DocuSign Envelope ID: 865B8735-83AB-441E-A62C-0E6B2F51EBFD
REGISTERED IN ENGLAND REGISTERED CHARITY NO 1136390
SHUTTLEWORTH CHARITABLE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
Clenshaw Minns Limited Chartered Accountants
DocuSign Envelope ID: 865B8735-83AB-441E-A62C-0E6B2F51EBFD
SHUTTLEWORTH CHARITABLE TRUST
INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021
| Trustees | E Borgars (Chair) |
|---|---|
| L Parker | |
| E Ni-Charthaig | |
| L Russell | |
| Charity number | 1136390 |
| Principal office | 17 Elizabeth Drive |
| Necton | |
| Swaffham | |
| Norfolk | |
| PE37 8ND | |
| Accountants | Clenshaw Minns |
| Chartered Accountants | |
| Norfolk House | |
| 24 Market Place | |
| Swaffham | |
| Norfolk | |
| PE37 7QH | |
| Bankers | CAF Bank |
| 25 Kings Hill Avenue | |
| West Malling | |
| ME19 4JQ | |
| Solicitors | Fraser Dawbarns |
| Myriad House | |
| Batholomew’s Walk | |
| Ely | |
| Cambridgeshire | |
| CB7 4EA |
DocuSign Envelope ID: 865B8735-83AB-441E-A62C-0E6B2F51EBFD
SHUTTLEWORTH CHARITABLE TRUST
CONTENTS FOR THE YEAR 31 DECEMBER 2021
| Page | |
|---|---|
| Trustees’ annual report | 1-4 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8-9 |
DocuSign Envelope ID: 865B8735-83AB-441E-A62C-0E6B2F51EBFD
SHUTTLEWORTH CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The Trust is an unincorporated registered charity, number 1136390 and is constituted under a Trust Deed.
New trustees are appointed by the existing trustees and serve for three years after which they may put themselves forward for re-appointment. The Trust Deed provides for a minimum of three trustees with no maximum. The Trustees are aware of the information within the Charities Commission guides: ‘The Essential Trustee’ and ‘Charities and Public Benefit’. They are also aware of the objects of our charity. We look at all funding requests with this in mind.
The trustees meet at least twice a year. All trustees give of their time freely and no trustee remuneration was paid in the year. £167.40 was paid in trustee expenses this reporting period. Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises. There was one grant application in this reporting period from a nephew of one of our Trustees (E. Borgars). This conflict of interest was noted and the decision to award a grant was made by the remaining three trustees. The application was in line with our objects; a financial need was established and the grant payments are in line with other similar applications.
Risk Management
The trustees have considered the major risks to which the charity might be exposed and have reviewed those risks as follows:
The Trustees have previously mentioned that our income is almost entirely dependent on Shuttleworth Property Management Company Limited (SPMC) or rental income received direct. Following a donation from SPMC this year, the charity has purchased 3, Old Fire Station Court, a leasehold flat, with an incumbent tenant on standard AST terms. The flat was purchased at a price marginally under market value and is in good repair. It will provide further regular income, allowing the charity a little more independence from SPMC funding and reduces the risk that might arise from variable income levels.
The Trustees will continue to manage commitment to grant awards by reviewing these against current income or funds available from SPMC.
With regard to the property and land owned by the Trust, there continues to be a risk that maintenance costs may be higher than rental income or that a tenant may default on rent payments. This year maintenance costs were higher than income due to work on the land owned at Bradenham, which has had little maintenance in the past 20 years. This will continue in the following year as it requires new fencing but as an asset its value continues to grow and after this year maintenance costs will reduce. Our tenant at 231 Lovell Gardens has reduced their rent arrears with regular extra payments and the arrears will hopefully be cleared in 2022.
Our major operational risk is the extent to which grants awarded might successfully advance the education of, relieve the sickness of or preserve the health of individuals in need. We manage this risk by personally meeting applicants for ongoing funding (mostly via Zoom in the current
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DocuSign Envelope ID: 865B8735-83AB-441E-A62C-0E6B2F51EBFD
SHUTTLEWORTH CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
year); we ask for suitable evidence to establish financial and/or health need and the individual’s previous ability to apply themselves to benefit from education. Most one-off grants are funded in collaboration with other charities and this continues to be a successful way of working.
OBJECTIVES AND ACTIVITIES
Aims & Objectives
The objects of the Trust are:
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To advance the education of individuals in financial need.
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The relief of sickness and preservation of health for those in financial need.
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The relief of financial hardship, either generally or individually by making grants of
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money for providing or paying for items, services or facilities.
The caveat for all the objects is “where this need cannot be met by the individual or immediate family”. When making grants, we are invariably making them to individuals due to the nature of the objects. However, there is no restriction on the number of people who can apply for funding Our limitations are only defined by the geographical areas of operation and funding available to support grants.
Main activities for achieving objectives
The Trust carries out these objects by:
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Funding education in varying forms whether academic or vocational, where the cost of that education is not free to the recipient and where the cost cannot be met by the individual or their immediate family and particularly if there is also no Government grant funding available. We have also considered applications where grant funding is insufficient to cover costs, extra funding is needed as a result of physical health conditions or where mental health issues mean that extra support is needed and to ensure the individual can fully take advantage of the education proposed and will not drop out due to stress or financial need during the course.
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Funding equipment for those in financial need whether this is specialist wheelchairs or laptops for those with dyslexia or other equipment we may be approached to supply. Many of these requests come via other charities and we are able to quickly see the benefits to the individuals and their immediate family.
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Making grants to individuals to relieve financial hardship. Our experience of this to date is limited but applicants often have complex health issues that have led to the financial hardship and the benefit provided by a small grant can be immense.
ACHIEVEMENTS AND PERFORMANCE
The main achievements by the charity are:
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Total Grant payments of £14,928.
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We continued to work with Sixty-One, a Bristol based charity and gave a grant of £280 to support the physical and mental health needs of Jim, an ex-prisoner. The positive
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SHUTTLEWORTH CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
feedback we received following the treatment Jim received, shows that often small amounts can make an amazing difference:
The chiropractic treatment has had an amazing impact, he looks like a different person walking up to our meetings. He said to me ‘why don’t GP’s refer people with back pain to a chiropractor?’ He has been on painkillers prescribed by his GP for two years… on his first session with the chiropractor he was diagnosed with a slipped disc.
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We have made various grant payments to support Ollie’s training in musical theatre, an area that is underfunded and for which there is no student loan/maintenance funding from government. We made total grant payments of £9,500 including course fees, other costs associated with the course, subsistence payments and a £500 hardship payment. This has enabled Ollie to undertake this course without financial worries; he has applied himself well and received excellent reports from his tutors.
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We have made various grant payments to support Miles’ first year of a 3 year BA honours degree in television production. Payments this year totalled £5148 including payments towards accommodation, equipment and subsistence. This has enabled Miles to start his course without financial worries and benefit from the training provided.
FINANCIAL REVIEW
Repairs and maintenance on the Trust’s directly owned properties exceeded income in 2021. With additional income from another property and as work on the field at Bradenham is completed, rental income should be in surplus after 2022. Total donations from SPMC were £142,803 and total closing account balances at year end were £9759.
Land and Property owned by the Trust
Approximately 7 acres of Land at Bradenham rented to a local farmer. 231 Lovell Gardens, Watton – rented on an AST
17 Elizabeth Drive Necton Swaffham – this is the Office for both Shuttleworth Charitable Trust and Shuttleworth Property Management Company Ltd.
3 Old Fire Station Court, Paradise Road, Downham Market – newly acquired in 2021 & rented on an AST.
Reserves policy
The Trust has not specified any dedicated reserves in the current accounting period. We have held reasonable balances in our bank accounts and continue to operate on the basis that grants are met by available funds or by a transfer from SPMC. No commitment is made without knowing funding is or will be available to meet that commitment.
PLANS FOR THE FUTURE
Future developments
The Charity plans to continue its activities for the foreseeable future.
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SHUTTLEWORTH CHARITABLE TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
DECLARATION
The Trustees declare that they have approved the above trustees’ report.
Signed on behalf of the charity’s trustees:
| Signature(s) Full name(s) Position (e.g. Secretary, Chair, etc) Date |
||
|---|---|---|
| Lorraine Parker | Ed Borgars | |
| Trustee | Chair | |
| 25-07-2022 | ||
| 25-07-2022 |
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SHUTTLEWORTH CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021 which are set out on page 5 to 8.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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:
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accounting records were not kept in respect of the charity as required by section 130 of the 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.
Gavin Minns Chartered Accountant Clenshaw Minns Ltd Norfolk House 24 Market Place Swaffham PE37 7QH
……………………
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DocuSign Envelope ID: 865B8735-83AB-441E-A62C-0E6B2F51EBFD
SHUTTLEWORTH CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Total | Total | |||
|---|---|---|---|---|
| Unrestricted | funds |
funds | ||
| funds | 2021 | 2020 | ||
| Notes | £ | £ | £ | |
| Incoming resources | ||||
| Income from: | 1 | |||
| Rental income | 10,816 | 10,816 | 9,265 | |
| Donations received | 142,803 | 142,803 | 11,000 | |
| Other income | 46 | 46 | 1,013 | |
| _ | _ | _ | ||
| Total incoming resources | 153,665 | 153,665 | 21,278 | |
| _ | _ | _ | ||
| Resources expended | ||||
| Direct charitable expenditure | 2 | 14,928 | 14,928 | 3,274 |
| Property repairs/maintenance | 7,071 | 7,071 | 7,620 | |
| Insurance | 752 | 752 | 729 | |
| Accountancy | 954 | 954 | 954 | |
| Bradenham Field costs | 5,100 | 5,100 | 1,491 | |
| Legal & Professional fees | 744 | 744 | - | |
| Bank charges | 73 | 73 | - | |
| Trustees Expenses | 167 | 167 | - | |
| _ | _ | ______ | ||
| Total resources expended | 29,789 | 29,789 | 14,068 | |
| _ | _ | ______ | ||
| Net income/(expenditure) | 123,876 | 123,876 | 7,210 | |
| ______ | _ | ______ | ||
| Net movement in funds | 123,876 | 123,876 | 7,210 | |
| Total funds brought forward | 2,531,208 | 2,531,208 | 2,523,998 | |
| _____ | ______ | ______ | ||
| Total funds carried forward | 2,655,084 | 2,655,084 | 2,531,208 | |
| ===== | ===== | ===== |
Statement of Total Recognised Gains or Losses
The Charity had no recognised gains or losses other than the above income for the financial year ended 31 December 2021.
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DocuSign Envelope ID: 865B8735-83AB-441E-A62C-0E6B2F51EBFD
SHUTTLEWORTH CHARITABLE TRUST
BALANCE SHEET AS AT 31 DECEMBER 2021
| Total | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Fixed assets | |||
| Tangible assets | 4 | 538,105 | 414,500 |
| Investments | 5 | 2,107,220 | 2,107,220 |
| Current assets | |||
| Cash at bank and in hand | 6 | 9,759 | 9,488 |
| Creditors: amounts falling | |||
| due within one year | - | - | |
| ______ | _____ | ||
| Net current assets | 9,759 | 9,488 | |
| ______ | _____ | ||
| Total assets less current liabilities | 2,655,084 | 2,531,208 | |
| Total net assets | 2,655,084 | 2,531,208 | |
| ===== | ===== | ||
| Total charity funds | |||
| Unrestricted funds | 7 | 2,655,084 | 2,531,208 |
| _____ | _____ | ||
| 2,655,084 | 2,531,208 | ||
| ===== | ===== | ||
| 25-07-2022 | |||
| The financial statements were approved by the Trustees on ……………………………………… | |||
| and are signed on its behalf by: |
Trustee ……………………………………. Trustee …………………………………...
The notes on pages 8 to 9 form part of these financial statements.
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DocuSign Envelope ID: 865B8735-83AB-441E-A62C-0E6B2F51EBFD
SHUTTLEWORTH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 1. | Income | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Funds | Funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Land rents | 350 | 250 | |
| Property rents | 10,466 | 9,015 | |
| Donation | 142,803 | 11,000 | |
| Other income | 46 | 1,013 | |
| _____ | _____ | ||
| Net income | 153,665 | 21,278 | |
| ===== | ===== | ||
| 2. | Charitable Expenditure | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Direct Costs | |||
| Grants | 14,928 | 3,274 | |
| ______ | ______ | ||
| 14,928 | 3,274 | ||
| ===== | ===== | ||
| 4. | Tangible fixed assets | ||
| Land | |||
| & property | Total | ||
| Valuation | |||
| At 1 January 2021 | 414,500 | 414,500 | |
| Additions | 123,605 | 123,605 | |
| Disposals | - | - | |
| ____ | ____ | ||
| At 31 December 2021 | 538,105 | 538,105 | |
| ==== | ==== | ||
| Depreciation | |||
| At 1 January 2021 | - | - | |
| Depreciation eliminated on disposal | - | - | |
| Charge for the year | - | - | |
| ____ | ____ | ||
| At 31 December 2021 | - | - | |
| ==== | ==== | ||
| Net book value | |||
| At 31 December 2021 | 538,105 | 538,105 | |
| ==== | ==== | ||
| At 31 December 2020 | 414,500 | 414,500 | |
| ===== | ===== |
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DocuSign Envelope ID: 865B8735-83AB-441E-A62C-0E6B2F51EBFD
SHUTTLEWORTH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 5. | Investments | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Shuttleworth Property Management Company Ltd | 2,107,220 | 2,107,220 | |
| ______ | ______ | ||
| 2,107,220 | 2,107,220 | ||
| ===== | ===== | ||
| 6. | Cash at bank and in hand | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Current account | 9,759 | 9,488 | |
| ______ | ______ | ||
| 9,759 | 9,488 | ||
| ===== | ===== | ||
| 7. | Charity funds | ||
| 2021 | |||
| £ | |||
| Opening funds | 2,531,208 | ||
| Net movement in funds for the period | 123,876 | ||
| Revaluation reserve – land and buildings | - | ||
| Revaluation reserve – investments | - | ||
| _____ | |||
| Closing funds | 2,655,084 | ||
| ===== |
Closing funds shown above are held on trust and in accordance with the restrictions contained in the Charity’s Trust Deed.
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