2021-04-05-accounts - The Brenda Vera Cooper Charitable Will Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED CHARITY NUMBER: 1174233

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

FOR

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

Gibson Whitter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Denmead Hampshire PO7 6XP

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

	Page
Report of the Trustees	1 to 2
Independent Examiner's Report	3
Statement of Financial Activities	4
Balance Sheet	5
Notes to the Financial Statements	6 to 11

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

To apply the net income of the trust to the following charitable institutions in equal shares: The British Red Cross Society, Thorner's Homes, Macmillan Cancer Support and The Oakhaven Trust.

Public benefit

In accordance with the requirements of the Charities Act 2011 and the associated Charities (Accounts and Reports) Regulations 2008, the trustees confirm that they have complied with their duties to have due regard to the guidance on public benefit as published by the Charity Commission, in exercising their powers and duties in the year under review.

FINANCIAL REVIEW

Financial position

For the period to 5 April 2021 income amounted to £122,677 (2020: £156,080) and expenditure amounted to £138,956 (2020: £153,426) of which £132,000 (2020: £145,400) were grants, leaving a net deficit on unrestricted funds of £16,279 (2020:surplus £2,654). Unrestricted funds at the balance sheet date are £28,547 (2020: £44,826).

The endowment fund has seen a gain on the revaluation of the investments of £808,695 (2020: loss £660,468) and expenditure of portfolio management fees of £34,440 (2020:£39,594). The balance carried forward on this fund is £4,524,124 (2020: £3,771,437).

Reserves policy

As part of their overall duties of management the trustees must ensure that they have adequate funds to meet the purposes and objectives of the trust.
The trustees note that the trust is a permanent endowment and as such has significant capital investments.
The trustees must apply the net income of the trust for the four charity beneficiaries, namely : The British Red Cross Society, Macmillan Cancer Support, Thorner's Homes and The Oakhaven Trust.
The trustees arrange distributions of income to the four charities twice a year, retaining funds from the income to cover all professional fees likely to be incurred over the next twelve month period, plus a small contingency fund on account of unexpected expenses.
The trustees consider this method of managing the financial affairs of the charity to be appropriate in the circumstances.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1174233

Principal address

Blake Morgan LLP Harbour Court Compass Road North Harbour Portsmouth Hampshire PO6 4ST

Page 1

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021

Trustees

J M Wiltshire H E Bunker S G Treherne

Independent Examiner

Gibson Whitter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Denmead Hampshire PO7 6XP

Approved by order of the board of trustees on 24 January 2022 and signed on its behalf by:

S G Treherne - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRENDA VERA COOPER CHARITABLE WILL TRUST

Independent examiner's report to the trustees of The Brenda Vera Cooper Charitable Will Trust

I report to the charity trustees on my examination of the accounts of The Brenda Vera Cooper Charitable Will Trust (the Trust) for the year ended 5 April 2021.

Responsibilities and basis 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 report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

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 Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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 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.

Gavin Whitter FCA, CTA Gibson Whitter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Denmead Hampshire PO7 6XP

Date: ...........................................

Page 3

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Grant making Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 12 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted fund £ 122,677 - 138,956 138,956 - (16,279) 21,568 5,289 44,826 50,115	Endowment fund £ - 34,440 - 34,440 808,695 774,255 (21,568) 752,687 3,771,437 4,524,124	5.4.21 Total funds £ 122,677 34,440 138,956 173,396 808,695 757,976 - 757,976 3,816,263 4,574,239	5.4.20 Total funds £ 156,080 39,594 153,426 193,020 (660,468) (697,408) - (697,408) 4,513,671 3,816,263

The notes form part of these financial statements

Page 4

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

BALANCE SHEET 5 APRIL 2021

Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Endowment funds TOTAL FUNDS	5.4.21 £ 4,538,668 311 38,980 39,291 (3,720) 35,571 4,574,239 4,574,239 50,115 4,524,124 4,574,239	5.4.20 £ 3,769,973 597 47,820 48,417 (2,127) 46,290 3,816,263 3,816,263 44,826 3,771,437 3,816,263

The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on 24 January 2022 and were signed on its behalf by:

S G Treherne - Trustee

J M Wiltshire - Trustee

H E Bunker - Trustee

The notes form part of these financial statements

Page 5

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Investment portfolio management fees are allocated to the endowment fund on an accruals basis.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Endowment funds are permanent endowments which are required to be retained, but the income from these funds can be used for the benefit of the Charity.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 6

continued...

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

2. INVESTMENT INCOME Investment income Deposit account interest 3. RAISING FUNDS Investment management costs Portfolio management 4. GRANTS PAYABLE Grant making The total grants paid to institutions during the year was as follows: British Red Cross Macmillian Oakhaven Trust Ltd Thorner's Homes	5.4.21 £ 122,677 - 122,677 5.4.21 £ 34,440 5.4.21 £ 132,000 5.4.21 £ 33,000 33,000 33,000 33,000 132,000	5.4.20 £ 156,020 60	5.4.20 £ 156,020 60
		156,080
		5.4.20 £ 39,594 5.4.20 £ 145,400	5.4.20 £ 39,594
		5.4.20 £ 36,350 36,350 36,350 36,350
		145,400

5. SUPPORT COSTS

SUPPORT COSTS
		Governance
		costs
		£
Grant making		6,956
Support costs, included in the above, are as follows:
	5.4.21	5.4.20
	Grant	Total
	making	activities
	£	£
Accountancy and legal fees	6,956	8,026

Page 7

continued...

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

8.

INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Grant making Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD FIXED ASSET INVESTMENTS MARKET VALUE At 6 April 2020 Disposals Revaluations At 5 April 2021 NET BOOK VALUE At 5 April 2021 At 5 April 2020	Unrestricted fund £ 156,080 - 153,426 153,426 - 2,654 42,172 44,826	Endowment fund £ - 39,594 - 39,594 (660,468) (700,062) 4,471,499 3,771,437	Endowment fund £ - 39,594 - 39,594 (660,468) (700,062) 4,471,499 3,771,437	Total funds £ 156,080 39,594 153,426 193,020 (660,468) (697,408) 4,513,671 3,816,263 Listed investments £ 3,769,973 (40,000) 808,695 4,538,668 4,538,668 3,769,973

Page 8

continued...

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

8. FIXED ASSET INVESTMENTS - continued

9. 10. 11. 12.		5.4.21	5.4.20 £2,677,091 £1,092,882 Listed investments £ 808,695 3,729,973 4,538,668 5.4.20 £ 597 5.4.20 £ 2,127 5.4.20 Total funds £ 3,769,973 48,417 (2,127) 3,816,263 At 5.4.21 £ 50,115 4,524,124 4,574,239
	Investments held within UK	£3,159,513
	Investments held outside UK	£1,379,155
	Cost or valuation at 5 April 2021 is represented by: Valuation in 2021 Cost DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Endowment fund fund £ £ Investments - 4,538,668 Current assets 53,835 (14,544) Current liabilities (3,720) - 50,115 4,524,124 MOVEMENT IN FUNDS Net movement At 6.4.20 in funds £ £ Unrestricted funds General fund 44,826 (16,279) Endowment funds Brenda Vera Cooper Charitable Will Trust 3,771,437 774,255 TOTAL FUNDS 3,816,263 757,976	5.4.21 £ 311 5.4.21 £ 3,720 5.4.21 Total funds £ 4,538,668 39,291 (3,720) 4,574,239 Transfers between funds £ 21,568 (21,568) -

Page 9

continued...

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund Endowment funds Brenda Vera Cooper Charitable Will Trust TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Endowment funds Brenda Vera Cooper Charitable Will Trust TOTAL FUNDS Comparative net movement in funds, included Unrestricted funds General fund Endowment funds Brenda Vera Cooper Charitable Will Trust TOTAL FUNDS	Incoming resources £ 122,677 - 122,677 in the above Incoming resources £ 156,080 - 156,080	Resources expended £ (138,956) (34,440) (173,396) At 6.4.19 £ 42,172 4,471,499 4,513,671 are as follows: Resources expended £ (153,426) (39,594) (193,020)		Gains and losses £ - 808,695 808,695 Net movement in funds £ 2,654 (700,062) (697,408) Gains and losses £ - (660,468) (660,468)	Movement in funds £ (16,279) 774,255 757,976 At 5.4.20 £ 44,826 3,771,437 3,816,263 Movement in funds £ 2,654 (700,062) (697,408)

Page 10

continued...

THE BRENDA VERA COOPER CHARITABLE WILL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Endowment funds Brenda Vera Cooper Charitable Will Trust TOTAL FUNDS	At 6.4.19 £ 42,172 4,471,499 4,513,671	Net movement in funds £ (13,625) 74,193 60,568	Transfers between funds £ 21,568 (21,568) -	At 5.4.21 £ 50,115 4,524,124
				4,574,239

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund Endowment funds Brenda Vera Cooper Charitable Will Trust TOTAL FUNDS	Incoming resources £ 278,757 - 278,757	Resources expended £ (292,382) (74,034) (366,416)	Gains and Movement losses in funds £ £ - (13,625) 148,227 74,193 148,227 60,568

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2021.

Page 11