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2022-04-05-accounts

REGISTERED CHARITY NUMBER: 1154892

THE TRILLIUM TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2022

THE TRILLIUM TRUST

INDEX TO FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2022

Page
Charity Information 1
Report of the Trustees 2 and 3
Statement of Trustees’ Responsibilities 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 10
Report of the Independent Examiner 11

1

THE TRILLIUM TRUST

CHARITY INFORMATION

CHARITY NUMBER

1154892

TRUSTEES

Paul Read Harry Read Maximilian Read Felicity Smith

CHIEF INVESTMENT OFFICER Paul Read PRINCIPAL ADDRESS 19 Montague Road Richmond Surrey TW10 6QW INDEPENDENT EXAMINER Moore Green 22 Friars Street Sudbury Suffolk CO10 2AA BANKERS Metro Bank One Southampton Row London WC1B 5HA STOCKBROKER Killik & Co 2a Downshire Hill Hampstead London NW3 1NR CUSTODIAN Platform Securities LLP Kildare House 3 Dorset Rise London EC4Y 8EN

2

REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2022

THE TRILLIUM TRUST

The trustees present their report and accounts for the year ended 5 April 2022.

Structure, Governance and Management

The charity was established by a charitable trust deed on 16 September 2013, with 3 initial trustees, Paul Read, Harry Read and Felicity Smith. Trustees meet as required to discuss the charity, but at least twice a year, and Paul Read and Felicity Smith run the day to day activities of the charity.

Trustees may serve indefinitely, but must be re-appointed every 2 years by a resolution of the trustees. New trustees will be co-opted by existing trustees having regard to the skills, knowledge and experience required for the effective running of the charity. Maximilian Read was elected a Trustee on September 25, 2016.

All trustees are advised of their responsibilities under charity law.

Related Parties

None of the Trustees (or any persons connected with them) received any remuneration or benefits during the year. The charity has not met any individual expenses incurred by trustees for services provided to the charity during the year.

Risk Factors

Trustees make regular reviews of the risks which the charity faces, the most significant of which is a reduction in the value of investments. To this end, while the Trust’s investment policy is to hold a diversified global portfolio of investments, the Chief Investment Officer has established a list of investment risk restrictions that must be adhered to. These restrictions are established by the trustees and are subject to annual and if necessary extraordinary review and amendment by the trustees.

Objectives and Public Benefits of the Charity

The charity’s objects are focused on the advancement of the education and health of persons of any age, anywhere in the world. At present the trustees have chosen to support water projects and the education of children in the developing world, social welfare in the UK (particularly homelessness, work with prisoners, vulnerable youths), and the rehabilitation of veterans. This is achieved by making grants to UK charities operating in these fields. In the winter of 2021 we also made a one-off grant to Kingston Hospital to support nurses working long hours during Covid.

Under the terms of the trust deed, the trustees must apply the income of the charity to furthering its objects. Trustees have had regard to the guidance issued by the Charity Commission on public benefit.

3

THE TRILLIUM TRUST

REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 5 APRIL 2022

Review of Activities

The year under review was the seventh year of operation of the charity. The charity was fully funded and the CIO continued to manage the endowment in line with the Investment Policy agreed with Trustees. By year end, the endowment 79% invested.

The investment policy of the Trust is to construct a portfolio, within established risk guidelines, that seeks to maximize the probability of achieving returns that preserve the real long-term value of the Trust’s assets while providing funds to meet the Trust’s aspirations to support UK charities sharing its objectives.

Grants of £139,300 were made during the year. The trustees are also trying to identify charities which they haven’t funded in the past, that fit with their objects, and that are considered to be well-managed.

The Trust has no employees and therefore no employee costs were incurred during the year.

Financial Review

The Trust had Investment Income of £153,017 and accountancy and investment fees of £2,570 during the year. The net current assets at year end amounted to £6,036,299.

Reserves

The Trillium Trust’s policy on reserves is to keep these relatively constant and to make donations, as far as possible, out of incoming resources. The endowment reserves amounted to £5,552,179, and the unrestricted reserves to £484,120, at 5 April 2022.

……………………………………………………….

Felicity Smith Trustee

4

THE TRILLIUM TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES YEAR ENDED 5 APRIL 2022

Under the Charities Act 2011, the Trustees are required to:

In preparing those financial statements, the Trustees are required to:

The Trustees 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.

5

THE TRILLIUM TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2022

Notes
 Notes
 2022
2021
£ £ £
Unrestricted Endowment Total
INCOMING RESOURCES
Investment income 2 153 ,017 - 153
,017		 162
,737
TOTAL INCOMING RESOURCES 153,0177 - 153,017 162,737
RESOURCES EXPENDED
Direct charitable expenditure 3 139,300 - 139,300
168,400
Indirect expenditure:
Administration expenses 4 1
,050
 1
,520		 2
,570		 2
,570
TOTAL RESOURCES EXPENDED 140,350 1,520 141,870 170,970
NET (OUTGOING)/INCOMING RESOURCES 12,667 (1,520) 11,147 (8,233)
Other gains and losses:
Realised proft/(loss) on
investments
 5 - 8,391 8,391 53,969
Unrealised (loss)/gain
on investments 5 - (23,357) (23,357) 694,675
Unrealised (loss)/gain on FX 22,121
 22,121
 (47,653)
NET MOVEMENT IN FUNDS 12,667 5,635 18,302 692,485
AS AT 5 APRIL 2021
 471,453
 5,546,544
6,017,997 5,325,512
AS AT 5 APRIL 2022 (page 6) 484
,120		 5
,552,179
6
,036,299
6
,017,997

Notes

  1. Incoming/outgoing resources and movements in reserves arise from continuing operations.

  2. Total gains or losses recognised for the current and preceding financial year are detailed above.

6

THE TRILLIUM TRUST

BALANCE SHEET AS AT 5 APRIL 2022

Notes 2022 2021
Unrestricted EndowmentTotal
£ £ £
£
INVESTMENTS 5 - 4,761,336 4,761,3364,233,309
CURRENT ASSETS
Accrued Income 27,172 - 27,172 17,657
Cash at bank and in hand 457,998 790,843 1,248,841 1,768,081
CREDITORS: amounts falling
due within one year 6 (1,050) -
(1,050) (1,050)
NET CURRENT ASSETS 484,120 5,552,179 6,036,2996,017,997
FUNDS
Unrestricted income fund (Page 5) 8 484,120 - 484,120 471,453
Endowment fund (Page 5) 8 - 5,552,179 5,552,1795,546,544
484,120 5,552,179 6,036,2996,017,997

These Financial Statements were approved by the Trustees on …………………………………………

……………………………………………… Felicity Smith

7

THE TRILLIUM TRUST

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2022

1 ACCOUNTING POLICIES

Accounting convention

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Investment income

Dividends and bank interest are recognised by reference to the date of payment. Fixed interest income is recognised on an accruals basis.

Investments

Investments are stated at market value. Any unrealised gains or losses are included in the Statement of Financial Activities. Only when an investment is wholly sold is the gain or loss shown as realised.

Accumulated Funds

The Unrestricted Fund represents accumulated annual surplus of income whilst The Endowment Fund is the charity’s permanent endowment fund, against which certain costs, notably the stockbroker’s fees and global custody charges, can be charged.

Grants payable

The Unrestricted Fund is only available for the general purposes of the charity as set out in the governing document but because the Trustees are free to use this fund for any of the charity’s purposes and in accordance with SORP 2015 (FRS 102) it is designated as unrestricted.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be

directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

8

THE TRILLIUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 5 APRIL 2022

1 ACCOUNTING POLICIES CONTINUED

Taxation

The charity is exempt from tax on its charitable activities

2 INVESTMENT INCOME

INVESTMENT INCOME


Dividends
Fixed Income Interest
Other interest received
Total		 2022

£
95,673
57,344

153
,017		 2021
£
85,600
76,237

-
162
,737		 900

All dividend income is from listed investments or registered unit trusts.

3 DIRECT CHARITABLE EXPENDITURE

4


 2021
Grant to Shelter
Grant to Itchenor Memorial Hall Building
Grant to Kingston Hospital
Grant to Build-It International
Grant to Camfed International Zambia
Grant to Royal National Children’s Springboard
Total Grants made this year
ADMINISTRATION EXPENSES

Unrestricted
Faster Payment Fee
Audit & accountancy fees
Endowment
Global custody charges
Commission on redemptions
US Filing Fees
£
20,000
-
-
70,000
29,300
20
,000
139
,300

£
-
1
,050
1
,050
1,520
-
-

1
,520		 £
20,000
-
-
70,000
29,300
20
,000
139
,300

£
-
1
,050
1
,050
1,520
-
-

1
,520		 £
20,000
10,000
40,000
60,400
18,000
20
,000
168
,400
2022

£
-
1
,050
1
,050
1,520
-
-
1
,520		 £
20,000
10,000
40,000
60,400
18,000
20
,000
168
,400
2022

£
-
1
,050
1
,050
1,520
-
-
1
,520		 2022

 2021

£

9

THE TRILLIUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 5 APRIL 2022

5 INVESTMENTS

Fixed Income Equity Total Total Securities Investments 2022 2021 £ £ £ £ Market Value at 5 April 2021 1,104,4633,128,846 4,233,309 3,610,025 Purchases (including equalisations) 875,974 92,750 968,724 641,961 - Sales (including redemptions) (425,731) (425,731) (767,048) - Realised Gain/(Loss) 8,391 8,391 53,969 Unrealised Gain/(Loss) (1,810) (21,547) (23,357) 694,675 Market Value at 5 April 2022 1 ,561,2873 ,200,049 4 ,761,336 4,233,309 Original Cost 1 ,577,6372 ,708,667 4 ,286,303 3,434,349

6 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Expenses Accrued 2022
£
1
,050		 2021
£
1
,050

7 TRUSTEES

None of the Trustees received any remuneration for their services, nor had expenses reimbursed.

10

THE TRILLIUM TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 5 APRIL 2022

8 RECONCILIATION OF FUNDS
Unrestricted
 Endowment
 2022
Fund
 Fund
 Total
2021
£ £ £ £
6 April 2021 471,453 5,546,544 6,017,997 5,325,512
Net (outgoing)/incoming
resources (page 5) 12,667 (1,520) 11,147 (8,233)
Realised proft/(loss) on disposal
of investments - 8,391 8,391 53,696
Unrealised Gains/(losses)
on investments - (23,357) (23,357) 694,675
Unrealised gain/(loss)on FX -
 22 ,121
 22,121
(47,653)
5 April 2022 484,120 5,552,179 6,036,299 6,017,997

THE TRILLIUM TRUST

11

Registered Number: 1154892

Independent Examiner’s Report to the Trustees of The Trillium Trust.

I report on the accounts of the Charity for the year ended 5 April 2022 which are set out on pages 5 to 10.

Respective Responsibilities of Trustees and Examiner

As the Charity’s Trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 144 (2) of the Charities Act 2011 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 145 of the Act, whether particular matters have come to my attention.

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 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 audit opinion on the view given by the accounts.

Independent Examiner’s Statement

In connection with my examination, no matter has come to my attention:

1) which gives me reasonable cause to believe that in any material respect the requirements

have not been met; or

2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Matthew M Wilkinson FCA

Moore Green Chartered Accountants

22 Friars Street Sudbury Suffolk CO10 2AA

Dated