The 1485 Charitable Trust Annual Report for Financial Year to end March 2021
The financial year just finished was dominated by the Covid Pandemic, as a result of which we decided to step up our annual donations: to £122k, versus £93k in the previous year. Fully aware that such a policy could degrade the quality of grant-making, we began a process of recruiting voluntary “agents”, friends of the trustees with experience in front-line services and grant making, to make recommendations for small grants to trustees which the latter then assess. At the time of writing we have ten such agents, and some £40k of the year’s grants were made on their recommendations.
We continue to be committed to small grants. On top of our regular monthly round of donations to Christian charities which amounted to £8k in the year, we made only three five-figure grants – the final contribution towards the rebuild of L’Arche Inverness, towards PCs for home studies by poorer students at a secondary school in Dover, and to a London-based grant-making trust to be split into small grants to organisations struggling under lockdown – and twenty-four grants of £1000 – 5000. Our mean grant size was £1300 but our median £250.
We continue to be happy with our grant making. It is opportunistic, not at all strategic, not dependent on written applications, but dependent, crucially, upon face-to-face knowledge of the grantees by at least one of the trustees or one of their agents, and upon monitoring which is informal but effective. This allows 1485, we believe, to keep the quality of grant-making high as there are no strategic quotas demanding a financial response, and no way for a grantee to “hide” behind a skilfully written application.
As for payout, in the year to March 2021 this amounted to about 6% (£123k on £2m of assets). As covid is hopefully brought under control we would expect this to fall back to 5% or less. But the trustees remain open to excellent ideas and important needs.
As for the Trust’s bank account, the receipts and payments of the Trust for the year to 31st March 2021 show a reduction in funds of £53k to a year-end balance of £140k. In the current year this will probably fall further; the account should ideally not contain more than is needed to meet the year’s outgoings, given that a transfer from Ruffer can always be requested, and that it’s Ruffer’s job to hold cash as an investment when it deems that timely.
Our external money manager is Ruffer Investment Management. Trustees remain convinced that Ruffer is the best guardian of the charity’s assets in these extremely volatile times.
Michal G D Giedroyc, Chairman of Trustees The 1485 Charitable Trust June 12[th] , 2021
Charity Name No (if any) The 1485 Charitable Trust 1175902
Receipts and payments accounts
CC16a
For the period Period start date Period end date To from 01/04/2020 31/03/2021
Section A Receipts and payments
| A1 Receipts | Unrestricted funds to the nearest £ 53,500 16,938 |
Unrestricted funds to the nearest £ 53,500 16,938 |
Restricted funds to the nearest £ - - - |
Restricted funds to the nearest £ - - - |
Endowment funds to the nearest £ - - - |
Endowment funds to the nearest £ - - - |
Total funds to the nearest £ 53,500 16,938 - |
Total funds to the nearest £ 53,500 16,938 - |
Last year to the nearest £ |
|---|---|---|---|---|---|---|---|---|---|
| Donations made byMGDG & DAUJ | 53,500 | - | - | 53,500 | 53,500 | ||||
| Donation byCatholic Bishops of E&W | 16,938 | - | - | 16,938 | - | ||||
| - | - | - | |||||||
| Deposit Refund byBWB | - | - | - | - | 5,000 | ||||
| Legacyfrom MJHG | - | - | - | - | 180,000 | ||||
| - | - | - | - | - | |||||
| - | - | - | - | - | |||||
| - | - | - | - | - | |||||
| Sub total(Gross income for AR) | 70,438 | - | - | 70,438 | 238,500 | ||||
| A2 Asset and investment sales, (see table). |
|||||||||
| - | - | ||||||||
| - | - | ||||||||
| Sub total | - | - | |||||||
| Total receipts A3 Payments |
|||||||||
| 238,500 | |||||||||
Other Grants Made |
122,071 | - | - | 122,071 | 83,282 | ||||
| Grants made to SSGC | - | - | - | - | 10,000 | ||||
| Legal & AccountingFees | 100 | - | - | 100 | 1,450 | ||||
| Bank Charges | 900 | - | - | 900 | 900 | ||||
| - | - | - | - | - | |||||
| - | - | - | - | - | |||||
| - | - | - | - | - | |||||
| - | - | - | - | - | |||||
| - | - | - | - | - | |||||
| **Sub total ** | 123,071 | - | - | 123,071 | 95,632 | ||||
| A4 Asset and investment purchases, (see table) |
|||||||||
| - | |||||||||
| **Sub total ** | - | - | |||||||
| Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end |
|||||||||
| 95,632 | |||||||||
| - 52,633 | 142,868 | ||||||||
| - | - | ||||||||
| 192,306 | 49,438 | ||||||||
| 139,673 | 192,306 |
Section B Statement of assets and liabilities at the end of the period
| CCXX R1 accounts (SS) Categories B1 Cash funds |
1 Details Total cash funds (agree balances with receipts and payments account(s)) Coutts & Co Current Account |
Unrestricted funds to nearest £ 139,673 - - 139,673 OK |
17/06/2021 Restricted funds Endowment funds to nearest £ to nearest £ - - - - - - - - OK OK |
Endowment funds to nearest £ |
|---|---|---|---|---|
| - | ||||
| - | ||||
| - | ||||
| - |
| Signed by one or two trustees on behalf of all the trustees B5 Liabilities B3 Investment assets B2 Other monetary assets B4 Assets retained for the charity’s own use |
Details Portfolio with Ruffer Investment Mgmt Details Details Details Signature |
Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) Unrestricted 1,726,692 - - - - Fund to which asset belongs Cost (optional) - - - - - - - - - Fund to which liability relates Amount due (optional) - - - - - Print Name MichalGDGiedroyc |
Endowment funds to nearest £ |
|---|---|---|---|
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| Current value (optional) |
|||
| 2,028,459 | |||
| - | |||
| - | |||
| - | |||
| - | |||
| Current value (optional) |
|||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| - | |||
| When due (optional) |
|||
| Date of approval | |||
| MichalGDGiedroyc | June12th 2021 | ||
CCXX R2 accounts (SS)
17/06/2021
2
Independent examiner’s report to the trustees of the 1485 Charitable Trust
I report to the trustees on my examination of the account s of the 1485 Charitable Trust (the Trust) for the accounting period ended 31[st] March 2021.
Responsibilities and basis of the 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 2011 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
Independent examiners 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.
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.
Signed Name Edward David Griffiths Professional Body Chartered Institute of Public Finance and Accountancy Membership No 00006890 Address 11 Northwick Park Road, Harrow, Middx. HA1 2NY Date 16th June 2021