Charity NLsmbeT: 1163693 THE BEECHING TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Crilchl8ys Aud LLP Beaver House 23- 38 Hylhe Brldg¢ Street Oxford OXI 2EP
THE BEECHING TRUST INDEX Page 2 Legal and Administralive information Trustees, Report St8lemgnt of Financi85 Activi110g Balance Sheet 7-10 Notes to Financial Statements 11 Indep6nd9nt Examlnerf$ Roport
THE BEECHING TRUST LEGAL AND ADMINISTRATIVE INFORMATION Charity No= 1163693 Princip81 Offi.. 12 Park Town Oxford OX2 6SH Governing Oocument.. Trust Deed dated 22 June 2015 Trusl8es.' Ann R Campbéll J Quentin Campbell Bankers: Barclays PLC Leicest8r LE87 2BB Inveslrnent advisor: CI(158 Broth8rs Asset Management 81h Floor 10 Exchange Squar• Primrose Street London EC2A2BY Independent Exarniners.. Crfichleys Audit LLP Beaver House 23- 38 Hythe Bridge Street Oxford OX12EP
THE BEECHING TRUST TRUSTEES. REPORT Structure, Governance and Management The Beeching Trust is a règistered charty, number 1163693, and was establlshed by a daed dated 22 Jung 2015. Tho financral statemènts havg been prepared in accordance with the tharitys governing document and Ihg Slal8ment of Rectsmmended Practice, Accounting and Reporting by Charities18ORP 2015). Its principle address is 12 Park Town, Oxford OX2 6SH. The Beething Trust was granted charitable status ¢Jn 22 September 2015. Th9 Beechlng Tnjst's bank account rs held at B8rclays Bank. Lelcester LE87 2BB. The TnFSteès During the year thg trustges warg.. Ann R Campb811 J Quentin Campbell Objects and Main Activltles The Beeching TNSI was established with the alm of advancing such charitable purposes as the tru00$ from time to time see fil. 11 is a grant giving charity only. The Trust's fvnds come solely from thè sgttler of the trust. Ann Campbell, who 1$ one of the initial trustees and from auenlin Camptll. the other trustee. The trust88s adopted a grant making policy in 2016 whith they have followed. The trustees make grants Whe Ih&y belleve that thelr contribution will m8kè a rèal drffererKe. Since the settlor and Injstees live in Oxfordshire applications from Oxfordshire are parti¢AJlarly welcome. Subjec to olh8r 818mants of th& trusts grant-making policy, no restrictions are imposed on the purpose for which a grant may be matle.- thus applScatlons for support towards capital pro5ects, other projects OT Core costs are considered. The trustees support the followiro Categor.. Arts and hèritagè Education EnvironrnerFI Health Social or economic disa(fvantage The Iruslees do not fund.. Ch8ritiÈs outside th& UK Expeditions Individuals Political parbès Promotion of religion Animal th8Titles
THE BEECHING TRUST TRUSTEES. REPORT ICONTINUEDI Buslness Revlew In the year £70.000 was disbursed to five ¢haFilies: Oxfordshire COmrnLlty FoundatIon1£20,C)l, Oxford PreseNation Trust1£10.0001. Oxford Leider Ltd1£20.000). Crisis1£15.0001 and Tax Volunteers ITax Help for Older People1£5,0001- The only other disbursem9nts were on accountancy and porttolio nwiagement fees. Th9 lével of Ltnrèstrictgd lunds was £1.081.537 {as compared with unrestrlcted funds of £831.711 al 31 March 20201. The Trustees consider that the level of incomè is likely to bè nèèdèd to meèt direct charitable expenditure Iprimafily in the fomi of grants) and m8n8gemerrt and administr8tion costs, With 8 small amount availa12 lor contin96r¥ci6$. Trustees held the assets of the trusl in ac¢ordancg with Ih&ir powers ijvring tho ygar. Thg Trustees hav8 absolute discretion to invèst the funds of the Trust., no restrictions are placed on these powérs. The Trustèes. policy for thè selèetion of inveslments for the charity is lo seek lo achieve a balance between income and capital growth. Close Brother Asset Manapment manages the portfolm) on a discretionary basis. Policy on R•sèrvÈ$ In viaw of the Trust's income needs and th8 ¢hangaabl8 investmant anvironmgnt over the last 12 rnonths, the TTUStees have deaded to m8in18in the level of reyerves for the ¢omlng yeèrs. The trustees have no formal policy on reserves. Given that the charity is a grant giving charity only and given that it was established only kn 2015. the trustees Consider it appropriate to allow funds to aMulate. Later, Ihgy wlll conslder this question further and ¥nakg approprtat9 decis(ons. Publlc Benefit The twsleès have complied with their Iluly in Secti¢n 4 of thtr Charilès Act 2006 to have due regard to the public benefit guidance published by the Charity CornmissDn, Al disbursements madg in th& yaar (save for accountancy and portfolio management lees) have been made for public benefit. Conclusion This report was approved by the trustees on .... .and slgned on thèir half by.. Mrs A R Campbell- Trustee
THE BEECHING TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MARCH 2021 YIE 31.3.21 Total Fund YE 31.3.20 Total Fund Capital Fund Ino)m8 Fund Incoming resources Voluntsry In¢ome Transfars from s8ttlor and fellow trustee: Shares. at falr value al date of transfer 113,301 113,301 113,301 113.301 183,086 183,086 Inveslment Income Dividend income porttol Interest income 20,937 20.937 21,695 757 22,452 20.937 20.937 Total Income 113,301 20,937 134.238 205,538 Resour¢os •xp¢ndod Charitable activ5ttes eXndItUT• 8.597 8.597 70,000 70.000 78.597 78.597 28,951 28.951 Not Incomg I IExpendltur8} 104,704 {49,063) 55.841 176.$87 Net gainslllo$sèsl on inv¥strftents 194.185 194.185 175.0691 Transfers beeen fvnds {69.0631 69.063 Net movement in fvnds 229,826 20,000 249,826 101.518 Funds carr¢ed forward at 31 March 2020 831.379 332 831,711 730.193 Funds c•rriÈd forwatd at 31 Mareh 2021 1.061.205 20,332 1.081.537 831,711
THE BEECHING TRUST BALANCE SHEET AS AT 31 AqARCH 2021 YIE 31.3.21 Total Fund YE 31.3.20 Total Fund Investments Share portfolio, al market walue 1.084.613 834.381 Currant assots Cash balarKe al bank 20,332 332 Total currgnt ass9t 20,332 332 Curr•nt Liabllttl•s Creditors Total current Ilabililios 123.4081 123.4081 13,0021 13,0021 Total Net Assèt$ 1,081.537 831711 Funds Unreslricled Funds Capital fund Income fund 1.061.205 20,332 831,379 332 1,081,537 831.711 The accounts for the year ended 31 hAor¢h 2021 were approved by the trustees on aulhorised ft)r issue by Trustse The notes numbered 1 to 9 fomi part of these financial stalernenls.
THE BEECHING TRUST hlOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 ACCOUNTING POLICIES In pr8paring the accounts the following accnunting policies have b88n complied with." Basls of prep8r8lK)n The ¢harity conslilutes a public benefit entity as described by FRS 102. The financial statements have been Prepared In accordance with Accounting and Reporbng by Charities.. Statèmant of R8MMended Practice applicable to charitie5 preparing thair accounts in accordance with the Financial Reporting Standafd applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 Jtthly 2014. ihe Financial Reporting Standard apoieable in the United Kingdom and Rapublic of Iraland IFRS 102). tha Charities Act 2011. The fin8nc581 Stslernenls are prepared on a going corern b8819 under the hlslorical cost convention, modified io include certain items at fair value. The financial statèmènts ale prepared in sterfing which is the fijnctional currency of the charity. b) Income Is rocognised on a receivable basis and ale pOrted gross of related expenditure, where the amounts are reasonably certain and when there is adequ8te cert8inty of recÈipL Investment incom&. together with Ihe assocsated tax credit, is recognised when received. Fund acrxjurtlng unrestrted lunds are available lo spend on activities that further any of the puOSe$ of charity. Desunaled funds are unrestricted funds of the ch81ity which the trustees have decided at iheir discretion to set aside to use for a specific purpose. Restricted fund5 are donations which the donor has specified are to be solely used for particular 8Te8$ of the Trust's work or for spgcific prolects being und&rtak8n by thè Trust. I funds are considered lo be unre8tricled. d} Expenditure is accounted for on an accnJa15 basis and gross of #ny related incom&. They are classified under headings that aggregate all costs related lo the category. Where costs cannot be directly attributed tr> pa"CUlar headings. they have been allocated lo activities on a basis constslent with Ihe use of resources. Costs of 9eneratlng funds comprise the costs associateij wilh incomg 9eneratlon via thè investmènt portfolio. Cost of charitsble actwity Ixjmwses dirtet expÈnditUTe including gTants. Where costs cannot b8 direcuy attributed. Ihèy have been allocated to activities on a basls consistent with the use of resources. Expsnditura on grants is recorded once the Trust has made an un¢ondllv)nai (xjmmitment to pay the grant and this is communicated to the b&n8fi¢iary or thè grant has been paid, whichever is the oarll$r. Govemance costs include those costs, such as Indèpèndent examinerfs fèes, associated with con5titulional arKI statutory reqU1Ments. Invastments are includèd in thè balance sheet ai market value. Gains or lossès arising on revaluation lo malket value are credited or charged in the Statement of Financial Activities as they arise.
gl The endowment fvnd is expendable endowment and the Injsl deed allows this fund to be spènt as income or retained capital at tha trustees. discretton. The income arising Irom the expendable endowment is unr$strÉded. h) The trust 1$ 8 reglslered charity and accordingly is exempt from laxation on its income and gains where they are applied for charitable purpo$g$. CHARITABLE ACTIVITY Thè charity did not undertake 8ny charitab activities directly. but met Its ¢hwitsble purp)ses by making grants. 2021 2020 Grants Portfolio Management Govemanr* cost (note 3)" 70,OtK) 7,CQ1 20.IJOO 7.331 GOVERNANCE COSTS 2021 2020 Independent examinerfs fee Previous year under 8c¢nJal 1,596 1,500 120 Thero were no employees in the year 31 Marth 2021 12020.. Nil) INVESTMENTS 2021 2020 An•lysis of Invèstmènts at 31 March by catsgory of holding: Fixed interest Securd9$ UK Eauities & Funds Overseas Equlites & Funds Other Assets 43,967 301,324 600.204 112 722 44,356 224.78S 443.700 Markèt V8Sue of investments 31 March Cash held in investment portfolio 1.058.217 761349 Cash held in investment portrolio Analysis of movement in the invèstmènt portfollo Market value 1 April 2020 Addibons in year at (x)st Disposals in year al opening markot value or cost in year Gainl (loss) on investments 761.249 122,272 119,488) 194 185 MaFketvalue of investments 31 March 2021 1058217 The inveslm8rTrts arè hèld prlmarily to generate an investmtnt retym for the charity.
THE BEECHIMG TRUST NOTES TO FINANCIAL STATEMENT8 FOR THE YEAR ENDED 3157 MARCH 2021 ICONTINUEOI CREDITORS AND ACCRUALS 2021 2020 Grants pledged Accnjals and other credit3 20.000 ANALYSIS OF NET ASSETS BY FUNDS R•strlcted ilni•strict•d Capltal Ineomo Fynd Fund 2021 Investments Current assets Current liabililies 1,084.613 1,084,613 20.332 20.332 ANALYSIS OF NET ASSETS BY FUNDS Iprioy ygar) R¢strl¢t•d Unre5trtet•d Capital Incorne Fund Fund Total 2020 Inveslments Cuent assets Current Irdbllilies 834.381 &34.381 332 332 TRUSTEES REMUNERATION AND EXPENSES No remuneratton dlrectly or indiiectly out of the funds of Ihe chartty was paid or payable for the year lo any trustee or 8ny person known to be connected with any of them.
10 THE BEECHING TRUST NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 ICONTINUEDI 2020 COMPARATIVE STATEMENT OF FINANCIAL ACTivir y 31.3.20 Total Fund YIE 31.3.19 Total Fund Capital Fund Income Fund Incomlng resources Voluntary Income Transfers from settlor and fellow trustee.. Shares, at fair value at date of transfer 183.086 183,086 183.086 183,086 358,033 358.033 Investment In¢ome Dividend income on portfolio Interest income 21,695 757 22.452 21.695 757 22,452 11,561 115 11,676 Total income 183,086 22.452 205,538 369,709 Resources expended Charltable actlvitles expenditure 8,951 8,951 20,000 20,000 28,951 28,951 8.129 8,129 Net Income l {Expendlture) 174,135 2,452 176,587 381.580 Net gainslllosses} on investrnents (75,0691 (75,0691 28,491 Transfers been funds 2.452 {2,452) Net movement in funds 101,518 101,618 390,071 Funds brought forward at 1st April 2019 729,861 332 730,193 340,122 Funds carried for•iard at 31 March 2020 831,379 332 831.711 730.193
11 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BEECHING TRUST I report to the trustees on my examination of the accounts of The Beeching Trust for the year ended 31 March 2021, which are set out on pages 5 to 10. Responslblllties and basls of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011('the Act'i. I report in respect of my examination of the Trustee's accounts carried out under section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commissioner under se¢tion 1451Sllbl of the 2011 Act. Independent examlnerfs Statement I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confim that no ma18rial matters have come to my attention in connection with the examination giving me ¢ause to believe that in any material respect.. 1) accounting records were not kept in respect of the Trust as required by section 130 of the Act or 2} the accounts do not accord with those records., or 3} the accounts do not comply with the applicable 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 concems and have come across no other matters in conne¢tion 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. Robert lfjrtland FCA Critchleys Audit LLP Beaver House 23- 38 Hylhe Bridge Street Oxford OX12EP Dale.. 3 September 2021