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2021-04-05-accounts

KRESTON "REEVES ROMODHAM TRUST ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2021

ROMODHAM TRUST

ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2021

CONTENTS

Page
Trustees' Report 1 - 2
Accountants' Report 3
Independent Examiners Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Accounts 7 - 10

ROMODHAM TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5TH APRIL 2021

Reference and Administrative Details
Charity registration number 1123919
Principal address PO Box 42519,
London
E1W 3WY
Founder Adam David Cooke (by Deed dated 9 April 2008)
Trustees Adam David Cooke
Edmund Joel Weeks
Accountants Kreston Reeves LLP
2nd Floor
168 Shoreditch High Street
London
E1 6RA
Bankers Royal Bank of Scotland
49 Charing Cross
London
SW1A 2DX
Investment managers Rowan Dartington & Co. Ltd
Aintree House
Blackbrook Park Avenue
Taunton, TA1 2PX
Objectives and Activities

a. Policies and objectives

The principal objective of the Trustees is to apply the income of the charity for general charitable purposes.

b. Strategies for achieving objectives

The charity makes grants to other charities at the discretion of the trustees.

c. Activities for achieving objectives

The charity maintains an investment portfolio in order to generate income to enable its grant making activities.

d. Public Benefit

In setting out objectives and planning activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

1

ROMODHAM TRUST TRUSTEES. REpoKr FOR THE YEAR ENDED STh APRIL 2021 Achlevements and p•rtomwnce . InY•slm•nt pollcy al￿ performance Durfng the ￿ar. ts ch*ity T8C8iVOd investmenl ￿￿Offle 01 £39.61212020 .. £40.0511 which was used lo fuThJ the chanvs granl makirrfj aclivths. The charrty also &hieved small ￿alised gains w investments wh￿h were reinvested in ils investmenl and an unrealised gain12020.' hAsl arose on the vahje of rts Inveslments al the year erKI. Flnanclal Te¥iew Aftef making appmwiate erwrns. the trustees have a leas(￿￿ expecta￿ that Ihe charity has adequale resources lo 0)ntin￿ in operatwl existe￿ for the foreseeable lulu￿. For Ihks reason th¢y ¢ontsnu¢ lo adopt Ihe gow con￿rn tsa￿s in prepanng ts financial ststements. Furlher detw"Is Tegarding the adopt￿ of the 90ing concern basis can be found Fn the Ac￿n11n9 Poliges. b. Flnancl•l rlsk min•gom•nl obJKllve¥ and poll¢i•s The tA￿te0$ have a duty lo idenify arKI revKw the risks to the chanty is exposed and to gnsure c. R￿ar¥ol pollcy The trustees. is to buikl an in￿ent to income to SUFPOrt future dcMatKN￿. Structur•. gov•rnanc• and ffl￿a Method of appolntment or olection of Tru$toe• The fitsl truslees V•we ar4>ynted under Ihe Trust Deed. AM stheqwl app)mbn8nts are made by the 8X￿lIng Itustees. b. OrganlsatloThal struC￿r• and deci8•on maklTrg . have authofised me to sign r( on they behalf. Adam David Ccxjke Trustee

ROMODHAM TRUST ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE TRUSTEES. ACCOUNTS for th• YEAR ENDED 5 APRIL 2021 In acc(YOance ¥Alh the erqagemenl bglter of 6 0￿ 2017 ha¥e wepared Ihe accounts sel out pages 5 to 10 from th8 accountsng rec4yds of the Trustees aTrJ information and expknatNJns given to us. These accounts arB rK>t nterKled to cfjmpty fu4y the Pmi5NTh of'UK Generalty Acrnpted Acc￿u￿ting Principles.. This report is made io the Tfustees ol Romctham Trust . Our ha5 been un¢ertaken so that we migm Fware the accounts. reporl that we have ¢SJne so aTrJ state those matters we feel sh)ukl be drawn to Ihe Truslees. attent￿ ar￿ for rK) otrr wrwse. To Ihe fu￿{ ethnl permrtled by kw. we do Th)t a￿p1 cy assume responsibl￿ty lo any￿. other Ihan Ihe Tntstees. lor our %)(k or for thi$ Trporl. We have canied out tru"s erwJa98menl in acccKdanc& wrth techn￿1 guKlelines ￿S￿ed ty Ihe InsUlule of Chartered Accountanls in England & Wa19$ and by Ihe Society of Trusl •¥J Es¢ale Praclitt￿1s. We twe compiled Ihi8 Trport vilh ettmcal guKJm la￿ dovm by those b3d￿s. We have nol been instructed to carry an audit of Ihese accounts. For tr￿"s reason. we have not Vorif￿d the acojracy or COm￿eten￿$S of the a¢￿Unty￿ rgc)yds ￿ inf￿Mal¥M arnj expkwtson5 given lo us and we not. lherefo￿. express any opin)n on Ihese accwnts. Kreston R•eves LLP Chart•fed A¢¢ount¥ni 2nd Ooor 168 sh￿edItCh Hvjh Street London E1 6RA £4P 29.10.2021 ACcOUP￿s APPROVAL In accordance with Ihe engagemenl letter of 6 Oclotr 2017. approve Ihese aceounts ar¥J aLn I￿r re5ponsibilrty lor prowdiThJ all informat)n and expEanath)n$ necessary lor their wepaTrI￿. Adam Da¥MJ Cc•)ke

ROMODHAM TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 5TH APRIL 2021

I report on the accounts of the charity for the year ended 5th April 2021 which are set out on pages 5 to 10.

Respective Responsibilities of Trustees and Examiner

The charity's Trustees are responsible for the preparation of the accounts. The charity's Trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 ("the 2011 Act") and that an independent examination is needed.

It is my responsibility to :-

Basis of Independent Examiner's Report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, I do not express an opinion as to whether the accounts present a "true and fair" view. This report is limited to those matters set out in the statement below.

Independent Examiner's Statement

In connection with my examination, no matter has come to my attention:-

have not been met; or

J E Rawle, FCA, CTA, TEP

Kreston Reeves LLP

Chartered Accountants

2nd Floor 168 Shoreditch High Street Date: 29.10.2021 London E1 6RA

4

ROMODHAM TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5TH APRIL 2021

Notes
Incoming resources
Investment Income
2
Interest received
2
Total incoming resources
Resources Expended
Direct charitable expenditure:
Grants and donations
4
Governance costs
4
Investment Management charges
4
Total resources expended
Surplus/(Deficit) for the year
Gain (Loss) on sale of stocks and shares
7
Unrealised gains/(losses) on
revaluation of investments
7
Net movement of resources
for the year
Net reserves brought forward
Net reserves carried forward		 UNRESTRICTED
FUNDS
£
39,605
7
2021		 TOTAL
FUNDS
£
39,605
7		 2020
TOTAL
£
40,022
29
39,612 39,612 40,051
27,000
4,800
6,495		 27,000
4,800
6,495		 22,000
4,992
6,838
38,295 38,295 33,830
1,317
12,663
200,610		 1,317
12,663
200,610		 6,221
6,595
(146,045)
214,590
699,101		 214,590
699,101		 (133,229)
832,330
913,691 913,691 699,101

All incoming resources and resources expended arise from continuing activities.

The notes on pages 7 to 10 form part of these financial statements.

5

ROMODHAM TRUST BALANCE SHEET AS AT 5TH APRIL 2021 2021 2020 Not•s Flxed assets Investrnents 852.973 634.065 Current a$s¢ls Cash al bank 66.718 71.036 Totsl a8s•ts 919,691 705. 101 Crndltorn wlthln on• y•ar Total assets. less current Ilabllitles 913.691 699.101 Funds unr•$tr¢Ct￿ funds 913,691 699. 101 Total fun 913,691 699. 107 Th8 fina￿1 slatements were apwoved by ts Tn￿le¢S and swd on tsir bghalt by. Ad•m Davld C¢)ok• Dato

ROMODHAM TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5TH APRIL 2021

1 Accounting policies

1.1 Basis of preparation of financial statements

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 on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn

The financial statements have been prepared under the historical cost convention with items. recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of accounts. The financial statements have been prepared in accordance with the Statement of accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.

Romodham Trust constitutes a public benefit entity as defined by FRS 102.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

1.3 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.

1.4 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 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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

7

ROMODHAM TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5TH APRIL 2021

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

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.

1.5 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 fair value cannot be measured reliabily in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.7 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.

1.8 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.

1.9 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. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

8

ROMODHAM TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5TH APRIL 2021

1.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2 Investment income
Investment income
- local listed investments
- foreign listed investments
- local cash
- other foreign investments
3 Governance costs
Accountancy and Independent examiner's charges
Exchange (gains)/loss
Trustees travel reimbursed
4 Analysis of Expenditure by expenditure type
Expenditure on investment management
Costs of generating funds
Grants and donations
Expenditure on governance
4.1 Donations
St. Georges Crypt
Build It
Magic Breakfast
The Listening Place		 Unrestricted
funds
2021
£
12,177
24,145
7
3,282		 Total
Total
funds
funds
2021
2020
£
£
12,177
10,170
24,145
25,942
7
29
3,282
3,910
39,612 39,612
40,051
4,800
-
-		 4,800
4,800
-
(73)
-
265
4,800 4,800
4,992
6,495
27,000
4,800		 6,495
6,838
27,000
22,000
4,800
4,992
38,295 38,295
33,830
2021
2020
£
£
21,000
22,000
3,000
-
1,000
-
2,000
-
27,000
22,000

9

ROMODHAM TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5TH APRIL 2021

5 Net income/(expenditure)

During the year, no Trustees received any remuneration (2020 - £NIL) . During the year, no Trustees received any benefits in kind (2020 - £NIL). During the year, Trustees received no reimbursement of expenses (2020 - £265).

6 Independent Examiner's remuneration

The Independent Examiner's remuneration amounts to an Independent Examination fee of £2,400 (2020- £2,400) , and accounting services of £2,400 (2020 - £2,400).

7 Fixed asset investments

Market value
At 5 April 2020
Additions
Disposals
At 5 April 2021
Gain (Loss) on sale of stocks and shares
At 5 April 2021
Net book value
At 5 April 2021
At 5 April 2020
Unrealised gains/(losses) on revaluation of
investments		 Listed
Unlisted
Total
securities
securities
£
£
£
558,784
75,282
634,066
(57,919)
-
(57,919)
63,553
-
63,553
564,418
75,282
639,700
12,663
-
12,663
205,856
(5,246)
200,610
218,519
(5,246)
213,273
782,937
70,036
852,973
558,784
75,282
634,066

Investments at market value comprise:

Listed investments
Unlisted investments
Total market value
All the fixed asset investments are held in the UK
Creditors: Amounts falling due within one year
Accruals and deferred income		 2021
2020
£
£
782,937
558,784
70,036
75,282
852,973
634,066
2021
2020
£
£
6,000
6,000

8 Creditors: Amounts falling due within one year

10