THE JOYCE LOMAX BULLOCK CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
Charity Number 1109911
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST
CONTENTS PAGE
| Pages | |
|---|---|
| Reference and administration details | 1 |
| Report of the trustee | 2 - 4 |
| Independent Examiner’s report | 5 |
| Receipts and payments account | 6 |
| Statement of assets and liabilities | 7 |
| Appendix 1 | 8 |
THE JOYCE LOMAX BULLOCK CHARITABLE TRUST
REFERENCE AND ADMINISTRATION DETAILS
| Corporate Trustee | HSBC Trust Company (UK) Limited |
|---|---|
| Current Directors of Corporate TrusteeJ Hewitson | |
| J Coyle | |
| P M Spencer | |
| Trust Manager | J Wiles |
| Principal Office | Forum 1 |
| The Forum Parkway | |
| Whiteley | |
| Fareham | |
| Hampshire | |
| PO15 7PA | |
| Independent Examiner | F Millar ACA |
| RSM UK Tax and Accounting Limited | |
| Highfield Court | |
| Tollgate | |
| Chandlers Ford | |
| Eastleigh | |
| Hampshire | |
| SO53 3TY | |
| Bankers | HSBC Bank plc |
| Forum 1 | |
| The Forum Parkway | |
| Whiteley | |
| Fareham | |
| Hampshire | |
| PO15 7PA | |
| Investment Managers | HSBC UK Bank plc |
| 1 Centenary Square | |
| Birmingham | |
| B1 1HQ |
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THE JOYCE LOMAX BULLOCK CHARITABLE TRUST
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2021
The trustee presents its report together with the financial statements of the trust for the year ended 5 April 2021, which have been prepared on a receipts and payments basis. The financial statements have been prepared in accordance with the trust’s constitution and applicable law.
The purchase and sale of investments results from the day to day management of the investment portfolio by the investment managers. In accordance with the Charities Act, the accounts have been prepared on the receipts and payments basis given that the definition of gross income excludes the receipt of any endowment, loans and proceeds from the sale of investments or fixed assets.
Structure, government and management
The Joyce Lomax Bullock Charitable Trust is an unincorporated trust and is constituted under the will dated 12 November 1996 and probate granted 9 May 2005. The trust is a registered charity (no. 1109911).
The corporate trustee has appointed a designated trust manager to look after the charity. The investment manager reviews the performance and provides recommendations on the structure of the investment portfolios.
The power to appoint additional trustees is vested in the current trustee and is exercisable in writing. Should new trustees be appointed, the existing trustee would take responsibility of their induction.
The trustee has examined the major strategic, business and operational risks which the trust faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks. The main risk in the year was the variability of investment returns.
Objectives and activities
The objectives of the charity are to apply the income and all or such parts of the capital for the benefit of such exclusively charitable objects and purposes in any part of the world as the trustee may in its absolute discretion think fit. This is performed through the awarding of grants, in accordance with the terms of the will. The Trustee considers grant making an effective method of delivering these objectives. Grants are awarded at the discretion of the trustee but are generally in accordance with a letter of wishes provided by the late Joyce Lomax Bullock.
Achievements and performance
During the year 9 grants totalling £71,100 (2020: 18 grants totalling £97,704) were awarded to a variety of charitable institutions under the terms of the governing document. During the year no grants were returned. No grants were awarded to individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements.
Financial review
The fund generated income of £65,196 (2020: £92,126) in the year to fund its charitable activities. The expenditure on charitable activities was £94,155 (2020: £117,819), of which £71,100 (2020: £97,704) was charitable expenditure in the form of grants to charitable institutions.
Investment policy
In accordance with the governing document, the trustee has the power to invest in such stocks, shares, investments and property as they see fit. The trustee engaged HSBC UK Bank plc as Investment Managers. The policy is to adopt a low to medium risk investment strategy to protect, in absolute terms, the capital value of the fund whilst producing a sustainable and growing level of income and providing the potential for longer term growth of capital in real terms.
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THE JOYCE LOMAX BULLOCK CHARITABLE TRUST
REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2021
Reserves policy
The unrestricted funds, which are the free reserves of the trust, and which are represented by the income arising are paid over to beneficiaries throughout the year. It is not the policy of the trust to maintain specific reserves.
The expendable endowment funds represent those assets, which are held permanently by the trust, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. The trustee has the power to convert this fund into income.
Public benefit
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustee considers how planned activities will contribute to the aims and objectives they have set.
Plans for the future
The trustee intends to continue providing grants in a similar way to the recent past whilst retaining flexibility as to the timing and scale of grant making.
Related parties
The corporate trustee and the investment managers are both wholly owned subsidiaries of HSBC Holdings plc.
In addition to those fees shown on page 6, as a result of the acquisition and disposal of investments, the trust pays transaction charges to HSBC Bank plc. The charges are calculated on a sliding scale at a percentage of the transactions value plus VAT and are added to or deducted from the cost of the investments or the disposal proceeds in accordance with UK standard accounting practice.
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THE JOYCE LOMAX BULLOCK CHARITABLE TRUST
REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2021
Statement of trustee’s responsibilities in relation to the financial statements
The law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the trust’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, giving a true and fair view, the trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation.
The trustee is responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the trust and which enable them to ascertain the financial position of the trust and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Financial statements and Reports) 2008 Regulations and the provisions of the trust deed.
The trustee is responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustee and signed on its behalf:
……………………………………..
HSBC Trust Company (UK) Limited
04/01/2022 Date: ……………………………………..
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THE JOYCE LOMAX BULLOCK CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF THE JOYCE LOMAX BULLOCK CHARITABLE TRUST
I report to the trustee on my examination of the financial statements of the Joyce Lomax Bullock charitable trust for the year ended 05 April 2021, which are set out on pages 6 to 7.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the trust’s financial statements 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 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Financial statements and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Frances Millar
Frances Millar ACA The Institute of Chartered Accountants in England and Wales Chartered Accountant
On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TY
10-Jan-2022 Date: …………………………..
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THE JOYCE LOMAX BULLOCK CHARITABLE TRUST
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021
| Receipts Investment income Tax refund Investment sale proceeds Proceeds from the sale of investments Total receipts Payments Cost of generating funds Investment service charge Charitable activities Grants paid Other allocated costs Governance costs Independent examiner's fee Investment purchases Payments for purchases of investments Total payments Net receipts/(payments) Transfers between funds Cash invested at 6 April 2020 Cash invested at 5 April 2021 |
Unrestricted funds £ 65,196 - 65,196 - 65,196 - 71,100 23,055 1,968 96,123 - 96,123 (30,927) 28,588 13,574 11,235 |
Endowment funds £ - - - 2,776,940 2,776,940 24,533 - - - 24,533 2,727,634 2,752,167 24,773 (28,588) 72,032 68,217 |
Total Total 2021 2020 £ £ 65,196 92,126 - 65,196 92,126 2,776,940 1,633,429 2,842,136 1,725,555 24,533 26,484 71,100 97,704 23,055 20,115 1,968 1,908 120,656 146,211 2,727,634 1,589,042 2,848,290 1,735,253 (6,154) (9,698) - - 85,606 95,304 79,452 85,606 |
|---|---|---|---|
These unaudited financial statements have been subjected to independent examination. See report on page 5.
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THE JOYCE LOMAX BULLOCK CHARITABLE TRUST
STATEMENT OF ASSETS AND LIABILITIES AT 5 APRIL 2021
| Investments UK Fixed Interest Securities Overseas Fixed Interest Securities UK Equities Overseas Equities Alternative Investment Other Trust Assets Cash |
Unrestricted funds £ - - - - - - 11,235 |
Endowment funds £ 115,945 2,794,945 55,760 768,188 - 68,217 |
Total 2021 £ 115,945 2,794,945 55,760 768,188 - - 79,452 |
Total 2020 £ 441,101 480,762 52,430 1,018,231 - 1 85,606 |
|---|---|---|---|---|
| Total assets | 11,235 | 3,803,055 | 3,814,290 | 2,078,131 |
| Liabilities Professional fees payable |
2,030 | - | 2,030 | 1,970 |
04/01/2022
Approved by the trustee and authorised for issue on……………………………………… and signed on its behalf:
……………………………………… HSBC Trust Company (UK) Limited
These unaudited financial statements have been subjected to independent examination. See report on page 5.
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THE JOYCE LOMAX BULLOCK CHARITABLE TRUST
APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS
| Institution | Number of grants |
Amount £ |
|---|---|---|
| Age UK Cancer Research UK Guide Dogs For The Blind IWK Health Centre Foundation Perennial Royal Airforce Benevolent Fund Royal British Legion Sight Savers International The National Trust |
1 1 1 1 1 1 1 1 1 |
7,900 7,900 7,900 7,900 7,900 7,900 7,900 7,900 7,900 |
| 9 | 71,100 | |
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