Charity rggistraliorb number.. 1096936 The Sir Tom Cowie Charitable Trust Annual Report and Financial Statements for the Year Ended 31 August 2021
The Slr Tom Cowle Charltable Trust Contents Reference and Adminlstrallva Detsils Trustèès. Report 2to5 Independent Auditors, Report 6t08 Statsfflent of Financial Aclivities Compvatlv8 Sl318m8nt ol Financial Activities 10 Balance Sheet 11 Notes to the Finan¢ial Ststements 12to23
The Sir Tom Cowle Charltable Trust Reference and Administrative Details Trustsos Mr D A Gray. Chairman fvlr P R Blackett Lady D Cow Eslale Office Broadwood H811 Lanchester County Durham DH7 OTD PTlncipal Officg Charlty R•gi¥tration Numb•r 1096936 Sollcttors BHP Law Weslgate House Faverdale Dartinglon Co Durham DL3 7RT Bankers Barclays Bank p Newcastle City 71 Groy Stre91 Newcastle upon Tyne NE1 6EF Auditor MHA Tail Walker Chartgr8d Ac¢ountants & Statutory Aujilor Bulman Housa Regent Cenlre Gosforth Newcastle upon TyMe NE3 3LS
The Sir Tom Cowie Charltable Trust Trustees, Report The Iruslèès present the annual report together w((h the financial ststern8nts and auditor5, report of the charfly for the year ended 31 August 2021. StTucturoi gov•rnance and managernent Natur? ofgovgrning document The Sir Tom Cowie ChartstrAe Trust is a re9istsred charity Iiegistèred number 1096936)- The governing documenl is the Tiusl Deed dated 20th January 2003, inclLKlk)g Ihe followng restrictions.. .There shall be at least tWD trustees al all Iirnes, who shall be al least 18 years old. .No trustee shall require any interest In property belonging lo the charity, recèlve any remuneratbn from the charity OT be interested in any contract entered into by the truste8S. .Truslees shall be able lo receive payment in good faith for.. .PrDfe55ional charges provided the benefiting Iruslee was not present at any meeb'ng al which his aprx)intment or remuneration was discussed. .Inlerest on money lent lo the charity provided the interest ratè does not exceed 2% less that Ihe bank clearing ral8. .Rental income for prèmhes lot lo the charity piovldad the beneffting trustee was not present al any meeting al which the lease or rentals payable was discussed. .Reimbursemenl Of reasonable out ol pocket expens08. incurrgd in their capacity as a Iruslee. The Iruslees shall hold al least two ordinary meetings in each year. Decisions ar8 detsrmined by the majority of votss at moelings. If no majority 15 detemilnwl tho chalrman shall h8V9 Iho ¢asting vol8. The Iruslees also act as the organising commiitee of the charity. Arrangemeftts for settiny key manaqem•ntpersonnel rnmun•ration Thè charity (k)es not employ any one direcly. The board. together the charity correspondent, run the day lo day grant giving aGtivilies of the charity. As a $Urt there are no key management rsonn&l. Rlsk Management The trustses have conducted a rewew ol tho major risks lo which the charty is exposed and the systems have been estsblished to mitigate those risks.
The Slr Tom Cowle Charltable Trust Trustees. Report ObJ•ctlv8s and •ctlvltlo0 ObJ8cts and alms Tha oty'ectives of the charity are the promotvjn for publlc benefit within the City of Sunderland and County Durham by 811 or any of the following means.. .The relief of povety in such ways as may be thought fft. .The advancement of educatK)n in such ways a5 may be thought fft. •The lief of unemployment in such ways as may be thought fil. Tha provision of aÈsistartè in th provision of housing for thoso who we in conditions of need 2nd the improvement of housing. provided that such powers shall not extend lo rdieving any local authorities or other bodies of a statutory duty lo provide or improve housin9. IThe maint8nan¢è, improv8m8nt tsr provision of public amènitiès. •The preservation of buildings or sites of historical or archi18Ctural importance. .The prOvlon Dr assistan in the provision of fecreatK)nal facilities for the pU1C al large ancvor those who, by reason of their youth, old age, infirmity or dis8blement, prtY or soclal and economlc cArcumstsnces. need such facilities. .The protection or conservalion of the environment. .The preservation and prolaction of health. The promotion of public safety and prevention of Grime. .Such other means as may from lime to lime be del8rn1ined subject lo prior consent of the commissioners. Fundraising disclosures The charity is required lo report how il deals wth fundraising from the public. The charity does not use a professionai fundraiser or commerd81 partbcipalor lo ralsg funds. Any moni8s raised dir8cI from Ihe public follows all guidelines sel out by the Charity Commission and UK law in every respect. We re$wGt tho privaGy and nI¥¢t pref¢rèn¢o$ of all public donors. Publk b8n•flt The Charily intend5 to cotrtinue ID benenl the publlG ol Sundtsrland and County Durham area. The Charity continues to run its own websiie, www.stcct.co.uk, to whith 811 PL)tential al¢antS are ntsw directed to see if they meet the criteria for grants and, ff so. lo make".heir applKallon onllne. The Trustees confimi th8t Ihey obtsin as much media coverage as pJssible when donations 8re made. Where appropriate and possible, the Trustees olso encourage the inclusion of the Charity's nam6 and logo whon donats'ons are made. The Tmsteas con8lder that th8 abov8 publicity raises awareness of the Charity which in tum ensufes that the public are aware of the Charity and IhergfcKe provides the opportunily for pe0Fe to OpY to the Charity for consideratKn. The truslges confirm Ihal Ihgy have comrAied with Ihe requiramènls of section 17 01 th8 Charili8s Acl 2011 to have due regard to the public benefit guklance published by the Charlty Commission for England and Wales. Grant maklng policles The charity invite5 applicatlon5 for fundlng fiuwii iiKliv1¢Jual ur instltutions located wtthin its area of benefit. The trustees meet regularly to revi applthlions and approve or refvse grants.
The Slr Tom Cowle Charltable Trust Trustees. Report Achbèv•ments and p•rforrnanco Effecb"v8ly. the last financial year was significantly aff8Cted by the COVID-19 parKlemic, whlch resulted In tho majorlty of sthool lentatsd visits and trips baing cancelled for th8 year and a number, including the proposed Ocean Youth Trust trip foi four schools, have been movgd forward to 2022. Further granls were made. including £10,000 towards new equipment al the Sunderfand Communlty Soup Kitchen and £10.0(J) to the St Mark's Community Centre. A grant of £50,000 was made Ic the Foundation of Light t(Mrds thr Wear Together project, focu66èd on poopl& in Sundowland and Impact of th• pandemlc. A new project, working w¢lh schools during the 2021122 academic year for the Wear Rivers Trusl wa$ agreed al a cost of £16.795. Finally. the Sir Tom Cowe Scholarship at Sunderland University )ntInueS with the hyo siudents for 2020121 academic year achievin9 first class honours degrees. Flnanclal r•vl•w The financial position for th8 year shows not irKomlng funds of £490,135. includlng nèt gains on Investment assets of £630.433. Total funds amount lo £5.978.e26 as al 31 st Au9usI 2021. 01 vknich endowment funds are £5,988,553. and restricted funds of £68. The Irustee5 consider the financial position of the charity lo be satisfactory. The trustees have considgred th8 financial posity?n in Ilghl of the ongoing sf(ualion in Telation to the Covid-19 virus and on condusion of this work and given the strong cash and investment balan. consider that th•r• are no material uncert8inti8s about th8 charitl5 aLility to continue as a going conc8rn. Pollcy on resotvos The Iruslees have reviewed future oulgoings and consider the CL¢rrenl level of reserves appropriate to gènarale sufficient income lo pay future donab.ons and expenses. Inv•stm8nt policy and oble¢tives Trustees may invest as they see fit, having reg8r(I for the stsndard investment critsria as defined by section 4 of the Trustee kt 2000.
The Slr Tom Cowle Charltable Trust Trustees. Report Statemenl of Trust•os' Rosponsibiliti05 The Irust80s arè responsible for preparing the trustees. repK)rt and the financ statements in accordanca ¥th Ihe Unitèd Kingdom Accounb'ng Standards (United lQngdom Generally AG¢epled Accounting Pra¢tice} and applicable law and regulations. The k8w applicable lo charities requires the trustees to prepare financial statements for each fir)ancial year whi¢h give a true and fair view of the slat8 of affalrs of th8 charity and of the incoming resource5 and applicatiDn of r8sour¢9s of thè charlty frjr that period. In preparing these flnan¢lal slatemenls, the trustees are requirod lo.. sÈlecl Sultsb accounting pdicies and th8n apply them ConsistY'. observe the methods and principles in the Charities SORP., m8ke judgements and tiMateS that are reasonable and prudent., stato whether applicable accounting standards have been fdlowed, subjacl to any material departures discknsed and explained in the lin8nc¢al statements., and prepare the financial statements on the going concem basls unless it is inapproprlata to pr8suma that the charity will continue in business. The Iruslees a re8ponsible for keeping propèr accounting rocords ltral disclose with reasonable accuracy al any timè the financial position of the charity and enable them lo ensure that the financial ststem8nts comply with the Chartries Act 2011. the appIable Charikn'es (Accounts and R8POrts Regulations. and the provtsions of thè conslitulion. The trustees are also responsible for safeguarding the assets of Ihe charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosurfr of Informatlon to audltor Each IrLJStee has taken steps that they ought lo have taken as a trustee in order lo make themselves aware ol any relevant audit information and lo estsblish that the charity's auditor is aware of that Informallon. The Iruslees conflmi that there18 no revant infom)ation that they know of and of which they know the auditor is unaware. R8appolntmgnt of audltor A resolution for the re•apKx>intment of MHA T8it Walker as auditors of the tharity is lo be proposed at the forthcoming Annual Ganeral Meeting. The annual report was appraved by the Iruslee8 of the charity on behalf by. and signed on Its rDAGf8y Trustee
The Slr Tom Cowie Charitable Trust Independent Auditorfs Report to the Members of The Sir Tom Cowie Charitablo Trust Opinion We have audrted the financial slalemenls of The Sir Tom COW Charitable Tru51 (the '¢harity'l for Ihe year 8nd8(131 August 2021, which comprbse th8 Ststemenl of Financial ktivities, Balancg Sheel, and Notgs to the Financial Statemenls, including a summary ol significant 8¢counting policS. The financial r8porting fram8WDrk Ih3t has been applled in thair praparalion is United Klngdom Accounting Standards, comprising Charities SORP- FRS 102 The Financial Reporting Slandar(i applicable in the UK and Republic of Irelan(J' and applicable law (United Kingdom Generally Accepted Accounting Practkel. In our oplnlon the flnanci81 statemenls: give a true and fair ifiew of the state of the charity's affairs as al 31 August 2021 and of its incoming resources aTrJ application of resources,including its income and expenditure for the year then ended; havc bccn propedy prepared in accordanc& with Unlt8d Kingdom Gworally Accepted Accounting Practice., aThJ have been prepared in accordan th the requirements of the Charilies Act 2011. 8•sis for opinion We conducted our audit in a¢¢ance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our reswnsibililies under those Standards ale further described iri the Auditor'5 responsibililies for the audit of the financial statements section of our r8POrt. We afe independent of the charity in ac¢or(tanca wlth the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical r98ponsibilitlgs in accordanco With thgse requirements. Wè bèligV• that the aLJdit èvidèncè wè have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng ncern In auditing the financial stalemenls, we have concluded that the trustees use of the going concem basis of accounting in the preparation of the financial statements is apprc¢)riate. B8seLI on the work we have perfomied. we have not ¥Jentified any mateitl uncert8inti8s re18ting to events or condltK)ns that, individually or collectively, may casl significant doubt or) the ¢hadty's 8billly to continue as a going concern for a period of at ast ty1ve monlhs from when the original financial stslements were aulhorised for issue. Our responsibilities and the responsibilities of the trustses with respect to going concern are dascribad in Ihe relevant sections of this report. Othor infom)atlon The trustees are responsible for the other informan. The other inform81ion comprises the Inforrnalion included In the annual report, other than the flnancial staternents and our auditor's report thereon. Our opinion on tie financial slalemenls does not cover the olhgr information and, except lo the 8Xtenl otherwise explicitly slalad In our report, we lo not exprgss any form of assurance conclusion thereon. In conngclion wllh our audit of Ihg financial statements. our rasponsibility is to read the other information and, in doing so, consider whether the other information is malefially inconsistent with the linancial statements or our Knowle(Jge obtained In the audii or oihewse appe8rs 10 E)e maierlally misstated. If we identrfy such material inconsistencies or apparent material misstatements. we are raquir8d to determine whether there is a malefial misslalemenl in tha financial stalem8nls or a material misstalemenl of the other information. If, based on the work we havfj performed, we conclude Ihal there is a material mi$statement of this other information, we are reqJired lo report that facl. We have nothing to report in ihis regard.
The Sir Tom Cowie Charltable Trust Independent Auditor's Report to the Members of The Sir Tom Cowie Charitable Trust Matt•rs on whlch wo ar• r•qulrod to r•port by exPIlOn In the light of our knowledge and understanding of the charity and its environment obtained in the urs8 of th8 audit, w6 have not idènlifi&d material misstalemenls in the Trustèes, Report. We have nothing to report in respect of the followng matters where the Charilies Act 2011 requirès us to report to you if. in our opinion.. sufficient accounting records have nol been kept, or the financial statements are not in agreement with the accounting record5 and returns- or ' w8 have rv)t received an the infornialion and ex anatIonS we require for our 8u(Jit. Responsibilities of trustè As explained more fully in Ihe Statement of Trustees. Responsibilities. the trustees are responsible for the preparation of the financial siatements and for being satisfied that th?y give a true and fair view, and for such inicrnKJI eonlrol as th¢ trustecs dctcrminc is neI$Sry to cnAbl¢ the prtpar&tion Of financial slatemenls that are fe from material misststemenl, wheth&r due to fraud or error. In preparing the financial slalemerts, the trustees are responsible for assessing the charivs ability to continue as a going concern, disdosing. as applicable, matters related lo going concern and using the golng concern basis of accounting unles5 the Iwslees either intend to liquidate the charity or to cease operations, or have no realistic altemative but lo do so. Auditor's responsibilities for the audlt of the financlal statemonts Our objeclivgs are to obtain reasonatrAe assurance about whether the financial statements a$ a whole a Iiee from malgri81 misstalemenl. whether due lo fraud or error, and lo issue an auditor's report that includgs our oplni¢)n. R¢asonabl¢ as$uran¢o is a hKJh lovel af assuranco, but is not a guarantoo that an audit ¢onduGled in accordance with ISAS IUKI will always delect a material mi5Stalement when il exists. Mi55taleTnents can arise from fraud or error and are considered fflalerial if, individually or in the aggregate, they Could reasonably be expected to inlluence the economic decisions of users taken on the basi5 of these finanrAal stal8m8nts. Irr8gulariti8s. includino fraud. arè Instant8É of non-etsmpllanee with laws and r8gulations. We deslon procedures in line with our responsibilities, outlined above, to detect material misslalements in respect irregularities, including fraud. The &Klenl to which our procedures ar& capable of detecting irregul8rities, including fraud is detailed below.. Enquiries wth managenEnt abt any known or suspeded instances of non-comF4iance Mth laws and regulations and fraud., . Revwing board minutss,, Challenging assumption5 and judgements made by management in their signrficanl accounting eslirnatss., Review financial statement disdosurgs and testiro to supporting do¢umentalion to assess compliance with applicable laws and regulalions., and Auditing Ihe risk of management override of controls. including through testing journal entries and other adlustmanls for approprialgness. Because of the field in which the dlenl operates, we klenlrfled the following areas as those mosl likely to have a malerbal impact On the financlal slatemenls.. Heatth and Safety., antl-bribery and ¢orrupllon,' and compliance with the UK Charities ACL Owing lo the inherent limitations of an audit. there is an unavoidable risk that some material misstalemenls in the financial statoments may not be delecled, even Ihough the audit is properly planned and perfornied in accordance with thg ISAS (UK). For lislance, the further removed non-compliance is from the events and transactions reflected in the financial statements. the Igss 1Skely the auditor is to become aware of il or lo recognise the non-compliance.
The Sir Tom Cowle Charltable Trust Independent Auditor's Report to the Members of The Sir Tom Cowle Charitable Trust A further description of our responsibilities for the audit of the financial slaloment$ is kscated on the Financial Rep)rting Counal's wobsiie 81 www.Irc.org.uklau¢Jilorsr8sponsibllit19s. This d8SCriPtion fom$ part of oui auditor's repo Use ofour roport This report is made SOlY lo the charity Irusle6s. as a body, in accordance with wlion 144 of tha Charit5 Act 2011 and regulations made undèr section 154 of that Act. Our work has been undÈrt8ken ao that we might state to the tru8toes Ihosc matt¢rs we are reqUId to state to twsteos in an auditors, rèport and for no other purpos8. To the lullesl extent p8miitled by law, we do not accept or a&sume responsibility lo anyone other than the charity and its Irusttres as a body. for our audit work, for this report, or forthe opinions we have formed. Simon Brown BA ACA DChA (Senior Statutory Auditor) For and on bahalf of MHA Tait Walkgr Chartered Accountants Statutory Auditor Bulman House Regent Centre Goslorlh Newcastle upon Tyne NE3 3LS Dale.. MHA Tail Walker is a trading name of Tail Wa*er LLP. hAHA Tait Walker is eligiol8 for appointment as auditor of the ch8rity by virtue of ils eligibility for 8ppointm8nl as auditor of 8 company under section 1212 of the Companies Act 2W6.
The Slr Tom Cowle Charltable Trust Statement of Financial Activities for the Year Ended 31 August 2021 Total 2021 Total 2020 Unr•strl¢t•d R05tr1ct•d Endowmont Income and Endowm•nts from: Investm8nl income 107,321 107.321 103,978 Expendlture on: Fiaisiw fund$ Charitable activities 19,1691 181,37C) 127,5071 29,573 136.6761 210,943 136.7661 149,191 Total Expenditure Gainslllossesl on investment assets 190,539 57,080 247.619 185.957 45,026 585.407 630,433 72,671 N81 lexpendrturelfincome 138,1921 528.327 490,135 1154,6501 Gross transfers between funds 2.765 2,765 Nel movement in funds 140,9571 531,092 490,135 1154.6501 ReconcSllallon of funds Total funds brought fcfward 30,962 68 5,457,461 5,488,491 5.643.141 Total funds carriod foNard 13 9.995 68 5,988,553 5,978,626 5,488,491 AJI of the charity's adivitie5 derive from continuing operations durfng thè above periods.
The Slr Tom Cowie Charitable Trust Comparative Ststement of Financial Activities for the Year Ended 31 August 2020 Total 2020 Unrestricted R•strfctad Endowment Note Income and EndowmentB from: Investmenl income 103,978 103.978 Exp•nditure on- Raising funds Charltabl8 aclivllles 19,1911 120,086 127,5751 29,105 136,766 149,191 Total &xpgnditur8 Gain81llossesl on investment asse15 129.277 56,680 185,957 32,162 1104,833 172.6711 Net incomellexpenditurel Gross tran8far8 een fund5 1161,513) {154,6501 17,357 17,357 N81 movèment in funds 110.4941 1144.158) {154,6501 Reconciliation of funds Totsl funds brought forward Total funds carried fonydrd 41,456 68 5,601.617 5.643.141 13 30,962 68 5,457.461 5,488,491 10
The Slr Tom Cowie Charltable Trust (Registration number: 1096936) Balance Sheet as at 31 August 2021 2021 2020 Fixed assets Invostmènts 5,887,154 5,361.868 Current assets Dgbtors Cash at bank and in hand 10 11 671 195,264 188,026 195,935 186,693 Credltors: Amounts falllng due wlthln one yèar Net current abs•l8 12 104.463 62,070 91,472 126,623 Net assets 5,978.626 5,488,491 Funds ¢fth• ch•rfty: Endowm•nt funds 5,988.553 5,457,461 R•stricl•d Ineome fvnds Reslricled fund5 13 Unro$trictsd incomè fund8 Unreslricled funds 9,995 30,962 Total fun(ts 13 5,978 626 5,488,491 The financial statements on pages 9 10 23 wer& approved by th8 twslees, and ahorised for i88uè on 1*/.121-1.).. and signed on iheir behalf by.. MrDAGray Trustee 11
The Sir Tom Cowle Charltable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 1 Accountlng pollclgs statement of compllanc• The financial statement5 have been prepaTed in accordance with Accounting and Reporting by Charities. Slatement of Recommended Practice applicable lo charities weparing their 8¢counls in accordancè with th8 Financtal R8POrting Standard applicablè in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reportbng Standard apwicable in the UK and ReputlC of Ireland IFRS 1021 and the Charitses AGI 2011. Basls of preparation The Sir Tom Cowe Charitable Trust meets the definitk)n of a public benefil entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value Ltnless olherwi$e staled in the relevant accounting policy notes. The functional currency is slerflng. Exomptlon from preparing a cash flow statemgnt The charity opted 10 8dow Bulletin 1 published on 2 February 2016 and havg therefore rt induded a ash flow slal8mènt in these financial slalemenl5. Going concèrn The trustees have considgred the financial positkin in IpJht Of thè ¢)ngoing 8itualion in relation to th8 Covid-19 virus and on ¢ondusion of thi8 work. gNen the strong and invosb))ent balance, consider that there are no material uncertainties atout the Charitys ability to continue as a going concem. Estimation uncertalnty 4nd ludg*m•nts The preparation of the finanGial 5tatemEnt5 f8qUbres management to make jud9&ments, estimatss and assumptions Ihat affect the amounts reported. Managamant have provided depreallon, prepayments, accruals and other cut-off adjuslmenls. Whilst management believe thal these esliffl8les and judgements are accurate, there 18 evgry likelihood that they will not be exact. These estimates and judgements 8re continually r8viewed gnd are based on experience anil other factors. including expectalian5 of future events that are believed lo be reasonable under the cir¢umstancgS. 12
The Slr Tom Cowie Charltable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 Income and •ndowm•nts Voluntary income including donations, gifts and 93c19S and grants that provide CO funding or are of goneral nalufe are recognised where there is enlitlemenl, certainty of receipt and Ihe amount can be m9asurod with sufficignt liabilIty. Such income is onty deferred when.. . The donor specrf*s that the grant or donation musl onty be used in future accounting peri&Js'. or v The donr)r has Imposed condllions Nthich musl be met before the charily has unconrllllonal entitlement. Inv•stment incom• Dividends are recognssed once the dlvldend has been declared and notification has been reiVed of the dlvidend due. Income from investments is included in incoming resource5 when the charity is entided to receipt. Expgnditure l expenditure is cOgnised once the a legal or construrtive obligatson lo that expenditu, it is pmbabl8 salllèmgnt is requlred and the amount ¢an be measurad raliatly. AJI c051s are allocated to the applicable eKpendilure heading that aggreg8le similar ¢osts to that category. VVher& costs cannot be directly attributed lo particular headings they have been allocated on a basis consistent wilh the use ol resources, th central staff costs alk)¢alèd on the basis of time spent, and depreciation charges allwaled on the portion (rf the asset'5 use. Other support costs arfj alocaled based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income. the management of investments and those Incurred in trading activities that r8ise funds. Charftable actlvltle$ Ch8rit8ble èxpenditure comprises those costs incurred by the charity in the delivery ol its activiiEs and services for its beneficiaries. It includes both costs that can be allocated direcly lo such activitEs and those costs of an indirect nature necessary lo support them. Governance costs These include the costs attritrwjtable to the charit15 compliance th conslilulional and slautory requiremerrts. induding audit, strategic managèment and trustees'g meetings and reimbursed exp8nses. Taxation The charity is considered to pass the tests set out in Paragraph 1 S¢hedLle 6 of the Finance Act 2010 and therelore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly, charity is potentially exempl from taxatK)n in respect of income or capit81 gain5 received within categories cove by Ghapler 3 Part 11 of the Corporation l ax Act 201V or Seuion 256 of the Taxation of Chargeable Gains Act 1992. to tha extent that such income or gains are applied exclusivety lo Charitab purposes. 13
The Slr Tom Cowle Charitable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 Flx•d assot Invoslmgnts Fixed asset Investments are included at market value al the balance sheet date. Re81ised g8ins and losses on investments ar8 Calculated as the difference between sa18s proceed8 and their market value al the start of the year, or their subsequent cost, and are charged or crediled to the Stat&ment of FSnanckg1 A¢ifvf(igs in Ihe period of disposal. Unrealised gains and losses represent the movement in markel values during Ihe year and are edlled or chargèd to the Ststement of Financial Aclivrtles based on the market value al the year end. Trade debtors Trade and other d8blors are recognised at the sattlemènt amount due after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. Cash and cash equival•nts Cash arKI cash equivalents comprise cash on har 8né call deposiis. and other short4erm highly liquid investments that are readily convertible to a known amount of cash and are subjacl to an insignificant risk of chango in value. Trade creditors Creditors and provision5 are recognisgd wh8r8 the charity has a present obligation resu111ng from a past 8venl that will probably result in tha transfgr of fund8 10 8 third party and the amount due lo sollle the obligation can be me8sured or estimated reliatAy. Creditors and provi8ion are norTn8lly recognised at their settlement amount after allowing for any Irdde discounts due. Fund structurn Unreslricled funds comprise those funds which the Iruslees are free lo use for any purpose in furtherance of the G*aritable obl8cts. Unr8stricted funds can include designatsd fL4nds where th8 trustees. at their discretion. hav8 Creatéd a ftjnd for a specific purpose. Restricted funds are fun(È which are to be used In accordance wth speciftc restrlcllons imposed by the donor or trust dèéd. The charity has an expendable enLtowment fund, cr8al8d by a donation from Sir Tcffl Cowie. The income of Ihis fund 18 used to purGhase properties and investments, to genora19 tund8 for tho expandilura raquirad lo rneot the charitabl8 objectives. Th8 lemis of the fund allow th8 illcDm8 to b8 accumulated and the capital lo b8 spent if th8 trustees so detamiine. The intention of the Iruslees is to preserve the capital. as far as possible, spending the in(vme earned froTh the inveslmenls. However. the trustees wim continue to consider each potential application for fvndiig on ils own merit and may choDse lo suppori larger applications 8ven if thèse erode the capital valug of the endowmellt fund. The Endowment Reserve at each financial year end fjquales to the aggregate value of Fixed Assel Inveslmenls, C8sh held by the investment broker (which is rQgniSed in current assetsl less any liability lo pay donations (which are recognised in current liabililiesl. 14
The Slr Tom Cowie Charltable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 2 Investment income UnroStrict•d funds General T¢tal 2021 Total 2020 Interest reCeIv8b 8nd slmllar Inc(Kne'. Inlgrost roc8ivatAe on b8nk deposits Oth&r incomo Irom fixod asset investments 413 103.565 107,321 107.321 107,321 107,321 103,978 3 Expendllure on ral#lnll tlJnd# al Invostmont managemont costs Unr•$lrictsd Endowment funds funds Gonoral Expendable Total 2021 Tolal 2020 Note Other investment management ccjsts.. Amounts payablo to investment managgrs 9,169 9.169 27,507 27,507 36,676 36,676 36,766 36,766 Inveslmenl management costs have bean split 25% to unreslricled funds and 75% to endowment funds, 85 in line wlh prw)r years. 15
The Slr Tom Cowle Charltable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 4 Expondlture on charitable a¢vItIeS Unrnslrietsd Endowment Fund Fund T¢tal 2021 Total 2020 Ch8rttable Donalions Support Costs 171,253 10,117 181,370 A¢tlvlty und•rtakèn dlrectly 171.253 39,690 210,943 108,783 29.573 29,573 Actlvtty support costs 149.191 Total 2021 Total 2020 charita19 donatK)ns Gov8rn8nc8 Costs 171.253 171,253 39.6 106,783 39.690 171,253 39,690 210.943 149,191 16
The Sir Tom Cowle Charitable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 2021 2020 Grants lo Institution$ Primary Schools- school visit transport Primary Schools- Book Packs Woodshed Workshop Grang& Park Southmoor Academy Dame Dorothy Primary Sch¢)ol Aterations Universty of Sundedand Development Trust Featuras Fund Bursary 7 Colombo Road - Acllvities e,020 2,473 22,500 9.544 2,IXJ5 616 10.803 20,000 568 20,000 200 Consett Rotary Willowfiekls Prim8ry- library Grangetown - Covid-19 Grang8lown - School Trip Gillas Lane - Covid 19 600 10,000 4,000 2.000 1.000 Valley Road - Covi1&19 Hudson Road - Covid-19 Hudson Road - Library DAmè Domthy- Covid-19 Oame Dorothy- Health and Wellbeing Support Champion Burnside School 2,0(K) 4,778 2,880 3,OCK) 10.oc Barmston Village Primary Schc sunderlar Community Soup Kitchen - Covid-19 Derwenlside Trust- Covid-19 5,000 10,000 6.1)00 3.179 598 East Durham Community Development Twsl- Covld-19 Boat trips la Real 10.OIJ) 6,356 Bummoor Scouts Durham Associalion of Boys and Glrls Clubs Sir Tom Cowie Famity Trust St Mark'6 Community Cenlre Foundation of Light We8r Rlvers Trust 1,500 190 10,000 50,0(J) 16,795 5,0(x) 2,0(Kl Casuglown Scout Group Sunderland Communty Transport Stanhope Silver Band Willow Hospice s,0? 53 17
The Slr Tom Cowle Charltable Trust Notes to the Flnanclal Statements for the Year Ended 31 August 2021 53 Sandhill Community Group Wearstd8 Women in Nee 7.199 17911 108.783 Tot81 Grants 171,253 5 Analysls of gov¢rn•rte and Support costs Support co$t$ allocatsd to charltable a¢tlvltles Govornanc• ¢ost$ Tot 2021 Total 2020 Audit fees T8x fees Trustee insurance Subscriplions Bank charges Admin support costs Book•oping Foas Intemel Charges Entertainment Exchange rats varia 4.080 90 949 958 4,080 3.600 90 925 1.022 193 27,120 5,760 451 364 883 949 958 26 27,120 5,760 562 27,120 5,760 562 145 145 39,6} 39.6 6 Trustees remuneratlon and •xpen8•S No trustees. nor any persDns connected with them. have recelved any remuneration from the Charity during the ypar. No trustees have received any reimbursed expenses from the charity dullng th8 year. The charty does not empby 8ny other members of staff. 18
The Slr Tom Cowle Charltable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 7 Audltorn. remuneratlon 2021 2020 Audit of the financi81 statemen18 4,080 Othèr fe05 to audltors All othei non-audil sgrvices 5,760 5.280 8 Tuatlon Thg charity is a reglstered charity and is thèrefor& axempt from 18xalion. g Fix•d ass•t Investments 2021 2020 Other investmer 5,887,154 5,361,868 Oth•r Inv88tments Listed investm8nt$ Totsl Cost or Valuatlon At 1 September 2020 Additions Disposals Revaluat 5,361,868 5.361,868 461,404 461,404 {521,5261 {521,5261 585.408 585.408 At 31 August 2021 5.887,154 5.887.154 Net book valu• Al 31 August 2021 5,887.154 5.887,154 At 31 Augusl 2020 5.361,868 5,361,868 19
The Sir Tom Cowie Charltable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 Historical cost of inveslmwts ot year end was £4,677.301 12020.. £4.531,2431 Th8 inv8Stments are rnade up as follows: 2021 2020 UK Quot8d Fix8d Interest Securiiies UK QuDl8d Shares Non-UK Quoted Shares Non UK Fixed interest 1,020.000 2,736,421 1,852.804 277,929 1.060,163 2.334,365 1,696.071 271,269 5,B87,1 $4 5,361,868 No indNidual shareholding exceeds 5%. 10 Debtors 2021 2020 Accruad income 671 667 11 Cash and cash aqulvalenl$ 2021 2020 Cash 81 bank 195,264 188,026 12 Crèdltors.. amounts falllng due wllhln onè y•ar 2021 2020 Trade credi(ors AcGfua 89.083 15,380 53,470 8,600 62,070 104.463 20
The Sir Tom Cowle Charitable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 13 Funds Balance at Balan¢• Other at31 Septembor Incomlng Resources r•cognlsgd August 2020 rosourc 6Xnded Transfarsgainsl(losse$) 2021 Unrestri¢t8d funds Geftgral General 30,962 107.321 1190,539) 12,765) 45,026 19,995) Rèstrlcted funds Coats for Kids 68 Endowment funds Expéndabl• Expendable 5,457,461 57,080 2,765 2,765 585.407 5,988,553 585.407 5,988,553 5,457,461 57,080 Totsl fund$ 5,488,491 107.321 247.619 630.433 5.978,626 Unreslricled fund8 eomprise Ihosa fvjrS which th& trustees am fr@8 to US8 for any purpose in fvrlherance of the charil*le objects. Unre$lricted funds can include designated funds where the trustees, at thelr dlSGretion, have Greated a fund for a speGrfic purpose The charity has an expendable endowment fund, created by a donatK)n from Sir Tom Cc)wie. The income of this fund is used to purchase properties and investments, lo generate funds for the exp8ndilure qUired lo mèet the charitable objectives. The tems of the fund all¢)w the income to be accumulated and the capitsl lo be spent il the trustees so determine. The inlention of the trustees is to preserve the capital, as far as possible. sponding the income earned from the investments. How8ver. the trustees will continue b consider eh potential application for ftjnding on its own merlt and may thoose to SUPFQrt larger applicalions even if these erode the capital value of the endowment lund. The ErKlowmeni Reserve at each financk?l yeai end equates to the aggregat8 valu8 of Fixed Assel Investments. Cash held by the investment broker (which is recognised in current assets) less any Ilabillty to pay donatpJn5 Iwthich are ro¢ognisod in currant liabilitias}. The spocific purposes for which the fijnds are to te applied are as folbws., Coats for Kid5 Project- Tha fund was tt8ated lo purchase coats to glva free to children. 21
The Sir Tom Cowie Charltable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 14 Analy81$ of nel assets betwe•n fvnds Total funds at31 August 2021 Unrgstrlthd funds G¢n?ral Endowmant fund$ Expendabl• Rostrlctsd funds Fixed assel Investments Gurrent assets Cuirenl liabAltles 5.887,154 185,969 87,570 5,887,154 195.935 1104,4631 5.978.626 6,898 16,8931 9,995 68 Total nel assets 68 5.988,553 Total funds a131 AugU8I 2020 Unrestricted funds General Endowmoni funds Expendable Restricted funds Fixed assgl investments Current assgls Curr8nl liabilitS 5.361,868 147,623 52,030 5.361.868 188,693 62,070 41.002 10,1)40 68 Total net assets 30,962 68 5.457,461 5,488.491
The Sir Tom Cowle Charitable Trust Notes to the Financial Statements for the Year Ended 31 August 2021 15 Analysi$ of n•t fund S¢ptemb•r 2020 Flnancin9 At 31 August cash flows 2021 Cash at bank and in ha1 188,026 7,238 195.264 N81 funds 188,026 7,238 195,264 Septmber 2019 Flnanclng At 31 August cash flows 2020 Cash al bank armj in hand 220,481 32,455 188,026 Nat funds 220,481 32.455 188.026 16 Relat•d party transactions During the year the charils made the following related party transactions= Thg Slr Tom Cowle Famlty Trust 2006 The tsvo entities a rtlated in that trustees Lady D Cowie, Mr D Gray and Mr P 81kett are trustees of Thè Sir Tom Cowè FamFly Trust 2006. During the year the twsl incurred adminislratK)n support costs of £27,12012020 - £27,120) ènd other costs of £90 12020 - £2801. At the balanGe shget dale the amount due tolfrom The Sir Tom Cowie Family Trust 2006 was £Nil12020 - £Nill. Cowle Estates Llmlted The enlilies are relaled in that tmstees Mr D Gray and Mr P Blackett are directors of Cowie Estates Limited. During th& y8ar th8 trust incurrad m8nagwnant charges of £Nil {2020 - £Nill from Cowie Eslates Limited. At the balance sheet date the amount due tthom Cowie Estates Limited was £Nil 12020 - £Nill. 23