Trust registration number: 1155791
The Ricepuds Charitable Trust
Annual Report and Financial Statements
for the Year Ended 5 April 2024
The Ricepuds Charitable Trust
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 16 |
The Ricepuds Charitable Trust
Reference and Administrative Details
Chairman Mrs J S Rice Trustees Mr A J Rice Mr T A Rice Mrs J S Rice Mr W A Rice Trust Registration Number 1155791 Principal Office Charles Russell LLP Compass House Lypiatt Road Cheltenham Gloucestershire GL50 2QJ Independent Examiner Milsted Langdon LLP Freshford House Redcliffe Way Bristol BS1 6NL Solicitors Charles Russell LLP Compass House Lypiatt Road Cheltenham Gloucestershire GL50 2QJ Bankers Interactive Investors 2nd floor One Embankment Neville Street Leeds LS1 4DW
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The Ricepuds Charitable Trust
Trustees' Report
The trustees present the annual report together with the financial statements and auditors' report of the trust for the year ended 5 April 2024.
Structure, governance and management
Organisational structure
The board of trustees, which consists of 4 members, administers the trust. These members are set out on page 1. The board normally meets 4 times per year or more frequently if required. The Chairman is appointed by the trustees to manage the trust and serves for a period of 2 years. The trustees have also appointed a secretary.
Nature of governing document
The Ricepuds Charitable Trust is controlled by its governing document, a deed of trust dated 16 December 2013, and constitutes an unincorporated charity. The trust received registration as a charity on 13 February 2014.
Recruitment and appointment of trustees
New trustees, if required, are recruited via personal recommendation from an existing trustee, are interviewed by the trustees and appointed by a majority decision.
Induction and training of trustees
The trustees are already familiar with the practical work of the trust and new trustees are invited and encouraged to attend a series of short training sessions to familiarise themselves with the trust and the context in which it operates.
Major risks and management of those risks
The trustees have a duty to identify and review the risks to which the trust is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees regularly conduct a review of the major risks to which the trust is exposed and systems have been established to mitigate these risks. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the trust's objectives. These procedures are periodically reviewed to ensure that they continue to meet the needs of the trust.
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The Ricepuds Charitable Trust
Trustees' Report (continued)
Objectives and activities
Objects and aims
The trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission.
The trust's objectives are to promote any charitable purpose according to the law of England and Wales for the benefit of the public. In particular but not exclusively relieving those in need by reason of age, ill-health, disability, or poverty; advancement of health and social care; advancement and promotion of education; advancement of environmental protection or improvement; advancement of amateur sport; advancement of the arts, culture, heritage or science.
The trust carries out these objects by providing grants for projects which fall within the overall objectives of the trust.
Objectives, strategies and activities
The trust made seven donations in the year as follows:
£5,000 to North West Children's Support Group (charity number 1141826 ). The charity aims to provide holidays and social events for disabled and disadvantaged children and provide support through respite for their parents and carers. The group is totally voluntary run.
£5,000 to We Can Dance (charity number 1136698 ). The charity aims to provide dance workshops and lessons for children with special needs.
£5,000 toTony Hudgell Foundation (charity number 1195061). The charity aims to make grants for specific projects to entities which could have assisted Tony Hudgell, who as a very young child suffered severe physical, emotional and psychological abuse by his real parents.
£5,000 to Solent Sky Ltd (charity number 262995).The charity aims to advance the education of the public relating to aviation by the maintenance of a museum.
£5,000 to Bliss (charity number 1002973). The charity aims to provide practical and emotional support to parents and families of premature and sick babies.
£5,000 to Surrey Search and Rescue (charity number 1194397). The charity aims to assist the emergency services to find missing vulnerable adults and children.
£200 to University Hospitals Dorset NHS (charity number 1057366). In support of the Cedar Massive Snowden Mountain Climb in aid of Bournemouth Hospital (University Hospitals Dorset) NHS Charity number 1057366. This was to support the excellent work that the Bournemouth Hospital ICU department achieves
Financial review
The total incoming resources for the year amounted to £49,408 (2023 - £59,992), against which £34,250 (2023 - £28,915) was expended during the year. The trust had a surplus of £169,932 (2023 - £52,664) which includes an unrealised gain on investments of £131,770 (2023 - £45,323) and a realised gain on investments of £23,004 (2023 - loss of £23,736). Investments valued at £1,374,968 (2023 - £1,146,505) were held in the trust at the year end.
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The Ricepuds Charitable Trust
Trustees' Report (continued)
Policy on reserves
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately 16 months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds available to cover support and governance costs. Currently however, carried forward reserves reflect more than 16 months of charitable expenditure as the Trust is planning on undertaking and funding a large, as yet unspecified project. Until this time the trustees will continue to make donations out of annual income.
The balance held as unrestricted funds at 5 April 2024 was £1,709,172 (2023 - £1,539,240) of which £1,709,172 (2023 - £1,539,240) are regarded as free reserves. The current level of reserves is therefore higher than is needed but the trustees recognise that this is primarily due to the trust planning on undertaking and funding a large, as yet unspecified project.
Investment policy and objectives
The trustees have powers to invest and manage the assets and investments of the trust. Aside from retaining a prudent amount in reserves each year most of the trust’s funds are to be invested in equities. Having considered the options available, the trustees have decided to hold any surplus funds in interest bearing bank accounts. This investment policy is reviewed annually.
The annual report was approved by the trustees of the trust on 23 January 2025 and signed on its behalf by:
......................................... Mrs J S Rice Chairman and trustee
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The Ricepuds Charitable Trust
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that period. In preparing these 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 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 departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust 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 trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the trust on 23 January 2025 and signed on its behalf by:
......................................... Mrs J S Rice Chairman and trustee
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The Ricepuds Charitable Trust
Independent Examiner's Report to the trustees of The Ricepuds Charitable Trust
I report to the trustees on my examination of the accounts of The Ricepuds Charitable Trust for the year ended 5 April 2024.
Responsibilities and basis of report
As the trust’s trustees of The Ricepuds Charitable Trust 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 The Ricepuds Charitable Trust'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 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 Ricepuds Charitable Trust 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 accounting 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.
............................... Tim Lerwill FCA Freshford House Redcliffe Way Bristol BS1 6NL
24 January 2025
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The Ricepuds Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2024
| Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|
| funds | 2024 | 2023 | ||||
| Note | £ | £ | £ | |||
| Income and Endowments from: | ||||||
| Investment income | 2 | 49,308 | 49,308 | 59,992 | ||
| Other income | 3 | 100 | 100 | - | ||
| Total income | 49,408 | 49,408 | 59,992 | |||
| Expenditure on: | ||||||
| Raising funds | 4 | (134) | (134) | (120) | ||
| Charitable activities | 5 | (34,116) | (34,116) | (28,795) | ||
| Total expenditure | (34,250) | (34,250) | (28,915) | |||
| Gains/losses on investment assets | 154,774 | 154,774 | 21,587 | |||
| Net income | 169,932 | 169,932 | 52,664 | |||
| Net movement in funds | 169,932 | 169,932 | 52,664 | |||
| Reconciliation of funds | ||||||
| Total funds brought forward | 1,539,240 | 1,539,240 | 1,486,576 | |||
| Total funds carried forward | 12 | 1,709,172 | 1,709,172 | 1,539,240 |
All of the trust's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 12.
The notes on pages 9 to 16 form an integral part of these financial statements. Page 7
The Ricepuds Charitable Trust
(Registration number: 1155791) Balance Sheet as at 5 April 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Fixed assets | ||||
| Investments | 8 | 1,374,968 | 1,146,505 | |
| Current assets | ||||
| Debtors | 9 | 106 | 164 | |
| Cash at bank and in hand | 10 | 337,686 | 395,991 | |
| 337,792 | 396,155 | |||
| Creditors: Amounts falling due within one year | 11 | (3,588) | (3,420) | |
| Net current assets | 334,204 | 392,735 | ||
| Net assets | 1,709,172 | 1,539,240 | ||
| Funds of the trust: | ||||
| Unrestricted income funds | ||||
| Unrestricted funds | 1,709,172 | 1,539,240 | ||
| Total funds | 12 | 1,709,172 | 1,539,240 |
The financial statements on pages 7 to 16 were approved by the trustees, and authorised for issue on 23 January 2025 and signed on their behalf by:
......................................... Mrs J S Rice Chairman and trustee
The notes on pages 9 to 16 form an integral part of these financial statements. Page 8
The Ricepuds Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024
1 Accounting policies
Statement of compliance
The financial statements have been prepared under the historical cost convention (unless otherwise stated below) and in accordance with 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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The Ricepuds Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
With respect to the next reporting period, being 5 April 2024, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy in the Trustees Report).
Exemption from preparing a cash flow statement
As allowed by the Charities SORP (FRS 102) the trustees have opted not to include a statement of cash flows due to the size of the charity.
Going concern
The trustees have reviewed the financial position of the trust and expected future position over the next 12 months. Following this review, the trustees consider there to be little impact on the trust's ability to act as a going concern.
The trustees have reviewed the investment valuation and cash reserves available and consider that the company has adequate resources in place to continue trading for the next twelve months.
Income and endowments
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Interest on funds held by investment manager or on deposit is included when receivable and the amount can be measured reliably by the trust; this is normally on notification of the interest payable or paid.
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The Ricepuds Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All expenditure is recognised on an accruals basis and all costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the trust in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the trust’s compliance with constitutional and statutory requirements, including independent examination, strategic management and Trustee’s meetings and reimbursed expenses.
Taxation
The trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed asset investments
Fixed asset investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities as they arise.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities as they arise. Realised and unrealised investment gain and losses are combined in the Statement of Financial Activities.
The main area of financial risk faced by the trust is that of volatility in equity markets and investment markets due to wider economic conditions.
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The Ricepuds Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the trust will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the trust.
Financial instruments
Classification
The charity holds only basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurement basis are as follows:
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or financial instrument.
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The Ricepuds Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
2 Investment income
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | Total | Total | |||
| General | 2024 | 2023 | |||
| £ | £ | £ | |||
| Interest receivable on bank deposits | 5,887 | 5,887 | 1,333 | ||
| Dividends | 43,421 | 43,421 | 58,659 | ||
| 49,308 | 49,308 | 59,992 | |||
3 Other income
| Unrestricted | ||||||
|---|---|---|---|---|---|---|
| funds | Total | Total | ||||
| General | 2024 | 2023 | ||||
| £ | £ | £ | ||||
| Other income | 100 | 100 | - | |||
| 4 | Expenditure on raising funds |
a) Investment management costs
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | Total | Total | |||
| General | 2024 | 2023 | |||
| £ | £ | £ | |||
| Other investment management costs; | |||||
| Administration of the investments | 134 | 134 | 120 | ||
| 134 | 134 | 120 | |||
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The Ricepuds Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
5 Expenditure on charitable activities
| Grant | Activity | ||||||
|---|---|---|---|---|---|---|---|
| funding of | support | ||||||
| activity | costs | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Donations | 30,200 | - | 30,200 | 25,000 | |||
| Governance costs | - | 3,847 | 3,847 | 3,788 | |||
| Trade subscriptions | - | 58 | 58 | 10 | |||
| Foreign currency (gain)/loss | - | 11 | 11 | (3) | |||
| 30,200 | 3,916 | 34,116 | 28,795 | ||||
6 Analysis of governance and support costs
Governance costs
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | Total | Total | |||
| General | 2024 | 2023 | |||
| £ | £ | £ | |||
| Independent examiner fees | |||||
| Examination of the financial statements | 690 | 690 | 660 | ||
| Other fees paid to examiners | 3,157 | 3,157 | 3,128 | ||
| 3,847 | 3,847 | 3,788 | |||
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the trust during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
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The Ricepuds Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
| 8 Fixed asset investments |
||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| £ | £ | |||||
| Other investments | 1,374,968 | 1,146,505 | ||||
| Other investments | ||||||
| Listed | ||||||
| investments | Total | |||||
| £ | £ | |||||
| Cost or Valuation | ||||||
| At 6 April 2023 | 1,146,505 | 1,146,505 | ||||
| Revaluation | 154,774 | 154,774 | ||||
| Additions | 129,983 | 129,983 | ||||
| Disposals | (56,294) | (56,294) | ||||
| At 5 April 2024 | 1,374,968 | 1,374,968 | ||||
| Net book value | ||||||
| At 5 April 2024 | 1,374,968 | 1,374,968 | ||||
| At 5 April 2023 | 1,146,505 | 1,146,505 |
The investments have been revalued at the year end based on valuations provided by the trust's investment manager. The basis of the valuation was market rate as at 5 April 2024.
9 Debtors
| 9 Debtors |
|||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Prepayments | 106 | 164 | |
| 10 Cash and cash equivalents | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank | 337,686 | 395,991 | |
| 11 Creditors: amounts falling due within one year | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals | 3,588 | 3,420 | |
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The Ricepuds Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
| 12 Funds | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Balance at | Other | Balance at | |||||||
| 6 April | Incoming | Resources | recognised | 5 April | |||||
| 2023 | resources | expended | gains/(losses) | 2024 | |||||
| £ | £ | £ | £ | £ | |||||
| Unrestricted funds | |||||||||
| General | 1,539,240 | 49,408 | (34,250) | 154,774 | 1,709,172 | ||||
| Balance at | Other | Balance at | |||||||
| 6 April | Incoming | Resources | recognised | 5 April | |||||
| 2022 | resources | expended | gains/(losses) | 2023 | |||||
| £ | £ | £ | £ | £ | |||||
| Unrestricted funds | |||||||||
| General | 1,486,576 | 59,992 | (28,915) | 21,587 | 1,539,240 |
The specific purposes for which the funds are to be applied are as follows:
The unrestricted general fund is available to be spent for any of the purposes of the trust.
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The Ricepuds Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024 (continued)
13 Analysis of net assets between funds
| 13 Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted | Total funds | ||
| funds | at 5 April | ||
| General | 2024 | ||
| £ | £ | ||
| Fixed asset investments | 1,374,968 | 1,374,968 | |
| Current assets | 337,792 | 337,792 | |
| Current liabilities | (3,588) | (3,588) | |
| Total net assets | 1,709,172 | 1,709,172 | |
| Unrestricted | Total funds | ||
| funds | at 5 April | ||
| General | 2023 | ||
| £ | £ | ||
| Fixed asset investments | 1,146,505 | 1,146,505 | |
| Current assets | 396,155 | 396,155 | |
| Current liabilities | (3,420) | (3,420) | |
| Total net assets | 1,539,240 | 1,539,240 | |
14 Related party transactions
Whittington Hospital NHS Trust Charitable Funds
Trustee W A Rice is also a trustee of Whittington Hospital NHS Trust Charitable Funds (1056452). During the year the trust made a donation of £nil (2023: £2,500) towards providing Christmas presents to children receiving palliative care in the hospital.
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