Charity registration number 1085358
THE FLORENCE SHUTE MILLENNIUM TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
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 Gloucestershire 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 2023
The trustees present their annual report and financial statements for the year ended 5 April 2023.
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 £65,750 during the year to both local and national concerns (2022 - £96,650), and received income from investments of £83,393 (2022 - £86,259). The net movement of funds was a deficit of £321,764 for the year (2022 - surplus of £17,647) 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 2023
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' report was approved by the Board of Trustees.
Mr James Zorab
Chairman Dated: 7 February 2024
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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 2023.
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:
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1 accounting records were not kept in respect of the trust 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.
Griffiths Marshall
Beaumont House 172 Southgate Street Gloucester Gloucestershire GL1 2EZ
Dated: 7 February 2024
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THE FLORENCE SHUTE MILLENNIUM TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 83,392 | 86,259 |
| Total income | 83,392 | 86,259 | |
| Expenditure on: | |||
| Charitable activities | 3 | 96,979 | 114,138 |
| Total expenditure | 96,979 | 114,138 | |
| Net gains/(losses) on investments | 9 | (308,177) | 45,526 |
| Net income/(expenditure) and movement in funds | (321,764) | 17,647 | |
| Reconciliation of funds: | |||
| Fund balances at 6 April 2022 | 2,359,248 | 2,341,601 | |
| Fund balances at 5 April 2023 | 2,037,484 | 2,359,248 |
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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THE FLORENCE SHUTE MILLENNIUM TRUST
BALANCE SHEET
AS AT 5 APRIL 2023
| Notes Fixed assets Investments 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities The funds of the trust Unrestricted funds 13 |
2023 £ £ 2,027,512 12,744 (2,772) 9,972 2,037,484 2,037,484 2,037,484 |
2022 £ £ 2,344,502 21,099 (6,353) 14,746 2,359,248 2,359,248 2,359,248 |
2022 £ £ 2,344,502 21,099 (6,353) 14,746 2,359,248 2,359,248 2,359,248 |
|---|---|---|---|
| 2,359,248 | |||
| 2,359,248 | |||
| 2,359,248 |
The financial statements were approved by the trustees on 7 February 2024
Mr James Zorab Chairman
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
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 amounts 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 2023
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 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.
2 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Income from listed investments | 72,164 | 79,737 |
| Interest receivable | 11,228 | 6,522 |
| 83,392 | 86,259 |
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
3 Charitable activities
| Donations | Donations | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Grant funding of activities (see note 4) | 65,750 | 96,650 |
| Share of governance costs (see note 6) | 31,229 | 17,488 |
| 96,979 | 114,138 |
4 Grants payable
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Grants to institutions: | ||
| Brecon Dial A ride | 2,000 | |
| Action for ME | 3,000 | |
| Blind Veterans | 2,000 | 1,000 |
| Bowel Cancer UK | 5,000 | |
| Bowel Research UK | 2,000 | |
| Brecon Mountain Rescue Donation | 3,000 | |
| British Scoliosis Research Foundation | 2,000 | |
| Buglife - The Invertebrate Conversation Trust | 500 | |
| Cares uk | 2,000 | |
| Carers Wales | 4,000 | |
| celebral Palsy | 2,000 | |
| Cerebral Palsy Plus | 2,000 | 2,000 |
| Crohn & Colitis UK | 3,000 | |
| Eastside Community Trust | 1,000 | |
| Fareshare community initiative donation | 5,000 | |
| forest foodbank donation | 5,000 | |
| Forest of Avon Trust | 1,000 | 2,000 |
| GL11 Community Project Ltd | 6,000 | |
| Great Oaks Hospice | 5,000 | 7,000 |
| Great Western Air Ambulance | 3,000 | |
| Hope house childrens hospital | 2,000 | |
| newent association for the disabled | 3,000 | |
| insight gloucester | 2,000 | |
| Life Education Bristol | 3,000 | |
| Mobility Trust | 2,000 | |
| Motor Neurone Disease Association | 2,000 | 2,000 |
| kids space donation | 2,000 | |
| One25 Ltd | 2,000 | 3,000 |
| Parish of Wonnow Wanastow Monmouth | 3,000 | |
| Parkinsons Disease Society | 2,000 | 2,000 |
| Penny Brohn Cancer Care | 1,650 | |
| resolve west limited | 2,000 | |
| read for good | 2,000 | |
| sense trust | 2,000 | |
| shine Charity donation | 2,000 |
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
| 4 | Grants payable | (Continued) | ||||||
|---|---|---|---|---|---|---|---|---|
| Sara Area Rescue Association | 3,000 | |||||||
| SOFA Project | 2,000 | |||||||
| Southmead Hospital Charity | 2,000 | |||||||
| Spinal Injuries Association | 3,000 | |||||||
| Sale family donations | 2,000 | |||||||
| Target ovarian cancer | 2,000 | |||||||
| Ty Price st thomas community | hall | 750 | ||||||
| The Natasha Allergy Research | foundation | 2,000 | ||||||
| St Davids Hospice Care | 4,000 | |||||||
| The 3H Foundation | 1,000 | |||||||
| The Brainwave Centre Ltd | 2,000 | |||||||
| The SOFA Project | 3,000 | |||||||
| The Stroke Association | 2,000 | |||||||
| The Urology Foundation | 3,000 | |||||||
| The West of England MS Therapy Centre | 3,000 | |||||||
| Wallace & Gromit Children Foundation | 2,000 | 1,000 | ||||||
| Wellspring Counselling Ltd | 2,000 | 3,000 | ||||||
| Willow Foundation | 2,000 | 2,000 | ||||||
| Wye Valley Music | 2,500 | |||||||
| Young & Free | 3,000 | |||||||
| 65,750 | 96,650 | |||||||
| 5 | Net movement in funds | 2023 | 2022 | |||||
| £ | £ | |||||||
| The net movement in funds is stated after charging/(crediting): | ||||||||
| Loss/(profit) on disposal of investment property | 278,978 | (18,107) | ||||||
| 6 | Support costs | |||||||
| Support | Governance |
2023Support | costs | Governance | 2022 | |||
| costs | costs | costs | ||||||
| £ | £ | £ | £ | £ | £ | |||
| Accountancy | - | 3,012 | 3,012 | - | 3,720 | 3,720 | ||
| Legal and professional | - | 28,197 | 28,197 | - | 13,768 | 13,768 | ||
| Finance costs | - | 20 | 20 | - | - | - | ||
| - | 31,229 | 31,229 | - | 17,488 | 17,488 | |||
| Analysed between | ||||||||
| Charitable activities | - | 31,229 | 31,229 | - | 17,488 | 17,488 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
8 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| 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 2023
9 Net gains/(losses) on investments
| 2023 £ Gain/(loss) on investments (29,199) Gain/(loss) on sale of investment (278,978) (308,177) |
2022 £ 27,419 18,107 |
|---|---|
| 45,526 |
10 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.
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THE FLORENCE SHUTE MILLENNIUM TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
11 Fixed asset investments
| Unlisted | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2022 | 2,344,502 |
| Additions | 205,281 |
| Valuation changes | (308,177) |
| Disposals | (214,094) |
| At 5 April 2023 | 2,027,512 |
| Carrying amount | |
| At 05 April 2023 | 2,027,512 |
| At 05 April 2022 | 2,344,502 |
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 2,772 | 6,353 |
13 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.
| General funds Previous year: General funds |
At 6 April 2022 Incoming resources Resources expended Gains and losses £ £ £ £ 2,359,248 83,392 (96,979) (308,177) At 6 April 2021 Incoming resources Resources expended Gains and losses £ £ £ £ 2,341,601 86,259 (114,138) 45,526 |
At 5 April 2023 £ 2,037,484 |
|---|---|---|
| At 5 April 2022 £ 2,359,248 |
14 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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