## **THE ADFAL TRUST**
Report and Accounts
## 5 APRIL 2021
**Registered Charity Number:** 1140051
## **THE ADFAL TRUST**
## **REPORT AND ACCOUNTS**
## **YEAR ENDED 5 APRIL 2021**
|**CONTENTS**|**PAGE**|
|---|---|
|Legal and administrative information|**1**|
|Trustees’ report|**2-4**|
|Statement of Trustees’ responsibilities|**5**|
|Independent Examiner’s report to the Trustees|**6**|
|Statement of financial activities|**7**|
|Balance sheet|**8**|
|Notes to the accounts|**9-11**|
## **THE ADFAL TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **YEAR ENDED 5 APRIL 2021**
|**TRUSTEES**|Mr B Ashford-Russell|
|---|---|
||Mrs F E Ashford-Russell|
|**PRINCIPAL OFFICE**|Culver House Farm|
||North End|
||Motcombe|
||Shaftesbury|
||SP7 9HU|
|**ACCOUNTANTS**|Smith & Williamson LLP|
||Chartered Accountants|
||Portwall Place|
||Portwall Lane|
||Bristol|
||BS1 6NA|
|**INVESTMENT ADVISERS**|Smith & Williamson Investment Management|
||25 Moorgate|
||London|
||EC2R 6AY|
|**INDEPENDENT EXAMINER**|Nigel Hardy FCA|
||Smith & Williamson LLP|
||Portwall Place|
||Portwall Lane|
||Bristol|
||BS1 6NA|
1 **-**
## **THE ADFAL TRUST**
## **ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2021**
The Trustees have pleasure in presenting this Report, together with the Accounts of The Adfal Trust (“the Charity”), for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply 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 for Smaller Entities published on 16 July 2014.
## **Objectives and activities for the public benefit**
The Objects are for the public benefit and are to provide support for socially and economically disadvantaged human beings in need in the United Kingdom or throughout the world, in particular but not exclusively, by:
- The prevention or relief of poverty or financial hardship, through the provision of grants, goods or services;
- The relief of sickness and the advancement of health or the saving of lives;
- The advancement of education;
- The relief of financial need and suffering and assistance to victims of war, famine or natural disaster in any part of the world including the provision of money, famine or medical aid;
- The development of the capacity and skills of the members of socially and economically disadvantaged communities, including the relief of those in need by reason of youth, age illhealth, disability, financial hardship or other disadvantage, in such a way that they are better able to identify, and help meet, their needs and to participate more fully in society;
- The advancement of human rights, conflict resolution or reconciliation;
- The advancement of the arts, culture, heritage or science;
- The conservation, protection and improvement of the physical and natural environment; or
- The provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.
## **Grant Making Policy**
The Charity invites applications for funding of projects. Institutional applicants are required to submit a summary of their proposals in a specific format. Applications are reviewed by a full meeting of Trustees against the relevant provisions of the Charity.
## **A review of our achievements and performance**
The Charity continues to build funds and the Trustees concluded that, in view of uncertainties arising from the COVID 19 Pandemic, no grants should be issued during the year.
The Charity’s work is entirely reliant on income and investment returns. The value of the investments increased in the year by £1,201,963 (2020 – decreased by £427,877), dividends of £88,512 (2020 – £95,124) were received.
## **Main activities undertaken for the public benefit**
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policy.
2 **-**
## **THE ADFAL TRUST**
## **ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2021**
## **Monitoring Achievement**
The Trustees require all grant recipients to provide the Charity with an annual written report about the project that has been supported, including benefits and outcomes achieved.
## **Investment Policy**
The Trustees may invest the funds of the Charity in such investments as are authorised by the Trustee Act 2000, subject to the restrictions and conditions contained in that Act.
## **Risk Management**
The Trustees have reviewed the major risks to which the Charity is exposed, as identified by them, and confirm that they have established systems to reduce those risks.
## **Reserves Policy**
The Trustees aim to distribute 70-120% of the Trust’s annual income net of expenses with the balance or shortfall being added to or made up from Reserves. At 5 April 2021 the charity held Reserves of £2,667,815 (2020 - £1,577,052) for the purpose of issuing future grants.
## **Structure, governance and management**
The Trust is a registered Charity and is constituted under a trust deed dated 15 March 2010.
The Charity Trustees during the year were the following persons:
Mr B Ashford-Russell Mrs F E Ashford-Russell
The Trustees were incorporated by a Certificate of the Charity Commissioners sealed on 15 March 2010. The charity registration number is 1140051.
New Trustees are appointed by the existing Trustees and can hold office for life but are appointed for a term of office as the existing Trustees decide. The Trust Deed provides for a minimum of two Trustees, to a maximum of five Trustees. The Trustees must hold at least two meetings a year and the quorum at a meeting of the Trustees is two Trustees. The Trustees have also developed a code of conduct for Trustees including provision for Trustee training.
## **Impact of COVID 19**
On 11 March 2020 COVID-19 was declared a pandemic by the World Health Organisation, the consequences of this are discussed within the report.
3 **-**
## **THE ADFAL TRUST**
## **ANNUAL REPORT**
## **YEAR ENDED 5 APRIL 2021**
## **Key management personnel remuneration**
The Trustees consider the board of Trustees as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year.
Signed for and on behalf of The Adfal Trust
- brian ashford russell brian ashford-russell (Feb 8, 2022 09:40 GMT)………………………………….
Trustee Name: Mr B Ashford-Russell
08/02/2022
4 **-**
## **THE ADFAL TRUST**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
## **YEAR ENDED 5 APRIL 2021**
The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company 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 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 charitable company will continue in business
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
5 **-**
## **THE ADFAL TRUST**
## **INDEPENDENT EXAMINER’S REPORT**
## **YEAR ENDED 5 APRIL 2021**
## **Independent examiner’s report to the Trustees of The Adfal Trust**
I report to the trustees on my examination of the accounts The Adfal Trust (“The Charity”) for the year ended 5 April 2021, which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
## **Respective responsibilities of Trustees and examiner**
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 with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- the accounts do not accord with those records; or
- 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.
Nigel Hardy Name: Nigel Hardy (Feb 8, 2022 12:10 GMT) N Hardy Relevant professional qualification or body: FCA Address: Smith & Williamson LLP Portwall Place Portwall Lane Bristol BS1 6NA
Date: 08/02/2022
6 **-**
## **THE ADFAL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 5 APRIL 2021**
|||Unrestricted|Unrestricted|
|---|---|---|---|
|||2021|
2020|
||Note|£|£|
|**INCOME**||||
|Income from investments|**2**|88,560|95,418|
|Voluntary income||29,478|-|
|||________|________|
|||118,038|95,418|
|**EXPENDITURE**||||
|Expenditure on raising funds|**5**|(2,341)|(2,335)|
|||________|________|
|Expenditure on charitable activities||||
|Grants payable|**3**|-|(61,000)|
|Accountancy and legal costs|**4**|(3,720)|(3,540)|
|||________|________|
|**COST OF GRANT MAKING**||(3,720)|(64,540)|
|||________|________|
|**TOTAL EXPENDITURE**||(6,061)|(66,875)|
|||________|________|
|**NET INCOMING RESOURCES BEFORE**||111,977|28,543|
|**GAINS AND LOSSES ON INVESTMENTS**||||
|Net Gain/(Loss) on investment assets|**6**|978,786|(431,412)|
|||_________|_________|
|**NET MOVEMENT IN FUNDS**||1,090,763|(402,869)|
|**TOTAL FUNDS BROUGHT FORWARD**||1,577,052|1,959,921|
|||_________|_________|
|**TOTAL FUNDS CARRIED FORWARD**||2,667,815
_________|1,577,052
_________|
**The notes on pages 9 to 11 form part of these accounts**
7 **-**
## **THE ADFAL TRUST**
## **BALANCE SHEET**
## **YEAR ENDED 5 APRIL 2021**
|**Note**
**FIXED ASSETS**
Investments
**6**
_
**CURRENT ASSETS**
Cash at bank and in hand
_
**CREDITORS:**Amounts falling due within one year
**7**
_
**NET CURRENT ASSETS**
_
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
_
**NET ASSETS**
**FUNDS**
Unrestricted Funds
**8**
_|2021
2020
**£**
**£**
2,661,813
1,459,850
_______________
_____________
13,082
123,922
_______________
________________
(7,080)
(6,720)
_______________
_____________
6,002
117,202
_______________
_____________
2,667,815
1,577,052
_______________
_____________
2,667,815
1,577,052
________
_______
2,667,815
1,577,052
_______________
________________
2,667,815
1,577,052
________
_______|
|---|---|
08/02/2022 Approved by the Trustees on ……….…………. and signed on their behalf by
> brian ashfordbrian ashford-russell (Feb 8, 2022 09:40 GMT) ~~………………~~ -russell ………………… Trustee Name: Mr B Ashford-Russell
**The notes on pages 9 to 11 form part of these accounts**
8 **-**
## **THE ADFAL TRUST**
## **NOTES TO THE ACCOUNTS**
**YEAR ENDED 5 APRIL 2021**
## **1 ACCOUNTING POLICIES**
## **Accounting convention**
The accounts (financial statements) 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 (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Going concern**
On 11 March 2020 the World Health Organisation declared COVID-19 as a global pandemic.
The Trustees are continuing to monitor the situation and are confident that the charity is in a strong position with sufficient assets and reserves to continue as a going concern.
## **Investments**
Fixed asset investments comprise quoted investments. All quoted investments are held in the United Kingdom at market value with unrealised gains or losses forming part of the statement of financial activity.
## **Income**
Investment income is accounted for in the period in which the Charity is entitled to receipt.
## **Resources expended**
Expenditure is included on the accruals basis.
Grants payable will be charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.
Governance costs include costs of the preparation and examination of the statutory accounts, the costs of Trustees meetings and of any legal advice to Trustees on governance or institutional matters.
## **Fund accounting**
Details of the nature and purpose of each fund is set out in note 8.
## **Irrecoverable VAT**
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
9 **-**
## **THE ADFAL TRUST**
|**THE ADFAL TRUST**|||||
|---|---|---|---|---|
|**NOTES TO THE ACCOUNTS**
**YEAR ENDED 5 APRIL 2021**||||2020
**£**
95,124
294
______________
95,418
_____________
2020
**£**
4,000
3,000
5,000
4,000
5,000
5,000
4,000
3,000
3,000
3,000
3,000
5,000
3,000
4,000
3,000
4,000
_______________
61,000
_______________
2020
**£**
3,540
_______________|
|**2INVESTMENT INCOME**
Dividend income
Interest
**3**
**GRANTS PAYABLE**
The amounts payable in the year comprise:
Name of Institution
Helen Bamber Foundation
Mary’s Meals
The Connection
Wateraid
Shelter
Barnardo’s
Deafblind UK
The Honeypot Children’s Charity
Rainbow Trust Children’s Charity
Independent People
3H Fund Helping Hands for Holidays
Wincanton Community Venture
Friends of Westminster Memorial
Wessex Children’s Hospice Trust
CHICKS Children’s Charity
Horatio’s Garden Charitable Trust
There were no unpaid grant commitments at the year end.
**4ACCOUNTANCY AND LEGAL COSTS**
Independent examination and accountancy|__
__|2021
**£**
88,512
48
_____________
88,560
_____________
2021
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
_______________
-
_______________
2021
**£**
3,720
_______________|_
__||
||||||
10 **-**
## **THE ADFAL TRUST**
## **NOTES TO THE ACCOUNTS**
**YEAR ENDED 5 APRIL 2021**
## **5 EXPENDITURE ON RAISING FUNDS**
|Investment management fees
**6** **INVESTMENTS**
**Analysis of movement on investments during the year**
Market value at 6 April
Additions at cost
Disposals at carrying value
Net gain/(loss) on revaluation
Realised gain
Market value at 5 April|2021
**£**
2,341
_______________
2021
**£**
1,459,850
544,075
(320,898)
912,491
66,295
_______________
2,661,813
_______________|2020
**£**
2,335
_______________
2020
**£**
1,887,728
3,534
-
(431,412)
-
_______________
1,459,850
_______________|
|---|---|---|
The market value for listed investments is based on the broker’s valuation at the end of the year. There have been no significant reductions in market values of the investments since the year end.
## **7 CREDITORS: amounts falling due within one year**
|Accruals
**8**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**|2021
**£**
7,080
______________
_______________|2020
**£**
6,720
______________
_______________|
|---|---|---|
||Unrestricted|
|---|---|
||Funds|
||**£**|
|Fixed asset investments|2,661,813|
|Current assets|13,082|
|Current liabilities|7,080|
||_______________|
|At 5 April 2021|2,667,815
_______________|
The unrestricted funds are available to be spent for any of the purposes of the Charity.
## **9 RELATED PARTY TRANSACTIONS**
None of the Trustees received any remuneration for their services or reimbursement of expenses. There were no other related party transactions not already disclosed in these accounts.
11 **-**