Charity number: 211848
E S G ROBINSON CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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 2024
Trustees
V Rock W Balston T Loewendahl (Resigned 17[th] May 2024) M Robinson C Robinson (Resigned 24[th] November 2023) F Cox S Loewendahl A Robinson (Appointed 24[th] November 2023)
Charity registered number
211848
Principal office
11 Stockwell Park Road, London, SW9 0AP
Accountants
Larking Gowen LLP, 1[st] Floor Prospect House, Rouen Road, Norwich, NR1 1RE
Investment managers
Cazenove Capital, Schroder & Co Limited, 1 London Wall Place, London, EC2Y 5AU
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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 2024.
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 April 2024 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.
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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 £42,317 (2023: £35,824). The charity’s income from investments and regular gifts net of administrative costs exceeded grants and donations made by £4,623 (2023: £2,989). Grants made are detailed in note 4 of the financial statements.
The charity’s investments managed by Cazenove Capital are held in Cazenove Charity NURS Fund Accumulation Units, SEDOL BF78409. Accumulation Units do not distribute income arising on the underlying investments but instead accumulate the income in the fund.
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 £814,286 (2023: £778,499). The increase in the value of the charity’s funds in the year reflects primarily the gains on investment revaluations.
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.
b. Method of appointment or election of Trustees
The Trust Deed does not specify the number of Trustees. New Trustees are identified and appointed by the existing Trustees. The Trustees are responsible for the induction of new Trustees, and this includes awareness of Trustee responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. There are seven Trustees and they have held office for: one for between 0 and 1 years; three for between 5 and 6 years; two for between 9 and 10 years; and one for between 11 and 12 years.
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E S G ROBINSON CHARITABLE TRUST
Plans for future periods
a. Future developments
The Trustees intend to continue providing grants and making charitable payments in a similar way to the recent past.
Trustees' responsibilities statement
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 year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material 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 operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 trust deed. 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.
24 Oct 2024
This report was approved by the Trustees, on ………………………….. and signed on their behalf by:
M Robinson V Rock
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E S G ROBINSON CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024
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 2024.
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:
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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
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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:
Julie Grimmer FCA DChA
Larking Gowen LLP
Chartered Accountants 1[st] Floor Prospect House Rouen Road Norwich NR1 1RE Date: 25 Oct 2024
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E S G ROBINSON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted funds Note 2024 £ Income from: Donations and legacies 2 6,269 Investments 3 44,037 Total income 50,306 Expenditure on: Raising funds 1,614 Charitable activities 42,317 Governance 1,752 Total expenditure 45,683 Net income before investment gains 4,623 Net gains on investments 8 31,164 Net income before other recognised gains and losses 35,787 Net movement in funds: 35,787 Reconciliation of funds: Total funds brought forward 778,499 Total funds carried forward 814,286 |
Total funds 2024 £ 6,269 44,037 50,306 1,614 42,317 1,752 45,683 4,623 31,164 35,787 35,787 778,499 814,286 |
Total funds 2023 £ 5,280 36,954 42,234 1,759 35,824 1,662 39,245 2,989 (36,775) (33,786) (33,786) 812,285 778,499 |
|---|---|---|
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E S G ROBINSON CHARITABLE TRUST
| BALANCE SHEET AS AT 5 APRIL 2024 |
||
|---|---|---|
| 2024 2023 Note £ £ £ £ Fixed assets Investments 8 790,470 736,803 Current assets Cash at bank and in hand 26,656 44,446 Debtors 9 - - Creditors:amounts falling due within one year 10 (2,840) (2,750) Net current assets 23,656 41,696 Total assets less current liabilities 814,286 778,499 Creditors:amounts falling due after more than one year - - Net assets 814,286 778,499 Charity Funds Unrestricted funds 11 814,286 778,499 Total funds 814,286 778,499 The financial statements were approved by the Trustees on …………………….and signed on their behalf, by: M Robinson V Rock 24 Oct 2024 |
The notes on pages 8 to 15 form part of these financial statements.
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E S G ROBINSON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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.
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E S G ROBINSON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
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 2024 £ 2024 £ Gifts 6,269 6,269 Total 2023 5,280 5,280 |
Total funds 2023 £ 5,280 |
|---|---|
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E S G ROBINSON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Investment income
| Unrestricted funds 2024 £ Dividends 43,730 Bank interest 307 Total 44,037 4. Grants paid 2024 £ Donations awarded to Organisations: Ashmolean (Oxford University Chest Heberden Coin Room) 7,500 British Museum 7,500 RCA Hughes Memorial Prize 2,000 Caritas Diocese of Salford 1,000 Chapel Street Music 1,000 Cornwall Music Service Trust 1,500 CUSP Swansea 1,000 Forget Me Not Choir 1,000 Little Sports Organisation 1,000 Heart & Parcel Manchester 1,000 Jesus College Cambridge Choir 1,000 Level Water 1,000 Magic for Smiles 1,000 MusicAbility CIC 1,300 The Pimlico Toy Library 1,000 Prisoners' Education Trust 1,000 Seeds Sessions CIC 2,000 The Birch Collective 1,000 The Kingston U3A Orchestra 1,000 The MST Foundation 2,000 The Red Hen Project 1,000 Vauxhall City Farm 1,000 Westcountry Rivers Trust 1,500 |
Total funds Total funds 2024 £ 2023 £ 43,730 36,793 307 161 44,037 39,954 2023 £ 7,500 7,500 2,000 - - - - - - - - - - 3,000 1,000 1,000 - 2,000 - - - - - |
|---|---|
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E S G ROBINSON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
| What A Wonderful World Trust Oshis World Whiddon Autumn Festival Pedal People Readeasy Hackney Bromley Symphony Orchestra Friends of Pedal Power The Passage Bristol Hospitality Network Pimlico Music Foundation Corbridge Chamber Orchestra Total donations of £1,000 and over Others under £1,000 Total |
1,000 - - - - - - - - - - 41,300 1,017 42,317 |
- 1,000 2,000 1,250 1,000 1,000 1,000 1,000 1,000 1,000 1,000 32,250 3,574 35,824 |
|---|---|---|
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E S G ROBINSON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
5. Analysis of Expenditure by expenditure type
| Expenditure on fundraising trading Expenditure on investment management Costs of raising funds Grants and donations Charitable activities Expenditure on governance Total 2023 |
Costs 2024 £ - 1,614 1,614 42,317 42,317 1,752 45,683 39,245 |
Total 2024 £ - 1,614 1,614 42,317 42,317 1,752 45,683 39,245 |
Total 2023 £ 136 1,623 1,759 35,824 35,824 1,662 39,245 39,245 |
|---|---|---|---|
6. Net income/(expenditure)
During the year, no Trustees received any remuneration (2023 - £NIL). During the year, no Trustees received any benefits in kind (2023 - £NIL).
During the year, no Trustees have been reimbursed for expenses incurred on the charity's behalf (2023: £136) 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 £1,746 (2023 – £1,662).
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E S G ROBINSON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
8. Fixed asset investments
| Unlisted securities Other investments £ £ Market value At 6 April 2023 206,841 529,962 Accumulation units net of fees - 22,503 Revaluations - 31,164 At 5 April 2024 206,841 583,629 |
Total £ 736,803 - - 790,470 |
|---|---|
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. There has been no formal valuation since this date. In approving the accounts the Trustees have considered the valuation as at 5 April 2024 and confirmed that this remains appropriate.
Investments at market value comprise:
| Unquoted Quoted Total market value |
2024 £ 206,841 583,629 790,470 |
2023 £ 206,841 529,962 736,803 |
|---|---|---|
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E S G ROBINSON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
Material investments
The charity’s investments managed by Cazenove Capital are held as Cazenove Charity NURS Fund Accumulation Units, SEDOL BF78409. As at April 2024 the quoted investments consisted of 684,527.51 units priced at £0.8526 per unit.
9. Creditors: Amounts falling due within one year
| Secretarial expenses Independent examiner's fee |
2024 £ 1,094 1,746 2,840 |
2023 £ 1,094 1,656 |
|---|---|---|
| 2,750 |
10. Statement of funds
| Current year to | Prior year to 5 | |
|---|---|---|
| 5 April 2024 | April 2023 | |
| £ | £ | |
| All General Funds | ||
| Balance at 6 April | 778,499 | 812,285 |
| Income | 50,306 | 42,234 |
| Expenditure | (45,683) |
(39,245) |
| Gain/ (Losses) on investments | 31,164 |
(36,775) |
| Balance 5 April | 814,286 |
778,499 |
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E S G ROBINSON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2024 £ Fixed asset investments 790,470 Current assets 26,656 Creditors due within one year (2,840) 814,286 |
Total funds 2024 £ 790,470 26,656 (2,840) 814,286 |
|---|---|
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E S G ROBINSON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
Analysis of net assets between funds - prior year
| Unrestricted funds 2023 £ Fixed asset investments 736,803 Current assets 44,446 Creditors due within one year (2,750) 778,499 |
Total funds 2023 £ 736,803 44,446 (2,750) 778,499 |
|---|---|
13. Related party transactions
Donations totalling £6,269 (2023: £5,280) were made to the charity during the year by the brother of trustee V Rock. The outstanding balance as at April 2024 was £Nil (2023: £Nil).
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