**REGISTERED CHARITY NUMBER: 1086804** ## **Dennis G.C. Myner Charitable Trust** ## **Annual Report for the year ending May 31, 2021** Lang Bennetts Chartered Accountants The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG **DENNIS G C MYNER CHARITABLE TRUST** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021** ||**Page**| |---|---| |**Report of the Trustees**|1 to 5| |**Independent Examiner's Report**|6| |**Statement of Financial Activities**|7| |**Balance Sheet**|8| |**Notes to the Financial Statements**|9 to 13| |**Detailed Statement of Financial Activities**|14| **DENNIS G C MYNER CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021** The trustees present their report with the financial statements of the charity for the year ended 31 May 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019). ## **Background and History** ## **The Charity** The Dennis G.C. Myner Charitable Trust was established in May 2001 for the advancement of public education - in particular by supporting the charitable work of the Morrab Library, Penzance. ## **Dennis G.C. Myner** Dennis George Charles Myner was born in the East End of London in 1927 into a far from affluent family. During World War Two, his family moved to St. Albans where he later-on qualified as an architect. A devoted son and life-long bachelor, the family moved to Cornwall for his mother's health in the late 1950's where they lived in Penzance. In the early 1960's he built his own house in St. Ives and set up his own architectural practice there. Following his retirement in the early 1970's, his sister Patricia bought him a set of oil paints - telling him he needed a hobby to keep him busy. Setting himself a goal of painting 300 pictures, he had reached 753 just a few months before he died in 2021. It was through his new hobby of painting that his involvement with the Morrab Library began. He began visiting the photographic archive department where he would purchase photographs to paint. Over the years, his fondness for the Library grew so that it became his life's ambition to help it grow and ensure its future was secure. An incredibly determined man, he devoted 15 years and considerable expense to obtain planning permission for a much-needed extension to the Library. Only a few days before he died, he signed the contract to fund the new extension. ## **The Morrab Library** The Morrab Library in Penzance is an independent subscription library, established in 1818. After residing in a number of different buildings around town, it settled in its present location within the beautiful Morrab Gardens in 1889. Set in the three and a half acre gardens, Morrab House is leased to the Library for 99 years by Cornwall Council. The Library is rare in that it is the only independent lending library in Cornwall and one of only around 40 in the United Kingdom. It is one of the largest - ranking sixth, with more than 70,000 volumes and is strong in literature, history, biography, antiquities, topography, travel and religion. Some 2,750 of its books were printed before 1801. The library is remarkable because it houses a unique series of collections which have gradually been acquired since the library was founded. The Jenner Room contains an extensive Cornish collection. Morrab Library's archives collection provides great insights into the history of Penzance, West Cornwall and extends nationally and internationally. The collection covers a breadth of subjects relating to science, social history, literature, natural history, the mining and fishing industries, archaeology, theology, geography, the history of witchcraft and more. It also includes a collection of more than 3,000 Napoleonic emphemera items. Many of the people whose stories are told within the archive, or created the content themselves, have played significant roles in history and literature e.g. Sir Humphry Davey, William Borlase, Jonathan Couch, the Tangye's. The depth of the collections provide a significant and comprehensive resource for Cornish history, and is often the only source of such information for the region. The library also offers further research potential in its extensive runs of eighteenth and nineteenth century periodicals, among which are over a century of Cornish newspapers which start before 1850. The photographic archive is one of the treasures of the Morrab Library. Run by a team of volunteers, it is open to the general public at no charge every Thursday morning. Several donated collections form the the archive of 15,000 glass and celluloid negatives, and black and white prints. The largest collection is that of the Richards family, a dynasty of Penzance of photographers. They captured images of life in West Cornwall from the early days of photography in the mid-19th century until the late 1970s. Subjects range from studio portraits to sport and fishing to flower-picking and shops to shipwrecks. A digitization project funded by the Dennis Myner Trust is currently underway at the time of this report and the catalogue is available online via the library website. Page 1 **DENNIS G C MYNER CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021** ## **Background and History** The library has more than 600 members, it offers a unique space for its members to work, read, attend a talk, join a class or just catch up with friends. It also welcomes visitors who wish to use the library or just look around the historic spaces. ## **Structure, Governance and Management** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The original trust deed dated May 8, 2001 amended by deed of variation dated April 4, 2012 represents the Trust's governing document. From its inception in 2001 up until April 2012 under the chairmanship of Dennis Myner, the Trust was run with little formality or structure. It wasn't until 2011, following planning approval by Cornwall Council for the extension to the Morrab Library, that activity (primarily in the form of donations from the founder and payments to the Council) significantly increased. ## **How decisions are made** The first formal trustee's meeting was held in April 2012 and since that time an increasing level of structure and governance has been put into place. The current organizational structure of the Trust can be described as a three-tier hierarchy of authority/decision-making: ## **Level One:** The 2001 Trust Deed sets out the objectives and constitution of the Trust including who the trustees are and how they are appointed. ## **Level Two:** The appointed trustees meet twice yearly or whenever required to review progress against objectives and agree key policies and procedures. ## **Level Three:** Delegated authority to manage and administer the day to day activities of the Trust has been vested in the Chairman. This includes, but is not limited to: - Filing and reporting to the Charity Commission (after approval of all trustees) - Filing and reporting to HMRC and other regulatory bodies (after approval of all trustees) - All banking transactions including payments and disbursements (requires signature of two trustees) - Investment management of all financial assets - Liaison with solicitors, auditors and bankers Page 2 **DENNIS G C MYNER CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021** ## **Structure, Governance and Management** **Recruitment, induction and training of Trustees** ## **Appointment** New trustees may be appointed at any time (either by replacement or addition) by a resolution of trustees, but so that the total number shall at no time exceed eight. As at May 31, 2021 there were four trustees including the Chairman (a number of two trustees is required for a meeting of the trustees to be quorate). Peter Noall resigned as a trustee on September 3, 2020. According to the terms of the last will and testament of the founder, Dennis Myner, an additional four persons were invited to be appointed trustees following grant of probate in 2012 (two declined, two accepted - one of whom has since resigned). These persons were selected as being of good character and standing in the community and with an interest, involvement and commitment to the success of the Morrab Library. ## **Induction and training** Up until 2012, there was no formal policy or procedure in place to ensure new trustees were well-informed of their responsibilities although they were provided with a copy of the Trust Deed. In 2013, all 3 new trustees were required to agree to the following: - Receive and read a copy of the Charity Commission guidance: The essential Trustee - what you need to know. - Receive and read a copy of the Trust Deed. - Receive and read a copy of the latest annual report. - Attend a briefing by the Trust solicitor if required. - Make a visit to the Morrab Library (including a tour of the new extension) ## **Risk management** In 2012, the trustees approved policies covering overall risk management and investment management (which has now become a major component of overall risk assessment). A register of the major risks is reviewed at each meeting of the trustees. With activity for the last few years limited to administration and overseeing the Trust investment portfolio, overall risk has been assessed as minor. A review of internal controls was carried out in January 2021 and controls were considered adequate. ## **Related parties** Four of the trustees as at May 31, 2021 are members of the Morrab Library (along with approximately 600 other members of the public), the primary beneficiary of the Trust. Any potential conflict of interest is governed by the policy on 'conflict of interest' which was introduced in January 2013. Page 3 **DENNIS G C MYNER CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021** ## **Objectives and Activities** ## **Objectives and aims** As stated in the introduction to the annual report, the original Trust Deed states the objective as 'The advancement of public education in particular by supporting the charitable work of the Morrab Library, Penzance'. With regard to support of the Morrab Library, the Trust's major aims are: - To secure the leasehold for an indefinite period - To allow expansion of the existing premises - To provide a source of income that provides additional security for future years - To develop and support the photographic archive department in particular - To help the Library increase public membership ## **Major Objectives for the year ended 31 May 2021** - Continue to financially support the Morrab Library - Consider other charitable activities that support public education. ## **Achievement of Objectives** - Financial support for the Morrab Library reached a cumulative total of one million pounds since 2012 in June 2020. - No decision was reached on other charitable activities. ## **Future Plans** - - Continue to financially support the Morrab Library. - Consider other charitable activities. - Review investment management policy. ## **Financial Review** At the end of the year the total investments amounted to £2,252,835 (2020: £1,964,518) held in a share portfolio and £131,014 (2020: £118,927) in cash. The portfolio reflects an unrealised gain of £318,656 (2020: unrealised deficit of £42,646) on its market value and realised gains on share disposals of £6,430 (2020: realised deficit of £1,931. The investments generated an income of £41,505 (2020: £49,500) and in 2020 there was also a gain arising from the sale of land, after professional fees, of £3,872. The financial support provided to the Morrab Library during the year amounted to £48,000 (2020: £48,000). The charity made a net surplus of £300,077 (2020: net deficit of £60,207) after unrealised gains on the investment portfolio of £325,086 (2020: losses of £42,646) and total funds available for the charitable objectives now stand at £2,382,618 (2020: £2,082,541) in the unrestricted fund. ## **Reserves policy** The funds carried forward are included entirely within general reserves as they are held according to the Trust's governing document for the advancement of public education - in particular, but not limited to, supporting the charitable work of the Morrab Library. Page 4 **DENNIS G C MYNER CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2021** ## **Reference and Administrative Details** ## **Registered Charity number** 1086804 ## **Principal address** Buttonwood Hain Walk ST IVES Cornwall TR26 2AF ## **Trustees** M A Higgins Chairman Mrs S G Higgins Trustee P J Noall Trustee (resigned 3/9/2020) M Kemp Trustee Mrs L Kemp Trustee ## **Independent Examiner** Jonathan Mashen FCA Lang Bennetts Chartered Accountants The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG ## **Solicitors** Stephens Scown LLP 3 Cross Lane St. Austell Cornwall PL25 4AX ## **Bankers** Barclays Bank PLC 9 Market Jew Street Penzance Cornwall TR18 2TW 4th November 2021 Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ M A Higgins - Trustee Page 5 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DENNIS G C MYNER CHARITABLE TRUST** ## **Independent examiner's report to the trustees of Dennis G C Myner Charitable Trust** I report to the charity trustees on my examination of the accounts of Dennis G C Myner Charitable Trust (the Trust) for the year ended 31 May 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material 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 Act; or 2. the accounts do not accord with those records; or 3. the accounts 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 accounts to be reached. Jonathan Mashen FCA Lang Bennetts Chartered Accountants The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG 8th November 2021 Date: ............................................. Page 6 **DENNIS G C MYNER CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2021** |Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
3
Supporting the charitable work of the Morrab
Library, Penzance
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|2021
Unrestricted
fund
£
41,505
-
41,505
66,514
325,086
300,077
2,082,541
2,382,618|2020
Total
funds
£
49,500
3,872
53,372
69,002
(44,577)
(60,207)
2,142,748
2,082,541| |---|---|---| The notes form part of these financial statements Page 7 **DENNIS G C MYNER CHARITABLE TRUST** ## **BALANCE SHEET 31 MAY 2021** |Notes
**FIXED ASSETS**
Tangible assets
6
Investments
7
**CURRENT ASSETS**
Debtors
8
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds
**TOTAL FUNDS**|2021
Unrestricted
fund
£
468
2,252,835
2,253,303
533
131,014
131,547
(2,232)
129,315
2,382,618
2,382,618
2,382,618
2,382,618|2020
Total
funds
£
-
1,964,518
1,964,518
1,065
118,927
119,992
(1,969)
118,023
2,082,541
2,082,541
2,082,541
2,082,541| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 4th November 2021 ............................................. M A Higgins - Trustee The notes form part of these financial statements Page 8 **DENNIS G C MYNER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** 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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Charitable activities** Charitable activities include all expenditure associated with supporting the charitable work of the Morrab Library, Penzance. ## **Governance costs** Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. ## **Allocation and apportionment of costs** Support costs include central functions and have been allocated to activity cost categories on a basis consistent with use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment - 33% on cost ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. continued... Page 9 **DENNIS G C MYNER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **FOR THE YEAR ENDED 31 MAY 2021** ## **2. INVESTMENT INCOME** |Income from share portfolio
Deposit account interest|2021
£
41,505
-
41,505|2020
£
49,400
100
49,500| |---|---|---| ## **3. CHARITABLE ACTIVITIES COSTS** |Grant
funding of
activities
£
Supporting the charitable work of the
Morrab Library, Penzance
48,000|Support
costs
£
18,514|Totals
£
66,514| |---|---|---| ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the year ended 31 May 2020. ## **Trustees' expenses** There have been expenses paid to M Higgins for mileage, stationery and other expenditure incurred on behalf of the Trust totalling £552 (2020: £582). |**5.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
**INCOME AND ENDOWMENTS FROM**
Investment income
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Supporting the charitable work of the Morrab
Library, Penzance
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
49,500
3,872
53,372
69,002
(44,577)
(60,207)
2,142,748
2,082,541| |---|---| continued... Page 10 **DENNIS G C MYNER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021** ## **6. TANGIBLE FIXED ASSETS** |**COST**
Additions
**DEPRECIATION**
Charge for year
**NET BOOK VALUE**
At 31 May 2021
At 31 May 2020
**7.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 June 2020
Additions
Disposals
Revaluations
At 31 May 2021
**NET BOOK VALUE**
At 31 May 2021
At 31 May 2020|Computer
equipment
£
699
231
468
-
Listed
investments
£
1,964,518
187,241
(223,921)
324,997
2,252,835
2,252,835
1,964,518| |---|---| Investment assets comprise of a balanced portfolio of equities, property, bonds and other assets, both UK and overseas, managed by two firms of investment managers. ## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Prepayments and accrued income|2021
£
533|2020
£
1,065| |---|---|---| continued... Page 11 **DENNIS G C MYNER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2021** ## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other creditors
**10.**
**MOVEMENT IN FUNDS**|2021
£
2,232|2020
£
1,969| |---|---|---| |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are
**Unrestricted funds**
General fund
**TOTAL FUNDS**|as follows:
Incoming
resources
£
41,505
41,505|At 1/6/20
£
2,082,541
2,082,541
Resources
expended
£
(66,514)
(66,514)||Net
movement
in funds
£
300,077
300,077
Gains and
losses
£
325,086
325,086|At
31/5/21
£
2,382,618
2,382,618
Movement
in funds
£
300,077
300,077| |---|---|---|---|---|---| ||||||| ||||||| ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are a
Incoming
resources
£
**Unrestricted funds**
General fund
53,372
**TOTAL FUNDS**
53,372|At 1/6/19
£
2,142,748
2,142,748
s follows:
Resources
expended
£
(69,002)
(69,002)|Net
movement
in funds
£
(60,207)
(60,207)
Gains and
losses
£
(44,577)
(44,577)|At
31/5/20
£
2,082,541
2,082,541
Movement
in funds
£
(60,207)
(60,207)| |---|---|---|---| continued... Page 12 **DENNIS G C MYNER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **FOR THE YEAR ENDED 31 MAY 2021** ## **10. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1/6/19
£
2,142,748
2,142,748|Net
movement
in funds
£
239,870
239,870|At
31/5/21
£
2,382,618
2,382,618| |---|---|---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
94,877
94,877|Resources
expended
£
(135,516)
(135,516)|Gains and
Movement
losses
in funds
£
£
280,509
239,870
280,509
239,870| |---|---|---|---| ## **11. RELATED PARTY DISCLOSURES** The trustees are members of the Morrab Library, the primary beneficiary of the Trust, along with approximately 600 other members of the public. During the year the Trust provided support to the Morrab Library amounting to £48,000 (2020: £48,000). Page 13 **DENNIS G C MYNER CHARITABLE TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2021** ||2021|2020| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Investment income**||| |Income from share portfolio|41,505|49,400| |Deposit account interest|-|100| ||41,505|49,500| |**Other income**||| |Gain on sale of tangible fixed assets|-|3,872| |**Total incoming resources**|41,505|53,372| |**EXPENDITURE**||| |**Charitable activities**||| |Grants to institutions|48,000|48,000| |**Support costs**||| |**Management**||| |Administrative expenses|552|3,237| |**Other 2**||| |Computer equipment|231|-| |**Governance costs**||| |Accountancy and legal fees|1,620|1,482| |Investment management charges|16,111|16,283| ||17,731|17,765| |Total resources expended|66,514|69,002| |**Net expenditure before gains and losses**|(25,009)|(15,630)| |**Realised recognised gains and losses**||| |Unrealised gains / (losses) on investment portfolio|318,656|(42,646)| |Realised gains / (losses) on investment portfolio|6,430|(1,931)| |**Net income/(expenditure)**|300,077|(60,207)| This page does not form part of the statutory financial statements Page 14