# **Winrocc Charitable Settlement Charity registration no. 1108085**
**Trustees' report and accounts**
**For the year ended 31 December 2020**
## **Winrocc Charitable Settlement**
## **Legal and administrative information**
|**Founder**|Sir Win Bischoff|
|---|---|
|**Trustees**|Smith & Williamson Trust Corporation Limited (retired 21 July 2021)|
||Sir Winfried Bischoff (appointed 21 July 2021)|
||Christopher William Bischoff|
||Charles Francis Bischoff|
|**Declaration of trust**|24 January 2005|
|**Charity number**|1108085|
|**Registered address**|c/o Smith & Williamson LLP|
||25 Moorgate, London, EC2R 6AY|
|**Accountants**|Smith & Williamson LLP|
||25 Moorgate, London, EC2R 6AY|
|**Independent examiners**|Holden Granat LLP|
||Springfield House, 23 Oatlands Drive,|
||Weybridge, Surrey, KT13 9LZ|
|**Investment manager**|Cazenove Capital Management Limited|
||1 London Wall Place, London, EC2Y 5AU|
## **Winrocc Charitable Settlement**
## **Contents**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Statement of trustees' responsibilities|4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the accounts|8 - 11|
## **Winrocc Charitable Settlement**
## **Trustees' report for the year ended 31 December 2020**
The trustees have pleasure in presenting their report and accounts for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out on page 8 to the attached accounts and the recommendations of the 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).
## **Activities, specific objects and relevant policies**
## _**Objects and activities**_
The objects of the charity are such charitable purposes as the trustees shall think fit whether in England and Wales or elsewhere. The trustees must use the income arising and may use the capital of the trust on promoting the objects.
In the event that the income is not disposed of by 31 December following the year in which it arose, then such income shall by distributed at the trustees' discretion, subject to the trustees' power to accumulate.
## _**Investment policy**_
The charity's assets have been invested with a view to capital growth, whilst the trustees consider their grantmaking and cash requirements.
The trustees regularly review the performance of all of the charity's assets, and the investment criteria will be regularly discussed by the trustees with assistance from their investment advisors.
The trust has a portfolio of listed investments that had a market value of £2,091,025 at 31 December 2020 (2019 - £2,323,046).
## **Achievements and performance**
## _**Grants**_
During the year the trustees agreed to provide funding to two charitable organisations in the United Kingdom, which are detailed in note 4 to the accounts. Grants have been made in line with the charity's objectives, and with due regard to the guidance issued by the Charity Commission on public benefit.
Of particular note is a commitment of £272,500 to Glyndebourne Productions Limited, to provide sponsorship for a production of Verdi's Luisa Miler, in honour of Lady Rosemary Bischoff. Payable in two instalments, the first payment was made in December 2020. This award, originally intended as a smaller contribution, has been increased to full sponsorship in order to support the arts during a difficult time.
The charity received numerous requests during the year which the trustees gave careful consideration to within the remits of the charity's criteria, and with due regard to the Charity Commission's guidance on public benefit.
## _**Investments**_
During the period the main source of funding was investment income, arising from the portfolio of investments held at Cazenove Capital Management Limited.
The trustees are satisfied with the performance of the charity's investments.
## **Financial review**
## _**Results for the year**_
The financial activities are summarised on page 6 of the accounts. During the year the trustees had net outgoing resources, before unrealised losses on investments, of £284,731 having made net grants totalling £292,500 (2019 - net outgoing £18,771, grants £35,000).
- 1 -
## **Winrocc Charitable Settlement**
## **Trustees' report for the year ended 31 December 2020**
## _**Reserves policy**_
The trustees have reviewed the reserves of the charity and the forecast level of free reserves (those that are not restricted or designated) that will provide the trust with financial flexibility and provide a cushion against shortfalls in income, either planned or unanticipated. The level of free reserves at 31 December 2020 were £1,993,716 (2019 - £2,318,388). The trustees consider this level of free reserves sufficient to meet annual donations to charities.
The coronavirus pandemic continues to cause volatility in many assets classes. The trustees have considered the potential impact on the financial position of the charity over the next 12 months and have concluded that there is no reason why the charity should not continue to adopt the going concern basis in the preparation of its financial statements.
## _**Plans for future periods**_
The trustees do not propose to deviate from the current objectives and activities of the trust as detailed in this report.
## **Governance, structure and management**
## _**Governance**_
The charity was established by a Declaration of Trust dated 24 January 2005 and was registered with the Charity Commission, Charity Registration Number 1108085.
## **Trustees**
The trustees who served during the year were:
Christopher William Bischoff Charles Francis Bischoff Smith & Williamson Trust Corporation Limited (retired 21 July 2021)
Subsequent to the year end, Sir Winfried Bischoff was appointed as trustee on 21 July 2021.
The directors of Smith & Williamson Trust Corporation Limited at 31 December 2020 were as follows:
J Dalrymple; N James; S Jennings; G Murphy; S Shaw; C Shepard; P Maher and T Tallon.
The power of appointing trustees is vested in the trustees. All decisions affecting the management of the charity and its assets are taken by the trustees, who may delegate these powers to a committee of two or more trustees.
When appointing new trustees, the trustees will give full consideration to the charity's purpose and aims to ensure that they appoint individuals who understand the duties expected of them, and who will act in the best interests of the charity.
The trustees feel that their combined skill set is sufficient to ensure the efficient performance of the Foundation at this time and feel that, given the size and nature of the charity, a formal programme of training is not currently necessary, but they will continue to monitor the situation and will provide suitable training where circumstances arise.
The charity is administered by all the trustees and they conduct the affairs of the charity and exercise all the powers and discretions conferred upon them by law, provided that no such power or discretion shall be exercised except in furtherance of the charitable objects. The trustees do not receive remuneration or reimbursement of expenses, nor are there any employees.
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## **Winrocc Charitable Settlement**
## **Trustees' report for the year ended 31 December 2020**
## _**Related parties**_
Smith & Williamson LLP prepare accounts and provide tax advice to the trustees. Both Smith and Williamson LLP and Smith & Williamson Trust Corporation Limited, a trustee of the Winrocc Charitable Settlement, are wholly owned subsidiaries of Smith & Williamson Holdings Limited. Total fees payable to Smith & Williamson LLP during the year were £4,752 (2019 - £5,208.)
During the year ended 31 December 2020 the trustees made grants totalling £20,000 (2019 - £35,000) to the Charities Aid Foundation, to an account held there by Sir Win Bischoff. Sir Win is father to Christopher and Charles, who are trustees of the charity. The funds are passed on, in smaller sums, to a number of charitable organisations.
## _**Structure and management reporting**_
The trustees are ultimately responsible for the policies, activities and assets of the charity. They are in regular and frequent contact to review the developments with regard to the charity, its activities and to make any important decisions. The trustees review the proposals for grants to be made and approve such grants as appropriate. When necessary, the trustees seek advice and support from the charity's professional advisers including investment managers and accountants.
## _**Risk factors**_
The trustees consider that the greatest factor that will impact on the charity's ability to carry out its objectives and which is outside the charity's control is an economic event which causes a significant fall in the value of the charity's portfolio. However, to date the trustees are satisfied with the current investment performance of the portfolio when compared with in the investment objectives set.
The trustees do not commit funds unless they are available.
## **Principal address**
25 Moorgate, London, EC2R 6AY
## **Accountants**
Smith & Williamson LLP, 25 Moorgate, London, EC2R 6AY
## **Independent examiner**
Susan Kumar, Holden Granat LLP, Springfield House, 23 Oatlands Drive, Weybridge, Surrey, KT13 9LZ
## **Investment managers and bankers**
Cazenove Capital Management, 1 London Wall Place, London, EC2Y 5AU
On behalf of the board of trustees
.............................. Sir Winfried Bischoff
Dated: 30 October 2021
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## **Winrocc Charitable Settlement**
## **Statement of trustees' responsibilities**
Law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year.
In preparing accounts giving a true and fair view, the trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the accounts comply with the applicable law. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
## **Winrocc Charitable Settlement**
## **Independent examiner's report to the trustees of Winrocc Charitable Settlement**
I report on the accounts of the charity for the year ended 31 December 2020, which are set out on pages 6 to 11.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- (a) examine the accounts under section 145 of the 2011 Act;
- (b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- (c) to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (a) which gives me reasonable cause to believe that, in any material respect, the requirements:
- (i) to keep accounting records in accordance with s130 of the 2011 Act; and
- (ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met; or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Susan Kumar ACA**
Holden Granat LLP Springfield House, 23 Oatlands Drive Weybridge, Surrey KT13 9LZ
Dated: 30 October 2021
- 5 -
## **Winrocc Charitable Settlement**
## **Statement of financial activites for the year ended 31 December 2020**
|Notes
**Income**
Donation
Deposit interest
Investment income
Interest on tax repayment
**Total income**
**Expenditure**
**Costs of raising funds**
3
**Expenditure on charitable activities**
Grants and support costs
4 & 5
**Total expenditure**
**Net expenditure before gains and losses on investments**
Realised and unrealised gains on investment assets
8
**Net movement in funds**
Fund balances brought forward at 1 January 2020
**Fund balances carried forward at 31 December 2020**|**2020**
**£**
**4,515**
**1**
**26,890**
**3**
**31,409**
**16,308**
**299,832**
**316,140**
**(284,731)**
**(39,941)**
**(324,672)**
**2,318,388**
**1,993,716**|2019
£
-
37
41,553
-
41,590
18,072
42,289
60,361
(18,771)
248,836
230,065
2,088,323
2,318,388|
|---|---|---|
The notes on pages 8 to 11 form part of the accounts.
- 6 -
## **Winrocc Charitable Settlement**
## **Balance sheet as at 31 December 2020**
|Notes
**Fixed assets**
Quoted investments
8
**Current assets**
Cash at bank and in hand
9
Debtors
10
**Current liabilities**
Creditors: amounts falling due within one
year
11
**Net current assets**
**Net assets**
**Income funds**
Unrestricted income funds|**£**
**33,538**
**1,131**
**34,669**
**(131,978)**|**2020**
**£**
**2,091,025**
**(97,309)**
**1,993,716**
**1,993,716**
**1,993,716**|£
8,691
-
8,691
(13,349)|2019
£
2,323,046
(4,658)
2,318,388
2,318,388
2,318,388|
|---|---|---|---|---|
The accounts were approved by the trustees on 30 October 2021
Sir Winfried Bischoff On behalf of the board of Trustees
The notes on pages 8 to 11 form part of the accounts.
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## **Winrocc Charitable Settlement**
## **Notes to the accounts for the year ended 31 December 2020**
## **1 Accounting policies**
## **1.1 Basis of preparation**
These accounts have been prepared under the historical cost convention.
These accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102"), and with the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102 (effective 1 January 2019). The accounts are also prepared in accordance with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.
## **1.2 Exemption**
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102:
- the requirements of section 7 Statement of Cash Flows.
## **1.3 Fund accounting**
The funds held are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the trust and which have not been designated for any other purposes.
## **1.4 Going concern**
The coronavirus pandemic continues to cause economic uncertainty within the United Kingdom. The trustees have considered the potential impact on the financial position of the charity and have concluded that the charity is nevertheless able to meet its financial obligations for a period of at least 12 months from the date of approving these financial statements and therefore continue to adopt the going conern basis in their preparation.
## **1.5 Functional currency**
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these accounts are rounded to the nearest £.
## **1.6 Incoming resources**
All incoming resources are included in the Statement of Financial Activities when the trust is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **1.7 Resources expended**
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
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## **Winrocc Charitable Settlement**
## **Notes to the accounts for the year ended 31 December 2020**
## **(Continued)**
## **1 Accounting policies**
## **1.8 Quoted investments**
Investments are stated at market value at the balance sheet date. Realised gains and losses on investments, calculated on the difference between the sale proceeds and their cost are credited or charged to the Statement of Financial Activities (SOFA) in the year of gains or losses.
Unrealised gains and losses representing the movement in the market values during the year are credited or charged to the SOFA in the year of the gains or losses.
## **1.9 Grants paid**
Grants paid are recognised in the year in which the award was formally approved, irrespective of the period covered by the donation.
## **1.10 Liabilities**
Liabilities are recognised on the balance sheet as soon as a constructive obligation resulting from a past event can be reliably measured. Current liabilities represent those liabilities which are expected to be settled within the next 12 months from the balance sheet date.
## **2 Legal status of the trust**
The charity is governed by a trust deed dated 24 January 2005 and is constituted as a charitable trust.
## **3 Costs of raising funds**
|**2020**
**£**
Custody charges
**747**
Investment management fees
**15,561**
**16,308**
**4**
**Grants**
**2020**
**£**
Grants paid to institutions:
Charities Aid Foundation
**20,000**
Glyndebourne Productions Limited
**272,500**
**292,500**
**Reconciliation of grants payable**
Commitments made in the year
**292,500**
Grants paid during the year
**(170,000)**
Commitments at 31 December 2020
**122,500**|2019
£
838
17,234
18,072
2019
£
35,000
-
35,000
35,000
(35,000)
-|
|---|---|
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## **Winrocc Charitable Settlement**
## **Notes to the accounts for the year ended 31 December 2020**
## **5 Support costs**
|Accountancy fees
Independent examiner's fees
Smith & Williamson Trust Corporation fees
Legal Entity Identifier fees|**2020**
**£**
**4,752**
**1,080**
**1,500**
**-**
**7,332**|2019
£
5,208
1,080
750
251
7,289|
|---|---|---|
All support costs are considered to be costs of governance.
## **6 Trustees' remuneration**
Smith & Williamson Trust Corporation Limited received remuneration during the year by way of charging responsiblity fees based on the value of the trust.
## **7 Employees**
There were no employees during the year (2019 - none).
## **8 Fixed asset investments**
|**2020**
**£**
**Quoted investment summary**
Market value at 1 January 2020
**2,323,046**
Disposal proceeds
**(1,328,134)**
Additions
**1,136,054**
Net investment gains
**(39,941)**
**Market value at 31 December 2020**
**2,091,025**
**Material investments (greater than 5% of portfolio)**
200,000.00 Lloyds Banking Group Ord 10p
**-**
4,241.00 Fidelity Funds Germany Fund A EUR
**225,221**
500.00 JP Morgan American Equity Fund C USD
**108,663**
1,400.00 Findlay Park American Fund USD income
**162,974**
60,262.25 Stewart Investors Global Emerging Markets Leaders B
**-**
30,642.84 Trojan Fund S Accumulation
**111,803**
78,350.00 HG Capital Trust Plc
**-**
1,328.96 HSBC Funds Indian Equity A
**-**
**608,661**|2019
£
2,065,170
(54,034)
63,074
248,836
2,323,046
125,000
339,094
-
203,341
356,638
-
201,751
187,034
1,412,858|
|---|---|
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## **Winrocc Charitable Settlement**
## **Notes to the accounts for the year ended 31 December 2020**
|**9**
**Cash**
**Cazenove Capital Management Limited**
Income account
Execution only account
Capital account
**10**
**Debtors**
Income tax recoverable under Gift Aid
**11**
**Creditors: amounts falling due within one year**
Accountancy fees
Independent examiner's fees
Investment management fees
Custody fees
Legal Entity Identifier fees
Grants payable
Sir Win Bischoff
Smith & Williamson LLP (re disbursement)|**2020**
**£**
**23,228**
**-**
**10,310**
**33,538**
**2020**
**£**
**1,131**
**1,131**
**2020**
**£**
**2,160**
**2,160**
**4,078**
**-**
**-**
**122,500**
**-**
**1,080**
**131,978**|2019
£
7,799
892
-
8,691
2019
£
-
-
2019
£
2,160
2,160
4,154
285
75
-
4,515
-
13,349|
|---|---|---|
## **12 Related parties**
Smith & Williamson LLP prepare accounts and provide tax advice to the trustees. Both Smith and Williamson LLP and Smith & Williamson Trust Corporation Limited, a trustee of the Winrocc Charitable Settlement, are wholly owned subsidiaries of Smith & Williamson Holdings Limited. Total fees payable to Smith & Williamson LLP during the year were £4,752 (2019 - £5,208).
During the year ended 31 December 2020 the trustees made grants totalling £20,000 (2019 - £35,000) to the Charities Aid Foundation, to an account held there by Sir Win Bischoff. Sir Win is father to Christopher and Charles, who are trustees of the charity. The funds are passed on, in smaller sums, to a number of charitable organisations.
- 11 -