Charity Number: 1093610
THE BLANES TRUST
STATEMENT OF ACCOUNTS FOR THE
YEAR ENDED 31 MARCH 2024
THE BLANES TRUST
ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
| CONTENTS | Page |
|---|---|
| Trustees' Annual Report | 1 & 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Accounts | 6 to 9 |
THE BLANES TRUST
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report and financial statements of the charity for the year ended 31 March 2024
Objects and Policies
The Funds are to be applied for or towards such charitable purposes at such time or times and in such manner as the Trustees shall in their absolute discretion think fit. The objectives are fulfilled by the Trustees through consideration of appeals and making grants or donations in response thereto. Funds held pending disbursement may be invested in securities of whatsoever nature the Trustees think fit.
Activities and achievements during the year
The Trust continued to consider requests for funding and to respond thereto. Income amounted to £103,691 which included a donation from the settlor of £85,000 (2023: £85,000) this compared to £97,466 in the previous year. Donations of £55,000, were made during the year compared to £45,000 in the previous year. Support costs totalled £4,088.
Administration Information
The Blanes Trust is constituted by a Trust Deed dated 13th March 2002 and is a registered Charity number 1093610 under clause 4(1). The statutory power of appointing new or additional Trustees is by a resolution of the Trustees passed at a special meeting. There is a minimum number of three Trustees.
Trustees Address Thomas R L Astor Sayers Butterworth LLP Susie F Astor 3rd Floor, 12 Gough Square K Mackenzie-Davey London, EC4A 3DW
All enquiries should be addressed to Sayers Butterworth LLP Ref SMS
Barclays Investment Advisor Barclays Bank Leicester Rathbone Investment Management Leicestershire LE87 2BB 30 Gresham Street London EC2V 7QN
Independent Examiner
Sayers Butterworth LLP 3rd Floor, 12 Gough Square London, EC4A 3DW
Page 1
THE BLANES TRUST
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024
Risk Factors
The Trustees have taken advantage of exemption available for charities with incoming resources of less than £500,000 not to carry out a risk assessment.
Investment Policy
There are no restrictions in the Trust Deed. The Trustees operate a low risk policy with a balance of income and capital growth. The investments are currently held in a mixture of stock market investments and cash deposits. There were unrealised / realised profits of £81,953 on the investments held. This compared with unrealised / realised losses of £46,803 in the previous year.
Reserves Policy
It is the Trustees policy to restrict outgoing resources to the available income. Clause 2 of the Trust Deed gives the power to apply the Trust fund and the income thereof for such Charitable purposes as the Trustees shall in their absolute discretion determine. Accordingly it is possible to maintain reserves at a minimal level.
Public Benefit
The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the general guidance issued by the Charities Commission on public benefit.
Related Party Transactions
There were no related party transactions during the period.
Responsibilities of the Trustees
The Trustees are responsible for preparing the Trustees' report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year,which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and other irregularities.
T Astor Signed on behalf of the Trustees:
Date: 10/12/2024
Page 2
THE BLANES TRUST
INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2024
Independent Examiner’s Report to the Trustees of The Blanes Trust
I report to the charity Trustees on my examinations of the accounts of The Blanes Trust for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Act and in carrying out my examinations I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement
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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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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 endable a proper understanding of the financial statements to be reached.
Andrew Burch, FCA Sayers Butterworth LLP 3[rd] Floor 12 Gough Square London EC4A 3DW
Date: 10/12/2024
Page 3
THE BLANES TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Investment income 3 Donation from settlor Total Income Expenditure on: Raising funds Charitable activities 5 Total expenditure Net gains /(Loss) on investments 4 Net income and movement in funds Transfer of funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Expendable Endowment £ - 85,000 85,000 6,419 2,044 8,463 81,953 158,490 (55,000) 1,018,689 1,122,179 |
Unrestricted Funds £ 18,691 - 18,691 - 57,044 57,044 - (38,353) 55,000 13,941 30,588 |
2024 Total Funds £ 18,691 85,000 103,691 6,419 59,088 65,507 81,953 120,137 - 1,032,630 1,152,767 |
2023 Total Funds £ 12,466 85,000 |
|---|---|---|---|---|
| 97,466 | ||||
| 5,615 48,256 |
||||
| 53,871 | ||||
| (46,803) | ||||
| (3,208) - 1,035,838 |
||||
| 1,032,630 |
All actvities relate to continuing operations.
The notes on pages 6 to 9 form part of these financial statements.
Page 4
THE BLANES TRUST
BALANCE SHEET AS AT 31 MARCH 2024
| Year ended |
Year ended |
Year ended | Year ended | ||
|---|---|---|---|---|---|
| 31 March 2024 | 31 March 2023 | ||||
| Note | £ | £ | £ | £ | |
| Fixed Asset Investments at Market Value | |||||
| Quoted investments | |||||
| UK quoted securities | 4 | 1,109,569 | 935,150 | ||
| Current Assets | |||||
| Debtors | |||||
| Dividend | 1,356 | - | |||
| Cash at Bank | |||||
| Barclays | 31,620 | 71,540 | |||
| Rathbone Investment Management | |||||
| Capital Account | 16,624 | 30,288 | |||
| Income Account | - | 793 | |||
| 48,244 | 102,621 | ||||
| 1,159,169 | 1,037,771 | ||||
| Current liabilities | |||||
| Sayers Butterworth LLP | 3,040 | 2,200 | |||
| Sayers Butterworth LLP | |||||
| Independent Examiners | 1,700 | 1,500 | |||
| Rathbone Investment Management | 1,662 | 1,441 | |||
| 6,402 | 5,141 | ||||
| Net Assets | 1,152,767 | 1,032,630 | |||
| REPRESENTING: | |||||
| Expendable Endowment Funds | 13 | 1,122,179 | 1,018,689 | ||
| Unrestricted Income Funds | 13 | 30,588 | 13,941 | ||
| 1,152,767 | 1,032,630 | ||||
| The accounts were approved by the Trustees on ......................................................... |
10/12/2024 | and signed on their behalf, | by: | ||
| T Astor |
Page 5
THE BLANES TRUST
NOTES TO THE ACCOUNTS FOR THE
YEAR ENDED 31 MARCH 2024
1 Accounting Policies
(a) Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Statement of Recommended Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Second Edition) and the Financial Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and 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 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) (Second Edition) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Blanes Trust is a public benefit entity as defined by FRS 102. In preparing the financial statements the Trustees have considered the effects of COVID-19 on the Charity's activities. There are no material uncertanties regarding the Charity's ability to continue and so the going concern basis has been adopted.
(b) Income
Investment income is accounted for in the period in which the charity is entitled to receipt. Investment income received by the Charity qualifying for the repayment of income tax has been grossed up for tax recoverable and this gross amount is recognised on the SOFA.
Income from donations is included in incoming resources when these are receivable, except as follows:
When donors specify that donations given to the Charity must be used in future accounting periods, the income is deferred until those periods. When donors impose conditions which have to be fulfilled before the Trust becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met.
(c) Taxation
No provision for taxation is included in the accounts as the Charity is entitled to the exemption for tax afforded by Part 10 of the Income Tax Act 2007 and Section 256 of the Chargeable Gains Act 1992.
(d) Expenditure
Expenditure is included on an accruals basis and includes irrecoverable value added tax. Donations payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such donations being recognised as expenditure when the conditions attaching are fulfilled. Donations offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
(e) Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include costs linked to the strategic management of the Charity.
(f) Investments are valued at open market value.
- (g) Fund accounting - Details of the nature and purpose of each fund is set out in note 11.
(h) Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 6
THE BLANES TRUST
NOTES TO THE ACCOUNTS FOR THE
YEAR ENDED 31 MARCH 2024
1 Accounting policies (continued)
(i) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resuting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
(j) Financial instruments
The Charity only has financial instruments of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at settlement value.
2 Trustees Remuneration and Expenses
No Trustees received remuneration or expenses.
| 3 Investment Income Bank deposit interest Dividends 4Fixed Asset Investments Quoted Investments Opening market value at 1 April 2023 Investments transferred from Settlor Additions during the year Disposals during the year Equalisation Payment Net realised gain/(loss) on disposals Closing market value at 31 March 2024 Historical cost 5Costs of Charitable Activities Donations Support costs Net unrealised gain/(loss) on revaluation |
2024 2024 2024 2023 Expendable Unrestricted Endowment Funds Total Total £ £ £ £ - 926 926 378 - 17,765 17,765 12,088 |
2024 2024 2024 2023 Expendable Unrestricted Endowment Funds Total Total £ £ £ £ - 926 926 378 - 17,765 17,765 12,088 |
2024 2024 2024 2023 Expendable Unrestricted Endowment Funds Total Total £ £ £ £ - 926 926 378 - 17,765 17,765 12,088 |
|---|---|---|---|
| - 18,691 18,691 12,466 |
|||
| 2024 2024 2023 2023 £ £ 935,150 946,304 85,000 85,000 398,357 315,787 390,051 (363,587) 840 (1,551) 5,177 (11,480) 76,776 (35,323) 81,953 (46,803) 1,109,569 935,150 1,029,982 949,594 2024 2024 2023 2023 Expendable Unrestricted Expendable Unrestricted Endowment Funds Endowment Funds £ £ £ £ - 55,000 - 45,000 2,044 2,044 1,029 3,256 |
|||
| 2024 Expendable Endowment £ - 2,044 |
|||
| 935,150 | |||
| 949,594 | |||
| 2023 Unrestricted Funds £ 45,000 3,256 |
|||
| 2,044 | 57,044 1,029 |
48,256 |
Page 7
THE BLANES TRUST
NOTES TO THE ACCOUNTS FOR THE
YEAR ENDED 31 MARCH 2024
6 Support Costs (including Governance costs)
| Accountancy and taxation charges including underprovision for previous year Year ended 31st March 2024 Independent Examiners review including underprovision for previous year Year ended 31st March 2024 |
2024 2024 2024 2023 Expendable Unrestricted Endowment Funds Total Total £ £ £ £ 1,194 1,194 2,388 1,456 850 850 1,700 1,800 |
|---|---|
| 2,044 2,044 4,088 3,256 |
7 Donations payable
| Donations payable | |
|---|---|
| Camden Girls School Hampstead Theatre Minority Rights Group Winston's Wish The Roundhouse |
2024 2023 £ £ 5,000 - 15,000 15,000 25,000 25,000 10,000 - - 5,000 |
| 55,000 45,000 |
The objectives of the Trust are fulfilled by the Trustees through consideration of appeals and making grants in response thereto. All grants made are for the general support of the recipient.
8 Employees
There were no employees during the year
9 Related Party Transactions
Aside from donations received during the year, from one of the trustees, there were no related party transactions during the period.
10 Controlling Party
No one party has overall control of the Trust.
Page 8
THE BLANES TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
11 Funds
Unrestricted funds comprise those funds which the Trust is free to use in accordance with the charitable objects.
Expendable endowment fund represents those assets, principally investments, that are held by the charity on a more permanent basis.
Any capital gains or losses arising on the investments form part of the fund.
Investment management charges and legal advice relating to the fund are charged against the fund.
Income arising on the endowment fund is included as Unrestricted income.
Clause 3 of the Trust Deed gives the power to apply the Trust Fund for such charitable purposes as the Trustees shall in their absolute discretion determine.
12 Analysis of cash and cash equivalents
| Cash at bank Analysis of net assets between funds Fund balances at 31 March 2024 are represented by: Fixed assets Current assets Creditors: amounts falling due within one year |
2024 2023 £ £ 48,244 102,621 48,244 102,621 Expendable Unrestricted 2024 2023 Endowment Income Fund Fund Total Total £ £ £ £ 1,109,569 - 1,109,569 935,150 16,642 32,958 49,600 102,621 (4,032) (2,370) (6,402) (5,141) |
2024 2023 £ £ 48,244 102,621 |
|---|---|---|
| 48,244 102,621 |
||
| 1,122,179 30,588 1,152,767 1,032,630 |
13 Analysis of net assets between funds
14 Statement of funds
| Unrestricted funds Expendable endowment funds Total of funds |
Brought Incoming Expenditure Gains / Transfer Carried Forward Resources (Losses) between Forward Funds £ £ £ £ £ £ 13,941 18,691 (57,044) - 55,000 30,588 |
|---|---|
| 1,018,689 85,000 (8,463) 81,953 (55,000) 1,122,179 |
|
| 1,032,630 103,691 (65,507) 81,953 - 1,152,767 |
Page 9