Charity Registration No. 210199
CHRIMES CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
CHRIMES CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs A Williams Mrs H Prosser C S Williams B Kirkham
Charity number 210199 Principal address c/o Mrs A Williams Northfield Upper Raby Road Neston Merseyside CH64 7TZ Independent examiner McLintocks (NW) Limited 46 Hamilton Square Birkenhead Wirral Merseyside CH41 5AR
CHRIMES CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
CHRIMES CHARITABLE TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021
The trustees present their report and financial statements for the year ended 5 April 2021.
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 trust's [governing document], 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)".
Objectives and activities
The Trust was created by deed on 20 March 1955 by the late Sir W.B. Chrimes by whom a capital sum of £30,000 was settled at that time. Further sums totalling £30,000 were contributed in equal shares by the late Mr H.B. Chrimes and Dr H.E. Davies in 1955 and 1967. The income of the t rust, and capital if thought fit, may be applied to general charitable purposes at the discretion of the Trustees.
The Trustees have reviewed whether the Trust is exposed to any major risks and believe that no action is
necessary in connection therewith.
The Trustees confirm that they have given due consideration to the Charity Commission's guidance on public benefit when pursuing the Trust's objectives.
Significant activities
The Trustees have continued the policy laid down by the original Settlor, namely to distribute all the income of the Trust in the relief of poverty and distress and in the provision of funds towards projects for community welfare and the improvement of health and education. Contributions to the arts are not material.
Public benefit
The trustees are convinced that this report and the accounts clearly demonstrate that the Charity continues to meet the requirements of the Charity Acts as regards public benefit.
Achievements and performance
Financial review
The financial position is set out in the Financial Statements for the year ended 5 April 20 21 . These show a small surplus for the year of £137 (20 20 surplus £21) there were gains o n investments of £ 228,617 (20 20 losses £244,516 ) ma king a total surplus for the year of £ 228,754 (20 20 deficit £244,495 ). This amount was added to t he surplus funds brought forward of £890,373 leaving funds of £ 1,119,127 to be carried forward.
At 5 April 2 021 the Society's unrestricted funds included UK portfolio investments with a market value of
£ 1,109,120 and cash deposits of £ 11,507.
The impact of the Covid-19 pandemic has seen a decline in the investment income although the value of the portfolio has increased. The trustees' do not anticipate that this will adversely effect the charity's ability to continue as a going concern or fulfil its charitable objectives.
Reserves policy
The charity intends expend all of its income on an annual basis, but has no commitments to award grants for future years. In practise a small balance is retained in the bank account of up to £5,000 to deal with any emergencies.
Proceeds from the disposal of investments are reinvested and not used to supplement income.
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CHRIMES CHARITABLE TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Investment policy and objectives
The Trustees have wide investment powers under the Trustee Act 2000 and seek to achieve a balance between income and the maintenance of capital. James Sharp & Co act as the Trust's investment advisers and the investments are held by their nominee company on behalf of the Trustees.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated char ity.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs A Williams
Mrs H Prosser
C S Williams
B Kirkham
The trustees r eport was approved by the Board of Trustees.
Mrs A Williams
Trustee Dated: 1 September 2021
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CHRIMES CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHRIMES CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of Chrimes Charitable Trust (the trust) for the year ended 5 April 2021.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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:
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1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
McLintocks (NW) Limited
46 Hamilton Square Birkenhead Wirral Merseyside CH41 5AR
Dated: 1 September 2021
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CHRIMES CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ |
£ | |
| Income from: | |||
| Investments | 2 | 39,280 | 44,652 |
| Expenditure on: | |||
| Raising funds | 780 | 493 | |
| Charitable activities | 3 | 38,363 | 44,138 |
| Total resources expended | 39,143 | 44,631 | |
| Net gains/(losses) on investments | 8 | 228,617 | (244,516) |
| Net movement in funds | 228,754 | (244,495) | |
| Fund balances at 6 April 2020 | 890,373 | 1,134,868 | |
| Fund balances at 5 April 2021 | 1,119,127 | 890,373 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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CHRIMES CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2021
| Notes Fixed assets Investments 9 Current assets Investments 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2021 £ £ 1,109,120 3,313 8,194 11,507 (1,500) 10,007 1,119,127 1,119,127 1,119,127 |
2020 £ £ 881,224 4,277 6,372 10,649 (1,500) 9,149 890,373 890,373 890,373 |
|---|---|---|
The financial statements were approved by the Trustees on 1 September 2021
Mrs A Williams Trustee
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CHRIMES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's [governing document], 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 trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the trust. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
There are no restricted funds. Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
1.4 Incoming resources
Investment are included in the Financial Statements at their market value on the Balance Sheet date. Gains and losses arising on the disposal and revaluation of investments are calculated by reference to their book value, and credited or charged to the Statement of Financial Activities.
1.5 Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or contractual obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
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CHRIMES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
2 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Income from listed investments | 39,280 | 44,652 |
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CHRIMES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
3 Charitable activities
| Grant funding of activities (see note 4) Share of support costs (see note 5) Share of governance costs (see note 5) Grants payable Grants to institutions: Community Welfare Health |
2021 £ 36,782 81 1,500 38,363 2021 £ 28,232 8,550 36,782 |
2020 £ 42,577 61 1,500 44,138 2020 £ 32,467 10,110 42,577 |
|---|---|---|
4 Grants payable
5 Support costs
| Support costs Governance costs £ £ Postage & stationery 68 - Bank charges 13 - Accountancy - 1,500 81 1,500 Analysed between Charitable activities 81 1,500 |
2021 Support costs Governance costs £ £ £ 68 61 - 13 - - 1,500 - 1,500 1,581 61 1,500 1,581 61 1,500 |
2020 £ 61 - 1,500 1,561 1,561 |
|---|---|---|
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CHRIMES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
7 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |||
|---|---|---|---|---|
| Number | Number | |||
| Total | - | - | ||
| 8 | Net gains/(losses) on investments | |||
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Revaluation of investments | 228,617 | (243,015) | ||
| Realised gain/(loss) on fixed asset investments | - | (1,501) | ||
| 228,617 | (244,516) | |||
| 9 | Fixed asset investments | |||
| Listed | Cash in | Total | ||
| investments | portfolio | |||
| £ | £ | |||
| Cost or valuation | ||||
| At 6 April 2020 | 880,504 | 720 | 881,224 | |
| Valuation changes | 228,616 | - | 228,616 | |
| Disposals | - | (720) | (720) | |
| At 5 April 2021 | 1,109,120 | - | 1,109,120 | |
| Carrying amount | ||||
| At 05 April 2021 | 1,109,120 | - | 1,109,120 | |
| At 05 April 2020 | 880,504 | 720 | 881,224 |
The historical cost of the investments held at 5 April 2021 was £651,019 (2020 £651,738).
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CHRIMES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
| 10 | Current asset investments | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Brokers income account | 3,313 | 4,277 | |
| 11 | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 1,500 | 1,500 | |
| 12 | Analysis of net assets between funds | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Fund balances at 5 April 2021 are represented by: | |||
| Investments | 1,109,120 | 881,224 | |
| Current assets/(liabilities) | 10,007 | 9,149 | |
| 1,119,127 | 890,373 |
13 Related party transactions
There were no disclosable related party transactions during the year (2020 - none).
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