**Charity registration number 1085358**
# **THE FLORENCE SHUTE MILLENNIUM TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2022**
## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr James Zorab Mr Richard O'Sullivan Mrs Ursula Williams Dr James Allison **Charity number** 1085358 **Principal address** St Maur Beaufort Square Chepstow Monmouthshire NP16 5EP **Independent examiner** Griffiths Marshall Beaumont House 172 Southgate Street Gloucester GL1 2EZ **Solicitors** Francis & Co St Maur Beaufort Square Chepstow Monmouthshire NP16 5EP
## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 12|
## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
The trustees present their annual report and financial statements for the year ended 5 April 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust's deed , the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
## **Objectives and activities**
The Florence Shute Millenium Trust was founded in 2001 and subsequently registered as a charitable organisation.
The trust’s main charitable objective is to provide support to charities and other organisations nationally and locally that fall within the Foundations charitable objectives .
The funds retained by the Trust are held for this purpose.
## **Objectives For The Year**
The Trust's main objective continued to be that of supporting the work of health-related organisations, in particular in Chepstow, Monmouthshire and the Forest of Dean.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
The charity's income is generated from its listed investments. This income is then distributed, in the form of donations, to benefit the wider community.
The charity makes donations, particularly, but not necessarily exclusively, to organisations working in healthrelated areas, particularly those that may benefit the inhabitants of Chepstow, Monmouthshire and the Forest of Dean.
## **Financial review**
The Trust made donations of £96,650 during the year to both local and national concerns (2021 - £339,250), and received income from investments of £86,259 (2021 - £85,961). The net movement of funds was a surplus of £17,647 for the year which has been set off against the general reserves, the balance of which is to be utilised for future good causes. The Trust intends to continue to make charitable donations in future periods.
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trust's investment policy is to invest in listed investments via its investment managers.
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The trust was established by a charitable trust deed on 9 January 2001.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr James Zorab Mr Richard O'Sullivan Mrs Ursula Williams Dr James Allison
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## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **Trustee Appointment**
Appointed Trustees are persons who are able, by virtue of their personal or professional qualifications, to make a contribution to the management of the Charity or the execution of the Trust.
## **Trustee Training & Induction**
The Trust has an established Trustee induction programme. New Trustees meet with key staff members and are given relevant publications. Training is provided for Trustees as required.
## **Organisational Structure**
All of the main decisions concerning the Trust and it's activities are discussed and ratified at Board of Trustees meetings. All decisions require the approval of the Trustees.
The trustees' r eport was approved by the Board of Trustees.
## **Mr James Zorab**
Chairman Dated: 22 December 2022
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## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE FLORENCE SHUTE MILLENNIUM TRUST**
I report to the trustees on my examination of the financial statements of The Florence Shute Millennium Trust (the trust) for the year ended 5 April 2022.
## **Responsibilities and basis of report**
As the trustees of the trust 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 trust’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:
- 1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 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.
## **Griffiths Marshall**
Beaumont House 172 Southgate Street Gloucester GL1 2EZ
Dated: 22 December 2022
- 3 -
## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 5 APRIL 2022**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|
**funds**|
|||**2022**|
**2021**|
||**Notes**|
**£**|
**£**|
|**Income from:**||||
|Investments|**2**|86,259|
85,961|
|**Expenditure on:**||||
|Charitable activities|**3**|114,138|
345,285|
|Net gains/(losses) on investments|**8**|45,526|
390,393|
|**Net income for the year/**||||
|**Net movement in funds**||17,647|
131,069|
|Fund balances at 6 April 2021||2,341,601|
2,213,086|
|**Fund balances at 5 April 2022**||2,359,248|
2,344,155|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2022**_
|**Notes**
**Fixed assets**
Investments
**10**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2022**
**£**
**£**
2,344,502
21,099
(6,353)
14,746
2,359,248
2,359,248
2,359,248|**2021**
**£**
**£**
2,312,364
36,201
(4,410)
31,791
2,344,155
2,344,155
2,344,155|
|---|---|---|
The financial statements were approved by the Trustees on 22 December 2022
Mr James Zorab **Trustee**
- 5 -
## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **1 Accounting policies**
## **Charity information**
The Florence Shute Millennium Trust is a charitable trust.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the trust'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). The trust is a Public Benefit Entity as defined by FRS 102.
The trust 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 trust . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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 trust 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.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or trust deed.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
## **1.4 Incoming resources**
Income is recognised when the trust 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.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Resources expended**
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
**Charitable Activities:** resources used to help the charity meet its main aims and objectives and provide care for the general public.
**Governance Costs:** Subsequent costs of financing the charity and meeting our statutory requirements
## **1.6 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding 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.
## **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 p aymen ts 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.
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## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **2 Investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Income from listed investments|79,737|75,701|
|Interest receivable|6,522|10,260|
||86,259|85,961|
## **3 Charitable activities**
||**Donations**|**Donations**|
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Grant funding of activities (see note 4)|96,650|339,250|
|Share of governance costs (see note 5)|17,488|6,035|
||114,138|345,285|
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**THE FLORENCE SHUTE MILLENNIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **4 Grants payable**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|**Grants to institutions:**|||
|Action For Children||3,000|
|Action for ME|3,000|-|
|Blind Veterans|1,000|1,000|
|Bobath Childrens Therapy Centre||3,000|
|Bowel Cancer UK|5,000|-|
|Bowel Research UK||1,000|
|Brecon Mountain Rescue Donation|3,000||
|British Scoliosis Research Foundation|2,000||
|Buglife - The Invertebrate Conversation Trust|500||
|Cardiff University Projects||250,000|
|Carers Wales|4,000|2,000|
|Cerebral Palsy Plus|2,000||
|Crohn & Colitis UK|3,000||
|Eastside Community Trust|1,000||
|Forest Foodbank||5,000|
|Forest of Avon Trust|2,000||
|GL11 Community Project Ltd|6,000||
|Great Oaks Hospice|7,000|53,000|
|Great Western Air Ambulance|3,000|(1,750)|
|Grief Encounter||1,000|
|Horatios Gardens Wales||1,000|
|Hope for Tomorrow||3,000|
|James Hopkins Trust||1,000|
|Life Education Bristol|3,000||
|Mobility Trust|2,000||
|Motor Neurone Disease Association|2,000||
|One25 Ltd|3,000||
|Parish of Wonnow Wanastow Monmouth|3,000||
|Parkinsons Disease Society|2,000||
|Penny Brohn Cancer Care|1,650|1,000|
|Sara Area Rescue Association|3,000||
|Sense Childrens Foundation||3,000|
|SOFA Project||3,000|
|Southmead Hospital Charity|2,000||
|Spinal Injuries Association|3,000||
|Starlight Childrens Foundation||2,000|
|St Davids Hospice Care|4,000||
|The 3H Foundation|1,000||
|The Brainwave Centre Ltd|2,000||
|The Harbour||3,000|
|The Royal Osteoporosis Society||1,000|
|The SOFA Project|3,000||
|The Stroke Association|2,000|2,000|
|The Urology Foundation|3,000||
|The West of England MS Therapy Centre|3,000||
|Ty Hafan||1,000|
|Wallace & Gromit Children Foundation|1,000||
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## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **4 Grants payable**
|**Grants payable**
Wellspring Counselling Ltd
Willow Foundation
Wye Valley Music
Young & Free
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Audit fees
-
-
Accountancy
-
3,720
Legal and professional
-
13,768
Finance costs
-
-
-
17,488
Analysed between
Charitable activities
-
17,488|**2022**
**£**
-
3,720
13,768
-
17,488
17,488|**(Continued)**
3,000
2,000
2,500
3,000
1,000
96,650
339,250
Support
costs
Governance
costs
2021
£
£
£
-
1,980
1,980
-
-
-
-
4,040
4,040
-
15
15
-
6,035
6,035
-
6,035
6,035|
|---|---|---|
## **5 Support costs**
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
## **7 Employees**
The average monthly number of employees during the year was:
||**2022**|**2021**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
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## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **8 Net gains/(losses) on investments**
|Gain/(loss) on investments
Gain/(loss) on sale of investment|**2022**
**£**
27,419
18,107
45,526|**2021**
**£**
31,862
358,531
390,393|
|---|---|---|
## **9 Taxation**
As a charitable trust, the entity enjoys the benefit of the exemptions from UK Corporation Tax provided by Section 505 (1) of the Income and Corporation Taxes Act 1988.
- 11 -
## **THE FLORENCE SHUTE MILLENNIUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **10 Fixed asset investments**
|**Cost or valuation**
At 6 April 2021
Additions
Disposals
At 5 April 2022
**Carrying amount**
At 05 April 2022
At 05 April 2021
**11**
**Financial instruments**
**Carrying amount of financial assets**
Equity instruments measured at cost less impairment
**Carrying amount of financial liabilities**
Measured at amortised cost
**12**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**Unlisted**
**investments**
**£**
2,312,364
640,612
(608,474)
2,344,502
2,344,502
2,312,364
**2022**
**2021**
**£**
**£**
2,344,502
2,312,364
6,353
4,410
**2022**
**2021**
**£**
**£**
6,353
4,410|
|---|---|
## **13 Related party transactions**
There were no disclosable related party transactions during the year (2021 - none) .
- 12 -