REGISTERED CHARITY NUMBER: 1091775
THE CHAMPNISS CHARITABLE TRUST REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
VJH Accountancy Limited The Zinc Building, Ventura Business Park Broadshires Way CARTERTON OX18 1AD
THE CHAMPNISS CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Cash Flow Statement | 6 |
| Notes to the Cash Flow Statement | 7 |
| Notes to the Financial Statements | 8 to 14 |
| Detailed Statement of Financial Activities | 15 |
THE CHAMPNISS CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their report with the financial statements of the charity for the year ended 5 April 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).
The trustees have the pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 5 April 2021.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The trust meets its charitable objectives my making grants to other charities, in line with interests agreed by the trustees and upon applications from relevant charities.
The trust fund is held for the benefit or furtherance of such charitable institution or charitable purposes in such a manner and (if more than one) in such shares as the trustees shall in their absolute discretion from time to time determine.
Significant activities
The trust was historically financed by contributions from Panstar Group Ltd, a company registered in England and Wales. The final donation made by the company was £250,000 in July 2016.
The trustees apply the funds at their discretion. The trustees are committed to continuing with the current level of charitable donations from income realised from investments.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, the trust donated £63,249 and a list of donations is included at note 6 to the accounts. Also during the year, the trust inherited further assets from the estate of LJ Champniss, the settlor of the trust. These assets, particularly freehold property, will provide further income to the trust in future years and the trustees are in the process of adapting the trusts' grantmaking policies to reflect expected changes in income.
The trust has continued to earn income from its invested funds.
FINANCIAL REVIEW
Financial position
The net income for the charity in 2021 was £2,299,154 (2020: £71,191). The main reason for the change in total net income was due to the receipt of £2.4m worth of legacies as inheritance of assets from the estate of LJ Champniss, the settlor of the trust.
Total expenditure of the charity in 2021 was £71,721 (2020: £37,143).
Reserves policy
Charitable free reserves are defined as income which becomes available to the charity and is to be spent at the trustees' discretion in furtherance of the charity's objectives, but which is not yet spent, committed, or designated.
The free reserves of the charity are represented by the accumulation of cash reserves from surpluses of receipts over payments in both the current and past financial years. The charity currently has minimal running costs that require financing and can retain the majority of its free reserves for the purpose of financing its future charitable objectives.
The level of reserves is reviewed regularly by the trustees and the charity's reserves policy is to maintain accumulated funds at a sufficient level to meet at least one year' s administration costs.
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THE CHAMPNISS CHARITABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2021
FUTURE PLANS
The charity is long established and conservative in its operations. These attitudes will probably govern the actions ongoing, but no definite plans have been formulated and agreed.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Champniss Charitable Trust is an unincorporated charity, registered number 1091775, which was created by a declaration of trust on 6 April 2001.
Organisational structure
The charity is administered by the trustees comprising of the individuals who are the trustees of the charity at any given time, including the first trustees and their successors. In selecting individuals for appointment as trustees, the trustees have regards to skills, knowledge and experience required for the effective administration of the association.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1091775
Principal address
Old Chapel Chapel Lane Shipton-Under-Wychwood Chipping Norton OX7 6DJ
Trustees
S J Mundy V A M Champniss J Champniss (appointed 9/12/2021)
Independent Examiner
VJH Accountancy Limited The Zinc Building, Ventura Business Park Broadshires Way CARTERTON OX18 1AD
Approved by order of the board of trustees on 24 February 2022 and signed on its behalf by:
.................................................................... S J Mundy - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHAMPNISS CHARITABLE TRUST
Independent examiner's report to the trustees of The Champniss Charitable Trust
I report to the charity trustees on my examination of the accounts of The Champniss Charitable Trust (the Trust) for the year ended 5 April 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').
The trustees have applied for a dispensation with the Charity Commission to have an independent examination instead of an audit with the requirements for an audit under section 144(2) of the Act (Regulation 31(f)) on 24 January 2022. In reference to this, an independent examination has taken place instead of an audit.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Andrew Churchill Stone FCA DChA Institute of Chartered Accountants in England and Wales VJH Accountancy Limited The Zinc Building, Ventura Business Park Broadshires Way CARTERTON OX18 1AD
Date: 24 February 2022
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THE CHAMPNISS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Donations to charities Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted fund £ 2,240,500 25,585 2,266,085 6,354 65,367 71,721 104,790 2,299,154 1,193,195 3,492,349 |
2020 Total funds £ - 13,003 13,003 - 37,143 37,143 95,331 71,191 1,122,004 1,193,195 |
|---|---|---|
The notes form part of these financial statements
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THE CHAMPNISS CHARITABLE TRUST
BALANCE SHEET 5 APRIL 2021
| Notes FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Debtors 12 Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
2021 Unrestricted fund £ 2,240,000 638,335 2,878,335 372,210 2,823 240,481 615,514 (1,500) 614,014 3,492,349 3,492,349 3,492,349 3,492,349 |
2020 Total funds £ - 533,545 533,545 471,589 2,418 185,643 659,650 - 659,650 1,193,195 1,193,195 1,193,195 1,193,195 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 February 2022 and were signed on its behalf by:
.................................................................... S J Mundy - Trustee
The notes form part of these financial statements
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THE CHAMPNISS CHARITABLE TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2021 £ 53,670 53,670 1,168 1,168 54,838 185,643 240,481 |
2020 £ 24,434 24,434 1,426 1,426 25,860 159,783 185,643 |
|---|---|---|
The notes form part of these financial statements
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THE CHAMPNISS CHARITABLE TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2021
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 2021 £ Net income for the reporting period (as per the Statement of Financial Activities) 2,299,154 Adjustments for: Gain on investments (104,790) Interest received (1,168) Legacies of land and properties (2,240,000) Decrease in debtors 98,974 Increase in creditors 1,500 Net cash provided by operations 53,670 |
2020 £ 71,191 (95,331) (1,426) - 50,000 - 24,434 |
|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 6/4/20 | Cash flow | At 5/4/21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 185,643 | 54,838 | 240,481 |
| 185,643 | 54,838 | 240,481 | |
| Total | 185,643 | 54,838 | 240,481 |
The notes form part of these financial statements
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THE CHAMPNISS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 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.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
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...
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THE CHAMPNISS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
| 2. DONATIONS AND LEGACIES Legacies 3. INVESTMENT INCOME Rents received Investment income Deposit account interest 4. RAISING FUNDS RENTAL COSTS Management charges Maintenance charges 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 6) £ Donations to charities 63,249 6. GRANTS PAYABLE Donations to charities |
2021 £ 2,240,500 2021 £ 12,500 11,917 1,168 25,585 2021 £ 1,529 4,825 6,354 Support costs (see note 7) £ 2,118 2021 £ 63,249 |
2020 £ - 2020 £ - 11,577 1,426 13,003 2020 £ - - - Totals £ 65,367 2020 £ 36,525 |
|
|---|---|---|---|
continued...
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THE CHAMPNISS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
6. GRANTS PAYABLE - continued
| Alexander Devine Barn Owl Centre Bath Institute for Rheumatic Diseases Bipolar Foundation Bridwell Organic Gardens Buckinghamshire Community Foundation Butterfly Garden Chance to Shine Chedworth Pre School Clear Sky Children Combat Stress Crossroads Care Dark Horse Theatre Diabetes UK Emmaus Oxford Help for Heroes James Hopkins Trust Kingfisher Treasure Seekers Longfield Magic Bean Company Marie Curie Midlands Air Ambulance Oxon Community Foundation Parkinsons UK PCA Benevolent Fund Prostate UK Rennie Grove Hospice Care Retina UK Ruskin Mill Trust Shrubditch Care Farm Sparks Charity Special Effect Thames Hospice Care Thames Valley Air Ambulance The Primary Club The Silverline The Urology Foundation Thrive Tiggywinkles Wheelpower Winstons Wish World Challenge Yellow Submarine |
2021 £ 1,000 1,000 500 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 - 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 500 1,000 1,000 1,000 500 1,000 25 1,000 1,000 1,000 - 1,000 27,224 1,000 500 1,000 1,000 - 1,000 63,249 |
2020 £ 1,000 1,000 500 1,000 1,000 1,000 1,000 1,000 500 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 500 1,000 1,000 1,000 500 1,000 25 1,000 1,000 1,000 500 - - 1,000 500 1,000 1,000 500 1,000 36,525 |
|---|---|---|
continued...
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THE CHAMPNISS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
7. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Donations to charities | 2,118 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
TRUSTEES' EXPENSES
| There were no trustees' expenses paid for the year ended 5 April 2021 nor for the 5 April 2020. 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Charitable activities Donations to charities Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
year ended Unrestricted fund £ 13,003 37,143 95,331 71,191 1,122,004 1,193,195 |
|---|---|
continued...
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THE CHAMPNISS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
10. TANGIBLE FIXED ASSETS
| COST Additions NET BOOK VALUE At 5 April 2021 At 5 April 2020 11. FIXED ASSET INVESTMENTS Listed Unlisted investments investments £ £ MARKET VALUE At 6 April 2020 353,545 180,000 Revaluations 104,790 - At 5 April 2021 458,335 180,000 NET BOOK VALUE At 5 April 2021 458,335 180,000 At 5 April 2020 353,545 180,000 There were no investment assets outside the UK. Cost or valuation at 5 April 2021 is represented by: Listed Unlisted investments investments £ £ Valuation in 2021 458,335 180,000 12. DEBTORS 2021 £ Amounts falling due within one year: Receivable from tenants 3,103 Legacies receivable 269,107 272,210 |
Freehold property £ 2,240,000 2,240,000 - Totals £ 533,545 104,790 638,335 638,335 533,545 Totals £ 638,335 2020 £ - 471,589 471,589 |
|---|---|
continued...
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THE CHAMPNISS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
| 12. DEBTORS - continued Amounts falling due after more than one year: Other debtors Aggregate amounts 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 14. MOVEMENT IN FUNDS At 6/4/20 £ Unrestricted funds General fund 1,193,195 TOTAL FUNDS 1,193,195 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 2,266,085 (71,721) TOTAL FUNDS 2,266,085 (71,721) Comparatives for movement in funds At 6/4/19 £ Unrestricted funds General fund 1,122,004 TOTAL FUNDS 1,122,004 |
2021 £ 100,000 372,210 2021 £ 1,500 Net movement in funds £ 2,299,154 2,299,154 Gains and losses £ 104,790 104,790 Net movement in funds £ 71,191 71,191 |
2020 £ - 471,589 2020 £ - At 5/4/21 £ 3,492,349 3,492,349 Movement in funds £ 2,299,154 2,299,154 At 5/4/20 £ 1,193,195 1,193,195 |
|---|---|---|
continued...
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THE CHAMPNISS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 13,003 | (37,143) | 95,331 | 71,191 |
| TOTAL FUNDS | 13,003 | (37,143) | 95,331 | 71,191 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 6/4/19 £ 1,122,004 1,122,004 |
Net movement in funds £ 2,370,345 2,370,345 |
At 5/4/21 £ 3,492,349 3,492,349 |
|---|---|---|---|
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 £ 2,279,088 2,279,088 |
Resources expended £ (108,864) (108,864) |
Gains and losses £ 200,121 200,121 |
Movement in funds £ 2,370,345 2,370,345 |
|---|---|---|---|---|
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2021.
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THE CHAMPNISS CHARITABLE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| INCOME AND ENDOWMENTS Donations and legacies Legacies Investment income Rents received Investment income Deposit account interest Total incoming resources EXPENDITURE Investment management costs Management charges Maintenance charges Charitable activities Grants to institutions Support costs Governance costs Accountancy and legal fees Total resources expended Net income/(expenditure) |
2021 £ 2,240,500 12,500 11,917 1,168 25,585 2,266,085 1,529 4,825 6,354 63,249 2,118 71,721 2,194,364 |
2020 £ - - 11,577 1,426 13,003 13,003 - - - 36,525 618 37,143 (24,140) |
|---|---|---|
This page does not form part of the statutory financial statements
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