Charity Registration No. 1161384
SCHOTTLANDER RESEARCH CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
SCHOTTLANDER RESEARCH CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Dr B D Schottlander Mr I J Schottlander Mrs S A Schottlander Charity number 1161384 Auditor Newton & Garner Limited Chartered Accountants 47 Topsfield Parade, Tottenham Lane Hornsey, London N8 8PT
SCHOTTLANDER RESEARCH CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent auditor's report | 3 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 9 |
SCHOTTLANDER RESEARCH CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities
The charity's objects are :-
1) The advancement of health for the public benefit by supporting innovative research that will lead to a better understanding of
A) The causes of illness
B) The treatment of illness: and
C) The prevention of illness and publishing the results of such research.
2) The conservation and protection of the natural environment for the public benefit by supporting innovative research into the development of sustainable energy resources and publishing the results of such research.
The above objectives will usually be achieved by making grants to research organisations who would carry out the work but may also be achieved by employing experts in the relevant fields to carry out the work.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The charity did not make any grants during the year.
Financial review
Reserves are £405,680 (2019 : 305,558) at the end of the year.
It is the policy of the charity that reserves should not be in deficit at any time.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity was established by a charitable trust deed on 23rd March 2015 and was registered as a charity on the 22nd April 2015 .
The trustees who served during the year and up to the date of signature of the financial statements were: Dr B D Schottlander Mr I J Schottlander Mrs S A Schottlander
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SCHOTTLANDER RESEARCH CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that year.
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 charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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.
The trustees' r eport was approved by the Board of Trustees.
Dr B D Schottlander
Trustee Dated: 29 October 2021
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SCHOTTLANDER RESEARCH CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF SCHOTTLANDER RESEARCH CHARITABLE TRUST
Opinion
We have audited the financial statements of SCHOTTLANDER RESEARCH CHARITABLE TRUST (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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SCHOTTLANDER RESEARCH CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF SCHOTTLANDER RESEARCH CHARITABLE TRUST
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' r eport; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the s tatement of trustees' r esponsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matter
Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
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SCHOTTLANDER RESEARCH CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SCHOTTLANDER RESEARCH CHARITABLE TRUST
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
David Watts FCA (Senior Statutory Auditor) for and on behalf of Newton & Garner Limited
29 October 2021
Chartered Accountants Statutory Auditor
Chartered Accountants 47 Topsfield Parade, Tottenham Lane Hornsey, London N8 8PT
Newton & Garner Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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SCHOTTLANDER RESEARCH CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Governance costs Total resources expended Net income for the year/ Net movement in funds Fund balances at 1 January 2020 Fund balances at 31 December 2020 |
2020 £ 100,000 410 100,410 288 288 100,122 305,558 405,680 |
2019 £ - 721 |
|---|---|---|
| 721 | ||
| 300 | ||
| 300 | ||
| 421 305,137 |
||
| 305,558 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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SCHOTTLANDER RESEARCH CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 6 Net current assets Income funds Unrestricted funds |
2020 £ 406,256 (576) |
£ 405,680 405,680 405,680 |
2019 £ 305,846 (288) |
£ 305,558 305,558 305,558 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 29 October 2021
Dr B D Schottlander Trustee
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SCHOTTLANDER RESEARCH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], 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 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Incoming resources
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2 Donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2020 | 2019 | |
| £ | £ | |
| Donations and gifts | 100,000 | - |
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SCHOTTLANDER RESEARCH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Interest receivable | 410 | 721 |
4 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
5 Employees
There were no employees during the year.
6 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Trade creditors | 576 | 288 |
7 Related party transactions
There were no disclosable related party transactions during the year (2019 - none).
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