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2022-04-05-accounts

Charity registration number 1119374

CHIVERS TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

CHIVERS TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees C Chivers
R Rowe
H Battye
S Floyer
V Jenkins
S Kirkbride (Appointed 30 September
2022)
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 2022

The trustees present their annual report and financial statements for the year ended 5 April 2022.

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 Trust Deed, 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

Chivers Trust provided financial support to the following organisations and projects which were able to function in spite of the considerable difficulties presented by the Covid pandemic:

Marina Theatre Summer School

The Spinning Wheel Theatre provided 20 young people from Lowestoft with the opportunity to work with theatre professionals on a project "Jason and the Argonauts".

English Touring Opera

ETO returned to touring live opera experiences for schools. Their production of "Back into the World" was performed at Brancaster Primary School, Norwich Primary Academy, North Walsham Junior School and Middleton Primary.

Britten Pears Arts

Celebration of Suffolk Schools Music took place at Snape Maltings, during which 1190 young people performed

Orchestras Live

Support was given to a new project: "We have to move on", a Living Heritage Music project, celebrating and commemorating Newmarket's welcoming of Jewish refugees during the Nazi period. The final concert was given on 4 July 2022.

Wonderful Beast

A project, "First the Dance, then the Feast", involving professional artists, traditional musicians and the Eastern Angles Theatre created a four-week workshop series for 4 primary schools (Snape, Bealings, Holton St. Peter and Handford Hall, Ipswich.)

The performance which resulted was performed at Thorington Theatre on 23rd and 24th June 2022.

Total Ensemble

The Trust continued to support this community theatre company which offers workshops leading to performance for young people marginalised by disability or any other heightened life challenge.

This year their project "Egmont" was performed at the Hostry Festival, Norwich in October 2021.

Benedetti Trust

The Trust supported this new charitable trust which worked with the Norfolk Music Service to prepare 680 primary school children at the beginner level to take part in a live performance at Saffron Hall and the Inspiration Trust in Norwich.

CHIVERS TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Frozen Light

During the year ended 5 April 2020 a donation of £2,000 was made to Frozen Light, a company which mounts multisensory experiences for children with profound disabilities. The performance had been postponed from the previous year because of Covid and the extreme vulnerability of the audience and their carers. We are pleased to report that their project “Fire Songs” was performed as part of the Norfolk and Norwich Festival in May 2022.

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.

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 S Kirkbride (Appointed 30 September 2022)

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 six 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' report was approved by the Board of Trustees.

C Chivers Trustee

18 January 2023

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 2022.

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:

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: 24 January 2023

CHIVERS TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2022

Unrestricted
funds
2022
Notes
£
Income from:
Donations and legacies
3
10,577
Investments
4
18,376
Total income
28,953
Expenditure on:
Raising funds
5
552
Charitable activities
6
18,717
Total expenditure
19,269
Net gains/(losses) on investments
10
56,657
Net movement in funds
66,341
Fund balances at 6 April 2021
615,821
Fund balances at 5 April 2022
682,162		 Total Unrestricted
funds
2022
2021
£
£
10,577
10,000
18,376
15,633
28,953
25,633
552
516
18,717
10,517
19,269
11,033
56,657
80,941
66,341
95,541
615,821
520,280
682,162
615,821		 Total Unrestricted
funds
2022
2021
£
£
10,577
10,000
18,376
15,633
28,953
25,633
552
516
18,717
10,517
19,269
11,033
56,657
80,941
66,341
95,541
615,821
520,280
682,162
615,821
25,633
516
10,517
11,033
80,941
95,541
520,280
615,821

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

CHIVERS TRUST

BALANCE SHEET

AS AT 5 APRIL 2022

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		 2022
£
47,757
(1,020)		 £
635,425
46,737
682,162
682,162
682,162		 2021
£
50,968
(1,104)		 £
565,957
49,864
615,821
615,821
615,821

The financial statements were approved by the Trustees on 18 January 2023

C Chivers Trustee

CHIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

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 amounts 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.

CHIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

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 payments 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.

CHIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

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
2022 2021
£ £
Donations and gifts 10,577 10,000

4 Investments

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Income from listed investments 16,086 12,595
Interest receivable 2,290 3,038
18,376 15,633
Raising funds
Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Investment management 552 516
552 516

5 Raising funds

CHIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

6 Charitable activities

Core Core
activities activities
2022 2021
£ £
Website costs 125 1,200
Grant funding of activities (see note 7) 17,000 7,600
Share of governance costs (see note 8) 1,592 1,717
18,717 10,517

7 Grants payable

Core Core
activities activities
2022 2021
£ £
Grants to institutions:
English Touring Opera 3,000 -
The Garage Trust - 2,000
Total Ensemble Theatre Company 2,000 2,000
Orchestras Live 2,000 (1,000)
Wonderful Beast 2,000 -
Common Lot - 2,000
Spinning Wheel Theatre - 2,000
Sistema 2,000 -
N&N Festival 2,000 -
Benedetti Foundation 2,000 -
Britten Pears Arts 2,000 -
Art Branches - 600
17,000 7,600

CHIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

8 Support costs

Support costs
Accountancy
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
936
-
656
-
1,592
-
1,592		 2022
£
936
656
1,592
1,592		 2021
£
1,104
613
1,717
1,717

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
2022 2021
£ £
Revaluation of investments 55,574 86,021
Gain/(loss) on sale of investments 1,083 (5,080)
56,657 80,941

11 Fixed asset investments

Listed
investments
£
Cost or valuation
At 6 April 2021 565,957
Additions 109,485
Valuation changes 56,657
Disposals (96,674)
At 5 April 2022 635,425
Carrying amount
At 05 April 2022 635,425
At 05 April 2021 565,957

CHIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

11 Fixed asset investments

(Continued)

[Where the value of investments is determined other than by reference to market value, the particulars of the method adopted and reasons for adopting it should be disclosed.]

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		 2022
£
635,425
2022
£
1,020		 2021
£
565,957
2021
£
1,104

CHIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

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 2020
r
£
General Fund
516,127
Revaluation Fund
4,153
-		 Movement in funds
Incoming
esources
Resources
expended
Transfers Revaluations,
gains and
losses
Balance at
6 April 2021
r
£
£
£
£
£
25,633
(11,033)
-
(5,080)
525,647
-
-
-
86,021
90,174
25,633
(11,033)
-
80,941
615,821		 Movement in funds
Incoming
esources
Resources
expended
£
£
28,953
(19,269)
-
-
28,953
(19,269)		 Transfers
Balance at
5 April 2022
£
£
1,083
536,414
55,574
145,748
56,657
682,162		 Transfers
Balance at
5 April 2022
£
£
1,083
536,414
55,574
145,748
56,657
682,162
682,162

CHIVERS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

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 (2021 : £10,000) from Mrs Chivers, a trustee and chair of the charity.