## **RADSTOCK TRUST CIO** 

# **Trustees' Report and Accounts for the 17-month Period Ended 31 December 2021** 

**Charity Registration Nº 1190744** 



## **LEGAL AND ADMINISTRATIVE INFORMATION** 

|**Trustees**|Rosemary J Brown (appointed February 2021)|
|---|---|
||Geoffrey T Coyne|
||Eduardo J Harris|
||Doris Humphrey|
||Martin J Lacey|
||Geoffrey R Norris|
||Barrie Prebble (Chair)|
||Peter R Rawson|
|**Secretary**|John Harris|
|**Charity Number**|1190744|
|**Principal Address**|9 Beechfield|
||Banstead|
||Surrey|
||SM7 3RG|
|**Independent Examiner**|J Foxwell FCCA FCIE|
||39 Enfield Road|
||Poole|
||BH15 3LJ|
|**Bankers**|NatWest Bank plc|
||Wallington Branch|
||27 Woodcote Road|
||Wallington|
||SM6 0LN|
|**Investment Managers**|BNY Mellon Fund Managers Ltd|
||Client Service Centre|
||PO Box 366|
||Darlington|
||DL1 9RF|



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**CONTENTS** 

||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the accounts|6 - 9|



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## **TRUSTEES' REPORT** 

## **FOR THE 17-MONTH PERIOD ENDED 31 DECEMBER 2021** 

The Trustees present their report and accounts for the 17-month period ended 31 December 2021. The reporting period was extended by five months as the charity has recently incorporated. The net assets were transferred by way of a gift from the Radstock (Eccleston Hall) Trust, an unincorporated charity (number 219013) which has now merged with the CIO. 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO’s constitution, the Charities Act 2011, and “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)”. 

## **Structure, Governance and Management** 

The Radstock Trust CIO was registered on 6 August 2020 and is governed by its Constitution dated 6 August 2020. 

The assets of the Radstock (Eccleston Hall) Trust were transferred to the Radstock Trust CIO on 31 December 2020. This transfer was approved by the Charity Commission for England and Wales and the two charities have been merged. 

The Radstock (Eccleston Hall) Trust was set up by a Scheme Deed dated 11 January 1962 for the regulation of the Eccleston Hall charity which was set up on 30 June 1884. The Charity Commission issued an amendment Scheme dated 2 May 2007 and a Direction under clause 4(2) on 7 July 2015. 

Trustees are appointed in accordance with the CIO’s constitution for a period of five years by a majority of Trustees voting at the time of appointment. All matters are decided by the majority of votes of the Trustees present and voting on the question. A minimum of at least three Trustees is required for a quorum dependent on the number of Trustees at the time. 

The Trustees who served during the 17-month period were: 

Rosemary J Brown (appointed February 2021) Geoffrey T Coyne Eduardo J Harris Doris Humphrey Martin J Lacey Geoffrey R Norris Barrie Prebble (Chair) Peter R Rawson 

Mr E J Harris is an employee of the charity Lifewords which benefits from the CIO’s grant funding. Mr Harris absents himself from the decision-making process when grants to the connected charity are discussed. 

## **Objectives and Activities** 

The objects of the CIO are “furthering the study and dissemination of the Holy Scriptures and Protestant Evangelical doctrines”. The original Eccleston Hall charity was set up to manage the endowment of a leasehold property known as Eccleston Hall. Following a fire in 1956 which destroyed Eccleston Hall, the Charity Commission issued a Scheme in 1962 to manage the property known as Radstock House which was erected on the site of the old Eccleston Hall. In 2007 the Trustees surrendered the lease on the property, an amendment to the Scheme Deed being first approved by the Charity Commission. This amendment allowed the sale proceeds from the property to be retained and invested as an Endowment in accordance with the original Scheme Deed. Following the Direction issued by the Charity Commission on 7 July 2015, the endowment designation was confirmed as being expendable. The dividends received from the investments are distributed as grants to Christian charities as set out in Note 2. 

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## **TRUSTEES' REPORT (CONTINUED) FOR THE 17-MONTH PERIOD ENDED 31 December 2021** 

In 2016, following the Direction issued by the Charity Commission confirming that both the capital and income of the charity may be expended by the Trustees for the objects of the charity, the trustees carried out a strategy review and agreed to increase the level of grants to a sum representing approximately 5% of the value of the investments at the date of the review. Following the incorporation of the charity into a CIO the trustees reviewed this strategy and have continued making grants at this level, using income and releasing some capital as needed. 

## **Achievements and Performance** 

During the period the Charity incorporated and the net assets totalling £8,023,517 were transferred on 31 December 2020 by way of a gift from the Radstock (Eccleston Hall) Trust, an unincorporated charity (number 219013). The Trustees have invested the Endowment Fund in the Newton Growth & Income Fund for Charities as a long-term investment. At the end of the period this investment showed unrealised gains of £1,239,421. During the period there was a net income of £988,737 (being income less expenditure plus recognised gains and losses). At the balance sheet date the Endowment Fund stood at £9,009,593 and the General Fund stood at £2,661. The position is considered satisfactory with the CIO being able to continue its objects in the forthcoming year from expected investment income and capital. The Trustees paid out grants totalling £453,400. 

Total funds of £9,012,254 are held at 31 December 2021, as on the balance sheet. 

## **Reserves Policy** 

The Trustees’ Reserves Policy is to retain sufficient funds as a reserve to cover normal expenditure of the management of the CIO and to even out charitable donations as necessary. The balance of the General Fund at 31 December 2021 was £2,661, all of which is regarded as free reserves. Grants are allocated to represent approximately 5% of the value of the investments. 

## **Investment Policy** 

The Trustees wish to pursue on behalf of the charity an investment policy which provides a balance between income and capital growth with a medium level of risk over the longer term, thereby enabling the Trustees to meet their objectives in respect of the requirements of the charity. The Trustees are satisfied with the current return on capital. 

## **Risk Policy** 

During the 17-month period the Trustees considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Trustees policy is to carry out a review of the risks at least once a year. 

## **Public Benefit** 

The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on Public Benefit. The object of the CIO is to apply the income of the charity in furthering the study and dissemination of the Holy Scriptures and Protestant Evangelical doctrines. This is carried out by making grants to charitable organisations to fulfil the aims of the Trust. 

On behalf of the Trustees 

## **Barrie Prebble** 

Chair of Trustees 

Date: 17 May 2022 

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## **INDEPENDENT EXAMINER’S REPORT** 

## **TO THE TRUSTEES OF RADSTOCK TRUST CIO** 

I report on the accounts of the Radstock Trust CIO for the 17-month period ended 31 December 2021, which are set out on pages 4 to 9. 

## **Responsibilities and basis of report** 

As the charity trustees of the CIO 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 CIO’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 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 CIO 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 requirement 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. 

## **J Foxwell FCCA FCIE** 

## **39 Enfield Road Poole BH15 3LJ** 

Date: 19 May 2022 

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**STATEMENT OF FINANCIAL ACTIVITIES** 

## **FOR THE 17-MONTH PERIOD ENDED 31 December 2021** 

||**Notes**|**General**|**Endowment**|**Total**|
|---|---|---|---|---|
|||**Fund**|**Fund**|**2021**|
|||**£**|**£**|**£**|
|**Income and endowments from:**|||||
|**_Investments_**|||||
|Dividends||189,190||189,190|
|**TOTAL INCOME**||**189,190**|**-**|**189,190**|
|**Expenditure on:**|||||
|Charitable activities|2|457,462|-|457,462|
|**TOTAL EXPENDITURE**||**457,462**|**-**|**457,462**|
|**Net expenditure before transfers**||**(268,272)**|**-**|**(268,272)**|
|Gift on incorporation|10|-|8,023,517|8,023,517|
|**Net (expenditure)/income**||**(268,272)**|**8,023,517**|**7,755,245**|
|**Other recognised gains and losses**|||||
|Net gains on investments||-|1,257,009|1,257,009|
|**Net (expenditure)/income**||**(268,272)**|**9,280,526**|**9,012,254**|
|**Transfers between funds**||270,933|(270,933)|-|
|**Net movement in funds**||**2,661**|**9,009,593**|**9,012,254**|
|**Reconciliation of funds:**|||||
|Total funds brought forward||-|-|-|
|**Total funds carried forward**||**2,661**|**9,009,593**|**9,012,254**|



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## **BALANCE SHEET** 

## **AS AT 31 December 2021** 

||**Notes**|**2021**|
|---|---|---|
|**Fixed Assets**||**£**|
|Investments|5|9,009,593|
|**Total Fixed Assets**||**9,009,593**|
|**Current Assets**|||
|Cash at bank and in hand||3,136|
|**Total Current Assets**||**3,136**|
|**Liabilities**|||
|Creditors: amounts falling due within one year|6|475|
|**Net Current Assets**||**2,661**|
|**Total Assets less Current Liabilities**||**9,012,254**|
|**The funds of the charity:**|||
|**Capital funds**|||
|Endowment fund|7|9,009,593|
|**Income funds**|||
|General fund|7|2,661|
|**Total Funds**||**9,012,254**|



The notes on pages 6 to 9 form part of these accounts. 

The accounts were approved by the Trustees on 4 May 2022 and signed on their behalf by: 

**Barrie Prebble** Chair of Trustees 

Date: 17 May 2022 

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**NOTES TO THE ACCOUNTS** 

**FOR THE 17-MONTH PERIOD ENDED 31 December 2021** 

## **1 Accounting policies** 

## **1.1 Basis of preparation** 

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Charities Act 2011 and “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 CIO constitutes a public benefit entity as defined by FRS 102. 

The Trustees consider that there are no material uncertainties about the CIO’s ability to continue as a going concern. 

## **1.2 Incoming resources** 

Investment income is shown in these accounts on the accruals basis. 

## **1.3 Resources expended** 

Grants payable are accounted for on the date of the payment and are paid to Christian charities in accordance with the terms of the CIO’s Constitution. 

Investment management costs associated with the Endowment are charged to the fund or included in the price value of the unit trusts held. 

## **1.4 Investments** 

Fixed asset investments are stated at market value at the accounting date. All unrealised gains and losses representing the change in value from the previous accounting date are charged against the appropriate fund. 

## **1.5 Accumulated funds** 

The Endowment Fund of the Radstock (Eccleston Hall) Trust had been subject to a specific condition that the capital should not be distributed without prior written approval of the Charity Commission. However, in a Direction issued by the Charity Commission on 7 July 2015, the endowment designation was confirmed as being expendable. 

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**NOTES TO THE ACCOUNTS (CONTINUED) FOR THE 17-MONTH PERIOD ENDED 31 December 2021** 

## **2 Expenditure** 

|**Expenditure**||
|---|---|
||**2021**|
||**£**|
|**Grants:**||
|Lifewords|350,000|
|Naval & Military Bible Society|72,000|
|Wycliffe Bible Translators|10,000|
|Al Massira|5,000|
|Proclamation Zambia|5,000|
|Starfish Malawi|5,000|
|Misc gifts not exceeding £4,999 (4 grants)|6,400|
|**Grants paid**|**453,400**|
|**Governance costs**|**3,840**|
|**Other costs - sundry expenses**|**222**|
|**Total expenditure on charitable activities**|**457,462**|



Governance costs includes payments of £475 for independent examiner's fees and £3,365 on legal costs. 

## **3 Trustees** 

None of the Trustees (or any persons connected with them) received any remuneration during 17-month period. There were also no reimbursements for travelling and office expenses. 

## **4 Employees** 

There were no employees during the reporting period. 

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**NOTES TO THE ACCOUNTS (CONTINUED) FOR THE 17-MONTH PERIOD ENDED 31 December 2021** 

## **5 Fixed asset investments** 

|**Fixed asset investments**||
|---|---|
||**Listed**<br>**Investments**<br>**£**|
|At 6 August 2020<br>Additions<br>Disposals<br>Realised gains during the period<br>Unrealised gains during the period|-<br>8,015,584<br>(263,000)<br>17,588<br>1,239,421|
|**Market value at 31 December 2021**|**9,009,593**|
|Historical cost:<br>At 31 December 2021<br>At 6 August 2020|9,009,593|
||-|



Listed investments are represented by 5,346,940 units in Newton Growth & Income Fund for Charities at book value of £ £7,770,173. The unrealised gains on these investments are £1,239,421. 

## **6 Creditors: amounts falling due within one year** 

||**2021**|
|---|---|
||**£**|
|Accruals|475|
|**Total Creditors**|**475**|



## **7 Movement in funds** 

||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Realised**|**Unrealised**|**Balance at**|
|---|---|---|---|---|---|---|---|
||**6 August**|**resources**|**expended**||**gains**|**gains**|**31 December**|
||**2020**||||**in year**|**in year**|**2021**|
||**£**|**£**|**£**||**£**|**£**|**£**|
|Endowment|-|8,023,517|-|(270,933)|17,588|1,239,421|9,009,593|
|General|-|189,190|(457,462)|270,933|-|-|2,661|
|**Total Funds**|**-**|**8,212,707**|**(457,462)**|**-**|**17,588**|**1,239,421**|**9,012,254**|



The Endowment Fund represents capital funds held to earn income for the CIO and to be expended at the trustees’ discretion when appropriate. It is invested in long-term unit trusts. 

The General Fund of the charity is held in short-term bank deposits. 

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**NOTES TO THE ACCOUNTS (CONTINUED) FOR THE 17-MONTH PERIOD ENDED 31 December 2021** 

## **7 Movement in funds (continued)** 

|**Investment disposals /**<br>**transfers**<br>**£**|**Investment disposals /**<br>**transfers**<br>**£**|
|---|---|
|Historical cost<br>Unrealised gains at 6 August 2020<br>Disposals at opening book value<br>Realised gains in year|245,412<br>-|
||245,412<br>17,588|
|**Disposals during year**|**263,000**|



## **8 Analysis of net assets between funds** 

|Fund balances at 31 December 2021 are represented by:<br>Investments<br>Current assets<br>Creditors: amounts falling due within one year<br>Unrealised gains included above:<br>On investments<br>Reconciliation of movements in unrealised gains/losses<br>Unrealised gains at 6 August 2020<br>In respect of disposals in year<br>Gains on revaluations in year<br>Unrealised gains at 31 December 2021|**General**<br>**Fund**<br>**£**<br> <br>-<br>3,136<br>(475)<br>2,661<br>-<br>-<br>-<br>-<br>-<br>-|**Endowment**<br>**Total**<br>**Fund**<br>**£**<br>**£**<br>9,009,593<br>**9,009,593**<br>-<br>**3,136**<br>-<br>**(475)**<br>9,009,593<br>**9,012,254**<br>-<br>**-**<br>-<br>**-**<br>-<br>**-**<br>-<br>**-**<br>1,239,421<br>**1,239,421**<br>1,239,421<br>**1,239,421**|
|---|---|---|



## **9 Related parties** 

Mr E J Harris is an employee of the charity Lifewords which benefits from the CIO’s grant funding. Mr Harris absents himself from the decision-making process when grants to the connected charity are discussed. During the 17-month period, Lifewords received grants from the CIO of £350,000. 

## **10 Gift on incorporation** 

During the period the Charity incorporated and the net assets totalling £8,023,517 were transferred on 31 December 2020 by way of a gift from the Radstock (Eccleston Hall) Trust, an unincorporated charity (number 219013). 

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