**Charity number: 211848**
## **E S G ROBINSON CHARITABLE TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2022**
**E S G ROBINSON CHARITABLE TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the charity, its trustees and advisers**|1|
|**Trustees' report**|2 – 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 15|
## **E S G ROBINSON CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022**
## **Trustees**
V Rock W Balston T Loewendahl M Heseltine M Robinson C Robinson F Cox S Loewendahl (appointed 27 May 2022)
## **Charity registered number**
211848
## **Principal office**
11 Stockwell Park Road, London, SW9 0AP
## **Accountants**
Larking Gowen LLP, King Street House, 15 Upper King Street, Norwich, NR3 1RB
## **Investment managers**
Cazenove Capital, Schroder & Co Limited, 1 London Wall Place, London, EC2Y 5AU
Page 1
## **E S G ROBINSON CHARITABLE TRUST**
The Trustees present their annual report together with the financial statements of E S G Robinson Charitable Trust (the charity) for the year ended 5 April 2022.
## **Objectives and Activities**
## **a. Policies and objectives**
The main objective for the year was to continue to distribute in grants and charitable payments a significant proportion of the income of the unrestricted fund that arose in the year. The Trustees achieved this by responding to applications for grants and requests for charitable payments.
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 aims and objectives and in setting the grant making policy for the year. By supporting charitable institutions and purposes, by way of grant making and one off payments, the Trustees consider that they have ensured charitable benefit to the public further to the objects of the charity.
The Trustees review annually the risks that the charity faces. To date these mainly relate to investment management. The Trustees are also aware of risks associated with making grants. A policy of only awarding grants for charitable purposes reduces such risks.
The Trustees confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.
## **b. Grant making policies**
The Trustees met twice in the year to 5 April 2022 to consider the making of grants, both to new beneficiaries and in continuation of support to long-standing beneficiary organisations. Grants were considered in relation to the policy that the charity's funds are applied in the fields of numismatics, culture and the arts, the environment and sustainability, by way of making donations primarily to other registered charities whose work the Trustees had come across through their own research.
Page 2
## **E S G ROBINSON CHARITABLE TRUST**
## **Achievements and performance**
## **a. Key financial performance indicators**
The Trustees continued to achieve the charity’s prime financial objective of making grants and donations in a sustainable manner. The Trustees have approved grants and donations for a range of charitable purposes totalling £31,139.00 (2021: £22,603). The charity’s income from investments and regular gifts net of administrative costs exceeded grants and donations made by £32,545. The Trustees consider that running a surplus of income and gifts over grants and donations is appropriate in the short to medium term as a response to the disappointing performance of the portfolio of quoted investments managed by W H Ireland reported on last year. Grants made are detailed in note 4 of the financial statements.
Given the performance of the portfolio of quoted investments managed by W H Ireland, the Trustees decided to consider alternatives for the management of these funds. Given the size of the portfolio, the Trustees concluded that its was appropriate to identify charity specific collective investments schemes (rather than a bespoke portfolio) and following a detailed comparative review of four fund managers, decided to invest in the Charity Multi Asset Fund managed by Schroder and Co Ltd, trading as Cazenove Capital.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity 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 charity's funds (which are unrestricted) carried forward amounted to £812,285 (2021: £772,554). The increase in the value of the charity’s funds in the year reflects primarily the surplus of net income and gifts over donations and grants awarded.
## **Structure, governance and management**
## **a. Constitution**
The Charitable Trust was established by Sir Edward Robinson on 10 August 1956. The E S G Robinson Charitable Trust is established for charitable purposes governed by the Trust Deed. The charitable Trust is registered as a charity by the Charity Commission for England & Wales, registered number 211848.
The Trustees' role is to hold the Trust funds upon trust and to apply the capital and income of the Trust for charitable purposes at their discretion.
Page 3
E S G ROBINSON CHARrrABLE TRUST
b. Method ofappolntment or electlon ol Trustee¥
The Trust Deed does not specfy the numbei of Tnsstees. New Trustees are idenlffjed and appointed ty the
existing Trvslees. The Trustees are responsib for the indUCtn ol new Trustees and Ihis ndles awareness
ol Truslee iesponsibilrties, the goveffling document. adminislralNe procedures. the his10ry and philosophical
approach of the charty. There are seven Twstees aTrd they have hekj office lor Ihree foc tetyen 2 aThJ 3
years", th for betsyeen S and 6 years.. and one for betr4een 8 and 9 years.
Plan$ for futsjre periods
- Future devèloprnents
The Truslees intend to continue woviding grants and mak6ng charriable payments in a similar way lo the recent
past.
Tru5te8J' rPOnsIbIlIe$ statement
The Trustees a responsible for preparing the Trustee5' report and the financial stalemenls in accordance with
applicable L2w and Un51ed Kingdorn Arwunting Slandard5 Iunited Kin9dom Generally Accepted Accounting
Practtil.
The L3w applicab lo thanties in England & Wa$ vIre$ the Trustees to ppare finanaal statements for
each finanoal year which give a lyue and fair wew of the stale of affairs of the charty and of the incoming
resources and applicaln ol le5our5 of the tharity for that periLxJ. In preparing these finallal statemetrts, the
Twustees are rpquired to..
seleci suitabk accounting policies and then appty them con51Stentty,"
obseNe the methods and wnoples in the Charibes SORP IFRS1021:
make 5udgmerts &counting estimates that are feasonable and wu¢Jent",
slate whether aPIcate UK Accountsng SlaThJards IFRS 1021 have been followed. subiecl to any
Maleri departures disclosed and explained in the financlal statement5,"
Ppart Ihe finanoal stslements on the going concern basi5 Un5$ it is inaprxoprule lo presume that the
tharty wll continue in operatM)n.
The Trustees are responsib for keeping proper accountitsg records that a suffKient to show and explain the
charrt*5 transactions and disclose with reasonable auracY at any time the financial position of Ihe chaTty and
enable them lo ensure that the financial slaternents comply with the Charthes Act 2011. Ihe Charrty IAc£ounts
and Rew)rt51 RuL3.0nS 2008 and the provisk)ns of the trust d*d. They are also responsible foi Safeguarding
the assets of the charty and hence for 18kn.ng reasonabl8 s¢eps lor the PTevention and dettion ol fraud and
other Itregularrties.
Th¢5 rewt
as appro ed
Ihelrustees. on 25 November 2022 and signed on their behaw by.
M Robinson
V Rock
Page 4
**E S G ROBINSON CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2022**
## **Independent examiner's report to the Trustees of E S G Robinson Charitable Trust (the 'charity')**
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2022.
## **Responsibilities and basis of report**
As the Trustees of the charity 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 charity's accounts carried out under section 145 of the 2011 Act and 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**
Your attention is drawn to the fact that the Charity 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 can 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 charity 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 other to enable a proper understanding of the accounts to be reached.
Signed:
Julie Grimmer FCA DChA
## **Larking Gowen LLP**
Chartered Accountants King Street House 15 Upper King Street Norwich NR3 1RB Date: `28 November 2022`
Page 5
## **E S G ROBINSON CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022**
|**Unrestricted**
**funds**
**Note**
**2022**
**£**
**Income from:**
Donations and legacies
2
**5,849**
Investments
3
**65,646**
**Total income**
**71,495**
**Expenditure on:**
Raising funds
**6,343**
Charitable activities
**31,139**
Governance
**1,470**
**Total expenditure**
**38,952**
**Net income before investment gains**
**32,543**
Net gains on investments
8
**7,188**
**Net income before other recognised**
**gains and losses**
**39,731**
**Net movement in funds:**
**39,731**
**Reconciliation of funds:**
Total funds brought forward
**772,554**
**Total funds carried forward**
**812,285**|**Total**
**funds**
**2022**
**£**
**5,849**
**65,646**
**71,495**
**6,343**
**31,139**
**1,470**
**38,952**
**32,543**
**7,188**
**37,731**
**39,731**
**772,554**
**812,285**|_Total_
_funds_
_2021_
_£_
_4,870_
_25,521_|
|---|---|---|
|||_30,391_
_5,391_
_22,603_
_1,260_
_29,254_
_1,137_
_178,139_
_179,276_
_179,276_
_593,278_
_772,554_|
Page 6
E S G ROBINSON CHARABLE TRUST
BALANCE SHE
AS AT SAPRIL 2022
2022
2021
Note
Flxed assets
ItNestments
751.808
676, 172
Current assèts
Cash at bank and in hand
S7,501
98,766
Debtors
5,570
Crylltors: amounts tall9 due within one
year
10
12.5941
Net current assets
382
Total as¥ets less Current Ilabllrtles
812.285
772554
Crnditorn: arTh)unts fallng due aftermore
than one year
812.285
TT2,554
Charfty Funds
Unrtstrthd luThYs
11
folal fvnds
812.285
77Z554
The finartial staterrents we
Trustee5 on 25 No¥ernber 2022 and si
ned on their behaM,
M Robinson
V Rock
The leS on pages 8 10 15 form PArt of Ihese fjnanrial statemenls.
Page 7
**E S G ROBINSON CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **1. Accounting policies**
## **1.1 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 applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Report) 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.
E S G Robinson Charitable Trust constitutes a public benefit entity as defined by FRS 102.
## **1.2 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **1.3 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.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable headings.
Costs of generating funds are costs incurred in managing investments and attracting voluntary income.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
## **1.4 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 8
**E S G ROBINSON CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **1.5 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, using the closing quoted market price where quoted. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.
Unquoted investments are valued by reference to any recent movement in shares and considered market value at the balance sheet date.
## **1.6 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## **1.7 Cash at Bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.8 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 charity 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.
## **1.9 Financial instruments**
The charity 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.
## **1.10 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 charity and which have not been designated for other purposes.
## **2. Income from donations and legacies**
|**Unrestricted**
**funds**
**Total**
**funds**
**2022**
**£**
**2022**
**£**
Gifts
**5,849**
**5,849**
_Total 2021_
_4,870_
_4,870_|_Total_
_funds_
_2021_
_£_
_4,870_|
|---|---|
|||
Page 9
## **E S G ROBINSON CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **3. Investment income**
|||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|---|
|||**funds**|**funds**|_funds_|
|||**2022**|**2022**|_2021_|
|||**£**|**£**|_£_|
||Dividends|**65,646**|**65,646**|_25,521_|
||_Total 2021_|_25,521_|_25,521_||
|**4.**|**Grants paid**||||
||||**2022**|_2021_|
||||**£**|_£_|
||**Donations awarded to Organisations:**||||
||Ashmolean (Oxford University Chest - Heberden Coin Room)||**7,500**|_12,500_|
||British Museum||**15,000**|_5,000_|
||Musicability Community Interest Company||**3,000**|_-_|
||RCA Hughes Memorial Prize||**1,000**|_1,000_|
||Horizons Plymouth||**1,000**|_-_|
||The Birch Collective CIC||**1,000**|_-_|
||Prisoners Education Trust||**1,000**|_-_|
||Into University||**-**|_2,000_|
||Lettering & Commemorative Arts Trust||**1,000**|_-_|
||Total donations of £1,000 and over||30,500|_20,500_|
||Others - under £1,000||639|_2,103_|
||Total||||
||||31.319|22,603|
Page 10
**E S G ROBINSON CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **5. Analysis of Expenditure by expenditure type**
|Expenditure on fundraising trading
Expenditure on investment management
**Costs of raising funds**
Secretarial expenses
Grants and donations
**Charitable activities**
**Expenditure on governance**
_Total 2021_|||**Costs**
**2022**
**£**
**-**
**6,343**
**6,343**
**-**
**31,139**||**Total**
**2022**
**£**
**-**
**6,343**
**6,343**
**-**
**31,139**||_Total_
_2021_
_£_
_-_
_5,391_
_5,391_
_-_
_22,603_
_27,994_
_1,260_
_29,254_
_29,254_|
|---|---|---|---|---|---|---|---|
||||**37,482**||**37,482**|||
||||**1,470**||**1,470**|||
||||**38,952**||**38,952**
_29,254_|||
||||_29,254_|||||
## **6. Net income/(expenditure)**
During the year, no Trustees received any remuneration (2021 - £NIL). During the year, no Trustees received any benefits in kind (2021 - £NIL).
During the year, no Trustees have been reimbursed for expenses incurred on the charity's behalf (2021: £NIL) as authorised by Clause 4 of the Trust Deed of 10 August 1956
## **7. Independent Examiners' remuneration**
The Independent Examiner's remuneration amounts to an Independent Examination fee of £1,470 (2021 - £1,260).
Page 11
**E S G ROBINSON CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **8. Fixed asset investments**
|**Market value**
At 6 April 2021
Additions
Disposals
Revaluations
At 5 April 2022|**Unlisted**
**securities**
**£**
**193,755**
**-**
**-**
**13,086**
**206,841**|**Other**
**investments**
**£**
**482,417**
**569,687**
**(501,239)**
**(5,898)**
**544,967**|**Total**
**£**
**676,172**
**569,687**
**(501,239)**
**7,188**
**751,808**|
|---|---|---|---|
The unquoted investment represents a holding of 15,960 shares (6.65%) in Geoffrey Faber Holdings Limited, a private company with fairly infrequent share sales. The Trustees obtained the valuation of the Geoffrey Faber Holdings Limited share valuation conducted 18 January 2022 showing the value of the shares to be £12.96 per share. In approving the accounts the Trustees have considered the valuation as at 5 April 2022 and confirmed that this remains appropriate.
## **Investments at market value comprise:**
|**stments at market value comprise:**|||
|---|---|---|
|Unquoted
Quoted
Total market value|**2022**
**£**
**206,841**
**544,967**
**751,808**|_2021_
_£_
_193,755_
_482,417_|
|||_676,172_|
Page 12
**E S G ROBINSON CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **Material investments**
At 5 April 2022 the quoted investments consisted of 926,971.94 Cazenove Charity Multi-Asset Fund “S” Income Units, SEDOL BF78410, priced at £0.5879 per unit at 5 April 2022.
Material individual investment holdings as at 5 April 2021 were as follows:
|||||_5 April_|
|---|---|---|---|---|
|||||_2021_|
|||||_£_|
|||Anglo Americanplc||_27,004_|
|||Astra Zenecaplc||_28,988_|
|||Avivaplc||_29,595_|
|||BAE Systemsplc||_8,206_|
|||BarclaysPlc||_24,410_|
|||BTGroup plc||_32,508_|
|||Carnival Plc||_19,026_|
|||CrodaInternational Plc||_17,330_|
|||easyJet Plc||_27,390_|
|||GlaxoSmithKline Plc||_24,748_|
|||International Consolidated Airlines GroupSA||_26,771_|
|||Lloyds BankingGroupPlc||_28,502_|
|||M&G plc||_18,669_|
|||NatWest Group plc||_29,878_|
|||Prudential Plc||_29,270_|
|||RollsRoyceHoldingsPlc||_29,203_|
|||Schroders PLC||_17,895_|
|||TUI AG||_27,540_|
|||FidelityEuropean Trustplc||_35,488_|
||||||
## **9. Debtors**
|**Debtors within one year**
Prepayments and accrued income||**2022**
_2021_
**£**
_£_
**63,901**
_-_
**63,901**
_-_|
|---|---|---|
Page 13
**E S G ROBINSON CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **10. Creditors: Amounts falling due within one year**
|Secretarial expenses
Independent examiner's fee||**2022**
**£**
**1,094**
**1,500**
**2,594**|_2021_
_£_
_1,094_
_1,290_|
|---|---|---|---|
||||_2,384_|
## **11.**
## **Statement of funds**
||**Current year to**|**Prior year to 5**|
|---|---|---|
||**5 April 2022**|**April 2021**|
||**£**|**£**|
|**All General Funds**|||
|Balance at 6 April|772,554|_593,278_|
|Income|_71,495_|_30,391_|
|Expenditure|_(38,952)_|_(29,254)_|
|(Losses) on investments|_7,188_|_178,139_|
|Opening balance adjustment|_-_|_-_|
||_812,285_|_772,554_|
|Balance 5 April|||
## **12. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Fixed asset investments
Current assets
Creditors due within one year|**Unrestricted**
**funds**
**2022**
**£**
**751,808**
**63,071**
**(2,594)**|**Unrestricted**
**funds**
**2022**
**£**
**751,808**
**63,071**
**(2,594)**||**Total**
**funds**
**2022**
**£**
**751,808**
**63,071**
**(2,594)**|
|---|---|---|---|---|
|||**812,285**||**812,285**|
Page 14
## **E S G ROBINSON CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year|**Unrestricted**
**funds**
**2021**
**£**
_676,172_
_98,766_
_(2,384)_|**Unrestricted**
**funds**
**2021**
**£**
_676,172_
_98,766_
_(2,384)_|**Unrestricted**
**funds**
**2021**
**£**
_676,172_
_98,766_
_(2,384)_||**Total**
**funds**
**2021**
**£**
_676,172_
_98,766_
_(2,384)_|**Total**
**funds**
**2021**
**£**
_676,172_
_98,766_
_(2,384)_|
|---|---|---|---|---|---|---|
||||||||
|||_772,554_|||_772,554_||
## **13. Related party transactions**
Donations totalling £5,849 (2021: £4,870) were made to the charity during the year by the brother of trustee V Rock. The outstanding balance as at 5 April 2022 was £Nil (2021: £Nil).
Page 15