual income so that they can plan the level of grants for each financial year. The income for the year was £60,702 lower than last year and the Trustees distributed 100% of the income by way of charitable activities. In light of advice from their investment advisors (Asset Risk Consultants) and their investment managers, the Trustees are satisfied that the level of investment income and performance of assets represents an appropriate return on funds, in an investment year which was again markedly effected by the global COVID-19 pandemic. The investment portfolios returned significant unrealised gains and the investment strategy has enabled the overall portfolio to remain ahead of ARC benchmarks at the end of the year. During the year ended 31 March 2021 the aggregate portfolio returned 25.4% (year ended 31 March 2020: -6.3%) in comparison to the Benchmark and ARC Charity Steady Growth peer group returns of 18.3% and 24.5% respectively (year ended 31 March 2020: -6.6% and -7.9%).

Financial Review (Including Reserves Policy)

The Trust is reliant on the income from its investments. The Trust's income during the year ended 5 April 2021 comprised dividends and bank interest amounting to £225,857 (year ended 5 April 2020: £286,559). The Trustees allocated the income and capital from the Unrestricted Fund for donations as follows:

General Charitable Causes £646,500

The grant administration costs of the Trust for the year ended 5 April 2021 were £16,843 (year ended 5 April 2020: £17,227). The Trustees report no net income surplus or deficit, before other recognised gains and losses, for the year ended 5 April 2021 (year ended 5 April 2020: no surplus or deficit).

The Trustees have a written reserves policy and aim to maintain free reserves in unrestricted funds at a level which is sufficient to distribute the Trust Fund to charitable causes for the year whilst retaining capital for the maintenance and growth of the Fund. The income generated, from the cash held by the Trust and also by the investments under management, all form part of the reserves.

Investment Policy and Performance

The charitable Trust Deed confers upon the Trustees wide powers of investment, in all respects, as if they were absolute owners beneficially entitled to the underlying assets. At present the Trust's funds comprise listed securities (investment portfolios held with three separate investment managers) and cash.

THE AMATEURS TRUST TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Page 5

Investment Policy and Performance (continued)

Trust monies requiring investment under the Trust may be invested in the purchase of such stocks, funds, shares, securities or other investments of whatsoever nature as the Trustees shall in their absolute discretion think fit. The Trustees shall have the same full and unrestricted powers of investing and converting investments in all other respects as if they were absolutely entitled to the Trust Fund beneficially.

The Trustees' policy is to invest the funds available in a secure market, endeavouring to obtain a reasonable income, compatible with protection of the capital value involved and taking into account inflationary factors. With this in mind the Trustees have employed the services of Quilter Cheviot, Bank of New York Mellon and Tilney Investment Management Services Limited (formerly the wealth management division of Moore Stephens LLP) to act for them on a professional basis. The balance of funds are held in cash and are placed on a deposit account.

The Trustees monitor the performance of the investments held by the Trust in line with their short and long term aims and objectives, as well as undertaking regular reviews with the investment managers at the Trustees' meetings throughout the financial year. The Trustees have engaged with Asset Risk Consultants (ARC) to help monitor the performance of the investments and the various components making up the portfolios which are split between the three investment managers. The aggregate portfolio has performed very well since inception, in September 2009, with annualised returns of 8.6% (to 5 April 2020: 7.1%). Investments are shown at fair value rather than book cost in accordance with the Statement of Recommended Practice: Accounting by Charities. In the year to 5 April 2021, the Trust made unrealised gains on listed investments of £2,173,290 (year ended 5 April 2020 losses of: £1,536,135) and a realised gain of £461,479 (year ended 5 April 2020: £146,435).

The Trustees confirm that the Trust's assets are sufficient to fulfil its obligations in respect of unrestricted funds and that all investments held by them on behalf of the Trust have been acquired in accordance with the powers available to them under the Trust Deed.

Plans for the Future

The Trustees will continue to aim to distribute the income of the Fund whilst maintaining the capital of the Fund. The incoming resources available for charitable purposes for the next year (to 5 April 2022) are expected to be similar to the current year.

The Amateurs Trust is a lasting testimony to the generosity and philanthropic concerns of the Settlor, the late Ian Carrodus Hutcheon. The Trustees will continue to direct the Charity's funds to general charitable causes which they think fit as laid out in the Deed of Trust.

The Accounts

The Trustees are satisfied with the financial position of the Trust and confirm that they have adequate assets available to fulfil their obligations.

  1. All cash is held on an interest bearing bank account except for a small working balance which is held on a current account.

  2. The accounts comply with current statutory requirements.

Approved by the Trustees on 14 December 2021 and signed on their behalf by:

Mrs Zewen Alford

THE AMATEURS TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2021

Page 6

The Trustees are responsible for preparing the Trustees' report and 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 Trust and of the income and expenditure of the Trust for that period. In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with relevant legislation. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE AMATEURS TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

Page 7

I report on the accounts of the Trust for the year ended 5 April 2021, which are set out on pages 8 to 17.

This report is made solely to the Charity’s Trustees, as a body, in accordance with s 144(2) of the Charities Act 2011. My examination has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my examination, for this report. or for the opinions I have formed.

Respective responsibilities of Trustees and Examiners

The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consider an audit is not required for this year under s.144(2) of the Chanties Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner’s 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 comparison of the accounts presented with those records. It also includes a 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 above.

Independent Examiner’s statement

In connection with my examination, no matter has come to my attention:

Stephen Jones, FCA, FCCA RE Jones & Co.

Chartered Accountants 132 Burnt Ash Road, Lee

London, SE12 8PU

Dated: 6 January 2022

THE AMATEURS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Page 8

Note
Income from:
Investments
2
Total
Expenditure on:
Raising Funds:
Investment Management Costs
Charitable Activities
4
Other Resources Expended
5
Total
Net (Expenditure) Before
Net Gains on Investments
Net (Losses)/Gains on Investments
7
Realised Gain/(Loss) on currency
Net (Expenditure) and Net
Movement in Funds
Reconciliation of Funds:
Total Funds Brought Forward at 6 April 2020
Total Funds Carried Forward at 5 April 2021		 Income
Account
£
225,857
225,857
-
225,857
-
225,857
-
-
-
-
-
-
£		 Capital
Account
£
-
-
53,603
438,986
1,908
494,497
(494,497)
2,634,769
(10,316)
2,129,956
10,381,609
12,511,565
£		 Unrestricted
Funds
£
225,857
225,857
53,603
664,843
1,908
720,354
(494,497)
2,634,769
(10,316)
2,129,956
10,381,609
12,511,565
£		 2020
£
286,559
286,559
53,836
674,462
1,818
730,116
(443,557)
(1,389,700)
6,309
(1,826,948)
12,208,557
10,381,609
£

All the above funds are unrestricted

The notes on pages 12 to 17 form part of these accounts

THE AMATEURS TRUST BALANCE SHEET AS AT 5 APRIL 2021

Page 9
Note
Fixed Assets:
Investments
7
Total Fixed Assets
Current Assets:
Debtors
8
-
Cash at bank
359,815
Cash with Investment Managers
46,320
406,135
Current Liabilities:
Creditors: Amounts falling due within one
year
9
266,068
Net Current Assets
Net Assets
Represented by the Funds of the Charity:
Unrestricted Funds:
Income Account
Capital Account
Approved and signed by the Trustees on 14 December 2021
Mrs Zewen Alford
Dr Philip Alford
The notes on pages 12 to 17 form part of these accounts		 -
359,815
46,320		 2021
£
12,371,498
12,371,498
140,067
12,511,565
£
-
12,511,565
12,511,565
£
Mrs Pamela Brown
Mr Terence Ilott		 926
535,095
482,494		 2020
£
9,632,068
9,632,068
749,541
406,135
266,068		 1,018,515
268,974
10,381,609
£
-
10,381,609
10,381,609
£

THE AMATEURS TRUST STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 5 APRIL 2021

Page 10

Net cash used in operating activities (Note 1)
Cash flows from investing activities:
Interest received
Investment income received
Foreign exchange
Payments to acquire investments
Receipts from the disposal of investments
Net cash provided by investing activities
Change in cash and cah equivalents in the year
Cash and cash equivalent brought forward
Cash and cash equivalent carried forward		 2021
£
(721,134)
5,654
220,203
(10,316)
(3,264,477)
3,159,816
110,880
(610,254)
1,017,589
407,335
£		 2020
£
(488,277)
7,264
279,295
6,309
(1,199,023)
1,720,555
814,400
326,123
691,466
1,017,589
£

THE AMATEURS TRUST NOTES TO THE STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 5 APRIL 2021

Page 11

1.
Reconciliation of net movement in funds to net cash
flow from operating activities
Net movement in funds for the reporting period (as
per the statement of financial activities)
Adjustments for:
Net losses/(gains) on investments
Net losses/(gains) on foreign exchange
Interest
Investment income
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
2.
Reconciliation of net cash flow to movement in
net funds
Balance at 6 April 2020
Net cash (outflow)/inflow
Balance at 5 April 2021
3.
Analysis of cash and cash equivalents
Cash held by investment managers
Cash at bank and in hand		 2021
£
2,129,956
(2,634,769)
10,316
(5,654)
(220,203)
926
(1,706)
(£ 721,134)
2021
£
1,017,589
(610,254)
407,335
£
2021
£
46,320
359,815
406,135
£		 2020
£
(1,826,948)
1,389,700
(6,309)
(7,264)
(279,295)
(926)
242,765
(£ 488,277)
2020
£
691,466
326,123
1,017,589
£
2020
£
482,494
535,095
1,017,589
£

THE AMATEURS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Page 12

1. Principal Accounting Policies

(a) Basis of Accounting

These accounts have been prepared for the year to 5 April 2021. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Trust constitutes a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound.

(b) Assessment of Going Concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

At the year end the Trust had positive unrestricted reserves. The Trustees believe that the Trust's financial statements should be prepared on a going concern basis on the grounds that the Trust has sufficient liquid resources and that the Trustees have the power under the Trust Deed to utilise the expendable capital account for charitable purposes at their discretion if required.

The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees are of the opinion that the Trust will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending April 2022, the most significant areas that affect the carrying value of the assets held by the Trust are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustees' report for more information).

THE AMATEURS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Page 13

(c) Fixed Asset Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Trust does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

(d) Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. They have been discounted to the present value of the future cash receipt where such discounting is material.

(e) Cash at Bank and in Hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

(f) Creditors and Provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Trust anticipates it will pay to settle the debt.

(g) Income Recognition

All income is recognised in the period in which the Trust is entitled to receipt, the amount can be measured with reasonable certainty, and it is probable that the income will be received.

Dividends and interest from listed investments, including associated tax credits, are credited to the statement of financial activities when they are receivable by the Trust. Bank interest is credited to the statement of financial activities when it is receivable by the Trust.

THE AMATEURS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Page 14

(h) Expenditure Recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered. The costs of raising funds comprise those costs directly attributable to managing the Trust's investment portfolio and raising investment income.

Charitable activities comprise grants payable in pursuance of the objectives of the Trust and in meeting the costs of administering the donations. Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching to them are fulfilled. Grants offered subject to conditions which have not been met at the year end, are noted as commitments but not accrued as expenditure in the accounts. Charitable activities also comprise governance costs which include costs which are directly attributable to legal procedures necessary for compliance with statutory requirements.

(i) Funds Added

Funds added to the Trust are credited to the capital account when receivable.

(j) Unrestricted Funds

The Trust has two unrestricted funds which are capital and income. It is the Trustees intention that income is to be applied to or for the benefit of exclusively such objects or purposes as are for the time being charitable in law and that the capital account may be applied in the same manner as far as necessary.

(k) Taxation

The Trust is a registered charity under the Charities Act 2011 and is not liable to UK income, corporation or capital gains tax on its income and chargeable gains as these fall within the various exemptions available to registered charities.

Irrecoverable VAT has been charged to the accounts in line with the expense to which it relates and is not disclosed separately.

THE AMATEURS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Page 15

2. Investment Income

Gross bank interest
Income from listed securities
3.
Analysis of Grant Administration & Goveranance Costs
Grant administraton:
Moore Family Office Group - Accounting
BDO (formerly Moore Stephens) LLP - Accounting
The Burnside Partnership - Accounting
Asset Risk Consultants
Trustees' Expenses
Indemnity Insurance
Other Expenses
Total Grant Administration Costs (note 4)
Governance costs:
R E Jones & Co - Audit Fee (note 4)
R E Jones & Co - Independent Examination Fee (note 4)
Total Costs
4.
Expenditure on Charitable Activities
Income
2021
£
Donations (note 10)
219,229
Grant administration costs (note 3)
5,712
Governance costs (note 3)
916
225,857
£
5.
Other Resources Expended
Storage Costs
Total		 2021
£
5,654
220,203
225,857
£
2021
£
9,600
(604)
720
6,000
235
842
50
16,843
-
1,500
18,343
£
Capital
2021
£
427,271
11,131
584
438,986
£
2021
£
1,908
1,908
£		 Total
2021
£
646,500
16,843
1,500
664,843
£		 2020
£
7,264
279,295
286,559
£
2020
£
-
-
10,080
6,000
311
806
30
17,227
2,520
-
19,747
£
Total
2020
£
654,655
17,227
2,580
674,462
£
2020
£
1,818
1,818
£

THE AMATEURS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Page 16

6. Information regarding Trustees, Key Management Personnel and Related Parties

The Trust considers its key management personnel to be all of the Trustees.

The Trust had no employees. None of the Trustees received any remuneration during the year.

The Trustees were reimbursed with expenses of £235 in total (Pamela Brown £235) during the year (year ended 5 April 2020: £311).

The Trustees have purchased indemnity insurance during this reporting period.

7. Fixed Asset Investments

The portfolios are structured to provide a wide range of diversification to protect the Trust's assets, and to produce a balance of income and capital growth in accordance with benchmarks agreed with each investment advisor.

Investments: Listed on a recognised Stock Exchange

Fair value brought forward at 6 April 2020
Additions
Disposals
Unrealised Gain/(Loss)
Realised Gain
Fair Value carried forward at 5 April 2021		 2021
£
9,632,068
3,264,477
(3,159,816)
9,736,729
2,173,290
461,479
12,371,498
£		 2020
£
11,543,300
1,199,023
(1,720,555)
11,021,768
(1,536,135)
146,435
9,632,068
£

The following investment represents more than 5% of the total portfolio fair value:

Newtons Global Growth & Income Fund for Charities

41.15%

8. Debtors

Debtors
Tilney - outstanding dividend 2021
£
-
-
£		 2020
£
926
926
£

THE AMATEURS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Page 17

9.
Creditors: amounts falling due within one year
BDO (formerly Moore Stephens) LLP - Accountancy Fees
The Burnside Partnership - Accountancy Fees
Asset Risk Consultants
R. E. Jones & Co. - Audit Fees
R. E. Jones & Co. - Independent Examination Fees
Donations Payable
Quilter - Investment Management Fees
10.
Donations
Age Concern Luton
Autism Bedfordshire
Azalea
Azalea (LASE)
Bedfordshire & Luton Community Foundation
British Heart Foundation
CALM
CHUMS
Dorset Community Foundation
Friends of St.Marys Church Maulden
Harpenden Spotlight on Africa
Human Milk Foundation
Keech Hospice
Luton & Dunstable Hospital Charitable Fund - Helipad
LETS (Community Interest Luton)
Poole Waste Not Want Not
Royal College of Physicians
STEP
Tilehouse Counselling
Toddington Parochial Church Council (In Mem)
Tyeni Fund
Vision 2020 - London School of Hygiene & Tropical Medicine
Youthscape
Total Donations (note 4)		 2021
£
-
-
3,000
-
1,500
250,000
11,568
266,068
£
2021
£
25,000
5,000
16,000
20,000
80,000
200,000
50,000
25,000
-
-
10,000
20,000
100,000
-
20,000
15,000
-
-
15,000
500
10,000
-
35,000
646,500
£		 2020
£
1,200
1,200
3,000
2,580
-
250,000
10,994
268,974
£
2020
£
-
-
16,000
20,000
-
100,000
50,000
25,000
30,000
500
-
-
50,000
200,000
-
21,000
50,000
22,000
15,000
-
20,000
155
35,000
654,655
£