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2025-04-05-accounts

Charity Registration No. 1079900

THE RIMMER MEMORIAL CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

for the year ended

5 April 2025

THE RIMMER MEMORIAL CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 14

THE RIMMER MEMORIAL CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mark Rupert Feeny
Anthony Michael Bayliss
Crispin Alexander Pailing
Charity number 1079900
Independent examiner DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Solicitors Brabners LLP
Horton House
Exchange Flags
Liverpool
L2 3YL
Investment advisors Rathbone Investment Management Limited
Port of Liverpool Building
Pier Head
Liverpool
L3 1NW
Accountants DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL

THE RIMMER MEMORIAL CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their annual report and financial statements for the year ended 5 April 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, 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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity's objects are to apply the funds held for the benefit of such charitable purposes in any part of the world and which reflect the known interests of the Testatrix and her family in animal welfare. The policies adopted in furtherance of these objects are to make regular grants to their chosen charities and there has been no change in these during the year.

Aims of charity

The aims of the charity are to apply, at the discretion of the Trustees, grants to the charitable objects, mainly but not exclusively in animal welfare.

How achievement of aims furthers objectives

The Trustees, by making grants to their chosen causes achieve their charitable objectives.

Strategies for achieving aims and objectives

The Trustees strategies to achieve their aims are investing the funds to generate the income required.

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The Trustees are satisfied that the information provided in the report and accounts meet the public benefit reporting requirements.

Activities

The only activity carried out by the charity is the operation of the investment portfolio.

Grant making policy

The charitable trust is only involved in grant making.

The Trustees have made grants to six institutions. The Trustees review their policy annually and consider applications from other institutions periodically. At present the Trustees intend to continue with making payments to it's core beneficiaries with the intention of making further grants to other institutions in the future.

Achievements and performance

Significant activities and achievements against objectives

The charity has generated the income to apply its intended grants and made six grants during the year.

Investment performance

Most of the trust's capital is invested on the stock market. The value of the trust's portfolio excluding cash deposits as at 5th April 2025 totalled £2,997,526 compared with £2,970,811 as at 5th April 2024.

Throughout the year the total return of the portfolio increased within the Trustees acceptable variance of the performance benchmark. Ongoing investment advice is provided by Rathbones.

THE RIMMER MEMORIAL CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Financial review

The charitable trust's overall fund balances for the year total £3,022,439 compared with £3,185,328 for 2024.

After taking into consideration total net income and expenditure, net gains on investments, commitments to charitable donations and governance costs there was an overall decrease in the net movement in funds of £162,888 compared to an overall increase of (£2,696,062) for 2024.

The Trustees have also reviewed their grant making capability and are happy that there will be sufficient income year on year to enable their financial commitments to be met.

The Trustees consider their investments as expendable endowments, providing a relatively secure and predictable stream of income from which to make grants. The Trustees aim to distribute as large a percentage of the income, net of expenses, in each financial year and therefore do not hold reserves as such. However, the investments held are continually reviewed by the Trustees at their meetings to ensure they have sufficient funds to meet their objectives.

The Trustees have reviewed the portfolio regularly and continue to consider the portfolio's performance in light of prevailing market conditions.

Reserves policy

As a grant making charity, reserves are held as investments to generate an income from which to award grants.

Investment policy

The operation of the investment policy has been delegated to the investment managers with whom there is a discretionary agreement.

The investment managers are required to avoid exposure to investments which are deemed to be unsuitable in the context of the Trustees' objectives, when considering the portfolio as a whole. The investment manager is also required to have regard to the need for diversification and the total amount invested in a direct equity investment should broadly not exceed 5% of the market value of the trust's total investment portfolio at the time of purchase. The investment manager is required to invest no more than 10% of the fund in alternative investments, including hedge funds and property funds.

The benchmark upon which the investment portfolio is measured is the WMA Balanced Index.

The investment manager will provide twice yearly reports which will include a statement confirming adherence to this policy statement or providing details of exceptions together with explanations. The report will also include a comparison of the portfolio return in relation to the benchmark and a separate discrete comparison of the alternative investments, currently comprising hedge funds and property funds. Major deviations will be examined and explained.

Major risks

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. This includes the appointment of solicitors to provide legal advice, accountants to provide accountancy services and investment managers to provide continuous oversight of the trust's investment portfolio.

Plans for future periods

The Trustees are to continue making grants to their core beneficiaries and will consider other institutions in furtherance of their charitable objectives. They are satisfied that their current policies are sufficient to meet their objectives and do not feel these will be amended in the foreseeable future. They will however continue to review the position on a regular basis.

THE RIMMER MEMORIAL CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Structure, governance and management

The charity is an unincorporated charitable trust.

The charitable trust was created under a Deed of Variation to the Will and Codicil of the late Beatrice Daisy Rimmer dated 27th February 1984 and 29th March 1994 respectively. The Deed was made on the 1st July 1999 between Grace Beatrice Rimmer ("the Original Beneficiary") and the Trustees to the effect that the remaining residuary estate of the testatrix was appointed to a Charitable Trust to be known as "The Rimmer Memorial Charitable Trust".

The Trustees who served during the year were: Mark Rupert Feeny Anthony Michael Bayliss Crispin Alexander Pailing

Recruitment and appointment of trustees

The power to appoint further Trustees is vested in the Trustees either by way of replacement or addition but so that the total number of Trustees at any one time may not exceed 5 or be less than 3.

Organisational structure

The trust is a grant making charity run by a body of Trustees who meet annually to review the policies and objectives of the trust.

How decisions are made

The charity is run by a body of Trustees who liaise regularly amongst themselves and with their professional advisers formally once a year to review the policies and objectives of the trust. The Trustees act in accordance with the decisions made at these meetings with the appropriate actions minuted.

Induction and training of trustees

The Trustees are kept up to date on relevant matters by their professional advisers. Any new Trustees are made aware of their duties and responsibilities at the time of their appointment.

Other matters

There are no specific restrictions imposed on the Trustees by the governing document, concerning the way the charity can operate.

Special investment powers

There are no specific restrictions on the Trustees investment powers.

Promoting the success of the company

Note 13 sets out an analysis of the assets attributable to the various funds. These assets are sufficient to meet the charity's obligations on a fund by fund basis.

THE RIMMER MEMORIAL CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

The Trustees' report was approved by the Board of Trustees.

.............................. Mark Rupert Feeny Trustee 05/05/2026 Date: .............................................

.............................. Anthony Michael Bayliss Trustee 05/05/2026 Date: .............................................

.............................. Crispin Alexander Pailing Trustee 05/05/2026 Date: .............................................

THE RIMMER MEMORIAL CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE RIMMER MEMORIAL CHARITABLE TRUST

I report to the Trustees on my examination of the financial statements of THE RIMMER MEMORIAL CHARITABLE TRUST (the charity) for the year ended 5 April 2025.

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.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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:

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.

DSG

Castle Chambers 43 Castle Street Liverpool L2 9TL Date: ............................

THE RIMMER MEMORIAL CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2025

Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Total Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Total
funds funds funds funds
general capital general capital
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income from:
Donations and legacies 2 65,167 - 65,167 2,578,337 - 2,578,337
Investments 3 88,842 - 88,842 47,714 - 47,714
Total income 154,009 - 154,009 2,626,051 - 2,626,051
Expenditure on:
Raising funds 4 - 22,015 22,015 - 11,468 11,468
Charitable activities 5 180,000 17,076 197,076 85,531 8,712 94,243
Total expenditure 180,000 39,091 219,091 85,531 20,180 105,711
Net gains/(losses) on
investments 11 - (97,806) (97,806) - 175,722 175,722
Net income/(expenditure) (25,991) (136,897) (162,888) 2,540,520 155,542 2,696,062
Transfers between
funds (2,495,475) 2,495,475 - - - -
Net movement in
funds 8 (2,521,466) 2,358,578 (162,888) 2,540,520 155,542 2,696,062
Reconciliation of funds:
Fund balances at 6 April 2024 2,521,466 663,861 3,185,327 (19,054) 508,319 489,265
Fund balances at 5 April 2025 - 3,022,439 3,022,439 2,521,466 663,861 3,185,327

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE RIMMER MEMORIAL CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2025

2025 2025 2024 2024
Notes £ £ £ £
Fixed assets
Investments 13 2,997,526 2,970,811
Current assets
Cash at bank and in hand 34,269 223,373
Creditors: amounts falling due within 15
one year (9,356) (8,856)
Net current assets 24,913 214,517
Total assets less current liabilities 3,022,439 3,185,328
The funds of the charity
Unrestricted funds - general 17 - 2,521,466
Unrestricted funds - capital 16 3,022,439 663,862
3,022,439 3,185,328
05/05/2026
The financial statements were approved by the Trustees on .........................
MFeary ToyBie
.............................. ..............................
Mark Rupert Feeny Anthony Michael Bayliss
Trustee Trustee
..............................
Crspun Faking
Crispin Alexander Pailing
Trustee

THE RIMMER MEMORIAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

Charity information

The charity is an unincorporated charitable trust, charity registration number 107990, created by Deed of Variation dated 1st July 1999.

1.1 Basis of preparation

The accounts have been prepared in accordance 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)” (as amended for accounting periods commencing from 1 January 2016). 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 are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the required revaluation of financial instruments 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.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

It is not anticipated that any further cash donations or legacies are to be made to the charitable trust.

1.5 Expenditure

Expenditure, including grants made, is recognisable when and to the extent that the liability is incurred.

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. Transaction costs are expensed as incurred.

THE RIMMER MEMORIAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

Fair value on fixed asset investments is measured as at the balance sheet date as follows:

Unrealised gains and losses are included on the statement of financial activities.

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 investments, 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 debtors 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.

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations. 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 65,167 2,578,337

THE RIMMER MEMORIAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

3 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 87,418 44,457
Interest receivable 1,424 3,257
88,842 47,714

4 Expenditure on raising funds

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
capital capital
2025 2024
£ £
Investment management 22,015 11,468
Expenditure on charitable activities
Unrestricted
Unrestricted
funds funds
2025 2024
£ £
Direct costs
Grant funding of activities (see note 6) 180,000 78,629
Share of support and governance costs (see note 7)
Governance 17,076 15,614
197,076 94,243
Analysis by fund
Unrestricted funds - general 180,000 85,531
Unrestricted funds - capital 17,076 8,712
197,076 94,243

5 Expenditure on charitable activities

THE RIMMER MEMORIAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

6 Grants payable
Unrestricted
Unrestricted
funds funds
2025 2024
£ £
Grants to institutions:
Gairloch Heritage Museum 5,000 8,629
Rice Lane Community Association 5,000 5,000
Classics For All 5,000 5,000
Rainbow For Africa 5,000 5,000
Early Music As Education 80,000 50,000
Beechley Stables 10,000 -
Micah Liverpool 10,000 -
Liverpool Parish Church 5,000 -
Wirral Foodbank 10,000 -
University of Liverpool 5,000 -
Local Solutions 35,000 -
Dogs Trust 5,000 -
Other - 5,000
180,000 78,629
-
7 Support costs allocated to activities
2025 2024
£ £
Governance costs 17,076 15,614
Analysed between:
Unrestricted funds 17,076 15,614
8 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 1,320 1,200

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

THE RIMMER MEMORIAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

10 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2025 2024
Number Number
Total - -
There were no employees whose annual remuneration was more than 60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

11 Gains and losses on investments

Unrestricted Unrestricted Unrestricted
funds funds
capital capital
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments (111,227) 182,310
Sale of investments 13,421 (6,588)
(97,806) 175,722

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 6 April 2024 2,970,811
Additions 565,121
Valuation changes (111,227)
Profit/(Loss) on sold holdings 13,421
Disposals (440,600)
At 5 April 2025 2,997,526
Carrying amount
At 05 April 2025 2,997,526
At 05 April 2024 2,970,811

THE RIMMER MEMORIAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

14 Financial instruments 2025 2024
£ £
Carrying amount of financial assets
Equity instruments measured at cost less impairment 2,997,526 2,970,811
Carrying amount of financial liabilities
Measured at fair value through profit or loss
Measured at amortised cost 9,356 8,856
15 Creditors: amounts falling due within one year
2025 2024
£ £
Accruals and deferred income 9,356 8,856

16 Unrestricted funds - capital

These are unrestricted funds which are material to the charity's activities.

At 6 April
Resources
Resources		 Transfers Gains and Gains and At 5 April
2024 expended losses 2025
£ £ £ £ £
663,861 (39,091) 2,495,475 (97,806) 3,022,439
Previous year: At 6 April
Resources		 Transfers Gains and At 5 April
2023 expended losses 2024
£ £ £ £ £
508,319 (20,180) - 175,722 663,861

17 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 6 April Incoming
Resources
Resources		 Transfers At 5 April
2024 resources expended 2025
£ £ £ £ £
General funds 2,521,466 154,009 (180,000)
(2,495,475)		 -
Previous year: At 6 April Incoming
Resources		 Transfers At 5 April
2023 resources expended 2024
£ £ £ £ £
General funds (19,054) 2,626,051 (85,531) - 2,521,466

THE RIMMER MEMORIAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

18 Analysis of net assets between funds

Unrestricted Unrestricted Unrestricted Unrestricted Total
funds funds
general capital
2025 2025 2025
£ £ £
At 5 April 2025:
Investments - 2,997,526 2,997,526
Current assets/(liabilities) - 24,913 24,913
- 3,022,439 3,022,439
Unrestricted Unrestricted Total
funds funds
general capital
2024 2024 2024
£ £ £
At 5 April 2024:
Investments 2,487,099 483,712 2,970,811
Current assets/(liabilities) 34,367 180,150 214,517
2,521,466 663,862 3,185,328

19 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).