DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

**CHARITY REGISTRATION NUMBER: 1127485** 

# **Penelope Martin Charitable Trust Unaudited Financial Statements** 

**5 April 2021** 



DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

## **Financial Statements** 

## **Year ended 5 April 2021** 

||**Pages**|
|---|---|
|Trustees' annual report|**1 to 2**|
|Independent examiner's report to the trustees|**3**|
|Statement of financial activities|**4**|
|Statement of financial position|**5**|
|Notes to the financial statements|**6 to 10**|





DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

## **Trustees' Annual Report** 

## **Year ended 5 April 2021** 

The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2021. 

## **Reference and administrative details** 

**Registered charity name** Penelope Martin Charitable Trust **Charity registration number** 1127485 **Principal office** Progeny Law and Tax Limited 1A Tower Square Leeds LS1 4DL **The trustees** Mrs A C Forsythe Mr M J Hasyn Mr E A Forsythe **Accountants** Sagars Accountants Ltd Chartered accountants Gresham House 5-7 St Paul's Street Leeds LS1 2JG 

## **Structure, governance and management** 

Penelope Martin Charitable Trust is controlled by the Trustees and employs no paid staff. 

## **Objectives and activities** 

The Trust Deed dated 28 August 1985 gives the Trustees power to apply the income to such charitable foundations and for such charitable purposes as the Trustees shall from time to time in their absolute discretion determine. The Trustees are not restricted in their charitable benevolence nor do they regard themselves as bound by precedent. 

Although the Trust has been in existence since 28 August 1985, the Trust was only officially registered with the Charity Commission on 12 January 2009. 

## **Achievements and performance** 

During the year ended 5 April 2021 the charity has paid grants totalling £159,750 to a wide variety of independent charities. 

## **Financial review** 

The financial statements set out on pages 4 to 10 show that the Trust made a profit during the year of £69,679 (2020 – loss £220,153). The net assets of the Trust at 5 April 2021 were £1,170,875 (2020 - £1,101,196). 

## **Investment policy and performance** 

The Trust has an investment policy which sets the Investment objective as "to seek to produce the best financial return within an acceptable level of risk, and for capital growth in excess of inflation (RPI) and a stable income stream". In respect of risk, the policy states that the Trust should be invested to mitigate long term inflation risk. Capital volatility can be tolerated if consistent with expectations but the Trustees do not want any significant decrease in income levels. The Trustees therefore expect a medium to cautious risk profile in line with the investment principles from time to time of the appointed investment manager. 

**- 1 -** 



DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

**Trustees' Annual Report** _**(continued)**_ 

## **Year ended 5 April 2021** 

## **Reserves policy** 

The Trust's quoted securities are the reserves and are held with a view to producing income for distribution to deserving organisations. The Trustees aim to set charitable donations to be at a level that is equal to the investment income and the increase in market value of the investments in the year, thus balancing the need to maintain the underlying level of reserves and the level of donations that can be made. The Trustees are satisfied with the financial position of the trust at the Balance Sheet date and for the foreseeable future. The charity is financially independent of any other source and operates independently of any other organisation. 

## **Plans for future periods** 

During the year the Trustees have continued to review the strategic options for the future of Penelope Martin Charitable Trust. 

## **Trustees' responsibilities statement** 

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 and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. 

In preparing these financial statements, the trustees are required to: 

select suitable accounting policies and then apply them consistently; 

observe the methods and principles in the applicable Charities SORP; 

make judgments and accounting estimates that are reasonable and prudent; 

state whether applicable UK Accounting Standards 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. 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. 

02 February 2022 | 18:38 GMT 

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by: 

Mr M J Hasyn Trustee 

**- 2 -** 



DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

## **Independent Examiner's Report to the Trustees of Penelope Martin Charitable Trust** 

## **Year ended 5 April 2021** 

I report to the trustees on my examination of the financial statements of Penelope Martin Charitable Trust ('the charity') for the year ended 5 April 2021. 

This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed. 

## **Responsibilities and basis of report** 

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no material 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 charity as required by section 130 of the 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 accounts to be reached. 

(sDocuSigned by: 

94CACA4B383E4D2... Susan Seaman BA FCA CIOT Independent Examiner 

Gresham House 5-7 St Paul's Street Leeds LS1 2JG 

**- 3 -** 



DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

## **Statement of Financial Activities** 

## **Year ended 5 April 2021** 

|||**2021**||2020|
|---|---|---|---|---|
|||Unrestricted|||
|||funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Investment income|**4**|25,982|**25,982**|30,025|
|||───────|───────|───────|
|**Total income**||25,982|**25,982**|30,025|
|||═══════|═══════|═══════|
|**Expenditure**|||||
|Expenditure on raising funds:|||||
|Investment management costs|**5**|9,737|**9,737**|10,378|
|Expenditure on charitable activities|**6,7**|165,061|**165,061**|125,890|
|||─────────|─────────|─────────|
|**Total expenditure**||174,798|**174,798**|136,268|
|||═════════|═════════|═════════|
|Net gains/(losses) on investments|**9**|218,495|**218,495**|(113,910)|
|||─────────|─────────|─────────|
|**Net income/(expenditure) and net movement in funds**||69,679|**69,679**|(220,153)|
|||═════════|═════════|═════════|
|**Reconciliation of funds**|||||
|Total funds brought forward||1,101,196|**1,101,196**|1,321,349|
|||───────────|───────────|───────────|
|**Total funds carried forward**||1,170,875|**1,170,875**|1,101,196|
|||═══════════|═══════════|═══════════|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 6 to 10 form part of these financial statements.** 

**- 4 -** 



DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

## **Statement of Financial Position** 

## **5 April 2021** 

|||**2021**||2020||
|---|---|---|---|---|---|
||**Note**|**£**|**£**|£|£|
|**Fixed assets**||||||
|Investments|**13**||**1,137,300**||1,081,851|
|**Current assets**||||||
|Cash at bank and in hand||**82,899**||21,851||
|**Creditors:amounts falling due within**||||||
|**one year**|**14**|**49,324**||2,506||
|||───────||───────||
|**Net current assets**|||**33,575**||19,345|
||||───────────||───────────|
|**Total assets less current liabilities**|||**1,170,875**||1,101,196|
||||───────────||───────────|
|**Net assets**|||**1,170,875**||1,101,196|
||||═══════════||═══════════|
|**Funds of the charity**||||||
|Unrestricted funds|||**1,170,875**||1,101,196|
||||───────────||───────────|
|**Total charity funds**|**15**||**1,170,875**<br>═══════════||1,101,196<br>═══════════|



These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: 

210C58A90B2B415... Mr M J Hasyn Trustee 

**The notes on pages 6 to 10 form part of these financial statements.** 

**- 5 -** 



DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

## **Notes to the Financial Statements** 

## **Year ended 5 April 2021** 

## **1. General information** 

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Progeny Law and Tax Limited, 1A Tower Square, Leeds, LS1 4DL. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared under the historical cost convention, with items recognised as cost unless otherwise stated in relevant notes to these financial statements. 

## **Going concern** 

The Trustees have been reviewing the investment performance as a result of Covid 19, however as investments are held in mixed portfolios for their long term performance it is hoped there will not be a significant impact on the results of the charity.  Donations made in any year are set at levels that can be funded by the charity from accessible funds and as result the Trustees consider the charity a going concern. 

## **Disclosure exemptions** 

The charity qualifies as a small charity as defined in SORP FRS 102 and as such advantage has been taken to not include a cash flow within the financial statements. 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies. 

## **Fund accounting** 

All funds held by Penelope Martin Charitable Trust are unrestricted funds in 2020 and 2021. They are general funds, which can be used in accordance with the charitable objectives at the discretion of the Trustees. 

**- 6 -** 



DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

**Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2021** 

**3. Accounting policies** _**(continued)**_ 

## **Incoming resources** 

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 

- legacy income is recognised when receipt is probable and entitlement is established. 

## **Resources expended** 

All resources expended are included in the statement of activities on an accruals basis and include attributable VAT which cannot be recovered. 

Costs of charitable activities comprise all costs directly attributable to and in support of the objects of the Charity. 

Governance costs are those costs directly attributable to the management of the charity's assets and dealing with all Trustee and committee meetings. 

## **Investments** 

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value.  If fair value cannot be reliably measured, assets are measured at cost less impairment. 

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. 

## **Financial instruments** 

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

## **4. Investment income** 

||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2021**|Funds|2020|
||£|**£**|£|£|
|Income from listed investments|25,982|**25,982**|30,025|30,025|
||═══════|═══════|═══════|═══════|



**- 7 -** 



DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2021** 

|**5.**|**Investment management costs**|||||
|---|---|---|---|---|---|
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2021**|Funds|2020|
|||£|**£**|£|£|
||Portfolio management|9,737|**9,737**|10,378|10,378|
|||══════|══════|═══════|═══════|
|**6.**|**Expenditure on charitable activities by fund**|**type**||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2021**|Funds|2020|
|||£|**£**|£|£|
||Donations|159,750|**159,750**|119,750|119,750|
||Support costs|5,311|**5,311**|6,140|6,140|
|||─────────|─────────|─────────|─────────|
|||165,061|**165,061**|125,890|125,890|
|||═════════|═════════|═════════|═════════|
|**7.**|**Expenditure on charitable activities by activity type**|||||
|||Grant funding of||**Total funds**|Total fund|
|||activities|Support costs|**2021**|2020|
|||£|£|**£**|£|
||Donations|159,750|5,311|**165,061**|125,890|
|||═════════|══════|═════════|═════════|
|**8.**|**Analysis of support costs**|||||
|||||**Total 2021**|Total 2020|
|||||**£**|£|
||Governance costs|||**5,311**|6,140|
|||||════|══════|
|**9.**|**Net gains/(losses) on investments**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2021**|Funds|2020|
|||£|**£**|£|£|
||Net gains/(losses) on investments|218,495|**218,495**|(113,910)|(113,910)|
|||═════════|═════════|═════════|═════════|
|**10.**|**Independent examination fees**|||||
|||||**2021**|2020|
|||||**£**|£|
||Fees payable to the independent examiner for:|||||
||Independent examination of the financial statements|||**2,433**|2,351|
|||||══════|══════|



## **11. Staff costs** 

The average head count of employees during the year was Nil (2020: Nil). 

No employee received employee benefits of more than £60,000 during the year (2020: Nil). 

**- 8 -** 



DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2021** 

## **12. Trustee remuneration and expenses** 

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees; 

## **13. Investments** 

||Managed Funds|Listed Equities|**Total**|
|---|---|---|---|
||£|£|**£**|
|**Cost or valuation**||||
|At 6 April 2020|411,355|670,496|**1,081,851**|
|Additions|20,840|24,385|**45,225**|
|Disposals|(149,961)|(58,310)|**(208,271)**|
|Other movements|136,754|81,741|**218,495**|
||─────────|─────────|───────────|
|**At 5 April 2021**|418,988|718,312|**1,137,300**|
||═════════|═════════|═══════════|
|**Carrying amount**||||
|**At 5 April 2021**|418,988|718,312|**1,137,300**|
||═════════|═════════|═══════════|
|At 5 April 2020|411,355|670,496|1,081,851|
||═════════|═════════|═══════════|



All investments shown above are held at valuation. 

## **Financial assets held at fair value** 

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). 

The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees' Annual Report. 

## **14. Creditors: amounts falling due within one year** 

||**2021**|2020|
|---|---|---|
||**£**|£|
|Accruals and deferred income|**6,574**|2,506|
|Donations Payable|**42,750**|–|
||───────|──────|
||**49,324**|2,506|
||═══════|══════|



The above donations payable are expected to be paid during the year ended 5 April 2022. 

## **15. Analysis of charitable funds** 

## **Unrestricted funds** 

|**Unrestricted funds**|||||||
|---|---|---|---|---|---|---|
|||At||||**At**|
||6|April 2020|Income|Expenditure Gains and losses||**5 April 2021**|
|||£|£|£|£|**£**|
|General funds||1,101,196|25,982|(174,798)|218,495|**1,170,875**|
|||═══════════|═══════|═════════|═════════|═══════════|
|||At||||At|
||6|April 2019|Income|Expenditure Gains and losses||5 April 2020|
|||£|£|£|£|£|
|General funds||1,321,349<br>═══════════|30,025<br>═══════|(136,268)<br>═════════|(113,910)<br>═════════|1,101,196<br>═══════════|



**- 9 -** 



DocuSign Envelope ID: C94A12CF-AD2A-462D-9BA1-288A5764AB48 

## **Penelope Martin Charitable Trust** 

**Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2021** 

## **16. Related parties** 

Mr Hasyn, a Trustee is also a partner in Progeny Private law which provided legal and administration services during the year to the charity. In the year ended 5 April 2021 £2,830 (2020 £3,711) was paid by the charity for these services. 

**- 10 -**