**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**
1. 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.
2. The trustees note that the trust is a permanent endowment and as such has significant capital investments.
3. 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.
4. 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.
5. 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:
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 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