THE ANBER FUND ANNUAL REPORT FOR THE YEAR ENDED 30[TH] JUNE 2021
THE ANBER FUND
TRUSTEES’ REPORT FOR THE YEAR ENDED 30[TH] JUNE 2021
The Trustees present their annual report and financial statements of the charity for the year ended 30[th] June 2021. The financial statements have been prepared in accordance with the charity’s 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 published 16[th] July 2014; updated 2[nd] February 2016
OBJECTIVES AND ACTIVITIES
The Trust Fund has been established to make grants for charitable purposes.
Public benefit:
When planning the Fund’s grant-making the trustees will keep in mind the Charity Commission’s guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE
Performance of investments is managed by the Investment Managers and is monitored by the trustees.
FINANCIAL REVIEW
Income totalling £29,409 (2020: £42,398) was received in the year, of which £23,909 (2020: ££34,898) was from investments. Grants of £48,680 (2020: £39,010) were made to organisations in the year. Capital investments were valued at £1,024,254 (2020: £895,835) at the year end.
Investment policy and powers:
The Trustees have the same full and unrestricted powers of investment in all respects as if they were the beneficial owners.
The investment strategy is set by the Trustees and takes account of expected demands for funds and an assessment of expected future needs (see Reserves Policy). The investment policy and strategy are reviewed with the Investment Managers at regular intervals.
The Trustees’ objective is to achieve both capital and income growth and at least to preserve the real value of the Trust’s assets and investment income, over the medium to long term.
Reserves policy:
The Trustees are managing the reserves to balance the needs of current and future beneficiaries.
Risk Management:
The main risks to which the charity is exposed as identified by the trustees have been considered and systems have been established to mitigate those risks.
Plans for the future
The intention is for continued investment management on a consistent basis and distribution of income to charitable organisations.
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THE ANBER FUND
TRUSTEES’ REPORT FOR THE YEAR ENDED 30[TH] JUNE 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisation, Management and Delegation:
The Trustees, in their power, have delegated the management of the investments and the administration of the charity, including administration of grant-making and accountancy, to LCVS.
The Trust Deed permits the spending of capital; the trustees have, however, agreed to retain the capital for the time being and to invest it to produce income to make grants.
REFERENCE AND ADMINISTRATIVE DETAILS
The Anber Fund is a registered charity, number 1135643. It was established by a Trust Deed dated 23[rd ] March 2010.
Trustees:
The trustees of the fund are:
Mr A Behrend
Liverpool Charity and Voluntary Services (LCVS), a corporate trustee, which is incorporated under the Companies Act as a company limited by guarantee without share capital as company number 181759, a registered charity, number 223485, and a charitable Trust Corporation. LCVS trustees, who are also its Directors, were as follows during the period:
| trustees, who are also its | Directors, were as follows during the period: |
|---|---|
| Chairman | Heather Akehurst (resigned 25thNovember 2021) |
| Sonia Bassey MBE (appointed 25thNovember 2021) | |
| Honorary Treasurer | Mike Thomas |
| Trustees | Heather Akehurst (resigned 25thNovember 2021) |
| Sonia Bassey MBE (appointed 20thMay 2021) | |
| Dorcas Akeju | |
| Duncan Brookes (resigned 14thDecember 2020) | |
| Maxine Ennis (appointed 20thMay 2021) | |
| Jonathan Hesketh (resigned 16thNovember 2021) | |
| Michael James (resigned 27thApril 2021) | |
| Steven Long (resigned 29thJanuary 2021) | |
| Andrew Lovelady (resigned 1stDecember 2020) | |
| Ken Perry | |
| John Price | |
| Michael Salla | |
| Louise Scholes | |
| Gemma Shone (appointed 20thSeptember 2022) | |
| James Sloan | |
| Neil John Sturmey (appointed 20thMay 2021) | |
| Henry Terefenko (appointed 20thMay 2021, resigned 27thJuly 2022) | |
| Mike Thomas | |
| Sue Williams (resigned 23rdJune 2022) | |
| Professional Advisers: | Investec Wealth and Investment |
| 100 Old Hall Street | |
| Liverpool L3 9AB |
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THE ANBER FUND
TRUSTEES’ REPORT FOR THE YEAR ENDED 30[TH] JUNE 2021
Independent Examiner Anna Spencer-Gray RSM UK Tax and Accounting Limited 20 Chapel Street Liverpool L3 9AG
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity trustees are responsible for preparing a trustees’ annual report and 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 the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material
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departures that must be 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by
Mike Thomas LCVS Trustee Dated: 23 January 2023
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
THE ANBER FUND
I report to the trustees on my examination of the accounts of The Anber Fund (‘the charity’) for the year ended 30 June 2021, which are set out on pages 6 to 11.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s accounts 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 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
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 reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts 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.
Anna Spencer-Gray
Name: Anna Spencer-Gray
Name of applicable listed body: The Institute of Chartered Accountants in England and Wales
Relevant professional qualification or body: Chartered Accountant
ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED
Chartered Accountants 14[th] Floor 20 Chapel Street Liverpool L3 9AG Date: 25/01/23
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THE ANBER FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30[TH] JUNE 2021
----------------UNRESTRICTED FUNDS-----------------
Notes Income from: Donations Investments Total income Expenditure on: Raising funds Charitable activities 2 Total expenditure Net (expenditure)/income and net movement in funds before gains on investments Net gains/(losses) on investment assets 3 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Year Ended 30th June 2021 Year to15 Income Capital 30th June Funds Funds Total 2020 £ £ £ £ 5,500 - 5,500 7,500 23,909 - 23,909 34,898 ------------ -------------- -------------- -------------- 29,409 - 29,409 42,398 ------------ -------------- -------------- -------------- - - - 235 49,608 - 49,608 39,831 ------------ -------------- -------------- -------------- 49,608 - 49,608 40,066 ------------ -------------- -------------- -------------- (20,199) - (20,199) 2,332 - 128,419 128,419 (62,316) ------------ -------------- -------------- -------------- (20,199) 128,419 108,220 (59,984) 21,758 895,835 917,593 977,577 ------------ -------------- -------------- -------------- 1,559 1,024,254 1,025,813 917,593 ======= ======== ======== ======== |
|---|---|
The net movement in resources for the year was derived from the continuing activities of the charity.
The notes on pages 8 to 11 form part of these accounts.
These unaudited financial statements have been subjected to independent examination. See report on page 5.
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THE ANBER FUND
BALANCE SHEET AS AT 30[TH] JUNE 2021
| ----------------UNRESTRICTED FUNDS---------------- | ----------------UNRESTRICTED FUNDS---------------- | ----------------UNRESTRICTED FUNDS---------------- | ----------------UNRESTRICTED FUNDS---------------- | ||
|---|---|---|---|---|---|
| At | At | ||||
| Notes | 30th June 2021 |
30th June | 2020 | ||
| £ | £ | £ | £ | ||
| Fixed Assets | |||||
| Investments | 3 | 1,024,254 | 895,835 | ||
| Current Assets | |||||
| Cash balances | 2,488 | 22,579 | |||
| Current Liabilities | |||||
| Creditors | 4 | (928) | (821) | ||
| ----------- | ----------- | ||||
| 1,559 | 21,758 | ||||
| -------------- | ------------ |
||||
| Net assets | 1,025,813 | 917,593 | |||
| ======== | ======= |
||||
| The funds of the charity: | 5 | £ | £ | ||
| Capital Funds | 1,024,254 | 895,835 | |||
| Income Funds | 1,559 | 21,758 | |||
| -------------- | ------------ |
||||
| 1,025,813 | 917,593 | ||||
| ======== | ======= |
Approved and authorised for issue by the Trustees and signed on their behalf by
Mike Thomas LCVS Trustee Dated: 23 January 2023
These unaudited financial statements have been subjected to independent examination. See report on page 5.
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THE ANBER FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021
1. ACCOUNTING POLICIES
Basis of Accounting
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16[th] July 2014; updated 2[nd] February 2016 and Charities Act 2011.
The accounts 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 accounts are prepared in sterling, which is the functional currency of the scheme. Monetary amounts in these financial statements are rounded to the nearest £.
The scheme has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Investments
In accordance with Statement of Recommended Practice: Accounting and Reporting by Charities, investments held as fixed assets are stated at market value. Realised and unrealised gains and losses are dealt with as movements on the Capital Fund. Investments are valued at the mid-market price on the valuation date.
Income recognition
Voluntary income is recognised upon receipt by the organisation, associated Gift Aid recovery is recognised when received. Investment income is stated on an accruals basis.
Expenditure recognition
Expenditure on raising funds are costs incurred in the management and administration of investments and are included in the Statement of Financial Activities when payment has been made. Charitable activities include grant funding, along with associated support and governance costs, to charitable organisations. These are dealt with in the Statement of Financial Activities when payment has been agreed. Governance costs relate to compliance with constitutional and statutory requirements and specifically include all costs incurred by the Trust in producing the Annual Report. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to expenditure.
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.
Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
These unaudited financial statements have been subjected to independent examination. See report on page 5.
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THE ANBER FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021
1. Accounting policies continued……
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 receipts 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.
Taxation
The income and gains of the fund are exempt from taxation as they are applied for charitable purposes only.
2. CHARITABLE ACTIVITIES: GRANT FUNDING
| 2021 | 2020 | |
|---|---|---|
| Direct charitable expenditure: | £ | £ |
| Grant funding | 48,680 | 39,010 |
| Grant support administration – LCVS | 407 | 383 |
| ---------- | ---------- | |
| 49,087 | 39,393 | |
| Support and governance costs: | ||
| Statutory accounts preparation – LCVS | 203 | 192 |
| Independent examination fee | 318 | 246 |
| ---------- | ---------- | |
| 521 | 438 | |
| ---------- | ---------- | |
| 49,608 | 39,831 | |
| ====== | ====== |
These unaudited financial statements have been subjected to independent examination. See report on page 5.
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THE ANBER FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021
2. Charitable activities continued……..
The following grants were made to organisations during the year:
| Grants of £1,000 and over | £ |
|---|---|
| Barnabas Fund | 3,000 |
| British Red Cross | 1,000 |
| Cambodia Action | 1,000 |
| Christian Aid | 4,500 |
| Compassion UK | 2,370 |
| Halesworth Community Church | 3,000 |
| Merseyside Holiday Service | 5,000 |
| Open Doors | 5,000 |
| Pesticide Action Network UK | 2,000 |
| Sightsavers International | 2,000 |
| Tear Fund | 8,000 |
| Wateraid | 3,000 |
| ---------- | |
| 39,870 | |
| Other Grants | 8,810 |
| ---------- | |
| 48,680 | |
| ====== |
3.
| FIXED | ASSET | INVESTMENTS | |
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Quoted Investments: | |||
| Market value at 1stJuly | 895,835 | 958,386 | |
| Acquisitions | - | 826,010 | |
| Disposal proceeds | (-) | (794,212) | |
| Movement in cash balance | (-) | (32,033) | |
| Realised gains on investments assets | - | 191,226 | |
| Unrealised losses on investments assets | 128,419 | (253,542) | |
| -------------- | ------------- | ||
| Market value at 30th June | 1,024,254 | 895,835 | |
| ======== | ======= | ||
| Book cost at 30th June | 954,010 | 954,010 | |
| ======= | ======= |
The trust holds all of its fixed asset investments in a Charity Commission approved pooling scheme, the Settlors’ Trust Fund (STF), administered by Liverpool Charity and Voluntary Services and, at the balance sheet date, managed by Investec Wealth & Investment. At 30[th] June 2021, the assets of the STF fund had a total market value of £33,037,531 (2020: £28,526,494) of which £1,024,254 (2020: £895,835) is an asset of the trust.
These unaudited financial statements have been subjected to independent examination. See report on page 5.
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THE ANBER FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021
4.
| CREDITORS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Administration and support – LCVS | 610 | 575 |
| Independent examination Fee | 318 | 246 |
| ------- | ------- | |
| 928 | 821 | |
| ==== | ==== |
5. UNRESTRICTED FUNDS
Capital Funds: Funds held provide income for the ongoing activities of the trust.
Income Funds: Investment income and donations received for distribution as grants to charitable voluntary organisations.
6. RELATED PARTIES
Charitable Activities: these include £407 (2020: £383) grant making administration costs payable to LCVS.
Governance Costs: these include £203 (2020: £192) payable to LCVS in respect of accountancy and trust administration.
Creditors: balance includes £610 (2020: £575) payable to LCVS at the year end.
LCVS is related to the Fund by virtue of being the corporate trustee.
No trustee received remuneration or expenses as part of their role as Trustee of the charity.
These unaudited financial statements have been subjected to independent examination. See report on page 5.
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