**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. 1 **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 2 ## **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: 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. 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 3 **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 4 ## **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 5 ## **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 6 **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 7 **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... 8 **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... 9 **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... 10 **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... 11 **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... 12 **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... 13 **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. 14 **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 15