Charity registratlon number 1163693 THE BEECHING TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 THE BEECHING TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustses J Quentin Campbdl Ann R Campbe Charity numbèr 1163693 Independent examiner Cnt¢hlèysAudit LLP Beaver House 2&38 Hylhe BMdgÈ Street Oxlord Oxfordshire OXI 2EP Bank•rs Bardays PLC Leicester LE87 2BB Inv•$tm•nt advi￿ Close 8rothersAsso1 Management 8th Floor 10 Exthange Square Primerose Street London EC2A 2BY THE BEECHING TRUST CONTENTS Page Trustees. rewrt Independent èxarninerfs report ststemenl offinancial acbMb"e8 Balance sheet Notes to thè finanaal 8tstements 6-11 THE BEECHING TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 trustees present their annual reptsrt and fina￿1￿ 818lement$ lor the year gnded 31 March 2022. The finanoal 9tatam8nts have been prepared in accordance with the acu)unb"ng pofiaas sat out in note 1 to thè financial statements and comply wilh thè charitys governing ￿c￿Ment, the Chafities Act 2011 and 'AccLJunth'ng and Reptsrting by Charitiès: Statement of Recommended Practi￿ applicable to charitie8 prtrparing Iheii a¢g)unts in aCC￿rdanCe with the FinancAal Reporb"ng Standafd applicable in the UK and Republic of Ireland IFRS 1021" leffeth.ve 1 JatNJary 20191. Oble¢tive5 and a¢tlvlti85 The BÈeching Trust was established wth the aim of a¢fvancirvJ such charitable purposes as Ihe tNstees frorn time to time see fit It is a gTanl giving charity only. The TNSI'S fvnd8 come solely from the sètuer of the tru81. Ann Campbell, vtho is one of the tsvo In￿01 1rust8e8 and from Quantin Campbell, th8 other trustee. Thg trugte8s adoFtsd a grant rnaking policy in 2016 which th8y have followed. The trustees make grants where they believe thattheir contribution will make a real difference. Sinc8 tha sotuor and trust8es livè in Oxforthhire applicats'or￿ from Oxfordshirè are particularfy welcome. Subjecl lo other elemen15 of the trusts grant-rnaking policy. no restrictions are imposed on the PUTpose for wlNch grant rnoy be made". thu8 applICat￿n$ for supwrt towards capital prtsjects. other PTojects or core ryjsls are nsidered. The tru8lee5 8UPPOrt the followirvJ categories.. Arts and heritage Education Enmronmgnl Health Soaal or economic disadvanlagè The trustees do not fund.. Charities outsida the UK Expedition Indiwduals Political parties Promotion of religion Animal i*arities The trust￿ have paid due fegard to guidanc* issued by the Charity Comml88ion in deciding whol adiwlies the chafity 8hould undertake. THE BEECHING TRUST TRUSTEES, REPORT (CONTINUED} FOR niE YEAR ENDED 31 MARCH 2022 Financial r•vl•w In the year £140,OOD was disbursed to rlire charities". Garsington Opera 1£50.0001, Oxfordshire Community Foundation1£20,0001, Oxford Playhouse TnJst1£10,0001. Oxfwd Leider Ltd1£15,0001, Murray Edwards College Cambiidg& 1£20.0001. The Ashrnolean Museurn 1£10,0001, RAW Workshop 1£5,0001, My Life, My ch￿ 1£5,0001 and St Mungo's Oxford 1£5.(KJO). The only other dlsbursements were on ac£ountancy and portfolio management fees. The level of unrestricted fiJMs was £1,127.7￿ las compared with unrgstrided fijnds of £1,081,537 at 31 Marth 20211. The Trustèès consider thatthè level of income is likely to be needed to direct charitable expenditura (primarily in the form ol grants) and management and administration ￿Sts, with a small amount aVaila￿e for onliryJencEs. Trustees held the assets ofthe trust in accordan￿ with thfyir powers during the year. The Trustees have absoivte discretion to invast the fvnds of the Twst. no restn'ctions are placèd on these pwrs. The Trustees, policy for the selectw of investment5 for the charity is to seek lo achieve a balan￿ between inccffie and capital groth. Close BrotherA￿l ManagemeN manages the porffolpJ on a disc¥th"onary bas)'s. Polley on R￿ery•S In VI￿ of the Trust's incorne needs and the changeable inve8lment enwronmènt over the last 12 months, the Trustees have decided to maintain the level of reservas for the ccqniro y8ars. The trustees have no fomial policy on reserves. Given that the charity Is a grant giviro charity onty and given Ihat it wa$ established only In 2015, the trustees o)nsider it appropriate to alh)w ftjnds to ￿(￿Mu1ate. Later, they will cor*Klerlhis queth.on fwther and make appropriate doastons. The trustees have a$$essed the major FT3ks to which the charity is exposed, and are satisfied that systems are in place to rnth.gale exposu￿ to the major risk& structurei gOVtTnance and managtmènt The charity is a registered charity, number 1163693. was e8ta￿1Shed by a dead d8ted 22 June 2015. The fina￿￿11 staternenls have been prèpared in accordan(* wth the charty's governing docJJment and the Statomenl ef RecThnmended Piacti¢e, AcLounting and Reports'ng by Charits"es ISORP 20151. Its princip address is 12 Park Town. Oxford OX2 6SH. The Beeching Trustwas granted Charitable statu$ on 22 Sept￿ber 2015. The trustees who served during the yaar arwj up to the date of 9Sonature of the financtal stoternents were." J Quentin Carnpbell Ann R Carnpbell The trustees, report w88 a￿roVed by the Board of Trustees. Ann R Campbejl Trust¢e THE BEECHING TRUST CRITCHLEYS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BEECHING TRUST rewt to the trustees on my èxamination of the financial slatemerrts of The Beothing Trust Ithe charityl for the year8nded 31 Marth 2022. Responsibilitigs and bosls of rèport A6 the trustees ol the charity you are Tesponsible for the preparation of the financial ststéments in attordan wrth the requirements of the CharitiesAct 2011 (the 2011 Artl. I report in respect of my examination of the c*anty s financ481 statements carried out under 88ction 145 of th8 2011 Act. In carrying out my examination I have followed all the applicable Di￿￿*￿￿$ given by the Charity Ccffimi8slon under section 14515llbl of the 2011 Act. Indwnd•nt ?xarnin•rf5 ststsmont Your attention is drawn to the fact that the chBrity has prepared financial statemonl$ in ac£ordanca vAth Actounting and Rèpoitng by Charities preparing their accounts in accordance with the Financial Reporting StaThJard applicable in the UK gnd Rèpubli¢ of Irèland IFRS 1021 in Preferen￿ to the Accounting and Reporting by Charities". Statement of Recommended Prac*fCe issued on 1 April 2c￿5 which is referr&J to in the extsnt regulations but has now been withdiawn. l understand that this has been done In order for finanaal statements to promde a twe and falr wew In ar£ordaneè wth Generally AC￿pted Accounting Practice effective fr>r reporting periods beginning on or after 1 January 2015. I havts completsd my examination. I conffrm that no matters have cfjme to my attgntton in eonnection wlh th8 examination giwng me cause to believe that In any material respectr. accounting recLJrds were not kept in reBwrt of the chanty as required by section 130 olthe 2011 Acl., or the finanry81 statements do not accord wlh thosè records", or the Iinanaal stalÈmènts do not comply the applicable requirements concerning the fom and ¢ontent of ac£ounts sel oul in the Charities IAccounls and ReFOrtsl Regulations 2008 othèr than any requirement that the accoun18 ￿ve a true and fair view which is not a matter considered as part of an inde￿ndent examination. I have no concerns and have come across no other matters in c£nneclK)n with the •xamination to %thich attantion Should bo drawn In this rewrt in order to enable a proper understanding of the ffnanaal 3tatements to be reached. Robert Ki￿and FCA Crltchleys Audlt LLP Beaver House 2>38 Hythe Bridge Street Oxford Oxfordshlre OX12EP Datod.. ..&1.8J2Q22....... THE BEECHING TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 CapJtal fund5 In¢omtr fvnds Total 2022 2022 2022 2021 Notes Donations Investments 119,274 119.274 26.521 113,301 20,937 26,521 Totsl In¢ome 119,274 26,521 145.795 134,238 endlture o Raising funds 8,432 8,432 7,1)J1 Charltable aCtiv￿e8 1,593 140,tt)0 141.593 71.596 Totsl oxpendibJTe 10,025 140,C￿0 150,025 78,597 Net gainslll￿8e8} on investmènts 10 50,487 S),487 194,185 Not incoming resour¢es before transfers 159,736 1113,4791 46257 249,826 Gro$$ transfers beNveen fijnds 189.8031 89.803 Net mov•m•nt in lunds 69,933 (23,6761 46,257 249.826 FL￿d balances at 1 April 2021 1.C61,205 20,332 1.081,S37 831,711 Fund batances at 31 March 2022 1,131,138 13.3441 1,127,794 1,CQ1,537 The statement of finanrial activities includès all gains and kjsses rg¢ognised in the year. All income and expandrture derive from eonlinuing activities. THE BEECHING TRUST BALANCE SHEET AS A T 31 AIARCH 2022 2022 2021 Notss Fixed assets Investments 11 1.131,138 1,OB4,613 Curr*nt assèts Cash al bank and In hand 332 20.332 Crndltors: amounts falllng due withln onè year 12 13,6761 123,408} Net current liabilib"è8 13,3441 13,0761 Totsl ass•ts I￿S curr•nt liabilities 1,127,794 1,081,537 Unrestricted funds Income fvnd Capital fund 13,3441 1,131,138 20,332 1,C61,205 1,127,794 1,081,537 The thnanaal statements were approved by the Trustees on ....... zz Ann R Campbell Tru$ts• THE BEECHING TRUST NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policles ChaTIty Inf0rn7atlon The 8eeching Trust is a registered charity eSta￿lShéd by a deed datad 22 June 2015. 1,1 Accountlng convention The ¢harity ￿nStItuteS a public benèfit entity as described by FRS 102. The financlal slalernents have been prepared in attordancè Vrfilh Accounting and Reporting by Charities.. Stslemenl of Recy)mmended Practice applicab￿ lo charities preparing their a(xxJunts in aC￿rdan￿ smth thè Finanaal Reporb'ThJ standard ap￿1¢able in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014, thè FInar￿la1 Réporting Standard applicable in the Unrted Kingdom and Republic of Ireland IFRS 1021, the CharitiesAct 2011. The finanryal statements are prepared on a going concèrn basis under thè historical cost wnventron, modified to include certain items 8t fair value. The firJanaal statemanl$ are prepared In ¥lerflng %thich is the fiJn¢thonal ￿rrencY of the eharity The ffnanaal staknents are pr￿pa￿ in sterti￿j, whith is the ttjnctional currency of the charity. Monetary amtyjnts In these finanoal 8lalernents are rounded to the near8st £. 1.2 Golng oon¢ern At the time of approving the finandal statements, thè trustees have a reasonable expectalh)n that the chanty ha8 adequate resources lo continue in opÉrational existencè for Ihe foreseeable fijture. Thus the trustees continue lo adopt the going con¢xm bass ofaco)unb"ng in preparing the finanryal statemenis. 1.3 Charitable fvnds Unrestricted funds are available to spend on adivities that fiJrth6r 8ny of the purposes of charity. Designated fjjnds are unrestricted funds of the charity which the trustees have d8cided at their discretion to set aside to use for a specifie purpose. Restricte¢J funds are donations which the donor has speafied are to be 801ely used for pgrticular areas of the Tru¥t'8 work or for specific projects being undertaken by the Tnjst, All fijnds are con8ldered to be unrestricted. The andtrwmenl fiJThJ is expendable endowment and the trust deed allows this fund to be SFent as irtorne or retained capital at the trustees, dis¢r&tion. The income arising from the expendable endowment is unrestrictsd. 1.4 Incom• Incom& is rewgnised on a receivable basis and are reported gross of related expenditure. there the amounts are reasonably ￿rtain and when thera 18 adequate certainty of r8cwpI. Investrnant income, together ￿th the a580aated tax credi( is recognised when r8celved. THE BEECHING TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 A¢¢ountlnq P￿1¢1•$ (Continuedl 1.6 ExpendI￿re Expenditure is accounted for on an acuuals bag19 and gross ol any ￿lated incLJrne. They are classified under headings Ihal a￿r8gatè all costs related to the category. Where co8ts cannot bè direcdy attributed to parts"eular headings, they have been allocated to ath"vib"ès on a basis consistent with the use of resources. Costs of generatiThJ fvnd8 comprise the cogts a$sc￿la￿d wf(h in￿JMe generation VH the investment portfolio Cost of charitable actiwty c4)mpri8e8 thiect ex￿tyJitUrO inc4u(fing grants. Where costs cannot be directly attributed. they havè b68n attocated to activities on a basis ¢on81s1ent wth thè use of resources. Expenditure on granls is recorded On￿ the Trust has made an uncondf(ional commitment to pay the grant and this is commuNcated to the beneficiary or the grart has been paid, whichever is the earfier. Governance costs indude th08e costs. a9 Independent examinar's fees, assocAated with conslitulK)nal and statutory requirements. 1.6 Fixod ass•t Inv•stments Investments aro included in the balan￿ sheet at market value. Gains or 10$8es arising on revaluation to market value are credited or charged in lh9 Statèmonl of Finanaal Activities as they arise. 1.7 Taxation The trust is a registered chanty and a¢corthngly 1$ exwnpl from tsxation on its income and gains wh8Te Ihey are applied for charitablè purposes. cr111￿1 A¢¢ounting •stimat•s and judoements In the application of Ihe charity'8 aecountlno polia8s, th8 trust88s are raquiTed lo make judgements, tr$timate5 and assumptions about the carrying amount of asseis and liabilibes that are not readily apparent from other SoUr￿s. The e8ts'mate8 and a$socLatèd a8sumpts.ons arè based on historical experience and other fa¢tor$ that ar& eonsidaTed to be rdevant Acbjal resutts may differ frorn these eslirnales. The estimates and underlying assumptions a￿ reviewed on an ongoing basis. Revisions to accounting estimates are recogni3ed in the period in vthFch thè èstimate is ravis8d whère the revision affects only that period, or in tha period of the ravision and future periods where the rewsion affects both current and fvture periods. Donations Unr•strlct•d Unrestricted funds fijnds 2022 2021 Sharès, al fair value al dale of transfer 119,274 113,301 THE BEECHING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Investm•nts unreStrf¢t￿ Unm5trfGt•d funds fvnds 2022 2021 Dwidend ints)me on portfolio 26.521 20.937 lslng funds Unrestrictsd Unrestn'cted fund5 fvnds 2022 Portfolio managtrment 8,432 7.(KJ1 8.432 7,001 Charltsbl• •ctivities Totsl 2022 Total 2021 Grant fvnding of actimties Share ofg0veMan￿ msts 140,IJ)O 1,593 70,OLX) 141,593 71, THE BEECHING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Grants payable Total 2022 Total 2021 Oxfordshlre Communlty Foundallon The Oxlord Playhouse TrLJsI Oxford Leider Ltd Murray Eolvards College Cambridge Garsington Opera Ashrnolean Museum RAW Workshop My Life, My Choice St Mungo's Oxford Oxford Pre$eNalTon Tw8t Crisis Tax Volunteer ITax H¢lp for old¢r people) 20.1100 10,000 15,000 20,0(X) ,000 10.000 20,QOO 5.OCK) 10,OOD 15,OCK) 5,000 140,OCX) 70,000 Trust••s None ol the Irustoes lor any p8rsons connècted ￿1th them) r￿e1Ved any rernuneration or bgnefils from the chafity during the year. Employ•es There were no employees in the year ended 31 March 202212021.. Nil) Th8rè wara no ernployees %those annual remuneration was more than £PLI,LX)O. 10 Not gain51llossesl on Inv•stm•nts Unrnstrlcted Unr&tri¢ted lunds fund$ 2022 2021 Revaluation ofinvestsnenl 50,487 194.185 ## **THE BEECHING TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **11 Fixed asset investments** |**Investments**
**£**
**Cost or valuation**
At 1 April 2021
1,058,217
Additions
134,036
Valuation changes
50,487
Cash movements
-
Disposals
(124,816)
At 31 March 2022
1,117,924
**Carrying amount**
At 31 March 2022
1,117,924
At 31 March 2021
1,058,217
Investments at fair value comprise:
Fixed interest securities
UK Equities & Funds
Overseas Equities & Funds
Other assets|**Cash in**
**portfolio**
26,396
(134,036)
-
(3,962)
124,816
13,214
13,214
26,396
**2022**
**£**
26,246
275,646
757,700
58,332
1,117,924|**Total**
**£**
1,084,613
-
50,487
(3,962)
-
1,131,138
1,131,138
1,084,613
**2021**
**£**
(43,967)
(301,324)
600,204
112,722
1,058,217| |---|---|---| - 10 - ## **THE BEECHING TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **12 Creditors: amounts falling due within one year** |Grants pledged
Accruals and deferred income
**Analysis of net assets between funds**
Capital funds Income funds
**2022**
**2022**
**£**
**£**
Fund balances at 31
March 2022 are
represented by:
Investments
1,131,138
-
Current assets/
(liabilities)
-
(3,344)
1,131,138
(3,344)|**2022**
**£**
-
3,676
3,676
**Total**Capital funds Income funds
**2022**
2021
2021
**£**
£
£
1,131,138
1,084,613
-
(3,344)
(23,408)
20,332
1,127,794
1,061,205
20,332|**2021**
**£**
20,000
3,408
23,408
Total
2021
£
1,084,613
(3,076)
1,081,537| |---|---|---| ## **13 Analysis of net assets between funds** ## **14 Related party transactions** There were no disclosable related party transactions during the year (2021 - none) . - 11 -