**Charity number: 208394**
**This draft produced on 30/8/2023 21:28**
**The Lord Austin Trust** Trustees' Report and Financial Statements For the Year Ended 31 March 2023
**This draft produced on 30/8/2023 21:28**
**The Lord Austin Trust**
## **Contents**
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Page
Reference and Administrative Details of the Trust, its Trustees and Advisers 1
Trustees' Report 2 - 4
Trustees' Responsibilities Statement 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 16
DRAFT
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## **The Lord Austin Trust**
## **Reference and Administrative Details of the Trust, its Trustees and Advisers For the Year Ended 31 March 2023**
|**Trustees**|A N Andrews|
|---|---|
||R S Kettel|
||K M Dudley|
||R J Hunt|
||S E Wood (appointed 17 November 2022)|
|DRAFT
**Charity registered**
**number**
208394
**Principal office**
Shakespeare Martineau
No 1 Colmore Square
Birmingham
B4 6AA
**Principal operating**
**office**
The Estate Office
Wharf Cottage
Broombank
Tenbury Wells
Worcestershire
WR15 8NY
**Accountants**
Dains Audit Limited
15 Colmore Row
Birmingham
B3 2BH
**Bankers**
HSBC Bank PLC
PO Box 68
130 New Street
Birmingham
B2 4JU
**Solicitors**
Shakespeare Martineau
No 1 Colmore Square
Birmingham
B4 6AA
**Investment Advisers**
Rathbone Investment Management Limited
1 Curzon Street
London
W1J 5FB||
Page 1
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**The Lord Austin Trust**
## **Trustees' Report For the Year Ended 31 March 2023**
The Trustees present their annual report together with the financial statements of the Trust for the year 1 April 2022 to 31 March 2023.
## **Objectives and activities**
## **a. Policies and objectives**
The Charity provides financial assistance for strictly charitable purposes with the desire that preference should be given to:
## a) Hospitals and Clinics.
b) Institutions whose objects are:
- Medical and/or surgical research and similar and/or allied objects.
- The care, maintenance, education and upbringing of poor children. In particular the testator desired that the Trustees should consider Barnardo’s and similar institutions
- The care of destitute old people.
- Projects that the Trustees consider would benefit the local community.
- The Charity has the general aim of contributing to the quality of life of people.
There have been no changes in the objectives and aims since the last annual report.
The Trustees ensure that the Charity’s investment portfolio generates income to provide funds for them to make grants to a wide range of causes to fulfil its objectives.
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. Grant-making policies**
The Trustees normally meet biannually to consider which grants they will award, in line with the preferences listed above, and to review any feedback they have received.
## **Achievements and performance**
## **a. Review of activities**
The Trust's financial statements are set out on pages 7 to 17.
The testator gave the Trustees absolute discretion in the appointment of the income and capital available amongst such institutions as they may determine from time to time.
The Charity received investment income during the year of £137,646 (2022 - £115,126). The Trustees made donations amounting to £118,700 (2022 - £93,525) to a wide range of causes. The net increase in resources for the year amounted to £3,084 (2022 - £5,207) before taking into account net losses on investments for the year of £336,886 (2022 - net gains of £172,193). Total funds have decreased from £4,377,875 to £4,044,073 (2022 - increased from £4,200,475 to £4,377,875).
The value of the Trust's investments stand at £3,930,202 at the year end (2022 - £4,267,088).
The Trustees are of the opinion that the balance sheet discloses funds adequate for the purpose of fulfilling the obligations of the Trust.
Page 2
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**The Lord Austin Trust**
## **Trustees' Report (continued) For the Year Ended 31 March 2023**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust 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**
The free reserves of the Charity as at 31 March 2023 were £4,044,073 (2022: £4,377,875) as represented by unrestricted funds. The Charity will aim to hold at least £80,000 as cash received at the end of each year. These reserves are held to ensure that the Charity can continue its grant making activities in the future.
## **c. Investment policy**
The Charity’s investments are managed by Rathbone Investment Management Limited. The investment manager provides quarterly reports and meets with the Trustees twice a year to review the Charity's investments. The investment objectives are to seek to produce optimum total return in order to maintain the capital value of the portfolio in line with inflation and produce an annual income of at least £110,000. The Trustees wish to adopt a medium risk investment strategy, which should be achieved through a diversified portfolio of marketable investments.
The Trust Deed does not impose any specific restrictions on the way the Charity can operate. It is the policy of the Trustees that assets are invested in the widest range of investments as permitted by the Trustee Act 2000.
## **Structure, governance and management**
## **a. Constitution**
The Lord Austin Trust is a registered charity, number 208394, and is governed and constituted by the Will and Codicil of the late Right Honourable Herbert Baron Austin of Longbridge KBE and varied in an order of the High Court of Justice (Chancery Division) dated 22 February 1962 and a scheme dated 6 March 2007 and is registered with the Charity Commission.
## **b. Methods of appointment or election of Trustees**
The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed.
The Trustees who served during the year were:
- S E Wood (appointed 17 November 2022)
- R S Kettel
- A N Andrews
- K M Dudley
- R J Hunt
Page 3
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**The Lord Austin Trust**
## **Trustees' Report (continued) For the Year Ended 31 March 2023**
## **Structure, governance and management (continued)**
## **c. Organisational structure and decision-making policies**
Overall responsibility for the Charity's activities is vested in the Trustees, who are appointed under the terms of the Trust Deed.
All matters of policy and management are determined by the Trustees who meet bi-annually and at such other times as circumstances require. The Chairman is authorised to sanction emergency grants which are reported to the Trustees at their next meeting.
## **d. Policies adopted for the induction and training of Trustees**
A new Trustee would receive a copy of the governing document, a copy of the previous year’s financial statements and a copy of the Charity Commission leaflet ‘The Essential Trustee: What You Need to Know’.
of the members of the
## **e. 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 are in place to mitigate our exposure to major risks. The major risk continues to be a long-term decline in asset values which reduces the amount available for charitable grants. This is mitigated by ensuring that sufficient headroom is maintained in asset values and grants committed.
## **Plans for future periods**
The Trustees, with the assistance of the investment manager, continue to monitor stock market performance to ensure that the Charity’s income and capital are maintained as well as possible. The Trustees intend to continue providing grants and donations for charitable purposes in accordance with the procedures and policies stated above.
Approved by order of the members of the board of Trustees on _________________________________________________ and signed on their behalf by:
## ___________________________
## **A N Andrews**
Trustee
Page 4
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**The Lord Austin Trust**
## **Statement of Trustees' responsibilities For the Year Ended 31 March 2023**
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 Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Trust 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 SORP (FRS 102);
- make judgements 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 Trust will continue in business.
of the members of the
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust 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 Charity Commission Scheme. They are also responsible for safeguarding the assets of the Trust 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 on _________________________________________________ and signed on its behalf by: ___________________________ **A N Andrews** Trustee
Page 5
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**The Lord Austin Trust**
## **Independent Examiner's Report For the Year Ended 31 March 2023**
## **Independent Examiner's Report to the Trustees of The Lord Austin Trust ('the Trust')**
I report to the charity Trustees on my examination of the accounts of the Trust for the year ended 31 March 2023.
## **Responsibilities and Basis of Report**
As the Trustees of the Trust 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 Trust'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**
Your attention is drawn to the fact that the Trust 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 Generally 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 Trust as required by section 130 of the 2011 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.
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.
Signed:
Dated:
## **Andrew Morris FCA**
## **Dains Audit Limited**
Birmingham
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## **The Lord Austin Trust**
## **Statement of financial activities For the Year Ended 31 March 2023**
|DRAFT
**Unrestricted**
**funds**
**2023**
**Note**
**£**
**Income from:**
Investments
3
**137,646**
**Total income**
**137,646**
**Expenditure on:**
Raising funds
4
**8,017**
Charitable activities
6
**126,545**
**Total expenditure**
**134,562**
**Net income before net (losses)/gains on**
**investments**
**3,084**
Net (losses)/gains on investments
**(336,886)**
**Net movement in funds**
**(333,802)**
**Reconciliation of funds:**
Total funds brought forward
**4,377,875**
Net movement in funds
**(333,802)**
**Total funds carried forward**
**4,044,073**
The Statement of Financial Activities includes all gains and losses recognised in
|**Total**
**funds**
**2023**
**£**
**137,646**
**137,646**
**8,017**
**126,545**
**134,562**
**3,084**
**(336,886)**
**(333,802)**
**4,377,875**
**(333,802)**
**4,044,073**
the year.|Total
funds
2022
£
115,126|
|---|---|---|
|||115,126|
|||8,541
101,378|
|||109,919|
|||5,207
172,193|
|||177,400|
|||4,200,475
177,400|
|||4,377,875|
||||
The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 16 form part of these financial statements.
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**The Lord Austin Trust Registered number:**
## **Balance Sheet As at 31 March 2023**
**----- Start of picture text -----**
2023 2022
Note £ £
Fixed assets
Investments 10 3,930,202 4,267,088
Current assets
Debtors 11 33,049 27,258
Cash at bank and in hand 86,272 88,689
119,321 115,947
Creditors: amounts falling due within one
year 12 (5,450) (5,160)
Net current assets 113,871 110,787
Total net assets 4,044,073 4,377,875
Charity funds
Unrestricted funds 13 4,044,073 4,377,875
Total funds 4,044,073 4,377,875
The financial statements were approved and authorised for issue by the Trustees on
_________________________________________________ and signed on their behalf by:
___________________________
A N Andrews DRAFT
**----- End of picture text -----**
Trustee
The notes on pages 9 to 16 form part of these financial statements.
Page 8
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**The Lord Austin Trust**
**Notes to the Financial Statements For the Year Ended 31 March 2023**
## **1. General information**
The Lord Austin Trust is a charitable Trust registered with the Charity Commission for England and Wales. The address of the principal office is given in the reference and administration section. The nature of the charitable Trust's activities are detailed in the Trustees' report
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (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
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Lord Austin 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 have considered the going concern concept and any associated material uncertainties, the basis of any significant judgements and the matters to consider when confirming the preparation of the financial statements on a going concern basis and the Trustees are comfortable that there are not any adjustments required. The Trustees expect the Charity to continue in operation for at least 12 months from the date of signing the financial statements.
## **2.3 Income**
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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**The Lord Austin Trust**
**Notes to the Financial Statements For the Year Ended 31 March 2023**
## **2. Accounting policies (continued)**
## **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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Governance costs are those incurred in connection with administration of the Trust and compliance with constitutional and statutory requirements. Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Charity has agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the Charity.
All expenditure is inclusive of irrecoverable VAT.
## **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 ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
## **2.6 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.7 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.
Support costs are those costs incurred directly in support of expenditure on the objects of the Trust and include project management carried out at Headquarters.
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**The Lord Austin Trust**
## **Notes to the Financial Statements For the Year Ended 31 March 2023**
## **2. Accounting policies (continued)**
## **2.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **2.9 Financial instruments**
The Trust 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.
## **2.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Investment income**
|DR
furtherance of the general objectives of the Trust and
purposes.
Investment income, gains and losses are allocated to the
**Investment income**|which have n
appropriate fu|ot been design
nd.|ated for othe|
|---|---|---|---|
|Dividends
Total 2022|**Unrestricted**
**funds**
**2023**
**£**
137,646
115,126|**Total**
**funds**
**2023**
**£**
**137,646**
115,126|Total
funds
2022
£
115,126|
|||||
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**The Lord Austin Trust**
## **Notes to the Financial Statements For the Year Ended 31 March 2023**
## **4. Raising funds**
|DRAFT
**Unrestricted**
**funds**
**2023**
**Total**
**funds**
**2023**
**£**
**£**
Investment management fees
8,017
**8,017**
Total 2022
8,541
8,541
**5.**
**Analysis of grants**
**Grants to**
**Institutions**
**2023**
**Total**
**funds**
**2023**
**£**
**£**
Grants
118,700
**118,700**
Total 2022
93,525
93,525
The Trust has made the following material grants to institutions during the year:
**2023**
**£**
**Name of institution**
CBSO
**6,500**
Acorns Children's Hospice
**7,000**
St Mary's Hospice (The Hospice Charity Partnership)
**6,000**
Other donations below £5,000
**99,200**
**118,700**|Total
funds
2022
£
8,541|
|---|---|
||Total
funds
2022
£
93,525|
||2022
£
6,500
6,000
6,000
75,025|
|||
||93,525|
The total number of charitable donations paid to institutions within the above categories was 63 (2022: 47)
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**The Lord Austin Trust**
## **Notes to the Financial Statements For the Year Ended 31 March 2023**
## **6. Analysis of expenditure on charitable activities Summary by fund type**
|DR
Support costs
Grants
Total 2022
**7.**
**Analysis of expenditure by activities**
Administrative costs
Grants|AFT
**Grant**
**funding of**
**activities**
**2023**
**£**
-
118,700
118,700|**Unrestricted**
**funds**
**2023**
**£**
7,845
118,700
126,545
101,378
**Support**
**costs**
**2023**
**£**
7,845
-
7,845|**Total**
**2023**
**£**
**7,845**
**118,700**
**126,545**
101,378
**Total**
**funds**
**2023**
**£**
**7,845**
**118,700**
**126,545**|Total
2022
£
7,853
93,525|
|---|---|---|---|---|
|||||101,378|
|||||Total
funds
2022
£
7,853
93,525|
|||||101,378|
|**Analysis of support costs**
Independent examiner's fees
Charity management fees
Bank charges|**Support**
**costs**
**2023**
**£**
4,015
3,830
-
7,845|**Total**
**funds**
**2023**
**£**
**4,015**
**3,830**
**-**
**7,845**|Total
funds
2022
£
3,648
4,175
30|
|---|---|---|---|
||||7,853|
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**The Lord Austin Trust**
## **Notes to the Financial Statements For the Year Ended 31 March 2023**
## **8. Staff costs**
The Trust has no employees other than the Trustees, who did not receive any remuneration (2022 - £NIL).
## **9. Trustees' remuneration and expenses**
**----- Start of picture text -----**
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).
10. Fixed asset investments
Listed
investments
£
Cost or valuation
At 1 April 2022 4,267,088
Fair value movements (336,886)
At 31 March 2023 3,930,202
Net book value
At 31 March 2023 3,930,202
At 31 March 2022 4,267,088
DRAFT
**----- End of picture text -----**
The total listed investments of £3,930,202 are made up of the following:
- Global investment - Rathbone unit trust management fund £3,791,361 (2022 - £4,096,924)
- Property funds - Mayfair capital investment management fund £138,841 (2022 - £170,164)
The historical cost of the above investments is £3,020,800 (2022 - £3,020,800).
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**The Lord Austin Trust**
## **Notes to the Financial Statements For the Year Ended 31 March 2023**
## **11. Debtors**
|DRAFT
**Due within one year**
Prepayments and accrued income
**12.**
**Creditors: Amounts falling due within one year**
Accruals and deferred income
**13.**
**Statement of funds**
**Statement of funds - current year**
**Balance at 1**
**April 2022**
**£**
**Income**
**£**
**Unrestricted funds**
Unrestricted funds
**4,377,875**
**137,646**
**Statement of funds - prior year**
Balance at
1 April 2021
£
Income
£
**Unrestricted funds**
Unrestricted funds
4,200,475
115,126|**Expenditure**
**£**
**(134,562)**
Expenditure
£
(109,919)|**2023**
**£**
**33,049**
**33,049**
**2023**
**£**
**5,450**
**Gains/**
**(Losses)**
**£**
**(336,886)**
Gains/
(Losses)
£
172,193|2022
£
27,258|
|---|---|---|---|
|||||
||||27,258|
||||2022
£
5,160|
||||**Balance at**
**31 March**
**2023**
**£**
**4,044,073**|
||||Balance at
31 March
2022
£
4,377,875|
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**The Lord Austin Trust**
## **Notes to the Financial Statements For the Year Ended 31 March 2023**
## **14. Analysis of net assets between funds Analysis of net assets between funds - current year**
|DRAFT
Fixed asset investments
Current assets
Creditors due within one year
**Total**
**Analysis of net assets between funds - prior year**
Fixed asset investments
Current assets
Creditors due within one year
**Total**
**Related party transactions**|**Unrestricted**
**funds**
**2023**
**£**
3,930,202
119,321
(5,450)
4,044,073
Unrestricted
funds
2022
£
4,267,088
115,947
(5,160)
4,377,875|**Total**
**funds**
**2023**
**£**
**3,930,202**
**119,321**
**(5,450)**|
|---|---|---|
|||**4,044,073**
Total
funds
2022
£
4,267,088
115,947
(5,160)|
|||4,377,875|
## **15. Related party transactions**
The Trust made a grant of £2,500 (2022: £Nil) to the Foundation for Conductive Education, a Charity which K M Dudley is also a Trustee of.
There are no outstanding balances owing between related parties and the Trust at 31 March 2023.
Page 16