Registered company no: 05283336 Registered charity no: 1107032
The Kenneth and Barbara Boardman-Weston Charitable Trust
Report and Financial Statements for the year ended 31 December 2021
Independently examined by: The Rowleys Partnership Ltd Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP
The Kenneth and Barbara Boardman-Weston Charitable Trust Report and Financial Statements for the year ended 31 December 2021 Contents
| Charity information Trustees' Annual Report (Including Directors' Report) Independent Examiners Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements |
Page |
|---|---|
| 1 2 - 4 5 6 7 8 - 10 |
1
The Kenneth and Barbara Boardman-Weston Charitable Trust Report and Financial Statements for the year ended 31 December 2021 Charity information
| Registered Company number | 05283336 |
|---|---|
| Registered Charity number | 1107032 |
| Directors | J A W Boardman-Weston |
| S N H Boardman-Weston | |
| T K C Boardman-Weston | |
| D G W Boardman-Weston | |
| Registered Office | 1 St Helen's Court |
| North Street | |
| Ashby-de-la-Zouch | |
| Leicestershire | |
| LE65 1HS | |
| Independent Examiners | The Rowleys Partnership Ltd |
| Chartered Accountants | |
| Charnwood House | |
| Harcourt Way | |
| Meridian Business Park | |
| Leicester | |
| LE19 1WP | |
| Bankers | Handelsbanken |
| Nottingham Ropewalk Branch | |
| Ground Floor | |
| 22a The Ropewalk | |
| Nottingham | |
| NG1 5DT |
2
The Kenneth and Barbara Boardman-Weston Charitable Trust
Trustees' Annual Report (Including Directors' Report) for the year ended 31 December 2021
The Directors of the charitable company are its Trustees for the purpose of charity law and are named throughout this report as Directors. The Directors submit their report and the financial statements of the charity for the year ended 31 December 2021. The Directors have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland published in October 2019.
Details concerning the registration of the charity with Companies House and with the Charities Commission, the registered office, and the Directors are shown on the enclosed page entitled 'Charity Information'.
Constitution and objects
The charity is a charitable company limited by guarantee and was set up on 10 November 2004. It is governed by its Memorandum and Articles of Association. Its objects are to provide residential accommodation to needy persons over the age of 55 years and to relieve persons who are in conditions of need, hardship or distress as a result of local, national or international disaster or by reason of their social and economic circumstances.
Directors
The following directors have held office throughout the year:
J A W Boardman-Weston S N H Boardman-Weston T K C Boardman-Weston D G W Boardman-Weston
Directors' interests
The interests of all Directors is limited by guarantee to £10 each.
Financial review
The income of the charity arises principally from investment income from an investment portfolio held by the charity.
During the year income was received in the form of dividends and interest from the charity's investments. Related professional fees were incurred in respect of the management of the portfolio.
Charitable donations
| Charitable donations | ||
|---|---|---|
| During the year the Trust made the following payments: | 2021 | 2020 |
| £ | £ | |
| Charitable donations | 30,520 | 31,000 |
The charitable donations are as follows:
Hospice Hope providing support to people affected by a life limiting condition - £10,520 (2020: £10,000). Bank House, South Derbyshire Mental Health Association - £10,000 (2020: £10,000), to cover the wages of a mental health support worker and or kitchen refurbishment.
Measham Medical Unit - £10,000 (2020: £11,000) for the running costs of the shuttle bus including delivery prescription service.
3
The Kenneth and Barbara Boardman-Weston Charitable Trust
Trustees' Annual Report (Including Directors' Report) for the year ended 31 December 2021
Activities and performance
The principal activity of the charitable company continued to be to provide accommodation for needy persons over the age of 55 and to relieve persons who are in conditions of need, hardship or distress as a result of local, national or international disaster or by reason of their social or economic circumstances.
Plans for future periods
At the year end, the charitable company's general reserves had increased. The Directors are confident that the current investment portfolio gives the company the best opportunity to provide income to meet its objects. The Directors continue to give active consideration to projects that would advance the aims of the charity.
The charity had total general funds of £2,912k as at 31 December 2021 (2020: £2,561k), of which £2,412k were general reserves (2020: £1,723k) and £500k were unrealised gains on investments (2020: £838k). The current investment portfolio was set up in 2012 and the intention of the Board of Directors is to maintain the bulk of the fund to be invested to provide a mixture of income and capital growth. The Directors policy is normally only to distribute the income generated in any year.
Notwithstanding the general intention of the Directors, should substantial projects arise, that meet the charity objectives and require substantial sums, the Directors have agreed that the use of capital is not precluded. In the meantime, the Directors have continued to make grants deemed appropriate to the objectives of the charity. In order to protect against any adverse market conditions and unforeseen circumstances, the Directors have set a minimum unrestricted reserve threshold to be maintained of an amount at least equal to the sum of the previous two years' expenses per the annual accounts including investment management fees, plus the total grants made over the previous two years. As at the end of December 2021, this amounts to £100k (2020: 100k).
Structure, governance and management Statement of directors' responsibilities - charitable company accounts
Company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the net income or expenditure for the year. In preparing these financial statements, the Directors 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 judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and that enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
4
The Kenneth and Barbara Boardman-Weston Charitable Trust
Trustees' Annual Report (Including Directors' Report) for the year ended 31 December 2021
Management of risk
The Directors recognise their responsibility to identify the major risks to which the charity is exposed, to review these risks and establish systems to mitigate them.
Risk management is an ongoing process and the Directors are committed to regular reviews and a means of understanding the risks to which the charity is exposed.
Future operations
Since the year end the Covid 19 pandemic has caused an economic downturn affecting the world stock markets. This has had a significant effect on the value of the Charity's investments and income generation since the year-end. Whilst at present it is unknown how quickly the economy will recover, the Directors are of the opinion that the Charity has sufficient funds to be able to continue its charitable purpose.
Statement of disclosure of information to independent examiners
We, the Directors of the company who held office at the date of approval of these financial statements, as set out above, each confirm so far as we are aware, that:
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There is no relevant information of which the independent examiners are unaware; and
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We have taken all the steps that we ought to have taken as trustees and directors in order to make ourselves aware of any relevant information and to establish that the independent examiners are aware of that information.
Public benefit
The Directors are confident that the charity meets the public benefit requirements, and they confirm that they have taken into account the guidance contained in the Charity Commissions' general guidance on public benefit where applicable.
Independent Examiners
The Rowleys Partnership Ltd, Chartered Accountants, have been appointed as the independent examiners of these financial statements.
This report was approved by the Board on :
12/09/2022
Daniel Boardman-Weston
signed on 12/09/2022, 09:24:31 BST
D G W Boardman-Weston
Chairman
The Kenneth and Barbara Boardman-Weston Charitable Trust
5
Independent Examiners' Report to the Members of The Kenneth and Barbara Boardman-Weston Charitable Trust
I report to the Charity Trustees on my examination of the accounts of the company for the year ended 31 December 2021 which are set out on pages 6 to 10.
Respective responsibilities of Trustees and Examiner
As the Charity Trustees of the Company (and also its Directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no 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 company as required by section 386 of the 2006 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 accounting requirements of section 396 of the 2006 Act other than
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any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of
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Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
The Rowleys Partnership Limited
signed on 12/09/2022, 09:39:49 BST
The Rowleys Partnership Limited Chartered Accountants
Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP
Date:
12/09/2022
6
The Kenneth and Barbara Boardman-Weston Charitable Trust
Statement of Financial Activities for the year to 31 December 2021
| Incoming resources from generated funds Investment Income Dividends Other interest Profit on disposal of shares Total incoming resources Resources expended Costs of generating funds Investment management charges Charitable activities Grants and donations Other expenditure: Independent examination Misc (Subscriptions) Bank charges Total resources expended Net incoming resources Other recognised gains/losses Impairment of investments Gains/losses on investment assets (unrealised) Net movement in funds Funds brought forward at the start of year Funds carried forward at the end of year |
Note | 2,142 40 3 |
2021 £ |
|---|---|---|---|
| 3 4 4 7 |
|||
All gains and losses recognised in the year are included above. All funds are unrestricted.
The notes on pages 8 to 10 form part of these accounts.
7
The Kenneth and Barbara Boardman-Weston Charitable Trust
Balance Sheet as at 31 December 2021
| Investments at historic cost Impairments Unrealised gains/(losses) on investments Investments at market value Current assets Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Capital and reserves Investment revaluation reserve General reserves Total general funds |
Note 9 7 8 9 10 |
2021 £ |
2020 £ |
|---|---|---|---|
| 2,396,849 (89,540) 499,775 2,807,084 111,137 6,385 104,752 2,911,836 499,775 2,412,061 2,911,836 |
1,458,637 - 838,838 |
||
| 2,297,475 | |||
| 270,465 6,311 |
|||
| 264,154 | |||
| 2,561,629 | |||
| 838,837 1,722,792 |
|||
| 2,561,629 | |||
For the year ending 31 December 2021:
i) the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies;
ii) the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
iii) the directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the accounts.
12/09/2022
Approved by the Directors on and signed on their behalf by:
Daniel Boardman-Weston
signed on 12/09/2022, 09:24:31 BST D G W Boardman-Weston
Chairman
The notes on pages 8 to 10 form part of these accounts.
Company registration number: 05283336
8
The Kenneth and Barbara Boardman-Weston Charitable Trust
Notes to the Financial Statements for the year ended 31 December 2021
1. Accounting policies
(a) Basis of preparation
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdon and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.
(d) Incoming resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. No amounts are included in the financial statements for services donated by volunteers.
(d) Resources expended
All expenditure is accounted for on an accruals basis and has not been classified under headings that aggregate all costs related to the category.
(e) Investments
Investments are shown at market value.
(f) Current liabilities
Provisions for liabilities are shown where an essential future cost is estimated at the year end.
9
The Kenneth and Barbara Boardman-Weston Charitable Trust
Notes to the Financial Statements for the year ended 31 December 2021 - continued
1 Accounting policies (continued)
(g) Going concern
The financial statements have been prepared on a going concern basis as the Directors believe that not material uncertainties exist. The Directors have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. Legal status of the trust
The trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
3. Investment Income
An analysis of the income received from investments is shown on the face of the Statement of Financial Activities.
4. Cost of generating funds and governance costs
An analysis of the cost of generating funds and governance costs is shown on the face of the Statement of Financial Activities.
5. Directors' remuneration and expenses
No remuneration or expenses were paid to the directors in the current year or the prior year.
6. Staff costs
There were no staff costs for the current or prior year.
10
The Kenneth and Barbara Boardman-Weston Charitable Trust
Notes to the Financial Statements for the year ended 31 December 2021 - continued
| 7. Fixed asset investments Market value as at 1 January Additions during the year Disposals during the year Impairement in the year Unrealised gains taken to Revaluation Reserves Market value as at 31 December Investments at fair value comprised: Equities Fixed interest securities Actively managed strategies 8. Creditors: amounts falling due within one year Independent examination fee accrual Investment management charges 9. Investment revaluation reserve Balance brought forward as at 1 January Gains realised in the year Unrealised gains/(losses) in year 10. General reserves As at 1 January Net incoming/(outgoing) resources in year Gains realised in year Unrealised gains/(losses) in year As at 31 December |
2021 £ 2,297,475 1,796,030 (1,422,181) 2,671,324 (3,542) 139,302 2,807,084 2,576,996 157,949 72,139 2,807,084 1,980 4,405 6,385 838,837 (478,364) 139,302 499,775 1,722,792 350,207 478,364 (139,302) 2,412,061 |
2020 £ |
|---|---|---|
| 2,252,723 142,965 (147,260) |
||
| 2,248,427 - 49,048 |
||
| 2,297,475 | ||
| 1,777,101 189,789 330,585 2,297,475 |
||
| 1,758 4,553 |
||
| 6,311 | ||
| 789,789 - 49,048 |
||
| 838,837 | ||
| 1,726,972 44,868 (49,048) - |
||
| 1,722,792 |
11. Restricted funds
There were no restricted funds held by the charity.