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2020-12-31-accounts

The Sawmill Trust

(Registered Charity Number: 1187064)

Annual Reports and Financial Statements For the period ended 31[st] December 2020

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Encyro E-Sign ID: 78454737411b4b27946f2150b1bfe777 (2021-Dec-30 17:29:18 UTC)

The Sawmill Trust

Trustees Annual Report for the period ended 31st December 2020

The charity’s constitution is a Trust Deed dated 13[th] November 2019.

The Trustees submit their annual report and financial statements of The Sawmill Trust (“the Trust”) for the period from 13[th] November 2019, being the date of establishment, to 31[st] December 2020, being the reporting date.

The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Objects

The Trust was established to continue the legacy of Betty Messenger and aims to provide ongoing grants to support charitable causes within the Parish of Stokenchurch, Buckinghamshire, UK.

Grant making

During the period, the period of establishment, the Trustees aim was to generate income from investments made using an initial donation and was not open for grant applications.

Financial review

The Trust benefited from the receipt of donations totalling £950,420, with £940,000 being invested generating investment income of £99,423 for the period.

Expenditure for the period totalled £4,864 consisting of legal fees incurred regarding the establishment of the Trust and investment management costs.

The Trust ended the period with total funds of £1,044,979.

Investment policy and performance

The Trustees have managed the assets in accordance with the provisions of the Trust Deed being to generate income from investments to support its objects.

The Trust has delegated management of the investments to Cazenove Capital with the objective of meeting the provisions of the Trust Deed, as noted above.

The Trustees are satisfied with the investment performance during the period.

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The Sawmill Trust

Trustees Annual Report for the period ended 31st December 2020 (continued)

Principal risks and uncertainties

The Trustees have considered the key risks to the which the Trust is exposed, as detailed below, and are satisfied that is has procedures in place to effectively monitor and manage these risks.

Reserves policy

The Trustees have established an expendable endowment to provide sufficient future income and growth to support its charitable objects. The endowment fund represents donations received, invested into mutual funds, together with the unrealised investments gains. The Trustees have the discretion to transfer some or all of the endowment fund to the unrestricted fund to provide working capital for grant making and expenditure.

Plans for future periods

The Trustees plan to begin accepting grant applications that comply with its objects.

Structure, governance, and management

The Trustees are responsible for all decisions on the Trusts policies and grants and met at the establishment of the Trust to discuss governance matters. Going forward, the Trustees will meet whenever necessary to discuss and approve grants and governance matters.

All Trustees give their time voluntarily and receive no benefits or remuneration from the Trust and no Trustees expenses have been incurred.

The Trust Deed provides for new Trustees to be appointed by the existing Trustees. On appointment Trustees are briefed on the Trusts objects, the context in which it operates and their own roles and responsibilities.

Trustees

The Trustees who were appointed at the time the Trust was established and were in office during the period to the date of signing the financial statements were:

Timothy Biddle Suzanne Garrett Andrew Messenger Valerie Messenger Victoria Nuthall

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The Sawmill Trust

Trustees Annual Report for the period ended 31st December 2020 (continued)

Registered office:

Wyketts Wycombe Road Stokenchurch Buckinghamshire HP14 3RR

Investment manager:

Cazenove Capital, UK

Bankers:

Lloyds Bank, UK

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The Sawmill Trust

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom accounting standards (the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper 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, dated 13[th] November 2019. 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.

Signature and Declaration

This report was approved by the Trustees on 30[th] December 2021 and signed on their behalf by:

Trustee

………………………………………..

V Messenger

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THE SAWMILL TRUST INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SAWMILL TRUST

I report to the trustees on my examination of the financial statements of The Sawmill Trust (the charity) for the year ended 31 December 2020.

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 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of Association of Chartered Certified Accountants, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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 charity as required by section 130 of the 2011 Act; or

  2. The financial statements do not accord with those records; or

  3. The financial records do not comply with the applicable requirements concerning the form and agreement of the 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 financial statements to be reached

30 December 2021

Michelle Westbury FCCA Date : West & Berry Mocatta House Trafalgar Place Brighton BN1 4DU

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The Sawmill Trust

Statement of Financial Activities for the period ended 31st December 2020

Note
Income
Donations
2
Total
Expenditure
Raising funds
3
Charitable activities
4
Total
Net (expense)/income before
investment gains
Net gains on investments
6
Net (expense)/income & net
movement in funds
Reconciliation of funds:
Total funds brought forward
Transfers between funds
Total funds carried forward		 Unrestricted
Funds
Endowment
Funds
Total Funds
£
£
£
-
950,420
950,420
-
950,420
950,420
3,415
-
3,415
2,709
-
2,709
6,124
-
4,864
(6,124)
950,420
945,556
-
99,423
99,423
(6,124)
1,049,843
1,043,719
-
-
-
19,396
(19,396)
-
13,272
1,030,447
1,043,719

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The Sawmill Trust

Balance Sheet at 31st December 2020

Note
Fixed assets
Investments
7
Total
Current assets
Cash at bank
Total
Liabilities
Creditors: amounts falling due
within one year
8
Net current assets
Net assets
Funds:
Total funds
9		 Unrestricted
Funds
Endowment
Funds
Total Funds
£
£
£
-
1,030,447
1,030,447
-
1,030,447
1,030,447
14,532
-
14,532
14,532
-
14,532
(1,260)
-
(1,260)
13,272
-
13,272
13,272
1,030,447
1,043,719
13,272
1,030,447
1,043,719

The financial statements on pages 1 to 12 were approved by the Trustees on 30[th] December 2021 and were signed on their behalf by:

Trustee

………………………………………..

V Messenger

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The Sawmill Trust

Cash flow statement for the period ended 31st December 2020

Cash flows from operating activities:
Net movement in funds
Less: Unrealised investment gains
Add: Investment management costs
Increase in creditors
Net cash used in operating activities
Cash flows from investing activities:
Purchases of investments
Investment income received
Net cash used in investing activities
Net increase in cash during the period
Cash at the beginning of the period
Cash at the end of the period		 £
1,043,719
(99,423)
3,415
1,260
948,971
(940,000)
5,561
(934,439)
14,532
-
14,532

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The Sawmill Trust

Notes to the Financial Statements for the period ended 31st December 2020

1 Accounting Policies

a. Basis of Accounting

The first period of account runs from the Trust formation to 31[st] December 2020.

These financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated.

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) issued on 16 July 2014 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 2015.

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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern due to the total funds held at the period end. With respect to the next year, the most significant areas of uncertainty that affect that value of assets held by the Trust are the levels of investment returns and the performance of investment markets.

The Trust constitutes a public benefit entity as defined by FRS 102.

b. 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.

c. Expenditure

Liabilities are recognised on an accruals basis 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 for the amount of the obligation and the amount of the obligation can be measured reliably.

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The Sawmill Trust

Notes to the Financial Statements for the period ended 31st December 2020 (continued)

d. Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the period end.

2
Income
Donations
3
Raising funds
Investment management costs
4
Charitable activities
Legal fees
Independent examination fees
Total		 £
950,420
£
3,415
£
1,449
1,260
2,709

The Trustees have not received any benefits or remuneration from the Trust during the period. Nor have there been any Trustees expenses incurred during the period.

The independent examination fees of £1,260 (including VAT) represent the fee for the examination of the financial statements for the period ended 31[st] December 2020.

5 Employees

The Trust does not have any employees.

6 Net gains on investments

Unrealised investment gains £
99,423

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The Sawmill Trust

Notes to the Financial Statements for the period ended 31st December 2020 (continued)

7 Investments

Additions during the period
Unrealised investment gains
Disposals during the period
Fair value at the end of the period		 Mutual funds
Total
£
940,000
940,000
99,423
99,423
(8,976)
(8,976)
1,030,447
1,030,447

8 Creditors; Amounts falling due within one year

Accrued independent examination fees £
1,260

9 Analysis of movement in funds

Unrestricted funds
Endowment funds
Total		 B/F
Income
Expenditure
Net gains on
investments
Transfers
between
funds
C/F
£
£
£
£
£
£
-
-
(6,124)
-
19,396
13,272
-
950,420
-
99,423
(19,396)
1,030,447
-
950,420
(6,124)
99,423
-
1,043,719

10 Related party transactions

There were transactions with related parties during the period.

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Audit Trail

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Signed By

Signer: Valerie Messenger (v.messenger13@btinternet.com)

Identity Check: Email Authentication

Signature Type: Typed

Time Zone: UTC-00:00, Europe/London (Greenwich Mean Time)

Signer: M D Westbury FCCA (michelle@westandberry.co.uk)

Identity Check: Email Authentication

Signature Type: Typed

Time Zone: UTC-00:00, Europe/London (Greenwich Mean Time)

Event Log

Dec 30, 2021, 4:22 PM - Email notification sent to M D Westbury FCCA (michelle@westandberry.co.uk). Dec 30, 2021, 4:22 PM - Email notification sent to Valerie Messenger (v.messenger13@btinternet.com).

Dec 30, 2021, 4:22 PM - Email notification delivered to Valerie Messenger (v.messenger13@btinternet.com).

Dec 30, 2021, 4:22 PM - Email notification delivered to M D Westbury FCCA (michelle@westandberry.co.uk).

END OF LOG