REGISTERED CHARITY NUMBER: 1174233
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
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 2022
| 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 2022
The trustees present their report with the financial statements of the charity for the year ended 5 April 2022. 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 2022 income amounted to £128,505 (2021: £122,677) and unrestricted expenditure amounted to £88,000 (2021: £138,956) of which £88,000 (2021: £132,000) were grants, leaving a net surplus on unrestricted funds of £40,505 (2021:deficit £16,279). Unrestricted funds at the balance sheet date are £113,498 (2021: £50,115).
The endowment fund has seen a gain on the revaluation of the investments of £248,893 (2021: £808,695) and expenditure of portfolio management fees of £37,462 (2021:£34,440) and legal and professional fees of £8,112. The balance carried forward on this fund is £4,704,565 (2021: £4,524,124).
Reserves policy
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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.
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The trustees note that the trust is a permanent endowment and as such has significant capital investments.
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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.
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The trustees arrange distributions of income to the four charities twice a year, retaining funds from the income for a small contingency fund on account of unexpected expenses.
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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 New Kings Court, Tollgate, Chandler's Ford Eastleigh Hampshire SO53 3LG
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THE BRENDA VERA COOPER CHARITABLE WILL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022
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 ............................................. and signed on its behalf by:
................................................................. S G Treherne - Trustee
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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 2022.
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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: 3 February 2023
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THE BRENDA VERA COOPER CHARITABLE WILL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Grant making Total Net gains on investments NET INCOME Transfers between funds 12 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 128,505 - 88,000 88,000 - 40,505 22,878 63,383 50,115 113,498 |
Endowment fund £ - 37,462 8,112 45,574 248,893 203,319 (22,878) 180,441 4,524,124 4,704,565 |
5.4.22 Total funds £ 128,505 37,462 96,112 133,574 248,893 243,824 - 243,824 4,574,239 4,818,063 |
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 |
The notes form part of these financial statements
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THE BRENDA VERA COOPER CHARITABLE MLL TRUST BALANCE SHEET 5 APRIL 2022 5.4.22 5.4.21 FIXED ASSETS Inve5trnenls 4.743,223 4,538,668 CURRENT ASSETS Debtors Cash at bank 124 77.308 311 38,980 77,432 39.291 CREDITORS Arn(yJnls f8511ng due wthin one year 10 12.5921 13,720) NET CURRENT ASSETS 74,840 35,571 TOTAL ASSETS LESS CURRENT LIABILITIES 4.818,063 4,574.239 NET ASss 4,818,063 4,574,239 FUNDS Unrestricted fu$ Endowment funds 12 113,498 4,704.565 50,115 4.524,124 TOTAL FUNDS 4,818,063 4,574,239 The finanaal statements were approved and aulhorised for issue by the Board of Trustees and aulhotised for 3 Fèbruarx.2023 issue on .. . . and wetp signed on its half by: S G Treheme- Trustee J M Wilishire- T[Ltee H E Bunker- Trustee The notes form part of these financl81 statements Page 5
THE BRENDA VERA COOPER CHARITABLE WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
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.
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THE BRENDA VERA COOPER CHARITABLE WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
2. INVESTMENT INCOME
| Investment income 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 |
5.4.22 £ 128,505 5.4.22 £ 37,462 5.4.22 £ 88,000 5.4.22 £ 22,000 22,000 22,000 22,000 88,000 |
5.4.21 £ 122,677 |
5.4.21 £ 122,677 |
|---|---|---|---|
| 5.4.21 £ 34,440 5.4.21 £ 132,000 |
5.4.21 £ 34,440 |
||
| 5.4.21 £ 33,000 33,000 33,000 33,000 |
|||
| 132,000 |
A decision by the Trustees was made post year end to distribute a further grant to each of the beneficiaries of £13,750 totalling £55,000.This was paid in July 2022.
5. SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Governance | ||
| costs | ||
| £ | ||
| Grant making | 8,112 | |
| Support costs, included in the above, are as follows: | ||
| 5.4.22 | 5.4.21 | |
| Grant | Total | |
| making | activities | |
| £ | £ | |
| Accountancy fees | 1,512 | 1,440 |
| Legal and professional fees | 6,600 | 5,516 |
| 8,112 | 6,956 |
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THE BRENDA VERA COOPER CHARITABLE WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Grant making Total Net gains on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. FIXED ASSET INVESTMENTS MARKET VALUE At 6 April 2021 Additions Revaluations At 5 April 2022 NET BOOK VALUE At 5 April 2022 At 5 April 2021 |
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 |
Endowment fund £ - 34,440 - 34,440 808,695 774,255 (21,568) 752,687 3,771,437 4,524,124 |
Total funds £ 122,677 34,440 138,956 173,396 808,695 757,976 - 757,976 3,816,263 4,574,239 Listed investments £ 4,538,668 (44,338) 248,893 4,743,223 4,743,223 4,538,668 |
|---|---|---|---|---|
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THE BRENDA VERA COOPER CHARITABLE WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
8. FIXED ASSET INVESTMENTS - continued
| 9. 10. 11. 12. |
5.4.22 | 5.4.21 £3,159,513 £1,379,155 Listed investments £ 248,893 4,494,330 4,743,223 5.4.21 £ 311 5.4.21 £ 3,720 5.4.21 Total funds £ 4,538,668 39,291 (3,720) 4,574,239 At 5.4.22 £ 113,498 4,704,565 4,818,063 |
|
|---|---|---|---|
| Investments held within UK | £3,709,778 | ||
| Investments held outside UK | £1,033,445 | ||
| Cost or valuation at 5 April 2022 is represented by: Valuation in 2022 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 534 4,742,689 Current assets 115,556 (38,124) Current liabilities (2,592) - 113,498 4,704,565 MOVEMENT IN FUNDS Net movement At 6.4.21 in funds £ £ Unrestricted funds General fund 50,115 40,505 Endowment funds Brenda Vera Cooper Charitable Will Trust 4,524,124 203,319 TOTAL FUNDS 4,574,239 243,824 |
5.4.22 £ 124 5.4.22 £ 2,592 5.4.22 Total funds £ 4,743,223 77,432 (2,592) 4,818,063 Transfers between funds £ 22,878 (22,878) - |
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THE BRENDA VERA COOPER CHARITABLE WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 128,505 Endowment funds Brenda Vera Cooper Charitable Will Trust - TOTAL FUNDS 128,505 Comparatives for movement in funds At 6.4.20 £ Unrestricted funds General fund 44,826 Endowment funds Brenda Vera Cooper Charitable Will Trust 3,771,437 TOTAL FUNDS 3,816,263 Comparative net movement in funds, included in the above Incoming resources £ Unrestricted funds General fund 122,677 Endowment funds Brenda Vera Cooper Charitable Will Trust - TOTAL FUNDS 122,677 |
|
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THE BRENDA VERA COOPER CHARITABLE WILL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2022.
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