Charity number: 1115070
THE ANNE BANKS WILL TRUST
UNAUDITED
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE ANNE BANKS WILL TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details ofthe Charity, its Trustees and advisers | 1 |
| Trustees’ report | 2-4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notestothefinancialstatements | 8-15 |
THE ANNE BANKS WILL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
The charity's governing document is the will of Mrs Anne Banks dated 18 June 1990 as amended by codicils dated 27 July 1990, 21 September 1990, 25 January 1991, 10 July 1992 and 17 June 1994. Mrs Banks died on 16 February 1998.
| Trustees | Freeths Trustees Limited |
|---|---|
| Charity registered | |
| number | 1115070 |
| Principal office | 5700 Oxford Business Park South |
| Oxford | |
| OX4 2RW | |
| Accountants | James Cowper Kreston |
| Chartered Accountants | |
| Reading Bridge House | |
| George Street | |
| Reading | |
| RG1 8LS | |
| Bankers | Cater Allen |
| 9 Neison Street | |
| Bradford | |
| BD1 5AN | |
| Solicitors | Freeths |
| 5700 Oxford Business Park South | |
| Oxford | |
| OX4 2RW | |
| Investment managers | Rathbone Brothers PLC |
| 1 Curzon Street | |
| London | |
| W1J5FB |
Page 1
THE ANNE BANKS WILL TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2023 to 5 April 2024.
Objectives and activities
a. Policies and objectives
The charity is a Permanent Endowment Charitable Trust, under which the income arising is to be paid out to the Dogs Trust (formerly the National Canine Defence League), the Royal Society for the Protection of Birds and the Royal Society for the Prevention of Cruelty to Animals in equal shares. The income is to be applied exclusively for their respective charitable purposes. If any of these charities cease to exist then the income shall be divided between the remaining charities. If none remain, then the Trustees have discretion to pay the income to any charities benefitting the welfare, care, conservation or protection of animals and / or birds. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.
Achievements and performance
a. Main achievements of the Charity
The Trustees continue to keep under review the application of income in accordance with the objects of the charity and have distributed all available income arising on an annual basis, by agreement with the charities named above.
The balance on the Restricted Income Fund as at 5 April 2023 of £68,800 was distributed equally between the named charities during the year ended 5 April 2024.
Financial review
a. Overview
The attached financial statements show the current state of the finances of the Trust. The movements in investments are shown in note 10. Income from investments for the year amounted to £60,925 (2023: £59,112) as detailed in note 3. Rental income for the year amounted to £14,500 (2023: £14,500).
The Trustees continue to closely monitor the value of its investments and the level of investment income.
b. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate. resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
c. Reserves policy
The Trustees distribute all available income arising on an annual basis, after the deduction of expenses and reserves, by agreement with the three above named charities.
d. Investment policy
The Charity's investment strategy is to maintain the permanent endowment in real terms while maximising the income generated. A Brokers Policy Statement is in place, and this is reviewed on an annual basis.
Page 2
THE ANNE BANKS WILL TRUST
TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2024
e. Risk management
The Trustees have reviewed the risks faced by the Charity and have implemented systems to mitigate these risks. In particular, the Trustees consider that the major risk faced by the charity is the fluctuation in the value of, and the income generated by its investments. The Trustees have mitigated this risk by following the advice of a leading investment manager and monitoring the performance of the investments on an ongoing basis. The Trustees also take advice from suitably qualified professionals in respect of the trust property, which is subject to a commercial let.
Structure, governance and management
a. Constitution
The Anne Banks Will Trust is a registered charity, number 1115070, and is constituted under a Will.
The Trustees meet annually to formally discuss and agree the Annual Accounts, to determine the amount of income to be distributed to the recipient charities, and to review the trust assets, in order to assess the level of income, capital growth and risk that the charity faces.
The Trustees are assisted in their administrative duties by a legal clerk who is an associate at the firm of Freeths.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Will.
c. Policies adopted for the induction and training of Trustees
The Trustees are jointly responsible for the induction of any new trustee. The induction includes awareness of the trustee's responsibilities, consideration of the governing document, administrative procedures, the history and philosophy of the charity.
Page 3
THE ANNE BANKS WILL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ 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 which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
° select suitable accounting policies and then apply them consistently;
-
e observe the methods and principles of the Charities SORP (FRS 102);
-
° make judgments and accounting estimates that are reasonable and prudent;
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e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 and Reports) Regulations 2008 and the provisions of the Will. 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 order of the members of the board of Trustees and signed on their behalf by:
Freeths Trustees Limited
Date) [6.0t.2025
Page 4
17 January 2025
THE ANNE BANKS WILL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED5 APRIL 2024
| Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| Note | £ | £ | £ | £ | |
| Income and endowments from: | |||||
| Investments | 3 | 78,222 | - | 78,222 | 75,364 |
| Total income and endowments | 78,222 | - | 78,222 | 75,364 | |
| Expenditure on: | |||||
| Investment management costs | 4 | - | 24,269 | 24,269 | 24,724 |
| Charitable activities | 75,292 | - | 75,292 | 68,628 | |
| Total expenditure | 75,292 | 24,269 | 99,561 | 93,352 | |
| Net income/(expenditure) before net | |||||
| gains/(losses) on investments | 2,930 | (24,269) | (21,339) | (17,988) | |
| Net gains/(losses) on investments | - | 119,860 | 119,860 | (103,702) | |
| Net movement in funds before other | os, | ||||
| recognised gains/(losses) | 2,930 | 95,591 | 98,521 | (121,690) | |
| Other recognised gains/(losses): | |||||
| Gains on revaluation of investment | |||||
| property | - | - | - | 30,900 | |
| Netmovement in funds | 2,930 | 95,591 | 98,521 | (90,790) | |
| Reconciliation offunds: | |||||
| Total funds brought forward | 68,800 | 2,251,261 | 2,320,061 | 2,410,851 | |
| Net movement in funds | 2,930 | 95,591 | 98,521 | (90,790) | |
| Totalfundscarriedforward | 71,730 | 2,346,852 | 2,418,582 | 2,320,061 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
Page 6
THE ANNE BANKS WILL TRUST
BALANCE SHEET AS AT 5 APRIL 2024
----- Start of picture text -----
2024 2023
Note £ £
Fixed assets
Investments 10 2,215,199 2,085, 439
Investment property 9 167,500 167,500
2,382,699 2,252,939
Current assets
Debtors 11 15,855 15,855
Cash at bank and in hand 98,168 61,704
114,023 77,559
Creditors: amounts falling due within one
year i (78,140) (10,437)
Net current assets 35,883 67,122
Total net assets 2,418,582 2,320,061
Charity funds
Endowment funds is 2,346,852 2,251,261
Restricted funds iis 71,730 68,800
Total funds 2,418,582 2,320,061
----- End of picture text -----
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Freeths Trustees Limited
Date: (G. Sl 2028
The notes on pages 8 to 15 form part of these financial statements.
Page 7
THE ANNE BANKS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
ff. General information
The Anne Banks Will Trust is a registered charity in England and Wales. The address of its registered office is 5700 Oxford Business Park South, Oxford, OX4 2RW.
-
Accounting policies
-
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicabie to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and 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 following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Anne Banks Will Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
- 2.2 Income
All 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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 8
THE ANNE BANKS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2: Accounting policies (continued)
2.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
- 2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.8 Fund accounting
The permanent endowment fund is to be retained as capital and invested.
The restricted income fund holds the income arising from the permanent endowment and is to be used for the furtherance of the objects of the charity.
Investment income, gains and losses are allocated to the appropriate fund.
- Investment income
| Restricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | iA | |
| Investment property income | 15,991 | 15,991 | 15,828 |
| Listed investment income | 60,925 | 60,925 | 59,112 |
| Bank interest received | 1,306 | 1,306 | 424 |
| 78,222 | 78,222 | 75,364 | |
| Total2023 | 75,364 | 75,364 |
Page 9
THE ANNE BANKS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024
4. Investment management costs
| Endowment | Total | Total | |||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2024 | 2024 | 2023 | |||
| £ | £ | if | |||
| Investment management fees | 15,386 | 15,386 | 15,376 | ||
| Legal and professional fees | 7,392 | 7,392 | 8,020 | ||
| Property insurance | 1,491 | 1,491 | 1,328 | ||
| 24,269 | 24,269 | 24,724 | |||
| Total 2023 | 24,724 | 24,724 | |||
| 5. | Analysis ofexpenditure by activities | ||||
| Grant | |||||
| funding of | Support | Total | Total | ||
| activities | costs | funds | funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Direct costs | 68,800 | 6,492 | 75,292 | 68,628 | |
| Total2023 | 62,064 | 6,564 | 68,628 |
Analysis of support costs
| Total | Total | ||
|---|---|---|---|
| Activities | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Accountancy fees | 3,540 | 3,540 | 3,480 |
| Independent examination fee | 1,104 | 1,104 | 1,080 |
| Legal and professional fees | 1,848 | 1,848 | 2,004 |
| 6,492 | 6,492 | 6,564 | |
| Total2023 | 6,564 | 6,564 |
Page 10
THE ANNE BANKS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024
6. Analysis of grants
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Dogs Trust | 22,934 | 20,688 |
| The Royal Society for the Protection of Birds | 22,933 | 20,688 |
| The Royal Society for the Prevention of Cruelty to Animals | 22,933 | 20,688 |
| 68,800 | 62,064 |
We Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,104 (2023 - £1,080).
8. Trustees’ remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - ENIL).
9. Investment property
| Freehold | |
|---|---|
| investment | |
| property | |
| £ | |
| Valuation | |
| At 6 April 2023 | 167,500 |
| At5April2024 | 167,500 |
The investment property is shown at a valuation obtained on 18 January 2023 from professional valuers.
Page 11
THE ANNE BANKS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
10. Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2023 | 2,085,439 |
| Additions | 416,866 |
| Disposals | (383,813) |
| Revaluations | 96,707 |
| At 5 April 2024 | 2,215,199 |
| Net book value | |
| At 5 April 2024 | 2,215,199 |
| At5April2023 | 2,085,439 |
The historical cost of the listed investments at 5 April 2024 was £1,707,321 (2023: £1,674,268).
11. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | se | |
| Due within one year | ||
| Otherdebtors | 15,855 | 15,855 |
12. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 4,696 | 5,877 |
| Accruals and deferred income | 4,644 | 4,560 |
| Grants accrued- institutional | 68,800 | - |
| 78,140 | 10,437 |
Page 12
THE ANNE BANKS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024
13. Statement of funds
Statement of funds - current year
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Balance|at|6|Gains/|Balance|at|5|
|April|2023|Income|Expenditure|(Losses)|April|2024|
|&|£|£|£|£|
|Endowment|funds|
|Permanent|Endowment|Fund|2,251,261|-|(24,269)|119,860|2,346,852|
|Restricted|funds|
|Restricted|Income|Fund|68,800|78,222|(75,292)|-|71,730|
|Total|of funds|2,320,061|78,222|(99,561)|119,860|2,418,582|
|Statement|of funds|-|prior|year|
|Balance|at|Gains/|_—_Balance|at|
|6 April 2020|Income|Expenditure|(Losses)|5|April 2023|
|£|£|B|pe|if|
|Endowment|funds|
|Permanent|Endowment|Fund|2,348,787|-|(24,724)|(72,802)|2,251,261|
|Restricted|funds|
|Restricted|Income|Fund|62,064|75,364|(68,628)|-|68,800|
|Total|of funds|2,410,851|75,364|(93,352)|(72,802)|2,320,061|
----- End of picture text -----
Page 13
THE ANNE BANKS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
14. Summary of funds
Summary of funds - current year
| Balance at 6 | Gains/ | Balance at 5 | |||
|---|---|---|---|---|---|
| April 2023 | Income | Expenditure | (Losses) | April 2024 | |
| £ | £ | £ | £ | £ | |
| Endowment funds | 2,251,261 | - | (24,269) | 119,860 | 2,346,852 |
| Restricted funds | 68,800 | 78,222 | (75,292) | - | 71,730 |
| 2,320,061 | 78,222 | (99,561) | 119,860 | 2,418,582 | |
| Summary offunds - prioryear | |||||
| Balance at | Gains/ | __Balance at | |||
| 1 April 2022 | Income | Expenditure | (Losses) | 5 April 2023 | |
| & | iB | PS | & | £ | |
| Endowment funds | 2,348,787 | - | (24,724) | (72,802) | 2,251,261 |
| Restricted funds | 62,064 | 75,364 | (68,628) | - | 68,800 |
| 2,410,851 | 75,364 | (93,352) | (72,802) | 2,320,061 |
Page 14
THE ANNE BANKS WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024
15. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Restricted | Endowment | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Fixed asset investments | 35,847 | 2,179,352 | 2,215,199 |
| Investment property | - | 167,500 | 167,500 |
| Current assets | 114,023 | - | 114,023 |
| Creditors due within one year | (78,140) | - | (78,140) |
| Total | 71,730 | 2,346,852 | 2,418,582 |
| Analysis ofnet assets between funds- prior period | |||
| Restricted | Endowment | Total | |
| funds | funds | funds | |
| 2023 | 2023 | 2023 | |
| pe | £ | £ | |
| Fixed asset investments | 1,678 | 2,083,761 | 2,085,439 |
| Investment property | - | 167,500 | 167,500 |
| Current assets | 77,559 | - | 77,559 |
| Creditors due within one year | (10,437) | - | (10,437) |
| Total | 68,800 | 2,251,261 | 2,320,061 |
16. Related party transactions
During the year legal fees of £9,240 were payable to Freeths for services provided to the charity (2023: £10,024). The services provided were at commercial rates.
Page 15