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2023-04-05-accounts

KRESTON "REEVES ROMODHAM TRUST ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2023

ROMODHAM TRUST

ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2023

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 2023

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
Nathan Anthony Steinberg
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, REPORT FOR THE YEAR ENDED 5TH APRIL 2023 Achlovements and perforniance Investment pollcy and performaneo Dudng th8 year, the charlly re¢elved Investment income of £45,94912022 . £44,777) whlch was used lo fund the charltys grant making 8clivilie8. The charity made no disposals of Investments In the year, and made an unreallsed loss12022: galn) on tho r8valuation of its investments at the year end. Flnanclal roview Golng concern After maklng approprlate enqulrl8s, th8 Iruslees have a reasonable expectation that the ¢harlty ha8 adequate r8s0urces to ¢onllnug In opèrallonal existence for th8 foreseeable future. For thls reason Ihay continue lo adopt the going concern ba81s In pr8P8rlng the financlal stalemenls. Further details regardlng the adoption of the golng concem basls can be found In the Accountlng Pollcles. b. FlnanGlal rfsk managgmgnt objectlves and pollcles Th8 inJ8lee8 have a duty lo Sdentlfy and r8vlew th8 rfsks lo whlch Ihe charfty Is exposed and to ensure approprSate conlro18.are In plaGe to provlde re&sonabl8 a88urance ag8in81 fraud 8nd-error. ¢. Re8eNès pollcy The truslaes, pollcy18 to bulld an knveslment portlolS0 to provlde long-term Income to SUPPQrt future donallDll8. 8tN¢tur•i governance and managèment . Method of appolntment or electlon of Trusteas The flrsl tN8tees werè appolnted under the Trust Deed. All subsequent appolnlments are made by the 8xlstlng Iruslegs. b. Organlsatlonal structuro and declslon mak5ng Th8 charlty Is managed entlrely by the trustees on a voluntary basis. I declare, In my capaclty as charlty trustee, that:. - the Trustees have approved the report above: and have authorised me to slgn It on thelr behall. Adam David Cooke Trustee

ROMODHAM TRUST ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE TRUSTEES, ACCOUNTS for Ihe YEAR ENDED S APRIL 2023 In accordance with the engagement letter of 4 November 2021 we have prepared the a¢￿UnIS set out on Pages 510 10 from the accounting records of the Trustees and Infomialion and explanations glven to U8. These accounls are not Intended to Gomply fully with the provlslons of 'UK Generally Accepted Accounting Prlnclples,. Thls report is made lo the Tru8tees of Romodham Trust . Our work has b8en undertaken so Ihat wé mlght prepare the accounts, report that W6 have done so and Stale those matters which we feel should be drawn lo the Trustees. attanlion and for no other purpose. To tho fullest extent parmltted by law, we do not accept or 8ssume responslbillty to anyone, other Ihan the Trustees, for our work or for Ihls report. We have carried out thls engagamenl In accordanGe wIlh lechnlcal guidelines issued by the Instllule of Chartered Accountants in England & Walgs and by the Socl8ty of Trust and Estate Practillon8rs. We havè complled thls r8POrt with ethicd guldance lald down by those bodle5. We haiie nol been InslruGted to Gary out an audlt of these accounts. For thls reason, w& hav8 not verflled the aocuracy or completeness of the accounting reoords or Info￿natIOn and 8xplan8llong glven to us and we do not. theréfore. exprosg any oplnlon on Ihgse a¢￿UnIs. Kroston Reovos LLP Chartered Ac￿Untsnts 2nd Floor 168 Shoreditch Hlgh Street London E16Fi4 •ry 25.09.2023 ACCOUNTS APPROVAL In accordance wtth tha engagement lett8r of 4 November 2021. we approve these accounts and acknoYAedg8 our responslblllty for provldlng all Informallon and explanallons necessary for thelr proparalion. Adam David Cooke

ROMODHAM TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 5TH APRIL 2023

I report on the accounts of the charity for the year ended 5th April 2023 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

London

E1 6RA

Date: 18.09.2023

4

ROMODHAM TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5TH APRIL 2023

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
£
45,938
11
2023		 2022
TOTAL
FUNDS
TOTAL
£
£
45,938
44,766
11
11
45,949 45,949
44,777
22,000
4,800
7,932		 22,000
27,300
4,800
4,970
7,932
9,858
34,732 34,732
42,128
11,217
-
(101,810)		 11,217
2,649
-
10,107
(101,810)
98,270
(90,593)
1,025,122		 (90,593)
111,026
1,025,122
914,096
934,529
1,025,122
934,529

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 SHEEr AS AT 5TH APRIL 2023 2023 2022 Notes Flxed a86ets Investmen18 916,345 I.OQ3,Q09 Current assets Cash at bank 24,184 28,113 Total ass•ts 940,529 1.031.122 Crodltors wlthln one yaar 6,000 6.000 Total a￿et9,1•s9 currollt Ilabllltle• 934,529 1,025,122 Funds Unr08trlctsd funds 934,529 1,025,122 Total fund• 934,529 1,025, 122 The flnancl81 statements were approved by the Trustees 8rKI 81gngd on thelr behalf by., Adam Davld Cooke 26.q. 22 Date

ROMODHAM TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5TH APRIL 2023

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 2023

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 reliably 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 2023

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
Trustees expenses
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
Empire Fighting Back
The Listening Place
The Cares Family
Art Therapies for Children		 Unrestricted
funds
2023
£
15,766
25,704
11
4,468		 Total
Total
funds
funds
2023
2022
£
£
15,766
14,726
25,704
26,578
11
11
4,468
44,777
45,949 45,949
89,554
4,800
-		 4,800
4,800
-
170
4,800 4,800
5,140
7,932
22,000
4,800		 7,932
9,858
22,000
27,300
4,800
4,970
34,732 34,732
42,128
2023
2022
£
£
16,000
20,000
4,000
4,000
2,000
-
2,000
-
1,000
-
300
22,000
27,300

9

ROMODHAM TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5TH APRIL 2023

5 Net income/(expenditure)

During the year, no Trustees received any remuneration (2022 - £NIL) . During the year, no Trustees received any benefits in kind (2022 - £NIL). During the year, Trustees received no reimbursement of expenses (2022 - £NIL).

6 Independent Examiner's remuneration

The Independent Examiner's remuneration amounts to an Independent Examination fee of £2,400 (2022- £2,400) , and accounting services of £2,400 (2022 - £2,400).

7 Fixed asset investments

Market value
At 5 April 2022
Additions
Disposals
At 5 April 2023
Gain (Loss) on sale of stocks and shares
At 5 April 2023
Net book value
At 5 April 2023
At 5 April 2022
Unrealised gains/(losses) on revaluation of
investments		 Listed
Unlisted
Total
securities
securities
£
£
£
930,490
72,519
1,003,009
15,146
-
15,146
-
-
-
945,636
72,519
1,018,155
-
-
-
(106,535)
4,725
(101,810)
(106,535)
4,725
(101,810)
839,101
77,244
916,345
930,490
72,519
1,003,009

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		 2023
2022
£
£
839,101
930,490
77,244
72,519
916,345
1,003,009
2023
2022
£
£
6,000
6,000

8 Creditors: Amounts falling due within one year

10

ROMODHAM TRUST SCHEDULE OF STOCKS AND SHARES

YEAR ENDED 5 APRIL 2023

Acquisition/Disposals Acquisition/Disposals
Market Value Cost/ Profit/ Book Value Market Value Profit/(loss) on
5 April 2022 (Proceeds) (Loss) 5 April 2023 5 April 2023 revaluation Income
£ £ £ £ £ £ £
QUOTED SECURITIES
United Kingdom
12,000 Abrdn Private Eqty Opps Tst Plc Ord
GBP0.002 60,240 60,240 52,320 (7,920) 1,728
.
7,000 Anglo Asian Mining , Ord 0.01p 6,335 6,335 8,085 1,750 453
25,000 Aquila Services Group Ord £0.05 6,125 6,125 6,500 375 163
20,000 Frenkel Topping Group Ord GBP0.005 14,300 14,300 13,300 (1,000) 272
1,500 Gresham House plc - ord 25p 13,950 13,950 11,550 (2,400) 150
1,000 Goodwin plc, ord 10p 34,150 34,150 38,050 3,900 539
10,000 Hg Capital Trust PLC Ord 25p 43,200 43,200 33,950 (9,250) 750
10,000 Home Reit plc, Ord 0.01p 12,540 12,540 3,805 (8,735) 413
10,000 M&G PLC, Ord 0.5p 21,700 21,700 18,985 (2,715) 1,840
30,000 Momentum Multi-Asset Value Trust 54,750 54,750 46,050 (8,700) 2,268
8,000 Ms International Ord 10p 21,600 21,600 41,600 20,000 760

_____ ____________ These notes do not form part of the accounts ________

ROMODHAM TRUST SCHEDULE OF STOCKS AND SHARES

YEAR ENDED 5 APRIL 2023

300,000 Pan African Resources PLC - ord 1p
15,000
853Rockwood Strategic Plc Ord GBP0.5
12,500 Sanderson Design Group plc, Ord 0.01p
bought 21/10/2022
15,000 Vianet Group plc, ord 10p
40,000
North America
20,000Nickel 28 Capital Corp Com NPV
100,000 Newport Exploration Ltd, Com NPV
1,000
Nutrien Ltd, Com NPV
Vpc Specialty Lending Investments plc,
Ord 0.01p
Premier Global Infrastucture Trust PLC,
Ord 1p		 Market Value
Cost/
Profit/
Book Value
Market Value
Profit/(loss) on
5 April 2022
(Proceeds)
(Loss)
5 April 2023
5 April 2023
revaluation
Income
£
£
£
£
£
£
£
Acquisition/Disposals
70,500
70,500
51,060
(19,440)
2,086
26,100
26,100
20,100
(6,000)
1,050
12,027
12,027
15,397
3,370
13,413
13,413
15,813)
2,400
94
13,125
13,125
10,875
(2,250)
35,760
35,760
30,160
(5,600)
3,200
446,402
13,413
-
459,815
417,600
(42,215)
15,766
17,391
17,391
14,077
(3,314)
28,169
28,169
15,508
(12,661)
2,352
77,410
77,410
57,338
(20,072)
1,193
122,970
-
-
122,970
86,923
(36,047)
3,545

_____ ____________ These notes do not form part of the accounts ________

ROMODHAM TRUST SCHEDULE OF STOCKS AND SHARES

YEAR ENDED 5 APRIL 2023

Acquisition/Disposals Acquisition/Disposals
Market Value Cost/ Profit/ Book Value Market Value Profit/(loss) on
5 April 2022 (Proceeds) (Loss) 5 April 2023 5 April 2023 revaluation Income
£ £ £ £ £ £ £
Channel Islands and Europe
220,000 Cqs New City High Yield Fund - ord NPV 118,140 118,140 107,030 (11,110) 9,856
60,000 Duke Royalty Ltd, ord NPV 24,000 24,000 18,180 (5,820) 1,680
40,000 Invesco Bond Income Plus Limited, Ord
NPV 70,900 70,900 65,500 (5,400) 4,500
2,000 Nb Private Eq Partners Class'a'ord Shs
USD0.01 33,000 33,000 28,400 (4,600) 1,583
7,000 Princess Private Equity Holdings €0.001 71,518 71,518 57,118 (14,400) 2,290
15,000 Raven Property Group Ltd, Cum Red Prf s 3,000 3,000 3,000 - 518
5,982 Tetragon Financial Group 40,560
68 dividend reinvested 26/5/2022 545
69 dividend reinvested 25/8/2022 595
76 dividend reinvested 26/11/2022 593
69 dividend reinvested 25/3/2023 -
6,264 42,293 55,350 13,057 1,733
361,118 1,733 - 362,851 334,578 (28,273) 22,160

_____ ____________ These notes do not form part of the accounts ________

ROMODHAM TRUST SCHEDULE OF STOCKS AND SHARES

YEAR ENDED 5 APRIL 2023

Other
20,283 Blue Ocean Monitoring Limited - Ord
15,000
Total
BSP Financial Group Limited - Ord		 Market Value
5 April 2022
£
33,226
39,293		 Cost/
Profit/
Book Value
Market Value
Profit/(loss) on
(Proceeds)
(Loss)
5 April 2023
5 April 2023
revaluation
Income
£
£
£
£
£
£
Acquisition/Disposals
33,226
33,226
-
39,293
44,018
4,725
4,468
72,519 -
-
72,519
77,244
4,725
4,468
1,003,009 15,146
-
1,018,155
916,345
(101,810)
45,938

_____ ____________ These notes do not form part of the accounts ________