THE DORIS BOUGHTON TRUST FUND (Registered Charity No. 210324) REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2021 MURPHY SALISBURY LIMITED 15 WARWICK ROAD STRATFORD UPON AVON WARMICKSHIRE CV37 6YW
THE DORIS BOUGHTON TRUST FUND REPORT AND ACCOUNTS CONTENTS PAGE Trustees and Advisers Trustees and Management Committee's Rewrt Independent Examiners, Rewrt Statemeni of Financial Aclivities Balancc Sh¢ct Notes to the Accounts
THE DORIS BOUGHfoN TRUST FUND TRUSTEES AND ADVISERS CUSTODIAN AND INVESTMENT ADVISOR Smith and Williamson Inv¢slment Management 3, Floor, 9 Colmore Row Binningham B3 2BJ TRUSTEES K Miles- Chairnian l L¢ach R Spark¢s B Smart KEY MANAGEMENT C Inglis- Administrator M Wilcox - Treasurer INDEPENDENT EXAMINERS Murphy SaIisbury Limited 15 Warwick Road Strntford upon Avon Warwickshire CV37 6YW BANKERS Barclays Bank plc I Churchill Place Lcicc5ler LE87 2BB ADDRESS: 19 Ettingion Close Well¢sboume Warwick CV35 9RJ
THE DORIS BOUG[0 TRUST FUND REGISTERED CHARITY NO. 210324 TRUSTEES. ANNUAL REPORT The Trustees present their report along with the financial statements of the Charity for the year ended 5 April 2021. The financial slatements have been ppared in accordance with the accounting policies set out on page 7 and comply with the Trust Deed, the Charities Act 2011 and Accounting and Reporting by Chariti¢s: Statement of Recommended Practice applicable to charilies preparing their accounls in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 (as amended by Update Bulletin I published on 2 February 2016). Struclure, Governance and Management The Fund was establish¢d by Trust D¢¢d on 26 September 1949 and is governed by the Trust Deed between Edward Bishop Boughton and Barclays Bank Trust Company Limited the Custodian TStee. On 6 September 2001, 8 January 2014 and on 20 April 2015, the Charity Commissioners approved a scheme to amend the original Trust Deed io Teflect the future structure of the T5( and discharge Barclays Bank Trust Company Limited from its trusteeship appointing the members of the existing Committee in their place. Objectives and Activities To rnaximise the income to the Fund to give financial assistance to employees and ex employees (including their d¢pendants) of Whitnash PLC (formerly Aulomotive Products PLC) together with the conlinuing businesses which were UK Subsidiaries of Aulomotive Products Group Lid at any time up 10 31 December 2006, who are, in the opinion of the Trustees, in need of such assistance. Th¢ Trusiees have given consideration to the Charity Commission's general guidance on public benefit when reviewing ils aims and objectives. A¢hiev¢ments and Performance GFants totalling £31,770 weTe made lo 66 beneficiaries during the year (2020 . £30,589 to 65 beneficiari¢s)- Financial Review The Statement of Financial Activities on page 5 shows net outgoing resources for th¢ year of £19,725 (2020 net outgoings £9,4)8). The change in the value of the Fund due to recognised gains on investments during the year was £474,529 (2020 recognised losses £205,915) making the total net movement in the year an incre&8e in the Fund's &8sets of £467,642 {2020'. decrease of £223,699). Investment Report and Performanee The Investment Advisors have continued to endeavour to generate su1Clent income from the investments to maintain curreni benefiis whi151 maintaining the real value of the investment fund io support the payment of thture benefits. The income for the year suffered from the reduction in the level dividends paid by COTnpanies due the impact on them from the Covid 19 Pandemic. The value of investments Ixnefitt¢d from the rebound in world-Nryde stock markcts in the lattcr part of the year.
THE DOIUS BOUGHTON TRUST FUIYD REGISTERED CHARITY NO. 210324 TRUSTEES, ANNUAL REPORT Reserves Policy It is the policy of the Charity to tnainlain unrestrtctcd fimds al a level which provides sufficient funds to cover management and administration and support Costs to respond to applications for grants. Unrestricted funds were maintained at this level throughoui the year. Responsibility of the Trustees in relation to the finaneial statements The Charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee(s) to prepare financial statements for each financial year which give a true and fair view of the charity's financial a¢tivitl¢s during the year and of its financial posilion at the end of the year. Ill prcparing financial slatcmcnts giving a true and fair view. the trnstees should follow best practice and.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Charities SORP. make judgements and estirnates thal are re&8onable and prudent; state whether applicable accounting standards have been followed. subject to any material departur¢s that m1 b¢ disclosed and explained in the financial stafrments; prepare the financial slatements on th¢ going concern basis unless it is inappropriat¢ to presume that the charity will continue in operatio The trnstees are responsible foT keeping 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 tNst deed. They are also responsible for safeguarding the assets of the chartty and taking reasonable steps for the prcvcntion and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by: Signed: K MILES Chainnan M WILCOX Treasurer Approved by the Trustees on". Datc:
INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES OF THE DOIUS BOUGHTON TRUST FUND I report to the charity trnstees on my examination of the accounts of the charity for the year ended 5 April 2021 which are set out on pages 5 lo 9. Responsibilities and basRs of report As the charity's trust¢cs you ar¢ rcsponsible for the Prepardtion of the accounts in accordance with the requirements of th¢ Charities Act 2011 ('the Act,). I report in r¢spect of my examination of the charity's accounts carri¢d out under section 145 of the Act and in Carrying out my examination I have followed all the applicable Dkrections given by the Charity Commission under section 145(5)(b) of th¢ Act. The charity's trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is Deeded. Independent examiners, statement I have completed my examination. I confirni that no material matters have come to my attention in connection with the examination giving me cause to believe Ihat in any material rcspcct: accounting rordS weTe not kept in respeci of the charity as required by section 130 of th¢ Act: or the accounts do not accoid with those records" or thc accounts do not comply with the applicable requirements concerning the forn] and ¢ontenl of accounts sct 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 tnatteT 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 drdwn in this report in order to enable a proper understanding of the accounts to be reached. Certificate Date........ .... Steve Walsh FCA Murphy Salisbury Limited 15 Warwick Road Stratford upon Avon Wanvickshire CV37 6YW
THE DORIS BOUGHTON TRUST FUND STATEMENf OF FINANCIAL AcrivrrIES FOR THE YEAR ENDED S APRIL 2021 2021 2020 Notes Ineoming Resources Investment Income 37,303 45.829 Total Income 37,303 45,829 Resources Expended Investment Management Costs Charitable Activities Governance Costs 11.408 31.770 13.850 10,892 30,589 13,786 Total Expenditure 57.028 55,267 Net incomel(expenditure) before investment gains and losses (19,725) (9,438) Net gainsl(losses) on Investments 474.529 (205,915) Net Movement in Funds 454,804 (215.353) Reeonciliation of funds: Total funds brought fonvard at 6 April 2020 1.348,902 1.564.255 Total funds carried fonvard at 5 April 202 1,803,706 I J48,902 Thc notes on pages 7 to 9 fonrA part of these accounts.
THE DORIS BOUGHTON TRUST FUND BALANCE SHEET AS AT S APIUL 2021 2021 2020 Noles FIXED ASSETS Managed Fund Investments - Goven)ment Securities Fixed Interest Indexed Linked UK Equities Unit Trust Property Funds North America Europe Far East Rest of World 3203 193,213 43.280 676.330 297.327 85.923 74.674 26.505 148,619 221.364 3.270 162.931 26,838 520,939 292,144 57,196 53,808 15,468 39,691 130,511 1.770.438 1.302.796 CURREiYf ASSETS Cash at Bank 48,341 57,836 48,341 57,836 CREDITORS: Amounts falling due within one year 15,073 11,730 NET CURRENT ASSETS 33268 46.106 NF.T ASSETS 1.803.706 IJ48,902 FUNDS OF THE CHARITY Unrestricted Funds 1.803,706 I J48,902 Approved by the Commillee on &0 o d. Lv Io % i ..(Chairman) . (Treasurer) K MILES M WILCOX
THE DORIS BOUGHTON TRUST FUND NOTES TO THE Accouwfs FOR THE YEAR ENDED 5 APRIL 2021 Basis of A¢¢ounting The financial slatements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommendcd Praclice applicable to charitics preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as amended by Update Bullelin I published 2 February 2016). the Financial Reporting Standard applicable in the Uniied Kingdom and Republic of ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared under the hislorical cost convention with the exception that investments are included at market value. Thc charity Constitutes a public bcncfit entity as defincd by FRS102. The trustees consider that there are no material uncertainties about the Trust's abilily to eontinue as a going Concern. Aeeounting Polieie$ a) Incoming Resources All incoming resources are recognised once the Charity has entitlement to the. resources, it is certain thai the resources I.111 be received and the monetary value of incoming resources can be measured with sufficient reliabilily. b) Resources Expended ExpcndÈturc is recognksed on an accrual basis as a liability is incurred. Exp¢ndÈturc includes irrecoverable VA T and is reported as part of the expenditure to which it relates. Grants payable are payments mad¢ to third parties in the firtherance of the charitable objectives of the Trust. The grants are only recognised in the accounts when a commitment has been made and there are no conditions to b¢. met Telating to the grant which remain in the Charity's control. Governance Costs comprise all costs involving public accountability of the charity and its compliance regulation and good practice. c) Fixed Asset Investments Ini'estments are staled at market valu¢ as at the Balance Sheet date. The staternent of fInancial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
THE DORIS BOUGHTON TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR EIYDED 5 APRIL 2021 (Conlinued) d) Realised Gains and Losses All gains and losses are taken to the statemenl of financial activities as they arise. Realised gains and losses on investments are calculated as the differenee bctween sale proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the end of the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities. Charitable Activities 2021 2020 Grants of financial assistance to individuals 31,770 30,589 Analysis of Governance Costs 2021 2020 Salaries Independent Examiners. Fee Accountancy Stationery and Poslage ProfessionaI Fee 11.830 1,013 863 11,763 1,013 864 146 13,850 13,786 5. Trustees, Remuneration and Related Party Transactions The following Key Management received salaries and expenses during the year. 2021 2020 Salaries: M Wilcox C Inglis 3,073 8,757 3,006 8,757 11.830 11,763 2021 2020 Expens¢s: No other Key Management or Truslees received remuneration or expenses. The average number of employees during the year was 2 (2020: 2).
THE DORIS BOUGHTON TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 (Continued) 6. Fixed Asset Investments 2021 2020 Market Value 6 April 2020 Add." additions to inv¢stments at cost Less: disposals Add.- net gain J(loss) on revaluation 1.302,796 387,293 (394,180) 474,529 1,526,495 159.706 (177,490) (205.915) Markct Value 5 April 2021 1,770,438 1302,796 Historical Cost of Managed Fund Investments £ IJ08,646 £ 1,174,185 The Trustees have given the Investment Advisers responsibility for the Management of the Investment Portfolio in accordance with an investment approach agreed by the trustees. 7. Creditors 2021 2020 Amounts falling due within one y. Accruals Payroll Tax 14.481 592 11,140 590 15,073 11,730 8. Revenue Reserves The funds re¢ognised &8 Revenue Reserves at 5 April 2021 were £132,189 (2020: £115,365) and il is confinned that there are sufficient funds available lo cover fluctuating levels of requests for support, which may excced a 5ingl¢ ycars income, for the foreseeable ture, in line with the policy of the Trust.