Charity Registered Number 207294
TheJ C Robinson Trust No. 3
Unaudited Financial Statements
for the year ended 5 April 2021
The J C Robinson Trust No. 3 Charity Registered Number 207294 for the year ended 5 April 2021
index to the Financial Statements
| Page | |
|---|---|
| Trustees’ Report | 1-2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance sheet | 5 |
| Notestotheaccounts | 6-8 |
TheJ C Robinson Trust No. 3
Charlty Registered Number 207294 Trustees’ Report for the year ended 5 April 2021
The trustees herewith present their annual report for the year ended 5 April 2021.
The financial statements, which show a true and fair view of the financial activities of the charity for the year, have been prepared on an accruals basis and have been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities.
The trustees of the charity during the year were:
Miss C M Howe
Mr RS Burns-Cox Mr O Burns
Mr EM Macgregor Burns
The trustees are responsible for the general control and management of the charity.
All new trustees are appointed at committee meetings.
The J C Robinson Trust No 3 was established by a trust deed dated 27 January 1931 and is a registered charity, No. 207294.
The principal address of the charity is:
Barnett Wood Bungalow
Blackboys, Uckfield East Sussex, TN22 5JL
The following are the advisors of the charity:
Accountants: Swindells, Atlantic House 8 Bell Lane, Bellbrook Industrial Estate Uckfield East Sussex, TN22 1QL Bankers: Barclays Bank PLC High Street Lewes East Sussex, BN7 2JP
Brokers: Redmayne-Bentley LLP 9 Bond Court
Leeds, LS1 2JZ
Objectives, activities and public benefit
The charity's income is derived from the investments which were permanently endowed when the trust deed was originally created. The charity aims to assist individuals and organisations who promote the welfare of the elderly or disadvantaged and to encourage the training and community spirit of young people In England.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's alms and objectives.
Achievements
The main achievement of the charity this year, as in previous years, is the provision of donations in line with the charity's objectives. This is also the objective for future years.
The accounts comply with the statutory requirements, the Rules of the Association and the Statement of Recommended Practice.
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TheJ C Robinson Trust No. 3 Charity Registered Number 207294 Trustees' Report
for the year ended 5 April 2021
All charity donation requests are reviewed and considered by at least one trustee. The trustees consider that the most appropriate policy for investing funds is to invest in UK listed shares, investment trusts and unit trusts. Decisions regarding investments are made by the broker under discretionary power within the overall strategy agreed with trustees
The trustees have reviewed the activities of the trust over the past year and confirm they have been carried out according to the aims of the trust and entirely for the public benefit.
The restricted reserves are comprised of the flxed asset investments. The income from these investments is held in the unrestricted reserve and is distributed by way of donation to charity from that fund. The general reserve is for all other purposes.
The major risk to which the charity is exposed is the uncertainty of the stock market, which has an impact on income received by the charity and the market value of the assets held by the charity. To mitigate this risk the charity takes advice from a stockbroker and the portfolio, as a whole, is jointly managed with the stockbroker.
Overall the investment values had increased significantly as a result of the market confidence being regained following the effects Covid19 on the market at the year end last year, with market values up by 20.45% (2020: down 26.9%). Investment income has decreased by 22.99% (2020: increased by 1.08%). This is partly a result of reduced dividend payments throughout the market due to the Covid pandemic, but also due to the new investment strategy for the portfolio that was agreed at the end of last year. The new strategy placed move emphasis on capital growth and greater diversification of investments in comparison to the old strategy that was tailored towards dividend receipts.
The balance on the unrestricted genera! fund has increased from a surplus of £13,571.53 at 5 April 2020 to a surplus of £20,267.56 at 5 April 2021.
The trustees have established a reserves policy whereby the reserves of the trust are maintained to enable the trust to continue to meet its objectives now and in the future.
Statement of trustees’ responsibilities
Charity law requires the trustees to prepare financial statements for each financlal year which show a true and fair view of the state of affairs of the charity and its financial activities for that period. in preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
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- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The trustees are responsible for keeping proper accounting records which 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. 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 the trustees on AS TMZ... and signed on their behalf by: Miss C Howe - Trustee Page 2
Independent Examiner's Report
to the Trustees
of The J C Robinson Trust No. 3
Charity Registered Number 207294
| report to the charity trustees on my examination of the accounts of the Trust for the year ended 5 April 2021, which are set out on pages 4 to 8.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5){b) of the Act.
Independent examiner's statement
| have completed my examination. | 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 charity 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 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.
| 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.
Peter Gale FCA TEP Swindells LLP
.
Chartered Accountants Atlantic House 8 Bell Lane, Bellbrook Industrial Estate Uckfield East Sussex TN22 1QL
Dates WoW Moee.ck.s 2oertI
.
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The J C Robinson Trust No. 3 Charity Registered Number 207294
Statement of Financial Actlvities
for the year ended 5 April 2021
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|
|general|Endowed|Total|Total|
|fund|fund|funds|2021|2020|
|Notes|£|£|£|£|
|Incoming|resources|
|Investment|income|2|32,075.03|-|32,075.03|41,650.01|
|Total|incoming|resources|32,075.03|-|32,075.03|41,650.01|
|Resources|expended|
|Charitable|activities|
|Distributions|3|23,099,00|-|23,099.00|60,189.00|
|Costs|of generating|funds|
|Investment|management|costs|4|7,698.44|7,698.44|4,435.30|
|Governance|costs|4|2,280.00|-|2,280.00|2,275.00|
|Total|resources expended|25,379.00|7,698.44|33,077.44|66,899.30|
|Net|outgoing|resources for the year|6,696.03|(7,698.44)|(1,002.41)|(25,249.29)|
|OTHER|RECOGNISED GAINS AND|LOSSES|
|Gain/{loss)|on|disposal|of investment|assets|-|65,983.41|65,983.41|(|3,988.69)|
|Unrealised|gains/(losses)|on|revaluation|of investment|-|63,571.25|63,571.25|(203,130.09)|
|Net movement|in|funds|6,696.03|121,856.22|128,552.25|(232,368.07)|
|TOTAL|FUNDS|BROUGHT FORWARD|13,571.53|548,767.01|562,338.54|794,706.61|
|TRANSFER OF|FUNDS|-|-|
|TOTAL FUNDS|CARRIED FORWARD|10|20,267.56|670,623.23|690,890.79|562,338.54|
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Page 4
TheJ C Robinson Trust No. 3 Charity Registered Number 207294
BALANCE SHEET AS AT 5 APRIL 2021
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2021 2020
Notes £ £ £ £
Fixed assets
Investments 12 660,071.00 548,007.00
Current assets
Deposits at brokers 12,692.65 1,178.76
Cash at bank and in hand 22,589.82 15,833.79
Total current assets 35,282.47 17,012.55
Creditors
Amounts falling due within one year 8 4,462.68 2,681.01
Net current assets 30,819.79 14,331.54
Total assets less liabilities 690,890.79 562,338.54
Funds
Restricted funds:
Endowment fund 670,623.23 548,767.01
Unrestricted funds:
General fund 20,267.56 13,571.53
Total charity funds 690,890.79 562,338.54
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Approved by the trustees on ASS NRA... and signed on their behalf by:
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Miss C Howe --_
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The J C Robinson Trust No. 3 Charlty Registered Number 207294 Notes to the accounts
for the year ended 5 April 2021
1. Accounting policies
1.1 Basis of accounting
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitles preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements are presented in sterling which is the functional currency of the charity.
1.2 Income and expenditure
Income and expenditure is accounted for on-an accruals basis as far as it is prudent to do so. The Incoming resources from endowment funds are unrestricted. Expenditure is allocated to either charitable distribution or management and administration costs.
1.3 Gifts in kind
The charity receives the benefit of work carried out by the trustees. No monetary value is placed on the work carried out by the trustees. The charity employs no paid employees.
1.4 Taxation
As a registered charity, the trust is generally exempt from Income Tax and Capital Gains tax, but is not exempt from VAT. Irrecoverable VAT is included In income and In the cost of those expenses to which it relates, where applicable.
1.5 investments
The fixed asset investments are included in the accounts at market value at the balance sheet date as shown in note 12. Realised gains and losses on disposals are treated as per note 5. Income from the investments is accounted for on the accruals basis.
1.6 Resources expended
Charitable expenditure represents distributions made in the year. Governance costs include accountancy fees and all other costs are in relation to investment management.
1.7 Going concern
The trustees have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the trust to continue as a going concern. This assessment has been required in light of the significant uncertainty around the short to medium term impact of the spread of the Covid-19 virus.
At the time of approving the financial statements the trustees belleve that all appropriate measures have been or will be taken to ensure that the trust will be able to continue its operations for at least the next twelve months and thus concludes that the going concern basis remains appropriate.
2. Investment income
| Investment income | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Netincomefrom UK listed investments | 25,216.69 | 33,974.01 |
| Interest receivable: | ||
| Global fixed interest | 6,693.67 | 7,125.88 |
| Property income distribution | 164.67 | 550.12 |
| 32,075.03 | 41,650.01 | |
| ees | ea |
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TheJ C Robinson Trust No. 3 Charity Registered Number 207294 Notes to the accounts - continued for the year ended 5 April 2021
| 3. | Charitable distributions | 2021 | 2020 | |
|---|---|---|---|---|
| General | Total | Total | ||
| funds | funds | funds | ||
| £ | £ | £ | ||
| Distributions | 23,099.00 | 23,099.00 | 60,189.00 |
A total of 87 (2020: 178) charitable distributions totalling £23,099 (2020: £60,189) after four distributions from last year were cancelled due to them not being banked were made to institutions and individuals during the year for soclal welfare and for the welfare of people in financial need, the specific details of which have not been disclosed.
4, Governance and investment management costs
| 2021 | 2020 | |||
|---|---|---|---|---|
| General | Endowment | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| Governance costs | ||||
| Accountants’ remuneration | 2,220.00 | 2,220.00 | 2,220.00 | |
| Sundries | 60.00 | 60.00 | 55.00 | |
| Investment management costs | ||||
| Brokercharges | 7,698.44 | 7,698.44 | 4,435.30 | |
| 2,280.00 | 7,698.44 | 9,978.44 | 6,710.30 |
5. Gains or losses on disposal of investment assets
Any gains/{losses) on the disposal of investments are shown net of associated costs. Galns/(losses) are calculated on the difference between the market value as at 6 April 2020, or cost if acquired in the year, and the net sale proceeds.
6. Unrealised gains or losses on revaluation of investment assets
The unrealised gains or losses on the revaluation of investment assets represent the difference between the market value as at 5 April 2021 and the market value as at 6 April 2020 (or the acquisition costs if the investment was acquired In the year).
7. Fixed asset investments
The fixed asset investments are maintained as restricted funds which cannot be distributed, whereas the income is transferred to the unrestricted fund and used for charitable purposes. The investments are included in the accounts at market value at the balance sheet date as shown in note 12.
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TheJ C Robinson Trust No. 3
Charity Registered Number 207294
Notes to the accounts - continued
for the year ended 5 April 2021
8. Creditors
| Creditors | ||
|---|---|---|
| 2021 | 2020 | |
| Accruals | £ | £ |
| Broker charges | 2,132.68 | 411.01 |
| Postage | 110.00 | 50.00 |
| Accountants’ remuneration accrual | 2,220.00 | 2,220.00 |
| 4,462.68 | 2,681.01 |
9, Funds
The unrestricted fund may be used for the distribution of funds for charitable purposes. The restricted fund is comprised of the fixed asset investments, and any income arising therefrom ts transferred to the unrestricted fund.
10, Analysis of net assets between funds
| General | Endowment | Total | |
|---|---|---|---|
| funds | funds | funds | |
| £ | £ | £ | |
| Investments | - | 660,071.00 | 660,071.00 |
| Current assets | 22,597.56 | 12,684.91 | 35,282.47 |
| Current liabilities | (2,330.00) | (2,132.68) | (4,462.68) |
| 20,267.56 | 670,623.23 | 690,890.79 |
11. Trustees’ remuneration
Neither the trustees, nor any persons connected with them, have received any remuneration during the year. The charity has not met individual expenses Incurred by the trustees, except for £60 postage and stationary in 2021 (2020: £55) which was Incurred by Miss CM Howe. At the year end the charity owed Miss CM Howe £110 (2020: £50).
12. Fixed asset investments
| Fixed asset investments | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Market value as at6April 2020 | 548,007.00 | 750,491.00 |
| Additions | 258,135.75 | 101,641.94 |
| Disposal | (209,643.00) | (100,995.85) |
| Revaluation in the year | 63,571.25 | (203,130.09) |
| Marketvalue as at 5 April 2021 | 660,071.00 | §48,007.00 |
| UK listed investments are represented by; | ||
| Sterling Fixed interest | 50,077.00 | - |
| Global fixed interestfunds | 107,042.00 | 201,998.00 |
| UKequityshares | 264,971.00 | 346,009.00 |
| UKEquityFunds | 16,704.00 | - |
| Overseas Equities | 140,770.00 | - |
| Real Estate Investment Trusts | 19,628.00 | - |
| Infrastructure Funds | 60,879.00 | - |
| 660,071.00 | 548,007.00 |
13. Controlling party
The trustees have overall control of the trust.
.
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