**Charity number: 1189954** ## **THE BLAKEBANK TRUST** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 19 MAY 2021** ## **THE BLAKEBANK TRUST** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 4| |**Independent examiner's report**|5 - 6| |**Statement of financial activities**|7| |**Balance sheet**|8| |**Statement of cash flows**|9| |**Notes to the financial statements**|10 - 15| **THE BLAKEBANK TRUST** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 19 MAY 2021** |**Trustees**|Dr Hilary Frances Crowe (appointed 19 May 2020)| |---|---| ||Sarah Helen De Mars (appointed 15 September 2021)| ||Dr Daniel Butler (appointed 15 September 2021)| ||Elizabeth Hannah Kirsch (appointed 15 September 2021)| ||Brian John Crowe (appointed 19 May 2020, resigned 15 September 2021)| |**Charity registered**
**number**
1189954
**Principal office**
Middle Blakebank
Underbarrow
Cumbria
LA8 8HP
**Accountants**
Hillier Hopkins LLP
Chartered Accountants
Radius House
51 Clarendon Road
Watford
Herts
WD17 1HP|| Page 1 ## **THE BLAKEBANK TRUST** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 19 MAY 2021** The Trustees present their annual report together with the financial statements of the The Blakebank Trust for the year 20 May 2020 to 19 May 2021. ## **Objectives and activities** ## **a. Policies and objectives** The Trust has been established to receive and invest donations given for the purpose of distribution to other charitable organisations as need arises. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## **b. Strategies for achieving objectives** Since it was established the Trust has received legacies and donations as shown in the accounts. ## **c. Activities undertaken to achieve objectives** The Trust seeks to invest donations and create additional income streams for distribution. ## **d. Grant-making policies** Donations are made on the basis of need to other registered Charities in the UK. ## **Achievements and performance** ## **a. Main achievements of the Charity** The charity has been set up in the period and will increase activity in future years. ## **b. Review of activities** The charity has been set up in the period and has paid donations to selected charities. ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **b. Reserves policy** It is the Trustees' policy to aim to create reserves above three months running costs. The level of reserves is monitored and reviewed annually by the Trustees. Page 2 **THE BLAKEBANK TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 19 MAY 2021** ## **c. Material investments policy** Trust assets are invested to generate a balance of capital growth and income and managed by Coutts Bank with the approval of the Trustees. ## **d. Principal funding** Trust income is derived from donations by Trustees. ## **Structure, governance and management** ## **a. Constitution** The Blakebank Trust is a registered charity, number 1189954, and is constituted under a Trust deed. ## **b. Methods of appointment or election of Trustees** The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. ## **c. Organisational structure and decision-making policies** The Trustees identify beneficiaries and agree on the level of grants to be made. ## **d. Financial risk management** The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. ## **Members' liability** The Members of the Charity guarantee to contribute an amount not exceeding �10 to the assets of the Charity in the event of winding up. Page � **THE BLAKEBANK TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 19 MAY 2021** ## **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 (United Kingdom �enerally Accepted Accounting Practice). The law applicable to charities in England � Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently� - observe the methods and principles of the Charities S�RP (FRS 102)� - make judgments and accounting estimates that are reasonable and prudent� - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements� - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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. 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. Approved by order of the members of the board of Trustees and signed on their behalf by: **Dr Hilary Frances Crowe** Date: 14 March 2022 Page 4 **THE BLAKEBANK TRUST** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 19 MAY 2021** ## **Independent examiner's report to the Trustees of The Blakebank Trust ('the Charity')** I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 19 May 2021. ## **Responsibilities and basis of report** As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. �our attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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 been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the �enerally 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 1�0 of the 2011 Act� or 2. 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. Page 5 **THE BLAKEBANK TRUST** ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 19 MAY 2021** This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed: �ary Wong BFP Dated: 17 March 2022 FCA **Hillier Hopkins LLP** Chartered Accountants Radius House 51 Clarendon Road Watford Herts WD17 1HP Page 6 **THE BLAKEBANK TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 19 MAY 2021** |**Note**
**Income from:**
Donations and legacies
�
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
**Total expenditure**
**Net income before net gains on investments**
�et gains on investments
**Net movement in funds**
**Reconciliation of funds:**
�et movement in funds
**Total funds carried forward**
�|**Unrestricted**
**funds**
**2021**
**�**
**848,4�5**
**4,�85**
**85�,220**
**9,�21**
**120,000**
**129,�21**
**�2�,599**
**58,912**
**�82,511**
**�82,511**
**�82,511**|**Total**
**funds**
**2021**
**�**
**848,4�5**
**4,�85**| |---|---|---| |||**85�,220**| |||**9,�21**
**120,000**| |||**129,�21**| |||**�2�,599**
**58,912**| |||**�82,511**| |||**�82,511**| |||**�82,511**| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 10 to 15 form part of these financial statements. Page 7 ## **THE BLAKEBANK TRUST** ## **BALANCE SHEET AS AT 19 MAY 2021** |**Note**
**Fixed assets**
Investments
10
**Current assets**
Cash at bank and in hand
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
11
Unrestricted funds
11
**Total funds**|**159,�9�**
**159,�9�**|**2021**
**�**
**�22,�15**| |---|---|---| |||**�22,�15**
**159,�9�**| |||**�82,511**| |||| |||**�82,511**| |||**-**
**�82,511**| |||| |||**�82,511**| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: **Dr Hilary Frances Crowe** Date: 14 March 2022 The notes on pages 10 to 15 form part of these financial statements. Page 8 ## **THE BLAKEBANK TRUST** |**STATEMENT OF CASH FLO�S**
**FOR THE YEAR ENDED 19 MAY 2021**|| |---|---| |**Cash flows from operating activities**
�et cash used in operating activities
**Cash flows from investing activities**
Proceeds from sale of investments
Purchase of investments
**Net cash used in investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash e�uivalents in the year**
**Cash and cash e�uivalents at the end of the year**
The notes on pages 10 to 15 form part of these financial statements|**2021**
**�**
**�2�,599**
**�4�,19�**
**(909,999)**
**(5��,80�)**
**-**
**159,�9�**
**159,�9�**| Page 9 **THE BLAKEBANK TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 19 MAY 2021** ## **1. General information** The charity is an unincorporated Trust registered in England and Wales. The members of the charity are the Trustees named on page 1. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities S�RP (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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Blakebank Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Going concern** The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. After making appropriate enquiries, the Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. ## **2.� Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Page 10 **THE BLAKEBANK TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 19 MAY 2021** ## **2. Accounting policies (continued)** ## **2.4 Expenditure (continued)** �rants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. �rants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable �AT. ## **2.5 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ��ains�(Losses) on investments� in the Statement of financial activities. ## **2.� Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.� Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.8 Fund accounting** �eneral funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. ## **�. Income from donations and legacies** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2021**|**2021**| ||**�**|**�**| |Donations|848,4�5|**848,4�5**| Page 11 ## **THE BLAKEBANK TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 19 MAY 2021** ## **4. Investment income** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2021**|**2021**| ||**�**|**�**| |Income from listed investments|4,785|**4,�85**| ## **5. Investment management costs** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2021**|**2021**| ||**�**|**�**| |Investment management fees|9,621|**9,�21**| ## **�. Analysis of grants** |University of Cambridge Medical School
All Saints Church PCC Underbarrow with Helsington
St Kea Parochial Church Council|**Grants to**
**Institutions**
**2021**
**�**
100,000
15,000
5,000
120,000|**Total**
**funds**
**2021**
**�**
**100,000**
**15,000**
**5,000**| |---|---|---| |||**120,000**| Page 12 ## **THE BLAKEBANK TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 19 MAY 2021** ## **�. Analysis of expenditure by activities** |Direct costs|**Grant**
**funding of**
**activities**
**2021**
**�**
1��,000
120,000|**Total**
**funds**
**2021**
**�**
**1��,000**
**120,000**| |---|---|---| |**8.**|**Independent examiner's**|**remuneration**| |---|---|---| ||The Independent Examination fees will be paid by the Trustees and not bourne by the Trust.|| |**9.**|**Trustees' remuneration and expenses**|| ||During the year, no Trustees received any remuneration or other benefits.|| ||During the year ended 19 May 2021, no Trustee expenses have been incurred.|| |**10.**|**Fixed asset investments**|| |||**Listed**| |||**investments**| |||**�**| ||**Cost or valuation**|| ||Additions|**909,999**| ||Disposals|**(�4�,19�)**| ||Revaluations|**58,912**| ||At 19 May 2021|**�22,�15**| ||**Net book value**|| ||At 19 May 2021|**�22,�15**| Page 1� ## **THE BLAKEBANK TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 19 MAY 2021** ## **11. Statement of funds** ## **Statement of funds - current year** ||||**Gains�**|**Balance at**| |---|---|---|---|---| ||**Income**|**Expenditure**|**(Losses)**|**19 May 2021**| ||**�**|**�**|**�**|**�**| |**Unrestricted funds**||||| |�eneral Funds - all funds|**85�,220**|**(129,�21)**|**58,912**|**�82,511**| ## **12. Summary of funds** ## **Summary of funds - current year** ||||**Gains�**|**Balance at**| |---|---|---|---|---| ||**Income**|**Expenditure**|**(Losses)**|**19 May 2021**| ||**�**|**�**|**�**|**�**| |�eneral funds|**85�,220**|**(129,�21)**|**58,912**|**�82,511**| ## **1�. Analysis of net assets between funds Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2021**
**�**
Fixed asset investments
622,715
Current assets
159,796
**Total**
782,511|**Total**
**funds**
**2021**
**�**
**�22,�15**
**159,�9�**| |---|---| ||**�82,511**| Page 14 **THE BLAKEBANK TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 19 MAY 2021** ## **14. Reconciliation of net movement in funds to net cash flow from operating activities** |�et income for the year (as per Statement of Financial Activities)
**Adjustments for:**
�ains on investments
**Net cash provided by operating activities**|**2021**
**�**
**�82,511**| |---|---| ||**(58,912)**| ||| ||**�2�,599**| |**15.**
**Analysis of cash and cash e�uivalents**
Cash in hand
**Total cash and cash e�uivalents**
**1�.**
**Analysis of changes in net debt**
Cash at bank and in hand|**Cash flows**
**�**
**159,�9�**
**159,�9�**|**2021**
**�**
**159,�9�**| |---|---|---| |||| |||**159,�9�**| |||**At 19 May**
**2021**
**�**
**159,�9�**| |||**159,�9�**| Page 15