Smith& QJ Williamson The Atherton Family Charitable Trust Charity . 1156055 Trustees. report and unaudited accounts For the year ended 31 December 2020
The Atherton Family Charitable Trust Legal and administrative information Tru5tee5 Richard Atherton Jac(weline Atherton Annabel Cull EmilyAtherton Robert Atherton [apInted 9 March 20211 Stevens & Bolton Trustee5 Limited Charity number 1156055 Prlnclpal address Stevens & Bolton LLP Wey House Famham knd Guildf1 Surrey GUI 4YD Independent examlner Julie mutt( FCA Smith & Williamson LLP Accountants Old Library Chambers 21 Chipper Lane Salisbury Wiltshire SP1 1BG AccntantS Smith & VfillfamsL LLP Accountants Old Library Chambers 27 ChiFper Lane Salisbury Wiltshire SP1 IBG Bankers C(wrtts & Co 440 Strand London WC2R OQS Solicltors Stevens & Bolton LLP Farnham Road Guilrford Surrey GUI 41D Invertment adv150r5 Investec Wealth & Investment Limited 30 Gresham Street Londc EC2V 7QN
The Atherton Family Charitable Trust Contents Tru5tee5' rewrt Indedent examinrfs retM)rt Statement of financial actitieS Balance sheet Notes to the accounts 8-10
The Atherton Family Charitable Trust Trustees. report for the year ended 31 December 2020 The trustees present their report and accwnts for the year ended 31 Dewnber 2020. The accounts comply with the Charitie5 Act 2011 and AccrAJnting and Reming by Charities: Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Structure, governance and manageftt The Atherton Family Charitable Trust I"Charity"l is govemed by a trust deed dated 28 January 2014 and 15 constituted as a charitable trust. The registered Charity number is 1156055. The trustee5 who served durlng the year were: Richard Atherton Jacqueline Atherton Annabel Cull Emily Atherton Stevens & BOltC Trustees Limited The Charity was established by Richard Atherton. Additional funds were added by Jacqueline Athertcm. The Charity's funds are currently invested wlth Investec Wealth & Investment Limited l-Investec"l. The trust deed provides that the current trustees have the p(r+yer to apFM)int rw trustees. A new trustee is appointed by a resolution of a Mting of the current trustees and a merMrandum being slgned by one of the trustees at the meeting {or as dtrected at the meeting). The memorandum is to be executed as a deed. The trustees periodically rewew whether new trustees should be apwinted. In selecting indiwduais for the appointment as trustee. the current trustees must have regard to the skills, knowledge and experien needed for the effective administratirm of the Charity. The apFrf)intment of a new trustee would most likely be from within the Atherton family (assuming that the Individual has the necessary skills and knowledge to act as a trustee of the Charity). It is not anticipated that any of the ojrrent trustees will be retlrlng for the foreseeable future. It 15 further anticipated that at least one of the trustees will at all times be a professional trustee. All dedslons of the Charity are taken at a board meeting of the tru5tee5. Ail trustees are given notice of a meeting. A meeting is quorate If one third of the total number of trustees or two trnstee5 (whichever is greaterl are present. The Charity does not employ any staff or use volunteer5. The trustees consider that the main risk to the Charity 15 a significant redurtion in the Charitls portfolio, with this forming the vast majority of the Charitys assets. Havirry consi(Jered the level of risk, the asset allKation of the portfolio and the level of income. the trustees have land in consultation with InSte(l. for the time being, accepted a medium risk approach. The trustees consider that this is an acceptable level of risk for present purposes in eW of the long term goals and the ability to reduce grants and donations in the event of a sustained market declTne.
The Atherton Family Charitable Trust Trustees. report for the year ended 31 December 2020 The portfoiTO is currently benchmarked agaIt the Investec Wealth & Investment MedTum Risk Income Composlte, hawng previously been benchmarted against the MSCI Wlil Income benchmark. The investment wlicy d¢xument entered into between the Charity and Investec provtdes that the trtee$ will review, at least annually, Investecs app)intment a5 investment manager for the Charity. The review will take account of, amrmgst other things, Irwestec's ability to fulfil the tntstees, requirements, Investment perfOrniae, quality of service, fees and ternis, suitability, integrity and compliance with the Investment policy. The investment wlicy document was LWated 26 June 2020. As one of the trustee5 is a professional trustee. the Charity con5ider5 that the availability and level of professional advice is not an issue. In addition, the Charity recently appointed IPS Capital to nrtake a structural eW of the cuent investment manager mandate, performance of the incumbent manager and ongoTng M(1t0n9 of the apInted investment manager on a quarterly basis. Stevens & Bolton Trustees Limited is OllY owned by the members of Stevens & Bolton LLP I'LLP"). Only members of the LLP are directors of Stevens & Bolton Trustees Limited. Where Stevens & Bolton Trustees Limited is appointed to act a5 a trustee, it engages the LLP to undertake all work within the scope of the engagement. Ik) separate fees are raised by Stevens & Bolton Trustee5 Limited where it acts as tnL%tee. In accordance with clause 13.2 of the tt deed, wtherever financial fflatler5 are discussed by the trustees that may have an impart on Stevens & eL[L1 Tru5tee5 Limited. the corporate trustee decla its interest and declines to participate in the meeting. ObJert5 and actlvltles The Charitys objects are set (Njt at clause 3 of its trt deed. The objects provfde for the following: 7he Trustees shall hold the copltal ond income of the Tnt Fund uwi tntst to or apply the income. ond (if ond when the trustees in their discretion think fit) oll or ony part or wrts of the ¢7Pitol to or for such exclusively ctffaritoble objects or purp)ses in ary part of the world a5 the tnistees may in their discretion think fit." The aims of the Charity are to make grants and donation5 to other UK registered charities and exempt charities. It is the belief of the trustees that thi5 vrill provide an adequate means of ensurin8 that funds are used for their Tntended purposes and for wblic benefit. The trustees are Iking to SUprt charftie5 which are particularty involved In education I training, the advancement of health, the saving of lives. disability and arts i culture l science. The trustees CLll5ider by making donations to other charities Girying out these al will enable it to 5cifICallY target its funds for those charities which they consider are carrying (Mjt worthwhile causes in the areas highlighted but do not necessarily receive the funding rewired. As noted at*we. the majority of the Charitys investments are hetd In a portfolio administered by Inve5tec. A balance of cash is held at Coutts. The funds were placed with Investec on 26 February 2015 and the portfolio is njn on a discretionary management basi5. Whilst the Charity is happy to re1Ve unsolicited enqiriries from other UK lStered charities and exempt charities, it does not advertise the availability of fund5 to the public at large. Achlevements and performance During the year, the trustees made a further donation to 5upF NatiCal Foundation for Youth Muslc I'youth Music") (registered Charity number 10750321 foLlown8 on from their swport of thi5 charily in 2016 and 2018. The trustee5 have made this grant to Youth Music to support lif+changing music projects for children and young people in challenglng circumstances. Also during the year. the tnL4tees made a datIon to ShakesFeare Sc1KL Foundaticffl (registered Chartty number 11646761 to asslst working with thoLtsands of PUPTIS frMI every community, backgrrAmd and school, giwng them the Confiden to perform in prof]al theatres nationwide.
The Atherton Family Charitable Trust Trustees. report for the year ended 31 December 2020 The Charity recently appointed IPS Capital LLP to undertake a stnKtural re of the current investment manager mandate, perfomiance of the incumbent manager aThJ ongoing monitoring of the appointed investment Manager on a quarterly basis. The trustees consider that the greatest factor which will impact the Charitls abllity to carry out its objects and whTch is outside the Chariws control is an econ¢Jnic event which ca a significant f all In the value of the Charitys rtfoLIo. With thè appointment of IP5 Capital to adwse the Charity on the perforniance of its investments, the trustees are looking to en5 that the financial performance of the Charity'5 assets are fit f( purpose. Financial rev?ew For this financial pen.tsj the Charity has not received any external dIat15. Ail income arising to the trustees has derived from the Investec portfolio. The trustees vrill monitor on a quarterly basis the level of expenditure required to enable the Charity to SLPP)rt its objects. A5 at 31 December 2020 the total funds held for the Charity arnounted to £5,078,301 12019- £5,145,01. This comprised an investment portfolio and cash. Income for the year was £120,721 12019: £136.9631. During the year the Charity paid out governan costs of £19,338 {2019: £12,258) and donations ol £103,76012019= Enill. Whllst the level of grants made by the Charity to date have bew relatively small, it is anticipated that the level of cash reserves should be in the regTon of a equivalent to three months. average expendlture and total reserves are held at a level to allow future grarbts to be made at the dlscretion of the trustees. Plans for future period5 The trustees wll continue to identify worthwhile projects to support by way of grants to other UK registered charitie5 which seek to prThTrte the same or similar charitable objects as those identified by the Charity. The trustee5 do not necessarily expect dcatiOnS to other charities to match Tncome received for each year and the amount of donations 11 very much depeThJ on identifying the right charitie5. The Charfty recogmises the importance of its purposes being for the ttnefit of the public. The trustees believe that through the Charitys aims and objects in supporting those charitie5 which are carrying on work in the areas already identifted, the Charity will continue to meet this duty. The trustees will continue to closety monitor the perforniance of the Charity's investment portfolio with the assistance of IPS Capital. In due course, it may decide to make some changes to the direction of the portfolio. In addition, the tntstee5 are considering aFV)inting another non.professlonal trustee in the early part of 20Z1.
The Atherton Family Charitable Trust Trustees. report for the year ended 31 December 2020 Trustee5' responsibllltles The tnjstees are reSSible for preparing the Tru5tees' reFQrt and the accounts in accordance wth applicable law and regulations. The law applicable to charitr.es in England and Wales requires the trustees to prepare accounts for each financial year In accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and arvlicable regulations). Under that law the trustees must not approve the accounts vnle5S they are satisfi.ed that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and applicatTon of resources of the Charity for that year. In preparing the accoLnts, the trustees are required to: - select suitable accounting policies and then apply them consistently" - observe the methods and prlnclples in the Charities SORP- - make judgements and estimate5 that are reasonable and prudent: - state whether applicable accountFng standards have been followed. subject to any material departwes disclosed and explalned in the acc(u)ts' and prepare the accounts on the going C(tern basis unless It is Inatvropriate to presume that the Charity will continue in operation. The trustees are responslble for keeping adequate accounting records which are sufficient to show and explaln the Charitys transattions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensu that the financial infom)ation complies With the Charitie5 Act 2011, the Charities (Accounts and Reports) Regulation5 2( and the proViOnS of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps fcr the prevention and detection of fraud and other irregularities. On behalf of the board of trustees (o L.) or Stevens & Bolton Trustees Limlted Trustee Date:
The Atherton Family Charitable Trust Independent examiner's report to the trustees of The Atherton Famlly Charitable Trust I retxjrt to the tru5tee5 1)n my examinatfon of the accounts of The Athert Family Charltable Trust for the year ended 31 December 2020 which comprise the statement of finandal activities, the balance sheet and the notes to the accounts, including a 5unwmary of significant Kcounting policies. Respectfve responsibilities of tru5tee5 and examiner and basls of report As the charity's ttee5, you are responsible for the preparation of the accounts in accordance with the requirements of the Charitie5 Act 2011 I'the Act"). I report in respect of my examination of the charitys accounts carried out under section 145 of the Act and in carwng out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matter5 have come to my attentl¢M In connection with the examination 4lvSn4 me cause to believe that in any material respect". accounting record5 were rbot kept in respect of the charity as required by section 130 of the Act. or 2. the accounts do not accord with those records; or 3. the accounts do rM)t comply the applicable rewirements contsrnTn8 the form and content of accounts set out in the Charities (Accounts and Report51 Regulations 2008 other than any requirement that the accounts give a true arKI fair view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connecti¢y) with the examination to which attentlon should be drawn in this retw)rt In order to enable a proper understanding of the accounts trj be reached. Julie Mutton Fellow of The Institute of Chartered Accountants in EngLand and Wale5 Smith & Williamson LLP Accountants Old Library Chambers 21 Chipper Lane Sallsbury Wiltshire SPI 18G Date- 21 May 2021
The Atherton Family Charitable Trust Statement of flnanclal actfyltles for the year ended 31 December 2020 2020 2019 Note Investment Income Bank interest 120,717 136,926 37 Total income 120,721 136.963 Raising funds Charitable activities . grants Charitable activities - SUPPOrt costs 28.563 103.760 19.338 29.166 12,258 Total expenditure 151,661 41,424 Net {expendltureVlntome befi>re Ilossesygains on Investments 130,940) 95,539 Net110ssesllgalns on Investments 135.8291 546.510 Net movement In funds 166.7691 642.049 Fund balances at 1 January 2020 5.145.070 4.503.021 Fund balances at 31 December 2020 5,078.301 5.145.070
The Atherton Family Charitable Trust Balance sheet as at 31 December 2020 2020 2019 Flxed assets Investment5 4.747,717 4.778,096 Current assets Cash at bank and in hand 338,116 376.570 Credltors: amounts falling due wlthln one year 17,532) 19,5961 Net current assets 330.584 366,974 Net assets 5,078,301 5.145,070 Income funds Unrestricted funds 5.078,301 5.145.070 5.078,301 5,145,070 The accounts were approved ty the Trustees on .......... . & Bolton Trustees Limfted Trustee
The Atherton Family Charitable Trust Notes to the accounts for the year ended 31 December 2020 Accounting pollcles 1.1 General Informatlon The Atherton Family Charitable Tntst is an unincorporated trust. constituted under a charitable tr deed on 28 January 2014. It is registered WTth the Charity Commission in England & Wales INO. 11560551. The address of the principal Offi is Steven5 & Bolton LLP, Wey House, Famham Road, Guildford. Surrey, GU14YD. 1.2 Basis of preparation The accounts have been prepared under the historical cost convention, as modified to include the revaluation of certain assets. The accounts have been prepared in accordance wlth Accounting and Reporting by Charltles: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial pOrtIng Standard atplicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The trustee5 confirni that the charity is a wbiic bwefit entity as defined by FRS 102. The accounts are prepared on the going concern basis", there are no material uncertainties about the charity5 ability to continue as a going concern. 1.3 Income Investment income is credited to the statement of financlal activitie5 in the period in which Tt is receivable. 1.4 Expenditure Liabilities are recognised as expenditure as SO a5 there is a legal or con5tructiYe obligation committing the charity to the expenditu. Ail expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category. The cost5 Of raising funds c¢)nsist of investment management fees. Grants payable are payments made to third parties in furtherance of the chaiitable object5 of the charity. The grants a accounted for where the tnjstees have agreed to pay the grant withrjjt condition and the recipient has a rea9)nable expectation that they will receive a grant. Support costs consist of costs not directly attributable to direct charitable activitie5 or raising funds but whlch are in respect of the general administration of the charity and overall management of the funds. 1.5 Investments Fixed asset investments are ststed at market value. The statement of financial activitie5 includes the net gains and losses arising on revaluati and dispJsaLs throughtxrt the year. Realised and unreali5ed gains or losses are recognised in the statement of financial actTVtties. Realised gains or losses are the differen between disposal prrteed5 and the opening market value lor original cost if purchased in the yearl. Unrealtsed gains or losses are the difference between the market value at the year end and the r4)ening market value lor original cost if purchased in the year). 1.6 Fund accountlne Unrestrirted funds are available for use at the discretTon of the trustees in furtheran of the ga)eral objects of the charity and which have not been designated for other puryN)ses.
The Atherton Family Charltable Trust Notes to the accounts for the year ended 31 December 2020 Expendlture Z020 2019 Raising funds: Investment management fees 28.563 29.166 Charltable activities- grants Grants payable Isee rnte 31 103.760 Charltable actlvltles- support Costs Governance costs Legal and administratlon fee5 Accountancy fees Independent examinerfs fee5 15,558 2.580 1.21)0 7,098 3.960 I,2) 151.661 41,424 Grants payable 2020 2019 National Foundation for Youth Music Shakespeare School Foundati( 53.760 50,0(KI 103,760 Related partie5 Stevens & BOltC LLP provide legal athce to the trustees. Stevens & Bolton Twstees Limited is whdly owned by the members of Stevens & Bolton LLP. Total fees paid to Stevens & Bolton LLP during the year were £15.55812019- £7.0981. The trustees did not receive any remeratiOn or reirnbursement for expenses during the year {2019: £nill. Employees There were no employees during the year12019: n(e).
The Atherton Family Charitable Trust Notes to the accounts for the year ended 31 December 2020 Fixed asset Investments 2020 2019 Market value at 1 January 2020 Disposals at opening bk value Acquisitions at C05t Change in value in the year 4,778.096 4.244,936 1918.091) 1871,9911 923.411 943,704 135,699) 461,447 Market value at 31 December 2020 4,747.717 4,778,096 Analysls of Investments by category of holding Fixed interest Equities and other 1,110,708 1,351,385 3.637.009 3,426,711 4.747,717 4,778,096 Analysi5 of investments by Iation Investments held in the UK Investments held outside the UK 2.994.869 2,993,203 1,752.848 1,784.893 4,747,717 4.778,fTr6 Book cost at 31 December 2020 4.083,831 4,090,961 Cre(Mtors: amnts fall1 due wlthin one year 2020 2019 Accruals and other clitorS 7,532 9.596 7,532 9,596 10-