THE MARTIN BOWLEY CHARITABLE TRUST FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
Registered Charity no: 1108049
The Martin Bowley Charitable Trust
Report of the Trustees
For the Year Ended 5 April 2021
The Trustees present the annual report and financial statements of the charity for the year ended 5 April 2021. The financial statements comply with current statutory requirements and the requirements of the Charity’s governing document.
Objectives and Activities
The objects of the charity as set out in the Trust Deed are
-
a. To promote and protect the physical and mental health of sufferers of HIV in England and Wales and their families and carers
-
b. To relieve financial hardship of persons under the age of thirty years who are training for the performing arts
-
c. To relieve financial hardship of playwrights under the age of thirty years
The Trust delivers these objects through the provision of grants.
In addition to delivering the charitable objects, the trustees aim is to maximise and manage the funds to produce investment income so grants can be paid to beneficiaries.
When setting objectives and awarding grants the trustees pay due regard to the general guidance issued by the Charity Commission in respect of public benefit.
Achievements in the Year
Grants of £66,000 were awarded in the year (2020: £48,000).
Financial Review
Investment policy
The trustees have the powers of investment as beneficial owners. The Trustees investment objective is to achieve the maximum income whilst preserving the real value of the capital over the long term. The endowment fund investment is managed by Cheviot Asset Management with a view to maximising income.
Reserves policy
The trustees do not consider it necessary to retain by way of ongoing reserves any of the Trust’s unrestricted general funds as the Trust has no monetary commitments which cannot be met from annual income.
At 5 April 2021 the charity had £16,416 (2020: £20,983) in unrestricted funds which will be distributed in 2021/22.
Impact of Covid-19
Although the value of investments fell just before the previous year end as the stock markets responded to the Covid-19 pandemic, the value of the portfolio recovered well in 2020/21 and investment income held up to expectations. With this in mind, the trustees decided to release £18,000 from the expendable endowment fund to make additional grant funds available to its beneficiaries to mitigate the impact of the pandemic which hit the sectors they work in particularly hard. Details are shown in note 2.
1
The Martin Bowley Charitable Trust Report of the Trustees (Continued) For the Year Ended 5 April 2021
Structure Governance and Management
The Trust is constituted and administered and managed under a Declaration of Trust dated 9 February 2005.
New trustees are appointed by the benefactor during his lifetime and subject thereafter by the trustees.
The trustees administer the day-to-day activities. There are no paid staff.
Administrative details of the Charity, Its Trustees and Advisors
The Trust was established by M Bowley as benefactor under a Deed dated 9 February 2005 and was registered as a charity in England and Wales on 11 February 2005 (no: 1108049)
Registered Address Operational Address Flat E Barber &Co 23-24 Great James Street 50 New Road London Brentford WC1N 3ES Middlesex TW8 0NU
The Trustees who acted throughout the year and up to the date of this report were
M Bowley R Thomason A Barber M Westrip Bankers LloydsTSB High Holborn Branch 296-302 High Holborn London WC1V 7JH Solicitors Greene & Greene 80 Guildhall Street Bury St Edmunds Suffolk IP33 1QB Investment Advisors Quilter Cheviot One Kingsway London WC2B 6AN Independent Examiner Nicola Anderson FCA FCIE 189 Baldwins Lane Croxley Green Herts WD3 3LL
Approved by the Trustees on ……………………………………….. 2021 and signed on their behalf by
M Bowley
2
Report of the Independent Examiner
To the trustees of
Martin Bowley Charitable Trust
I report to the trustees on my examination of the accounts of Martin Bowley Charitable Trust (charity no: 1108049) for the year ended 5 April 2021 which are set out on pages 4 to 9.
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’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Nicola Anderson FCA FCIE Chartered Accountant & Independent Examiner
189 Baldwins Lane Croxley Green Rickmansworth Herts. WD3 3LL
Dated: ……………………………………… 2021
3
The Martin Bowley Charitable Trust
Statement of Financial Activities
For the Year Ended 5 April 2021
| Expendable | Unrestricted | Total | Expendable | Unrestricted | Total | ||
|---|---|---|---|---|---|---|---|
| Endowment | 2021 | Endowment | 2020 | ||||
| note | £ | £ | £ | £ | £ | £ | |
| Income from | |||||||
| Donations | 50,000 | 13,250 | 63,250 | 50,000 | 15,900 | 65,900 | |
| Investments | - | 39,825 | 39,825 | - | 35,209 | 35,209 | |
| Total income | 50,000 | 53,075 | 103,075 | 50,000 | 51,109 | 101,109 | |
| Expenditure on | |||||||
| Grants | 2 | - | (66,000) | (66,000) | - | (48,000) | (48,000) |
| Investment manager fees | - | (8,956) | (8,956) | - | (6,866) | (6,866) | |
| Independent Examiner fees | - | (550) | (550) | - | (525) | (525) | |
| Other | - | (136) | (136) | - | (131) | (131) | |
| Total expenditure | - | (75,642) | (75,642) | - | (55,522) | (55,522) | |
| Gains/(losses) on investment assets | 3 | 459,928 | - | 459,928 | (232,403) | - | (232,403) |
| Net income/(expenditure) for the year before | 509,928 | (22,567) | 487,361 | (182,403) | (4,413) | (186,816) | |
| transfers | |||||||
| Transfer between funds | (18,000) | 18,000 | - | - | - | - | |
| Net income/(expenditure) for the year after | 491,928 | (4,567) | 487,361 | (182,403) | (4,413) | (186,816) | |
| transfers | |||||||
| Reconciliation of funds: | |||||||
| Funds at beginning on the year | 960,004 | 20,983 | 980,987 | 1,142,407 | 25,396 | 1,167,803 | |
| Funds at the end of the year | 1,451,932 | 16,416 | 1,468,348 | 960,004 | 20,983 | 980,987 |
4
The Martin Bowley Charitable Trust
Balance Sheet
As at 5 April 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| note | £ | £ | £ | |
| Investments | 3 | 1,448,413 | 941,529 | |
| Current Assets | ||||
| Debtors | 16,424 | 17,066 | ||
| Investment Income Accounts | 5,211 | 14,911 | ||
| Cash at Bank | 1,367 | 10,039 | ||
| 23,002 | 42,016 | |||
| Creditors: amounts due within 12 months | 4 | (3,067) | (2,558) | |
| Net current assets | 19,935 | 39,458 | ||
| Net assets | 1,468,348 | 980,987 | ||
| Funds of the charity: | 5 | |||
| Expendable Endowment | 1,451,932 | 960,004 | ||
| Unrestricted General Funds | 16,416 | 20,983 | ||
| 1,468,348 | 980,987 |
These Financial Statements were approved by the Trustees on ……………………………………….. 2021 and signed on their behalf by
M Bowley
A Barber
5
Notes to the Accounts For the Year Ended 5 April 2021
The Martin Bowley Charitable Trust
1. Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2015.
The accounts 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 applying ‘Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2015’ rather than the version of the Statement of Recommended Practice referred to in the regulation but which has since been withdrawn.
The charity constitutes a public benefit entity.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
Income recognition
Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Investment income is recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by investment managers of the receipt of the dividend.
Expenditure recognition
Expenditure is recognised when a liability is incurred. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Grants payable are accounted for when the trustees have made a formal offer and the grantee has demonstrated that they have met the conditions of the grant.
Fund structure
Endowment funds represent capital that the trustees are required to invest and retain with the income available for use for the charity’s purposes. If the trustees have the power to convert endowment capital into income, the endowment is classified as expendable. Income that may be applied at the discretion of the trustees within the charitable objects are included in unrestricted funds.
Investments
Listed investments are a form of financial instrument initially recognised at transaction value and subsequently at carrying value. Carrying value is the mid-market value at the valuation date. Realised and unrealised gains or losses are taken to the Statement of Financial Activities.
6
The Martin Bowley Charitable Trust
Notes to the Accounts (continued)
For the Year Ended 5 April 2021
| 2. | Grants to beneficiaries | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Institutions: | |||
| Young Vic | 5,500 | 4,000 | |
| Terence Higgins Trust | 5,500 | 4,000 | |
| Rose Bruford College | 5,500 | 4,000 | |
| Bush Theatre | 5,500 | 4,000 | |
| English Stage Company | 5,500 | 4,000 | |
| NUS Drama Festival | 5,500 | 4,000 | |
| JMK Trust | 5,500 | 4,000 | |
| Talawa Theatre Company | 5,500 | 4,000 | |
| Donmar Warehouse | 5,500 | 4,000 | |
| High Tide Festival | 5,500 | 4,000 | |
| National Aids Trust | 5,500 | 4,000 | |
| Almeida Theatre | 5,500 | 4,000 | |
| 66,000 | 48,000 | ||
| 3. | Listed investments | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Market value at beginning of the year | 941,529 | 1,132,127 | |
| Capital invested in year | 47,696 | 37,730 | |
| Net Income reinvested/Charges paid) | (740) | 4,075 | |
| Increase/(decrease) in market value | 459,928 | (232,403) | |
| Market value at end of year | 1,448,413 | 941,529 | |
| Historic cost | 865,633 | 783,360,231 | |
| Investments are held as follows: | |||
| UK companies | 1,231,989 | 771,059 | |
| Rest of the world | 216,424 | 170,470 | |
| 1,448,413 | 941,529 | ||
| Investments comprising more 5% of the portfolio | |||
| Alliance Trust Ord 25p shares | 84,150 | 54,810 | |
| Bankers Investment Trust Ord 25p shares | 72,150 | 51,675 | |
| City of London Investment Trust Ord 25p shares | 83,270 | 39,780 | |
| Findlay Park Funds US$ dist | 95,542 | 73,654 | |
| JP Morgan American Investment Trust Ord 25p shares | 97,120 | 57,920 | |
| Mercantile Investment Trust Ord 25p shares | 76,800 | 48,060 | |
| Scottish Mortgage Investment Trust Ord 25p shares | 139,680 | 88,853 | |
| TR Property Investment Trust Ord 25p shares | 78,818 | 62,755 |
7
The Martin Bowley Charitable Trust
Notes to the Accounts (continued)
For the Year Ended 5 April 2021
4. Creditors: amounts due within one year
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Investment manager fees | 2,517 | 2,033 | ||||
| Independent Examiner fee | 550 | 525 | ||||
| 3,067 | 2,558 | |||||
| 5. | Movement on funds | |||||
| At | Income | Expenditure | Investment | At | ||
| 6 April 2020 | gain/(loss) | 5 April | ||||
| and transfers | 2021 | |||||
| £ | £ | £ | £ | £ | ||
| Capital funds | ||||||
| Expendable endowment | 960,004 | 50,000 | - | 441,928 | 1,451,932 | |
| Income funds | ||||||
| Unrestricted | 20,983 | 53,075 | (75,642) | 18,000 | 16,416 | |
| Total Funds | 980,987 | 103,075 | (75,642) | 459,928 | 1,468,348 | |
| Prior year movement | ||||||
| At | Income | Expenditure | Investment | At | ||
| 6 April 2019 | gain/(loss) | 5 April | ||||
| 2020 | ||||||
| £ | £ | £ | £ | £ | ||
| Capital funds | ||||||
| Expendable endowment | 1,142,407 | 50,000 | - | (232,403) | 960,004 | |
| Income funds | ||||||
| Unrestricted | 25,396 | 51,109 | (55,522) | - | 20,983 | |
| Total funds | 1,167,803 | 101,109 | (55,522) | (232,403) | 980,987 |
8
The Martin Bowley Charitable Trust Notes to the Accounts (continued)
For the Year Ended 5 April 2021
| 6. | Analysis of net assets by fund | |||
|---|---|---|---|---|
| At 5 April 2021 | ||||
| Endowment | Unrestricted |
Total | ||
| £ | £ |
£ | ||
| Investments | 1,448,413 | - |
1,448,413 | |
| Net current assets | 3,519 | 16,416 |
19,935 | |
| Total | 1,451,932 | 16,416 |
1,468,348 | |
| At 5 April 2020 | ||||
| Endowment | Unrestricted |
Total | ||
| £ | £ |
£ | ||
| Investments | 941,529 | - |
941,529 | |
| Net current assets | 18,475 | 20,983 |
39,458 | |
| Total | 960,004 | 20,983 |
980,987 |
7. Trustee remuneration and expenses and related party transactions.
No trustee received any remuneration or expenses in the year (2020: none). One trustee donated a total of £50,000 to the capital funds (2020: £50,000) and two trustees donated £13,250 to general funds (2020: £15,900). No restrictions were placed on the donations.
9