THE PETER BIBBY CHARITABLE TRUST UNAUDITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2021 CHARITY NUMBER- 1161770
THE PETER BIBBY CHARIABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 30TH JUNE 2021 The Trustees present their annual report and financial statements of the charity for the year ended 30th June 2021. The financial statements have been prepared in accordan 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 applicable in the UK and Republic of Ireland (FRS 102). OBJECTIVES AND ACTIVITIES The Trust has been established to make grants for charitable purposes. Grants are only made to charities known to the settlor and unsolicited applications are therefore not considered. Public Benefit The trustees have considered the Charity Commission guidance on public benefit. ACHIEVEMENTS AND PERFORMANCE Investments have been managed throughout the year by the Investment Managers, with performance being monitored by the Trustee. The Trust has therefore been able to maintain its grant-rnaking programme. FINANCIAL REVIEW Income totalling of £318,503 (2020.. £18,133) was received during the year. This funded grants of £8,850 (2020.. £3,325) to charitable organisations. Capital investments were valued at £994,149 (2020.. £596,990) at the year end. Reserves Policy The trust deed permits the spending of capital,. the trustee has, however, agreed to retain the capital for the time being and to invest it to produce income to make grants. The trustee is managing the reserves to balance the needs of current and future beneficiaries. It is not anticipated that the needs of beneficiaries will diminish over time. Investment Policy and Powers". The Trustee has the power of investment conferred by the Trustees Act 2000. The investment strategy is set by the trustees and takes account of recent demands for funds and an assessment of expected future needs (see Reserves Policy}. The investment policy and strategy are reviewed with the investment manager at regular intervals. The investment objective is to maintain, overall, the real value of capital and income. Risk Management: The main risks to which the charity is exposed as identified by the Trustee have been considered and systems have been established to mitigate those risks.
THE PETER BIBBY CHARIABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 30TH JUNE 2021 Plans for the Future The objectives remain unchanged for the future; the intention is for continued investment management on a consistent basis and distribution of income to charitable organisations. Structure. Governance and Management The Trust was established by a Trust Deed dated 24th April 2015, charity number 1161770 and is administered by its corporate Trustee, Liverpool Charity and Voluntary Services. REFERENCE AND ADMINISTRATIVE DETAILS Name The Peter Bibby Charitable Trust Charity number 1161770 Principal Offi LCVS 151 Dale Street Liverpool L2 2AH Liverpool Charity and Voluntary Services (LCVS), corporate trustee, which is incorporated under the Companies Act as a company limited by guarantee without share capital as company number 181759, a registered charity, number 223485, and a charitable Trust Corporation. LCVS trustees, who are also its directors, were as follows during the year. Heather Akehurst Sonia Bassey MBE Mike Thomas Heather Akehurst Dorcas Akeju Sonia Bassey MBE Maxine Ennis Jonathan Hesketh Ken Perry John Price Michael Salla Louise Scholes Gemma Shone James Sloan Mike Thomas Sue Williams Neil John Sturmey Henry Terefenko {Resigned 27th July 2022) Investec Wealth & Investment 100 Old Hall Street, Liverpool, L3 9AB Trustees Chair (Resigned 25th November 2021) (Appointed 25th November 2021) Treasurer {Resigned 25th November 2021) (Resigned 16th November 2021} (Appointed 20th September 2022) (Resigned 23rd June 2022) Investment Manager
THE PETER BIBBY CHARIABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 30TH JUNE 2021 Independent Examiner Anna Spencer-Gray RSM UK Tax and Accounting Limited 20 Chapel Street, Liverpool, L3 9AG TRUSTEE'S RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charity trustee is responsible for preparing a trustee's annual report and financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Apted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustee to prepare financial statements for each 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 period. In preparing the financial statements, the trustee is required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP. make judgements and estirnates that are reasonable and prudent" state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements., prepare the financial statements on the going cOnrn basis unless it is inappropriate to presume that the charity will continue in business. The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. It is also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustee and signed on its behalf by Mike Thomas Trustee
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE PETER BIBBY CHARIABLE TRUST I report to the trustee on my examination of the accounts of The Peter Bibby Charitable Trust {'the charity,) for the year to 30th June 2021, which are set out on pages 6 to 12. Responsibilities and basis of report As the trustee of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the charity'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 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounls present a 'true and fair view, and my report is limited to those specific matters set oul in the independent examiner's statement. Independent examiner's statement I have completed my examination. I confim that no material matters have come to my attention in connection with the examination giving me reasonable 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 2011 Act, or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements Conrning 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. Name.. Anna Spencer-Gray Name of applicable listed body.. The Institute of Chartered Accountants in England and Wales Relevant professional qualification or body.. Chartered Accountant ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants 20 Chapel Street Liverpool L3 9AG Date..
THE PETER BIBBY CHARIABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2021 Unrestricted Funds Capitsl Funds 2021 Notes Income Funds 2021 Total 2021 Total 2020 Income from: Donations Investments 2a 2b 300,00 300,000 18,503 18,503 18,133 Totsl incorne 18,503 300,000 318,503 18,133 Expenditure on: Charitable activtties 9,718 9,718 3,845 Total expenditure 9.718 9,718 3,845 Net income and net movement in funds before gains on investments 8,785 300.000 308,785 14,288 Net gainl(loss} on investment assets 97.159 97,159 (47,924) Net movement in funds 8,785 397,1 $9 405,944 {33,6361 Reconciliation of funds.. Total funds brought forward 21,066 596,990 618,056 651,692 Total funds carried fOard 29,851 994.149 1,024,000 618,056 The notes on pages 8 to 12 form part of these accounts.
THE PETER BIBBY CHARIABLE TRUST TH BALANCE SHEET AS AT 30 JUNE 2021 Notes 30thJune 2021 30th June 2020 Fixed Assets Investments 994,149 596,990 Current Assets Cash balance 30,719 21,586 Current Liabilities Creditors {868) (520) Net Current Assets 29,851 21,066 Net Assets 1,024,000 618,056 The funds of the charity: Unrestricted Funds: Capital Funds Income Funds 994,149 29,851 596,990 21,066 1,024,000 618.056 Approved and authorised for issue by the Trustee and signed on its behalf by LL,,O Mike Thomas, Trustee
THE PETER BIBBY CHARIABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2021 1. ACCOUNTING POLICIES Basis of Accounting The accounts 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 accordan with the Statement of Recommended Practi= Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (SORP 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 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. Going concern At the time of approving the accounts, the trustee has reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustee continues to adopt the going concern basis of accounting in preparing the accounts. Investments In accordance with Statement of Recommended Practice.. Accounting and Reporting by Charities ISORP 2019}, investments held as fixed assets are stated at fair value. Realised and unrealised gains and losses are dealt with as movements on the Capital Fund. Investments are valued at the mid-market price on the valuation date. Fund accounting Unrestricted funds are considered 'free' reserves and are available for use or retention at the discretion of the Trustees, in accordance with the charity's objectives. Free reserves are undesignated funds available for the furtherance of the general objectives of the charity. Income recognition Income from investments comprises dividend income and interest and are accounted for when received in the financial year. Donations are recognised at the earlier of notification or date of reipt, in the case of the third-party donations and legacy income when reiVed by the organisation. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to Ihat expenditure, it is probable that settlement will be required, and the amounl of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis. All expenses, including support and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.
THE PETER BIBBY CHARIABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2021 Raising funds costs relate to expenses incurred in the managemenl of the investment assets. Charitable activities include grant funding, along with associated support costs, to beneficiaries. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity. Governan costs relate to compliance with constitutional and statutory requirements and specifically include all costs incurred by the charity in producing the Annual Report. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instrumenls. Financial instruments are recognised in the charity's balan sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised at transaction pri unless the arrangement constitutes a financing transaction, where the debt inslrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Dere¢ognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Taxation The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. Partial recovery is made of tax credits on UK dividend income. The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.
THE PETER BIBBY CHARIABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2021 Critical Accounting Estimates and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimales are recognised in the period in which the estimale is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 2. Income and endowments from: Income Funds 2021 Capital Funds 2021 Total Total 2021 2020 a. Donation and legacies Donations 300,000 300,000 b. Investments Investments dividends and interest 18,503 18,503 18,133 3. Expenditure on charitable activities: Direct Support & Total Charitsble Governance 2021 Expenditure Costs Total 2020 To make grants for charitable purposes. 9,217 501 9,718 3,845 Analysed as follows.. 2021 2020 Direcl charitable expenditure.. Grant funding Grant making administration costs - LCVS 8,850 367 3,325 347 9,217 3,672 io
THE PETER BIBBY CHARIABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2021 3. Expenditure on charitable activities continued 2021 2020 Support & Govemance costs.. Independent examination Administration - LCVS 318 183 173 501 173 Total expenditure on charitable activities 9,718 3,845 During the year the following grants were made.. 2021 2020 Grants to organisations of £1,000 and over African Trust Ltd Firs School Bursary Trust Local Solutions Neo Community Wirral Churches Ark Project Wirral Youth Zone 1,000 1,000 1,000 1,000 1,000 6,000 8,000 850 3,000 325 Other grants 8,850 3,325 4. Fixed Asset Investments 2021 2020 Quoted Investments: Market value at 1st July 2020 Capital introduced Unrealised gainl(losses) on investment assets 596,990 300,000 97,159 644,914 (47,924) Market value at 30th June 2021 994,149 596,990 Book value at 30th June 2020 547,500 547,500 li
THE PETER BIBBY CHARIABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2021 4. Fixed Asset Investments continued The trust holds 100 % of its fixed asset investments in a Charity Commission approved pooling scheme, the Settlors, Trust Fund {STF), administered by Liverpool Charity and Voluntary Services and, at the balan sheet date, managed by Investec Wealth & Investment_ At 30th June 2021, the assets of the STF fund had a total market value of £33,037,531 (2020: £28,526,494) of which £994,149 (2020.. £596,990) is an asset of the trust. 5. Creditors 2021 2020 Administration - LCVS Independent examination fee 550 318 520 868 520 6. Unrestricted Funds Income Fund.. Investment income and donations reiVed for distribution as grants to charitable voluntary organisations. Capital Fund= Funds held provide income for the ongoing activities of the trust. 7. Related Party Transactions Charitable activities.. these include £367 (2020.. £347) grant making administration costs payable to LCVS. Support and governan costs include £183 (2020.- £173), total £550 (2020.. £520) payable to LCVS in respect of accountancy and trust adminislration which is included in creditors at the year end. LCVS is related to the Trust by virtue of being the corporate trustees. 12