RADSTOCK TRUST CIO
Trustees' Annual Report and Financial Statements For the Year Ended 31 December 2024
Charity Registration Nº 1190744
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Rosemary J Brown | |
|---|---|---|
| Geoffrey T Coyne | ||
| Eduardo J Harris | ||
| Doris Humphrey | ||
| Martin J Lacey | ||
| Geoffrey R Norris | ||
| Barrie Prebble | (Chair) | |
| Secretary | Eduardo J Harris | |
| Charity Number | 1190744 | |
| Principal Address | 9 Beechfield | |
| Banstead | ||
| Surrey | ||
| SM7 3RG | ||
| Independent Examiner | J Foxwell FCCA FCIE | |
| PO Box 9846 | ||
| Poole | ||
| BH15 9JZ | ||
| Bankers | NatWest Bank plc | |
| 88 – 90 High Street | ||
| Sutton | ||
| SM1 1EX | ||
| 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 YEAR ENDED 31 DECEMBER 2024
The Trustees present their report and accounts for the year ended 31 December 2024.
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, an unincorporated charity (number 219013), 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 year were:
Rosemary J Brown Geoffrey T Coyne Eduardo J Harris Doris Humphrey Martin J Lacey Geoffrey R Norris Barrie Prebble (Chair)
Until February 2025 Mr E J Harris was an employee of the charity Lifewords which benefits from the CIO’s grant funding. Mr Harris absented himself from the decision-making process when grants to the connected charity were 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 in 1884 to manage the endowment of a leasehold property known as Eccleston Hall. Following a fire in 1956 that 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 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 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 YEAR ENDED 31 DECEMBER 2024
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 annual 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. In 2020 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).
Achievements and Performance
Investment income during the year was £185,591 (2023: £195,989). Grants disbursed during the year were £525,500 (2023: £484,000), with total expenditure being £526,319 (2023: £484,846). 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 year this investment showed cumulative unrealised gains of £1,526,365 (2023: £1,002,239). During the year there was a net income of £242,381 (being income less expenditure plus recognised gains and losses) (2023: net income of £178,750). At the balance sheet date the Endowment Fund stood at £8,468,824 (2023: £8,226,715) and the General Fund stood at £2,412 (2023: £2,140). The position is considered satisfactory with the CIO being able to continue its objects in the forthcoming year from expected investment income and capital.
Total funds of £8,471,236 are held at 31 December 2024, as on the balance sheet (2023: £8,228,855).
Reserves Policy
The Trustees’ Reserves Policy is to retain sufficient funds as a reserve to cover the 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 2024 was £2,412, all of which is regarded as free reserves (2023: £2,140). Grants given each year 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 that 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 year 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: 10 April 2025
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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 year ended 31 December 2024, 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:
-
Accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
-
The accounts do not accord with those records; or
-
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
PO Box 9846 Poole BH15 9JZ
Date: 24 April 2025
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STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
----- Start of picture text -----
Notes General Endowment Total Total
Fund Fund 2024 2023
£ £ £ £
Income and endowments from:
Investments
Dividends and interest 185,591 185,591 195,989
TOTAL INCOME 185,591 - 185,591 195,989
Expenditure on:
Charitable activities 2 526,319 - 526,319 484,846
TOTAL EXPENDITURE 526,319 - 526,319 484,846
-
Net expenditure before transfers (340,728) (340,728) (288,857)
-
Net expenditure (340,728) (340,728) (288,857)
Other recognised gains and losses
-
Net gains/(losses) on investments 583,109 583,109 467,607
Net (expenditure)/income (340,728) 583,109 242,381 178,750
Transfers between funds 341,000 (341,000) - -
Net movement in funds 272 242,109 242,381 178,750
Reconciliation of funds:
Total funds brought forward 2,140 8,226,715 8,228,855 8,050,105
Total funds carried forward 2,412 8,468,824 8,471,236 8,228,855
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Notes 2024 2023
Fixed Assets £ £
Investments 5 8,468,824 8,226,715
Total Fixed Assets 8,468,824 8,226,715
Current Assets
Cash at bank and in hand 2,957 2,665
Total Current Assets 2,957 2,665
Liabilities
Creditors: amounts falling due within one year 6 545 525
Net Current Assets 2,412 2,140
Total Assets less Current Liabilities 8,471,236 8,228,855
The funds of the charity:
Capital funds
Endowment fund 7 8,468,824 8,226,715
Income funds
General fund 7 2,412 2,140
Total Funds 8,471,236 8,228,855
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The notes on pages 6 to 9 form part of these accounts.
The accounts were approved by the Trustees on 1 April 2025 and signed on their behalf by:
Barrie Prebble Chair of Trustees
Date: 10 April 2025
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NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 dividend payment date 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 YEAR ENDED 31 DECEMBER 2024
2 Expenditure
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2024 2023
£ £
Grants:
Lifewords 320,000 350,000
Naval & Military Bible Society 80,000 70,000
Program of Theological Education 20,000 10,000
Al Massira 15,000 10,000
African Pastors Fellowship 10,000 10,000
Firm Foundation Trust 10,000 -
People International 10,000 -
Proclamation Zambia 10,000 -
The Word for the World 10,000 -
Through the Roof 10,000 -
Wycliffe Bible Translators 10,000 10,000
Misc gifts not exceeding £9,999: 5 grants (2023: 6 grants) 20,500 24,000
Grants paid 525,500 484,000
Governance costs 545 525
Other costs - sundry expenses 274 321
Total expenditure on charitable activities 526,319 484,846
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Governance costs consist of a payment of £545 for independent examiner's fees (2023: £525).
3 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year (2023: £nil). There were no reimbursements for travelling and office expenses.
4 Employees
There were no employees during the reporting period or prior period.
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NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
5 Fixed asset investments
| Fixed asset investments | |
|---|---|
| Listed Investments £ |
|
| At 31 December 2023 Disposals Realised gains during the period Unrealised gains during the period |
8,226,715 (341,000) 19,858 563,251 |
| Market value at 31 December 2024 | 8,468,824 |
| Historical cost: At 31 December 2023 Disposals |
7,224,476 (282,017) |
| Historical cost at 31 December 2024 | 6,942,459 |
| Unrealised gains at 31 December 2024 | 1,526,365 |
| Investment disposals Disposals at historical cost Unrealised gains at 31 December 2024 Disposals at opening book value Realised gains in year |
282,017 39,125 |
| 321,142 19,858 |
|
| Disposals during year | 341,000 |
Listed investments are represented by 4,777,359 units in Newton Growth & Income Fund for Charities at a book value of £6,942,458 (2023: £7,224,476). The cumulative unrealised gains on these investments are £1,526,365 (2023: £1,002,239).
6 Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals | 545 | 525 |
| Total Creditors | 545 | 525 |
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NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
7 Movement in funds
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Balance at Incoming Resources Transfers Realised Unrealised Balance at
31 December resources expended gains gains 31 December
2023 in year in year 2024
£ £ £ £ £ £
Endowment 8,226,715 - - (341,000) 19,858 563,251 8,468,824
General 2,140 185,591 (526,319) 341,000 - - 2,412
Total Funds 8,228,855 185,591 (526,319) - 19,858 563,251 8,471,236
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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.
8 Analysis of net assets between funds
| Fund balances at 31 December 2024 are represented by: Investments Current assets Creditors: amounts falling due within one year Unrealised gains included above: On investments Reconciliation of movements in unrealised gains/losses Unrealised gains at 31 December 2023 In respect of disposals in year Gains on revaluations in year Unrealised gains at 31 December 2024 |
General Fund £ - 2,957 (545) 2,412 - - - - - - |
Endowment Total Fund £ £ 8,468,824 8,468,824 - 2,957 - (545) 8,468,824 8,471,236 1,526,365 1,526,365 1,526,365 1,526,365 1,002,239 1,002,239 (39,125) (39,125) 563,251 563,251 1,526,365 1,526,365 |
|---|---|---|
9 Related parties
Until February 2025 Mr E J Harris was an employee of the charity Lifewords which benefits from the CIO’s grant funding. Mr Harris absented himself from the decision-making process when grants to the connected charity were discussed. During the year Lifewords received grants from the CIO of £320,000 (2023: £350,000).
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