Charity Registration No. 1119374
CHIVERS TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
CHIVERS TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees C Chivers R Rowe H Battye S Floyer V Jenkins (Appointed 6 July 2020) Charity number 1119374 Principal address c/o Cozens Hardy LLP Castle Chambers Opie Street NORWICH NR1 3DP Independent examiner Argents Accountants Limited 15 Palace Street NORWICH Norfolk United Kingdom NR3 1RT
CHIVERS TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
CHIVERS TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their annual report and financial statements for the year ended 5 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: 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 ).
Objectives and activities
The Trust was set up in 2007 to honour the memory of Roy Chivers. The trust's objects are to support projects which provide musical, theatrical or visual arts experiences to young people (up to the age of twenty-five)living in Norfolk and Suffolk.
Priority is given to funding projects which target the most disadvantaged groups, and work to reach new audiences, especially groups who may not otherwise have access to the arts.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
The Chivers Trust provided financial support to the following:
Spinning Wheel Theatre Summer Project
£2,000 was contributed to the Spinning Wheel Theatre in support of their summer schools project of the Wind in the Willows
The Garage
The Garage Alice in Wonderland summer performing arts participation project received a contribution from the trust of £2,000
Art Branches
Art Branches received a discretionary donation from the trust of £600 to go towards their project for the year.
Total Ensemble
The Trust continued to support this group with their series of outreach workshops to engage new participants with a further grant in the year of £2,000
Common Lot
The trust contributed a further £2,000 to this Norwich-based community theatre helping to enable them to extend their reach and impact to various Norwich Junior Schools.
Financial review
The attached accounts show the current state of the finances which the trustees consider to be satisfactory.
The movement in fixed asset investments during the year is set out in the notes to the accounts.
Reserves Policy
The reserves of the trust are identified as unrestricted at the period end. The unrestricted reserve is available for all the costs of running the trust.
The trust invested £100,000 in July 2007, which has subsequently been added to, and funds its charitable activities from the generated investment income as it becomes available. The fund is managed by Charles Temple-Richards at Barratt and Cooke. In this way the trust expects to continue its charitable activities for the foreseeable future.
- 1 -
CHIVERS TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Structure, governance and management
The Chivers Trust became a registered charity in February 2007 and is an unincorporated association. The governing document is a Trust Deed.
The trustees who served during the year and up to the date of signature of the financial statements were: C Chivers
R Rowe H Battye S Floyer V Jenkins (Appointed 6 July 2020)
Recruitment and appointment of trustees.
The power of appointing trustees is exercisable by such of the current trustees as are for the time being capable of managing their affairs and also by the Settlor by her Will or Codicil (the Chivers Trust document dated 2021, 'Power of appointment of trustees').
New trustees are briefed on their legal obligations under charity law, the contents of the constitution and rules, the decision making process,, the business plan and recent financial performance of the trust.
Organisational structure
The day to day administration of the trust is carried out by the executive officer, Mrs C Chivers. The five trustees meet approximately every two months to discuss and decide upon any applications received as well as any complex administration issues that may arise during the year. Decisions relating to the trust's investments has been delegated to Mr Charles Temple-Richards of Barratt and Cooke.
The trustees' r eport was approved by the Board of Trustees.
C Chivers
Trustee
28 January 2022
- 2 -
CHIVERS TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHIVERS TRUST
I report to the trustees on my examination of the financial statements of Chivers Trust (the trust) for the year ended 5 April 2021.
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 . 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.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements 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 financial statements to be reached.
Mark Johnstone FCA
Argents Accountants Limited 15 Palace Street NORWICH Norfolk NR3 1RT United Kingdom
Dated: 28 January 2022
- 3 -
CHIVERS TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds |
||
| 2021 | 2020 |
||
| Notes | £ |
£ |
|
| Income from: | |||
| Donations and legacies | 3 | 10,000 | 15,000 |
| Investments | 4 | 15,633 | 22,276 |
| Total income | 25,633 | 37,276 |
|
| Expenditure on: | |||
| Raising funds | 5 | 516 | 564 |
| Charitable activities | 6 | 10,517 | 23,404 |
| Total resources expended | 11,033 | 23,968 |
|
| Net gains/(losses) on investments | 10 | 80,941 | (67,944) |
| Net movement in funds | 95,541 | (54,636) |
|
| Fund balances at 6 April 2020 | 520,280 | 574,915 |
|
| Fund balances at 5 April 2021 | 615,821 | 520,279 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
CHIVERS TRUST
BALANCE SHEET
AS AT 5 APRIL 2021
| Notes Fixed assets Investments 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds - general |
2021 £ 50,968 (1,104) |
£ 565,957 49,864 615,821 615,821 615,821 |
2020 £ 59,499 (1,104) |
£ 461,884 58,395 520,279 520,279 520,279 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on .........................
..............................
C Chivers
Trustee
- 5 -
CHIVERS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
Charity information
Chivers Trust is a unincorporated charity governed by its Deed of Trust.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
There are no designated, restricted or endowment funds.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
CHIVERS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
1.5 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Depreciation charges are allocated on the portion of the asset’s use.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust ’s contractual obligations expire or are discharged or cancelled.
- 7 -
CHIVERS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2021 | 2020 | |
| £ | £ | |
| Donations and gifts | 10,000 | 15,000 |
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2021 | 2020 | |
| £ | £ | |
| Income from listed investments | 12,595 | 19,234 |
| Interest receivable | 3,038 | 3,042 |
| 15,633 | 22,276 |
5 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2021 | 2020 | |
| £ | £ | |
| Investment management | 516 | 564 |
| 516 | 564 |
- 8 -
CHIVERS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
6 Charitable activities
| Core | Core | |
|---|---|---|
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Website costs | 1,200 | - |
| Grant funding of activities (see note 7) | 7,600 | 22,300 |
| Share of governance costs (see note 8) | 1,717 | 1,104 |
| 10,517 | 23,404 |
7 Grants payable
| Core | Core | |
|---|---|---|
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Grants to institutions: | ||
| PAN Intercultural Arts | - | 2,000 |
| The Garage Trust | 2,000 | - |
| Jubilee Opera Trust | - | 1,000 |
| Total Ensemble Theatre Company | 2,000 | 2,500 |
| The Triorca Trust | (1,000) | 1,000 |
| Wonderful Beast | - | 1,000 |
| Common Lot | 2,000 | 4,000 |
| Frozen Light | - | 2,000 |
| Into Opera | - | 2,000 |
| Spinning Wheel Theatre | 2,000 | 1,500 |
| Celebration | - | 2,000 |
| Eastern Edge Theatre Company | - | 500 |
| Orchestra of Age Enlightenment | - | 800 |
| Brook Street Band | - | 2,000 |
| Art Branches | 600 | - |
| 7,600 | 22,300 |
-
9 -
CHIVERS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
8 Support costs
| Support costs Governance costs £ £ Accountancy - 1,104 Legal and professional - 613 - 1,717 Analysed between Charitable activities - 1,717 |
2021 Support costs Governance costs £ £ £ 1,104 - 1,104 613 - - 1,717 - 1,104 1,717 - 1,104 |
2020 £ 1,104 - 1,104 1,104 |
|---|---|---|
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
10 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2021 | 2020 | |
| £ | £ | |
| Revaluation of investments | 86,021 | (64,885) |
| Gain/(loss) on sale of investments | (5,080) | (3,059) |
| 80,941 | (67,944) |
- 10 -
CHIVERS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
11 Fixed asset investments
| Cost or valuation At 6 April 2020 Additions Valuation changes Disposals At 5 April 2021 Carrying amount At 05 April 2021 At 05 April 2020 Listed investments carrying amount Market value if different from carrying amount 12 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 13 Creditors: amounts falling due within one year Accruals and deferred income |
Listed investments £ 461,884 146,632 80,942 (123,501) 565,957 565,957 461,884 2021 2020 £ £ 475,782 457,731 565,955 461,884 2021 2020 £ £ 565,957 461,884 2021 2020 £ £ 1,104 1,104 |
|---|---|
- 11 -
CHIVERS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
14 Unrestricted funds - Unrestricted Funds
These are unrestricted funds which are material to the trust's activities made up as follows:
| Balance at 6 April 2019 £ General Fund 508,679 Revaluation Fund 66,236 - |
Movement in funds Incoming resources Resources expended Transfers Revaluations, gains and losses Balance at 6 April 2020 £ £ £ £ £ 37,276 (23,968) - (3,059) 516,127 - - - (64,885) 4,153 37,276 (23,968) - (67,944) - |
Movement in funds Incoming resources Resources expended Revaluations, gains and losses Balance at 5 April 2021 £ £ £ £ 25,633 (11,033) (5,080) 525,647 - - 86,021 90,174 25,633 (11,033) 80,941 - |
|---|---|---|
- 12 -
CHIVERS TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
15 Related party transactions
Transactions with related parties
During the year the trust entered into the following transactions with related parties: The charity received a donation, without condition, of £10,000 during the year (2020 : £15,000) from Mrs Chivers, a trustee and chair of the charity.
- 13 -