Charity registration number: 1167880
The Outhwaite Charitable Trust
Annual Report and Financial Statements for
the year ended 5 April 2024
Contents
| Reference and Administrative Details……………………………………………………………... | 1 |
|---|---|
| Trustees' Report……………………………………………………………………………………... | 2 to 4 |
| Independent Examiners’………………………………………………………………….…………. | 5 to 6 |
| Statement of Financial Activities………………..……………………………………….…………. | 7 |
| Balance Sheet…………………………………………………………………………………………. | 8 |
| Notes to the Financial Statements……………………………………………………………… | 9 to 17 |
The Outhwaite Charitable Trust
Reference and Administrative Details
Charity name The Outhwaite Charitable Trust Charity registration number 1167880 Principal office Salisbury House London Wall London EC2M 5PS Trustees Mr M N Duncan Mr P R Campbell Mrs E West-Sadler Mr A Grier Rev C West-Sadler Independent examiner Bourner Bullock Chartered Accountants 114 St. Martin’s Lane Covent Garden London WC2N 4BE Investment Manager Evelyn Partners (part) 25 Moorgate London EC2R 6AY Quilter Cheviot (part) Senator House 85 Quenn Victoria Street London EC4V 4AB Magus Wealth (part) 107 Cheapside London EC2V 6DN
Page | 1
The Outhwaite Charitable Trust
Trustees’ Report
The Trustees present their report and financial statements for year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (2[nd] Edition effective January 2019).
Structure, governance and management
Constitution
The charity was formed by the Will of the late Vera Outhwaite Deceased who died on 18th August 2015. The administration period ended on 31 January 2016. The trustees have absolute discretion to apply the income and/or capital of the trust for charitable purposes.
Method of appointment or election of Trustees
New trustees are appointed by the existing trustees by way of a meeting and a subsequent deed formalising the appointment, or simply by deed alone.
Policies adopted for the induction and training of trustees
Due to the small size of the charity, there is no formal induction process save the attendance at meetings and information made available to that trustee by the existing trustees.
Related party relationships
All related party relationships are noted elsewhere in these accounts.
Risk management
The trustees have identified the main risks applicable to the charity and these concern the value of the investments. The trustees have mitigated this risk by appointing Magus Wealth and Quilter Cheviot, as investment managers, to manage the portfolio on their behalf.
Objectives and Activities
Policies and objectives
The trustees have agreed a policy statement with Magus Wealth and Quilter Cheviot and monitor the performance of the investments regularly by way of reporting and other communications received from Magus Wealth and Quilter Cheviot.
Page | 2
The Outhwaite Charitable Trust
Trustees’ Report
Strategies for achieving objectives
The trustees have regard to the Charity Commission guidance concerning the public benefit when furthering the objectives of the charity.
Activities for achieving objectives
The charity is a grant-making charity.
Achievements and performance
Review of activities
Donations totaling £182,000 (2023: £250,500) were made during the year.
Investment policy and performance
The value of the investments increased significantly in the period under review as a result of increased market sentiment as well as good performance following a switch to two new investment managers in the year. The Trustees are monitoring the performance of the portfolios along with the investment managers on a regular basis.
Financial Review
Results
The Trust had a net increase in funds of £246,883, increasing total funds from £5,144,179 to £5,391,062.
Reserves policy
The trustees will maintain sufficient reserves to meet unforeseen requirements but at this stage no formal amount has been set.
Plans for future
There are no significant changes planned for the charity which will continue with its current objectives.
Page | 3
The Outhwaite Charitable Trust
Trustees’ Report
Statement of trustees’ responsibilities
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
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.
Approved by the Trustees and signed on their behalf by:
Kn Mr M Duncan Trustee
14 January 2025 Date……………………
Page | 4
Independent Examiners Report to the Trustees of
The Outhwaite Charitable Trust
Independent Examiner’s Report to the Trustees of Outhwaite Charitable Trust
I report to the trustees on my examination of the financial statements of Outhwaite Charitable Trust (‘the charity’) for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 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 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 financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me 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 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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.
Page | 5
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 financial statements to be reached.
ous Russell Joseph Bourner Bullock Chartered Accountants 114 St. Martin’s Lane Covent Garden London WC2N 4BE
15.01.2025 Date………………..
Page | 6
The Outhwaite Charitable Trust
Statement of Financial Activities for the year ended 5 April 2024
| Note Income from: Investments 3 Transfers to income Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Realised (losses)/gains on investments 9 Unrealised (losses)/gains on investments 9 Net Income and net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds Expendable Endowment Funds Total Funds 2024 Unrestricted Funds Expendable Endowment Funds Total Funds 2023 £ £ £ £ £ £ 179,563 - 179,563 170,066 - 170,066 21,805 (21,805) - 17,175 (17,175) - |
|---|---|
| 201,368 (21,805) 179,563 187,241 (17,175) 170,066 |
|
| - 38,389 38,389 - 40,176 40,176 203,805 - 203,805 267,724 - 267,724 |
|
| 203,805 38,389 242,194 267,724 40,176 307,900 |
|
| - (28,696) (28,696) - (29,355) (29,355) - 338,210 338,210 - (473,693) (473,693) |
|
| - 309,514 309,514 - (503,048) (503,048) |
|
| (2,437) 249,320 246,883 (80,483) (560,399) (640,882) 76,220 5,067,959 5,144,179 156,703 5,628,358 5,785,061 |
|
| 73,783 5,317,279 5,391,062 76,220 5,067,959 5,144,179 |
Page | 7
The Outhwaite Charitable Trust
Balance Sheet as at 5 April 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 9 | 5,261,410 | 5,087,935 |
| Current assets | |||
| Cash at bank and in hand | 10 | 186,000 | 70,604 |
| 186,000 | 70,604 | ||
| Creditors: Amounts falling due within one | |||
| year | 11 | (56,348) | (14,360) |
| Net current assets | 129,652 | 56,244 | |
| Net assets | 5,391,062 | 5,144,179 | |
| The funds of the charity: | |||
| Expendable Endowment funds | 5,317,279 | 5,067,959 | |
| Unrestricted funds | 73,783 | 76,220 | |
| Reconciliation of funds | 12 | 5,391,062 | 5,144,179 |
14 January 2025
Approved by the Trustees on ................... and signed on their behalf by:
Wy Mr M Duncan Trustee
14 January 2025 Date…………………
Page | 8
The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2024
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Outhwaite Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern. The review of the financial position, reserves levels and future plans gives trustees confidence the charity remains a going concern for the foreseeable future.
Charitable funds
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
Expendable Endowment
Endowment funds comprise of the initial donation made upon establishment of the Trust. The fund is an expendable endowment and so the Trustees have the power to convert all or part of the fund into income which can be spent in accordance with the charitable objectives. Income generated from the endowment fund investments is spent on furthering the Charity’s objectives.
Page | 9
The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2024
Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Investment income is recognised on a receivable basis.
Grants Payable
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the financial statements when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Resources expended
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
Governance costs include costs of the preparation and examination of the statutory financial statements, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
Investments
Fixed asset investments which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Fixed asset investments which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
Cash held for investments purposes is included within investments.
Page | 10
The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2024
Financial instruments
Basic financial instruments, which include debtors, creditors, equity investments 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.
The trust only has basic financial instruments.
Cash and cash equivalents
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit and similar account.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.
2 Judgments
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the trustees’ opinion there are no significant judgements and there have been no material sources of key estimation uncertainty.
3 Investment income
| nvestment income | |
|---|---|
| Deposit interest Income from investments |
2024 2023 £ £ 16,242 234 163,321 169,832 |
| 179,563 170,066 |
Page | 11
The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2024
| 4 Expenditure on raising funds Investment management fees 5 Charitable activities Governance costs Independent examiner’s fees Administration fees Trustee expenses Charitable activities Charitable donations (note 6) 6 Charitable donations by category Advancement of health and saving of lives Education/training Prevention or relief of poverty Disability Accommodation/housing Religious activities Animals Arts/culture/heritage Armed Forces Human rights Amateur sport General charitable purpose Total |
2024 2023 £ £ 38,389 40,176 2024 2023 £ £ 1,680 1,680 20,125 15,495 - 49 |
|---|---|
| 21,805 17,224 182,000 250,500 |
|
| 203,805 267,724 |
|
| 2024 £ 2023 £ 97,000 150,000 23,500 30,000 27,000 18,000 16,000 9,500 - 4,000 2,000 7,500 4,000 6,500 4,000 3,500 - 4,500 1,500 1,500 2,000 - 5,000 15,500 182,000 250,500 |
Page | 12
The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2024
7 Charitable Donations
| Action for M.E. | 4,000 |
|---|---|
| Alder Hey Children's Charity | 3,500 |
| All We Can | 2,000 |
| AMREF Health Africa | 2,000 |
| Anna's Hope | 2,000 |
| Arcobaleno Cancer Trust | 2,000 |
| Blood Cancer UK | 4,000 |
| Bone Cancer Research Trust | 2,000 |
| Bowel Cancer | 2,000 |
| British Heart Foundation | 4,000 |
| Cancer Research UK | 4,000 |
| Carer's First | 1,500 |
| Carers Trust | 2,500 |
| Carers UK | 2,000 |
| Caudwell Lyme | 1,500 |
| Clothing Solutions (for Disabled People) | 2,000 |
| Contact A Family | 2,000 |
| CPotential | 2,000 |
| Create | 2,000 |
| Crohn's & Colitis UK | 2,000 |
| Deafblind UK | 2,000 |
| Demand Design & Manufacture for Disability | 2,000 |
| Derbyshire Association of the Blind Ltd t/a Sight Support Derbyshire | 2,000 |
| Designability | 2,000 |
| Different Strokes (Trustees) Limited | 2,000 |
| Disability Information Bureau | 2,000 |
| Ditch the Label Ltd | 3,500 |
| Diverse Abilities | 2,000 |
| Emmaus Leicestershire and Rutland | 2,000 |
| Family Action | 2,000 |
| Flash Musicals | 2,000 |
| Go Beyond | 2,000 |
| Great Western Air Ambulance Charity | 1,500 |
| Guys and Thomas's Hospital - Evelina London | 2,000 |
| Happy Days Children's Charity | 4,000 |
| Headway The Brain Injury Association | 1,500 |
| Helen and Douglas House | 2,000 |
| Henry | 2,000 |
| Hope for Justice | 1,500 |
| Hope UK | 1,500 |
| HVA | 1,500 |
| Inter Care Ltd | 1,500 |
| International Spinal Research Trust | 1,500 |
Page | 13
| J's Hospice Leap Confronting Conflict Lincolnshire YMCA Ltd Living Paintings Longfield Hospice Care Longford LOROS Lyme Disease UK Maggie's One25 Limited Open Doors with Brother Andrew Ormiston Families Oscar's (PBTC) Parenting Mental Health Pumping Marvellous Foundation Rainbow Trust Children's Charity Re-engage Ltd - Contact the Elderly Renewable World Save the Children SCIAF Sixty-One St Barnabas Hospice St Thomas of Canterbury Governors Fund Strongbones Children's Charitable Trust Support Dogs Ltd The Brain Tumour Charity The Douglas Bader Foundation The Macular Disease Society The Mission to Seafarers Donations The Music Man Project The Smile Train UK The Streetlight Trust The Urology Foundation Tinnitus UK Toynbee Hall TRCP – Jesuit refugee service Well Child Wellbeing of Women Wiltshire Air Ambulance Charitable Trust Winston's Wish Wood Green The Animals Charity Workaid Young Enterprise |
2,000 1,500 1,300 3,500 2,000 2,000 2,000 1,500 1,000 2,000 1,500 1,500 1,500 2,000 2,000 2,000 2,000 1,500 5,000 2,000 1,500 1,300 2,000 2,000 2,000 2,000 1,500 1,500 1,500 2,000 1,500 1,400 1,500 3,500 5,000 2,000 2,000 2,000 2,000 2,000 4,000 1,500 1,500 |
|---|---|
| 182,000 |
Page | 14
The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2024
8 Trustees' remuneration and expenses
No trustees received any remuneration or claimed expenses during the period. No trustee received expenses during the year (2023 - two trustees received expenses totaling £49).
There were no employees during the period.
9 Investments held as fixed assets
| Market value Brought forward Additions Disposals Profit/loss on disposal Revaluation Net book value Cash available to invest As at 5 April 2024 |
Listed Investments 2024 £ Listed Investments 2023 £ 4,999,724 5,589,392 4,315,092 316,833 (4,561,738) (403,453) (28,696) (29,355) 338,210 (473,693) |
|---|---|
| 5,062,592 4,999,724 198,818 88,211 |
|
| 5,261,440 5,087,935 |
Material Investments
At 5 April 2024, one holding had a value greater than 5% of the quoted securities portfolio value as follows:
| Holding | Value |
|---|---|
| £ | |
| Dimension – Emerging Markets Core Equity Fund | 301,946 |
| Dimensional – Global Sterling Inflation Linked Intermediate Duration Fixed Inc | 286,881 |
| Dimensional – Global Sustainable Core Equity Fund | 1,110,134 |
| Vanguard – Global Bond Index Fund | 490,731 |
Investment assets can be further analysed as follows:
| Listed investments Cash deposits |
UK £ Overseas £ Total 2024 £ Total 2023 £ 2,118,568 2,944,024 5,062,592 4,999,724 198,818 - 198,818 88,211 |
|---|---|
| 2,317,386 2,944,024 5,261,410 5,087,935 |
Page | 15
The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2024
10 Analysis of cash and cash equivalents
| Cash available to invest Cash at bank and in hand 11 Creditors: Amounts falling due within one year Grants Accruals 12 Analysis of funds 2024 Unrestricted Funds £ Investments - Current assets 125,463 Creditors (51,680) Assets 73,783 2023 Unrestricted Funds £ Investments 10,109 Current assets 70,604 Accruals (4,493) Assets 76,220 |
2024 2023 |
||
|---|---|---|---|
| £ £ |
|||
| Cash available to invest | 198,818 88,211 |
||
| Cash at bank and in hand | 186,000 70,604 |
||
| 384,818 158,815 |
|||
| 2024 2023 £ £ 47,000 - 9,348 14,360 |
|||
| 56,348 14,360 |
|||
| Expendable Endowment Funds Total Funds 2024 £ £ 5,261,410 5,261,440 60,537 186,000 (4,668) (56,348) |
|||
| 73,783 | 5,317,279 5,391,062 |
||
| Unrestricted Funds £ 10,109 70,604 (4,493) |
Expendable Endowment Funds Total Funds 2023 £ £ 5,077,826 5,087,935 - 70,604 (9,867) (14,360) |
||
| 76,220 | 5,067,959 5,144,179 |
Page | 16
The Outhwaite Charitable Trust
Notes to the Financial Statements for year ended 5 April 2024
13 Related parties
During the period Druces LLP provided administration services to the Outhwaite Charitable Trust amounting to £20,125 (2023 - £15,495). Trustees Mr M Duncan and Mr P Campbell are also partners of Druces LLP.
These services are not related to the Mr P Campbell and Mr M Duncan’s trusteeship and therefore are not deemed to be Trustees’ remuneration. At the balance sheet date the amount due to Druces LLP was £3,000 (2023 - £2,813).
Page | 17