REGISTERED CHARITY NUMBER: 212268
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2022
for
The George Henry Collins Charity
S A R Accountants Shire Barn Hewell Lane Tardebigge Worcestershire
The George Henry Collins Charity
Contents of the Financial Statements
for the Year Ended 5 April 2022
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
The George Henry Collins Charity
Reference and Administrative Details for the Year Ended 5 April 2022
TRUSTEES S J Field - Chairman A R Collins P D Coggan Ms S L Botteley R A L Otto PRINCIPAL ADDRESS Shakespeare Martineau LLP No 1 Colmore Square Birmingham B4 6AA REGISTERED CHARITY NUMBER 212268 INDEPENDENT EXAMINER S A R Accountants Shire Barn Hewell Lane Tardebigge Worcestershire CLERK TO THE TRUSTEES Chrissy Norgrove Garrad Enterprises Limited The Estate Office, Wharf Cottage Newnham Bridge, Tenbury Wells Worcestershire WR15 8NY INVESTMENT ADVISORS EFG Harris Allday 33 Great Charles Street Birmingham B3 3JN
Page 1
The George Henry Collins Charity
Report of the Trustees for the Year Ended 5 April 2022
The trustees present their report with the financial statements of the charity for the year ended 5 April 2022. The trustees have adopted the provisions of 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
Objectives and aims
Income to be applied by the Trustees in the payment of donations or subscriptions to such Charitable institution or institutions or to or for such other Charitable purposes as the Trustees or a majority of in point of number of the Trustees shall in their discretion from time to time think fit.
Public benefit
The Trustees confirm that they have referred to the information contained in the Charity Commissions' general guidance on public benefit when reviewing the Trust's objectives and activities and grant making policy. The objectives and activities, determined under the Trust Deed, are described elsewhere in this Report. The Trustees consider that by implementing the objectives of the Trust considerable public benefit will be achieved and many members of the public with particular needs will benefit.
FINANCIAL REVIEW
Financial position
The income of the Trust for the year ended 5th April 2022 amounted to £72,653 (2021: £85,568)
Administration and governance absorbed amounted to £8,073 representing 11% of income (2021: £7,928, 9% of income)
£96,500 (2021: £56,017) was distributed by way of charitable grants to institutions, a total of 66 grants (2021: 52 grants) were made during the year. One grant, awarded in 2019 amounting to £1,000, was returned during the year due closure of the charity.
Using their discretionary management powers, Trust's stockbrokers carried out changes to the Trust's investments during the year. Total return on investment for the year ended 5th April 2022 was 17.58% (2021: 14.86%). Portfolio management costs charged by the stockbroker during the year amounted to £8,336 (2021: £8,563).
At 5 April 2022 the value of the Trust's investments amounted to £2,340,229 compared with a market value of £2,131,255 at the previous year end.
Investment policy and objectives
There are no restrictions on the Trustees' power to invest. The Trustees seek to maintain a consistent investment strategy based on their view of the medium term economic situation, their desire to secure the capital value of the investment portfolio whilst maintaining the level of the Charity's income in real terms and the advice of their investment managers who produce regular reports for consideration by the Trustees.
The Charity's stock market investments are managed by EFG Harris Allday on a discretionary basis.
Reserves policy
It is the policy of the Charity to maintain unrestricted funds, the charity's undistributed income which are the free reserves of the Charity, at a level which provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which arise from time to time. At 5th April 2022 undistributed income amounted to £16,927 (2021: £21,623)
The Trustees are satisfied that the Balance Sheet as at 5 April 2022 discloses funds adequate to fulfil the obligations of the Trust.
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The George Henry Collins Charity
Report of the Trustees for the Year Ended 5 April 2022
FUTURE PLANS
The Trustees plan to continue with their present objectives as set out in the Report so that the charitable institutions to which grants are awarded can continue to benefit in real terms from the financial support that the Trust provides.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is governed by a Deed of Settlement 23 March 1959. Under the terms of the Settlement the Trustees are required, subject to the payment of expenses, to apply the income of the Charity in the payment of donations or subscriptions to charitable institutions or to or for such charitable purposes as the Trustees shall determine. The Trustees have a policy of applying income for the relief of suffering from illness, infirmity, old age or loneliness.
Organisational structure
All matters of policy and management are determined by the Trustees who meet three times each year and at such other times as circumstances require. The Trustees are advised on investment matters by the Trust's investment advisers, EFG Harris Allday who have been given authority to manage the portfolio on a discretionary basis.
The charity does not employ staff and hence has no key management personnel. The day-to-day affairs of the charity are administered by Chrissy Norgrove of Garrad Enterprises Limited and the cost of this service is detailed on the Statement of Financial Activities.
Induction and training of new trustees
The Trustees have power to appoint new Trustees. Prospective Trustees are invited to meet fellow Trustees and, if appointed, are provided with information relating to the aims of the charity and are made aware of the responsibilities that Trusteeship involves. The Trustees take such action as they consider necessary to keep themselves informed of changes to charity law and governance.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... S J Field - Trustee
Page 3
Independent Examiner's Report to the Trustees of The George Henry Collins Charity
Independent examiner's report to the trustees of The George Henry Collins Charity
I report to the charity trustees on my examination of the accounts of The George Henry Collins Charity (the Trust) for the year ended 5 April 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Sally-Ann Reeves FCCA S A R Accountants Shire Barn Hewell Lane Tardebigge Worcestershire
Date: .............................................
Page 4
The George Henry Collins Charity
Statement of Financial Activities for the Year Ended 5 April 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Charitable activities Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
5.4.22 Unrestricted funds £ 72,653 8,336 103,573 111,909 215,536 176,280 2,182,783 2,359,063 |
5.4.21 Total funds £ 85,568 8,563 63,945 72,508 444,520 457,580 1,725,203 2,182,783 |
|---|---|---|
The notes form part of these financial statements
Page 5
The George Henry Collins Charity
Balance Sheet
5 April 2022
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
5.4.22 Unrestricted funds £ 2,340,229 20,624 (1,790) 18,834 2,359,063 2,359,063 2,359,063 2,359,063 |
5.4.21 Total funds £ 2,131,255 53,318 (1,790) 51,528 2,182,783 2,182,783 2,182,783 2,182,783 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. S J Field - Trustee
............................................. A R Collins - Trustee
The notes form part of these financial statements
Page 6
The George Henry Collins Charity
Notes to the Financial Statements for the Year Ended 5 April 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred with in a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive 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 made by the Trustees are accounted for in the year in which they are paid.
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.
Governance comprises all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include those related to independent examination.
Expenditure includes VAT which cannot be recovered and which is reported as part of the expenditure to which it relates.
Raising funds
Investment portfolio management costs are recognised as a separate heading in the Statement of Financial Activities for the years ended 5th April 2021 and 5th April 2020. In previous years it has not been practicable to identify these costs separately with reasonable accuracy but have been absorbed into realised/unrealised gains and losses.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
The George Henry Collins Charity
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
1. ACCOUNTING POLICIES - continued
Investments
Investments are a form of basic financial instrument and are initially recognized at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instructions. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value of their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on the revaluation and disposals throughout the year.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. INVESTMENT INCOME
| Investment income Deposit account interest |
5.4.22 £ 72,651 2 72,653 |
5.4.21 £ 85,552 16 85,568 |
|---|---|---|
continued...
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The George Henry Collins Charity
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||||
|---|---|---|---|---|
| 5.4.22 | 5.4.21 | |||
| £ | £ | |||
| Portfolio management | 8,336 | 8,563 | ||
| 4. | GRANTS PAYABLE | |||
| Charitable activities | 5.4.22 £ 95,500 |
5.4.21 £ 56,017 |
||
| The total grants paid to institutions during the year was as follows: | ||||
| Grants paid to institutions | 5.4.22 £ 95,500 |
5.4.21 £ 56,017 |
||
| 5. | SUPPORT COSTS | |||
| Charitable activities | Management Finance £ £ 6,171 112 |
Governance costs £ 1,790 |
Totals £ 8,073 |
|
| Support costs, included in the above, are as follows: | ||||
| Clerk's administration fees | 5.4.22 Charitable activities £ 5,990 |
5.4.21 Total activities £ 5,990 |
||
| WM Funders Network Membership | 106 | 105 | ||
| Room hire | 75 | - | ||
| Bank charges | 112 | 43 | ||
| Independent examiners fees | 1,790 | 1,790 | ||
| 8,073 | 7,928 | |||
continued...
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The George Henry Collins Charity
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
7. STAFF COSTS
The charity has no employees for the periods 2022 or 2021 other than Trustees, who did not receive any remuneration (2021 £NIL). No employees received remuneration amounting to more than £60,000 in either year.
8. FIXED ASSET INVESTMENTS
----- Start of picture text -----
|||
|---|---|
|Listed|
|investments|
|£|
|MARKET VALUE|
|At 6 April 2021|2,131,255|
|Additions|857,656|
|Disposals|(855,882)|
|Revaluations|207,200|
|At 5 April 2022|2,340,229|
|NET BOOK VALUE|
|At 5 April 2022|2,340,229|
|At 5 April 2021|2,131,255|
|There were no investment assets outside the UK.|
----- End of picture text -----
Cost or valuation at 5 April 2022 is represented by:
----- Start of picture text -----
|||
|---|---|
|Listed|
|investments|
|£|
|Valuation in 2022|2,340,229|
----- End of picture text -----
continued...
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The George Henry Collins Charity
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 5.4.22 | 5.4.21 | |
|---|---|---|
| £ | £ | |
| Other creditors | 1,790 | 1,790 |
| MOVEMENT IN FUNDS Unrestricted funds General fund Capital Endowment Fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 72,653 Capital Endowment Fund - 72,653 TOTAL FUNDS 72,653 Comparatives for movement in funds Unrestricted funds General fund Capital Endowment Fund TOTAL FUNDS |
At 6.4.21 £ 47,847 2,134,936 2,182,783 2,182,783 Resources expended £ (103,573) (8,336) (111,909) (111,909) At 6.4.20 £ 26,224 1,698,979 1,725,203 1,725,203 |
Net movement in funds £ (30,920) 207,200 176,280 176,280 Gains and losses £ - 215,536 215,536 215,536 Net movement in funds £ 21,623 435,957 457,580 457,580 |
At 5.4.22 £ 16,927 2,342,136 2,359,063 2,359,063 Movement in funds £ (30,920) 207,200 176,280 176,280 At 5.4.21 £ 47,847 2,134,936 2,182,783 2,182,783 |
|
|---|---|---|---|---|
10. MOVEMENT IN FUNDS
continued...
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The George Henry Collins Charity
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Capital Endowment Fund TOTAL FUNDS |
Incoming resources £ 85,568 - 85,568 85,568 |
Resources expended £ (63,945) (8,563) (72,508) (72,508) |
Gains and Movement losses in funds £ £ - 21,623 444,520 435,957 444,520 457,580 444,520 457,580 |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2022.
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The George Henry Collins Charity
Detailed Statement of Financial Activities for the Year Ended 5 April 2022
| Detailed Statement of Financial Activities for the Year Ended 5 April 2022 |
||
|---|---|---|
| 5.4.22 | 5.4.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Investment income | 72,651 | 85,552 |
| Deposit account interest | 2 | 16 |
| 72,653 | 85,568 | |
| Total incoming resources | 72,653 | 85,568 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 8,336 | 8,563 |
| Charitable activities | ||
| Grants to institutions | 95,500 | 56,017 |
| Support costs | ||
| Management | ||
| Clerk's administration fees | 5,990 | 5,990 |
| WM Funders Network Membership | 106 | 105 |
| Room hire | 75 | - |
| Finance | 6,171 | 6,095 |
| Bank charges | 112 | 43 |
| Governance costs | ||
| Independent examiners fees | 1,790 | 1,790 |
| Total resources expended | 111,909 | 72,508 |
| Net (expenditure)/income before gains and | ||
| losses | (39,256) | 13,060 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 72,147 | 67,820 |
| Net income | 32,891 | 80,880 |
This page does not form part of the statutory financial statements
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