Charity Number: 1113639
The William Chown Charitable Trust
Financial Statements
for the year ended
5th April 2023
Wenn Townsend
Chartered Accountants
Oxford
The William Chown Charitable Trust
Contents
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees Report | 2 |
| Accountants’ Report | 3 |
| Accounting Policies | 4 |
| Receipts and Payments Account | 5 |
| Statement of Assets and Liabilities | 6 |
The William Chown Charitable Trust
Reference and Administration Details
The trustees present their report together with financial statements for the year ended 5th April 2023.
| Established: | 1st April 2004 |
|---|---|
| Charity number: | 1113639 |
| Principal address: | 4 Rawlinson Road |
| Oxford | |
| OX2 6UE | |
| Trustees: | Mr Nicholas William Chown |
| Mr Christopher Mark Chown | |
| Mrs Tilly Vivien Lesley Chown | |
| Bankers: | Coutts & Co |
| 440 The Strand | |
| London | |
| WC2R 0QS | |
| Stockbrokers: | Brown Shipley & Co Ltd |
| Founders Court | |
| Lothbury | |
| London | |
| EC2R 7HE | |
| Solicitors: | Freeths |
| 5000 Oxford Business Park South | |
| Oxford | |
| OX4 2BH | |
| Accountants: | Wenn Townsend |
| 30 St Giles | |
| Oxford | |
| OX1 3LE |
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The William Chown Charitable Trust
Report of the Trustees for the year ended 5th April 2023
Structure, Governance and Management
Type of governing document: Trust Deed.
How the charity is constituted: Trust.
Trustee selection methods: Appointment by the founder. The original founder was Mr William Thomas Chown, who died in December 2016. After his death, the power to appoint Trustees lies with the existing Trustees.
Objectives and Activities
Summary of the objects of the charity set out in its governing document: To make donations to charitable institutions at such times and in such manner as the trustees shall in their discretion think fit.
Summary of the main activities in relation to these objectives: Invest funds using income to make appropriate donations to charities, in order to provide a public benefit.
The trustees have, at all times, had due regard to the guidance published by the Charity Commission on public benefit.
Achievements and Performance
Summary of the main achievements of the charity during the year: Income generated during the year totalling £9,771, together with net gains on realisation of investments, has enabled charitable expenditure of £17,100 during the year. This is in line with expectations. The Trustees are satisfied that the charitable expenditure has provided a positive benefit to the beneficiaries involved, and that this has a positive effect on wider society.
Financial Review
Brief statement of the charity’s policy on reserves: To maintain underlying value of funds from which to generate future income. The Trustees believe that the Trust’s financial position at the end of the reporting period is satisfactory. The assets less liabilities at the year end were £454,404.
Trustees’ Responsibilities for the Financial Statements
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees 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 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 charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by the board of Trustees on 17th January 2024 and signed on its behalf by:
………………………………………..
Trustee
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Chartered Accountants’ Report to The Trustees On the Unaudited Financial Information of the William Chown Charitable Trust
In accordance with our engagement letter, we have prepared for your approval the financial information of the William Chown Charitable Trust, for the year which comprises the Receipts and Payments Account and the Statement of Assets and Liabilities and the related notes, from the trust’s accounting records and from information and explanations you have given us.
As a practicing member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
The report is made solely to you, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial information of the William Chown Charitable Trust, and state those matters that we have agreed to state to you in this report in accordance with the guidance of ICAEW as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the trustees for our work or for this report.
You have approved the financial information for the year ended 5th April 2023, and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework and providing all information and explanations necessary for its compilation.
We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information.
Signature ................................................
Wenn Townsend
Chartered Accountants 30 St. Giles Oxford OX1 3LE
Date .......................................................
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The William Chown Charitable Trust
Principal Accounting Policies
Basis of Preparation
The financial statements are prepared in accordance with applicable accounting standards and follow the recommendations in the Statement of Recommended Practice: Accounting by Charities (the SORP) issued in 2019.
Income
Income is accounted for on a receipts basis.
Expenditure
Direct charitable expenditure comprises all grants made to beneficiaries.
Investments
Investments are stated at market value.
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The William Chown Charitable Trust
Receipts and Payments Account for the year ended 5th April 2023
| Notes | Year ended | Year ended | Year ended | |
|---|---|---|---|---|
| 5th April 2023 | 5th April 2022 | |||
| Unrestricted funds | Unrestricted funds | |||
| £ | £ | £ | £ | |
| Receipts | ||||
| Donations | 144 | 1,212 | ||
| Fundraising events | - | - | ||
| Income from investments | ||||
| Income from stocks and shares | 9,211 | 8,067 | ||
| Bank interest | 416 | 10 | ||
| ────── | ────── | |||
| 9,627 | 8,077 | |||
| ────── | ────── | |||
| 9,771 | 9,289 | |||
| Receipts from Asset and Investment Sales | ||||
| Proceeds of investment disposals | 26,909 | 74,529 | ||
| ────── | ────── | |||
| Total receipts | 36,680 | 83,818 | ||
| ══════ | ══════ | |||
| Payments | ||||
| Direct charitable expenditure |
17,100 | 8,155 | ||
| Accounts fees | 1,896 | 1,920 | ||
| Investment managers’ fees | 3,557 | 3,905 | ||
| Administration expenses | 2,480 | - | ||
| ────── | ───── | |||
| 25,033 | 13,980 | |||
| Payments relating to Asset and Liability Movements | ||||
| Purchase of investments | 16,407 | 59,811 | ||
| ────── | ────── | |||
| Total payments | 41,440 | 73,791 | ||
| ══════ | ══════ | |||
| Net increase/(decrease) in cash | (4,760) | 10,027 | ||
| Cash balances at 6th April 2022 | 114,031 | 104,004 | ||
| ────── | ────── | |||
| Cash balances at 5th April 2023 | 109,271 | 114,031 | ||
| ══════ | ══════ |
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The William Chown Charitable Trust
Statement of Assets and Liabilities at 5th April 2023
| 2023 | 2022 | |
|---|---|---|
| Unrestricted | Unrestricted | |
| funds | funds | |
| £ | £ | |
| Cash funds | ||
| Cash at bank and brokers | 109,271 | 114,066 |
| Investment assets | ||
| Investments | 347,029 | 381,462 |
| Liabilities | ||
| Accountants fees | (1,896) | (1,980) |
| ────── | ────── | |
| 454,404 | 493,548 | |
| ══════ | ══════ |
The receipts and payments account and statement of assets and liabilities were approved by the Trustees on 17[th] January 2024.
Trustee
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