Roslin Hall Endowment House Torquay Trustees’ Report and Financial Statements Year Ended 31 December 2022
Charity Registration Number 207040
Roslin Hall Endowment House Torquay
Financial Statements
Year Ended 31 December 2022
| Contents | Page |
|---|---|
| Reference and administrative details | 1 |
| Trustees’ Report | 2 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 |
Roslin Hall Endowment House Torquay
Reference and administrative details
Year Ended 31 December 2022
Charity Registration Number 207040
Trustees
Simon Brookman Peter Cliff Chairman Susan Mary Macleod Chairman of Grants Committee and Honorary Secretary
Registered Office
Sigma House Oak View Close Torquay TQ2 7FF
Bankers
Barclays Bank UK PLC Leicester LE87 2BB
Accountants
Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
Financial Advisers
Brewin Dolphin Ltd Vantage Point Woodwater Park Pynes Hill Exeter EX2 5FD
- 1 -
Roslin Hall Endowment House Torquay
Trustees Report
Year Ended 31 December 2022
Objectives and Activities
Roslin Hall Endowment House Torquay is a charity which uses its endowment funds to make payments in accordance with the objectives below.
The scheme of the charity allows payments to be made as follows:
-
i. To persons resident in the County of Devon who are British subjects and who are in conditions of need, hardship and distress.
-
ii. For the provision of items, services and facilities calculated to reduce the need, hardship and distress of such persons.
-
iii. To institutions or organisations which provide such items, services or facilities for such persons.
The Trustees have referred to the Charity Commission’s general guidance on public benefit in reviewing their aims and objectives and planning their future activities:
The Trust carried out its objects by:
-
i. Arranging for all grant applications to be considered by a Welfare Committee.
-
ii. Ensuring that the members of the Welfare Committee have a range of relevant backgrounds with qualifications and experience as care workers, social workers and allied professions.
-
iii. Ensuring that the Welfare Committee meets on a regular (normally monthly) basis so that all applications are considered within a reasonable timescale of receipt.
-
iv. Ensuring that the Trustees receive a report on grants approved following each Welfare Committee meeting.
-
v. Reviewing annually all grants awarded in order to ensure that they comply with the Trust’s objectives.
-
vi. Requiring applications for grants from individuals to be supported by an independent professional.
-
vii. Arranging for grants to be paid out into the hands of professional supporters or on production of receipted invoices only.
-
viii. Recording details of all applications received so as to show not only applications approved but also applications refused.
Achievement, Performance and Financial Review
During the year the charity generated investment income of £29,255 (£29,259 in the preceding year).
Grants of £1,000 were paid to organisations, whilst welfare contributions totalled £35,546 (comparable figures for the preceding year were £2,000 and £38,362 respectively). Total investments at the end of the year were £1,094,071 (£1,368,693 for the preceding year).
The trustees will maintain a reserve approximately equal to one year’s income. It is accepted, however, that this figure will vary through the course of the year and from year to year. This is due to the fact that income and applications for grants will vary from month to month and year to year.
Structure, Governance and Management
The charity is governed by a Declaration of Trust dated 20[th] November 1937 (“the Trust Deed”) as amended by a Scheme of the Charity Commission dated 2[nd] July 1984 (“the Scheme”).
The trustees have adopted the provisions of Charities SORP (FRS102) in preparing the Annual Report and financial statements of the Charity, and these are in accordance with the governing document.
Roslin Hall Endowment House Torquay is administered by the Trustees and a Council of Members, assisted by an Honorary Secretary.
- 2 -
Roslin Hall Endowment House Torquay
Trustees Report
Year Ended 31 December 2022
Trustees will be appointed in accordance with the provisions of the Trust Deed and having regard in particular to:
-
i. The need to maintain a balance of experience and skills (e.g. legal, financial, charitable, welfare work).
-
ii. Involvement in and knowledge of the local community.
-
iii. A commitment to ensuring the long term success of the Trust.
Trustees’ Responsibilities in relation to the Financial Statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and applications of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:-
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the applicable Charities SORP;
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 30 March 2023
Signed on their behalf by:
S M Macleod Trustee and Honorary Secretary
P B M Cliff Trustee
- 3 -
Roslin Hall Endowment House Torquay
Independent Examiners’ Report to the Trustees
Year Ended 31 December 2022
I report to the trustees on my examination of the accounts of Roslin Hall Endowment House Torquay for the year ended 31 December 2022, which are set out on pages 5 to 9.
Responsibilities and basis of 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 Trustee’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commissioner 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 Trust 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 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.
MARTIN HOBBS BSc ACA Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
28 April 2023
- 4 -
Roslin Hall Endowment House Torquay
Statement of Financial Activities
Year Ended 31 December 2022
| Unrestricted | Unrestricted | ||||||
|---|---|---|---|---|---|---|---|
| Endowment | Income | Endowment | Income | ||||
| Fund | Fund | Total | Fund | Fund | Total | ||
| Note | 2022 |
2022 | 2022 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | ||
| Income from: | |||||||
| Donations and legacies | - | 4,000 | 4,000 | - | 4,000 | 4,000 | |
| Investments | - | 29,255 | 29,255 | - | 29,255 | 29,255 | |
| Other | - | - | - | - | 4 | 4 | |
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ||
| Total | - | 33,255 | 33,255 | - | 33,259 | 33,259 | |
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ||
| Expenditure on: | |||||||
| Charitable Activities | |||||||
| Grants | 2 | - | 1,000 | 1,000 | - | 2,000 | 2,000 |
| Welfare contributions to individuals | - | 35,546 | 35,546 | - | 38,362 | 38,362 | |
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ||
| - | 36,546 | 36,546 | - | 40,362 | 40,362 | ||
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ||
| Other | |||||||
| Administrative expenses | - | 97 | 97 | - | 213 | 213 | |
| Professional fees | 3 | 8,971 | 1,590 | 10,561 | 9,102 | 1,500 | 10,602 |
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ||
| 8,971 | 1,687 | 10,658 | 9,102 | 1,713 | 10,815 | ||
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ||
| Total expenditure | 8,971 | 38,233 | 47,204 | 9,102 | 42,075 | 51,177 | |
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ||
| Net (expenditure) / income | (8,971) | (4,978) |
(13,949) | (9,102) | (8,816) | (17,918) | |
| (Losses)/Gains on investments | 7 | (219,855) | - |
(219,855) | 158,347 | - | 158,347 |
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ||
| Net (expenditure)/income | (228,826) | (4,978) |
(233,804) | 149,245 | (8,816) | 140,429 | |
| Transfer between funds | 4 | (54,767) | 54,767 |
- | (24,878) | 24,878 | - |
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ||
| Net movement in funds | (283,593) | 49,789 |
(233,804) | 124,367 | 16,062 | 140,429 | |
| Total Funds Brought Forward | 1,331,908 | 110,669 | 1,442,577 | 1,207,541 | 94,607 | 1,302,148 | |
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ||
| Total Funds Carried Forward | 1,048,315 | 160,458 | 1,208,773 | 1,331,908 | 110,669 | 1,442,577 | |
| ––––—— | ––––—— | ––––—— | ––––—— | ––––—— | ––––—— |
The notes on page 7 to 9 form part of these financial statements.
- 5 -
Roslin Hall Endowment House Torquay
Balance Sheet
31 December 2022
| 31 December 2022 | |||||
|---|---|---|---|---|---|
| Note | 2022 | 2021 | |||
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments | 6 | 1,094,071 | 1,368,693 | ||
| Current assets | |||||
| Cash held by Stockbrokers | 86,522 | 40,443 | |||
| Bank Accounts | 31,880 | 37,991 | |||
| ––––—— | ––––—— | ||||
| Total current assets | 118,402 | 78,434 | |||
| Creditors: Amounts due within one | |||||
| year | 8 | (3,700) | (4,550) | ||
| ––––—— | ––––—— | ||||
| Net current assets | 114,702 | 73,884 | |||
| ––––—— | ––––—— | ||||
| Total assets less current liabilities | 1,208,773 | 1,442,577 | |||
| ══════ | ══════ | ||||
| Funds | |||||
| Endowment Fund | 1,048,315 | 1,331,908 | |||
| Unrestricted Income Fund | 160,458 | 110,669 | |||
| ––––—— | ––––—— | ||||
| Total funds | 1,208,773 | 1,442,577 | |||
| ══════ | ══════ |
These financial statements were approved by the Trustees on 30 March 2023 and signed on their behalf by:
S M Macleod Trustee and Honorary Secretary
P B M Cliff Trustee
Charity Registration Number: 207040
The notes on page 7 to 9 form part of these financial statements.
- 6 -
Roslin Hall Endowment House Torquay
Notes to the Accounts
Year Ended 31 December 2022
1. Accounting Policies
The principal accounting policies adopted in the preparation of the Financial Statements are as follows:
a) Basis of accounting
The financial statements have been prepared 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 (FRS102) (effective 1 January 2019) – (Charities SORP (FRS102)), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The charity meets the definition of a public benefit entity under FRS102.
The financial statements have been prepared on the going concern basis and under the historical cost convention.
b) Fund Accounting
Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of the charitable objectives.
The Expendable Endowment Fund represents amounts received specifically for, and expended on, investments, including investment management fees. The fund is used to generate income for use by the charity.
c) Investments
The charity’s investments are shown at market value. This value is derived from valuations provided by the charity’s stockbrokers, Brewin Dolphin Ltd.
Where investments are bought and sold, any profit or loss on sale disposals is retained within the Endowment Fund of the charity net of any relevant professional fees.
d) Income Recognition
All income is recognised once the charity has entitlement to the income, it is probable the income will be received and the amount can be measured reliably.
e) Expenditure Recognition
Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure. All expenditure is accounted for on the accruals basis and includes any irrecoverable VAT.
- 7 -
Roslin Hall Endowment House Torquay
Notes and Accounting Policies
Year Ended 31 December 2022
2. Expenditure on Grants
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Rowcroft Hospice | - | 1,000 |
| Wallace & Gromits Children’s foundation | 1,000 | - |
| Lifeworks | - | 1,000 |
| -------------------------------- | -------------------------------- | |
| 1,000 | 2,000 | |
| ================================ | ================================ |
All of the above grants were to organisations that deal with the welfare of people in financial need, which is in accordance with the charity’s objects.
3. Other expenditure: Professional fees
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accountants’ fees | 1,590 | 1,500 |
| Stockbrokers’ fees | 8,971 | 9,102 |
| -------------------------------- | -------------------------------- | |
| 10,561 | 10,602 | |
| ================================ | ================================ |
4. Transfer between funds
This represents the difference between the acquisition cost and disposal value of investments.
5. Trustees’ remuneration and expenses
No remuneration was paid to the trustees in the current or previous year. A total of £60 (2021: £39) was paid to one trustee for expenses incurred during the year for postage and stationery.
6. Valuation of investment assets
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| At 1 January 2022 | 1,368,693 | 1,235,224 |
| Additions | 80,189 | 207,942 |
| Disposals | (134,956) | (232,820) |
| (Loss)/Gain on investments | (219,855) | 158,347 |
| -------------------------------- | -------------------------------- | |
| As at 31 December 2022 | 1,094,071 | 1,368,693 |
| ================================ | ================================ |
The cost of investment assets at 31 December 2022 was £997,194 (2021: £1,014,630).
7. Gains on investments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Realised gains | 37,331 | 35,105 |
| Unrealised gains | (257,186) | 123,242 |
| -------------------------------- | -------------------------------- | |
| (219,855) | 158,347 | |
| ================================ | ================================ |
- 8 -
Roslin Hall Endowment House Torquay
Notes and Accounting Policies
Year Ended 31 December 2022
8. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accrued expenses | 3,700 | 3,500 |
| Other creditors | - | 1,050 |
| -------------------------------- | -------------------------------- | |
| 3,700 | 4,550 | |
| ================================ | ================================ |
9. Analysis of net assets between funds
Funds balances at 31 December 2022 are represented by:
| Unrestricted | |||
|---|---|---|---|
| Income | Endowment | ||
| Fund | Fund | Total Funds | |
| £ | £ | £ | |
| Investments | 45,756 | 1,048,315 | 1,094,071 |
| Current assets | 118,402 | - | 118,402 |
| Creditors | (3,700) | - |
(3,700) |
| ---------------------------- | --------------------------------------------- | ------------------------------------------- | |
| 160,458 | 1,048,315 | 1,208,773 | |
| ============================ | ============================================== | =========================================== | |
| Funds balances at 31 December 2021 are represented by: | |||
| Unrestricted | |||
| Income | Endowment | ||
| Fund | Fund | Total Funds | |
| £ | £ | £ | |
| Investments | 36,785 | 1,331,908 | 1,368,693 |
| Current assets | 78,434 | - | 78,434 |
| Creditors | (4,550) | - |
(4,550) |
| ---------------------------- | --------------------------------------------- | ------------------------------------------- | |
| 110,669 | 1,331,908 | 1,442,577 | |
| ============================ | ============================================== | =========================================== |
Funds balances at 31 December 2021 are represented by:
10. Related Party Transactions
There were no related party transactions (2021: None).
- 9 -