Charity Registration No. 214198
WILLIAM HILL SAUNDERS FUND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
WILLIAM HILL SAUNDERS FUND
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | J D A Leith |
|---|---|
| B D Cooper | |
| L W Potter | |
| I McMinn | |
| W Hall | |
| Charity number | 214198 |
| Registered office | c/o The Secretary |
| D A Goult | |
| 8 Dawpool Drive | |
| Moreton | |
| CH46 0PH | |
| Independent Examiner | Mrs D D Lea |
| Morris & Co (2011) Limited | |
| Chartered Accountants | |
| Ellesmere Port | |
| CH65 9HQ | |
| Bankers | Santander |
| Bootle, L30 4GB | |
| Solicitors | Bell, Lamb & Joynson |
| Runcorn, WA7 2FT | |
| Investment advisors | Tilney |
| Liverpool, L3 1NY |
WILLIAM HILL SAUNDERS FUND
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 - 11 |
WILLIAM HILL SAUNDERS FUND
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 charity's trust deed , 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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
A bequest in the will of the late Mr W H Saunders led to the establishment of the Fund governed by a scheme approved by the Chancery Court. The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives, in planning future activities, and setting the grant making policy for the year. Its specific purpose is to provide assistance to any past or present member of the staff of Ayrton Saunders, mainly in cases of hardship arising from sickness or infirmity. Applications are considered by the trustees and grants are discretionary. When Ayrton Saunders became part of AAH Pharmaceuticals Limited the trustees approached the Charity Commissioners with a view to varying the Fund objective and administration. A new deed was sealed by the Charity Commissioners on 25 April 1991. There were some administrative changes but the main variation was to open the scheme to employees or past employees of AAH Pharmaceuticals Limited.
Achievements and performance
Assistance was given to 133 people this year (1 41 last year). Grants during the year amounted to £ 29,955 (last year £ 51,422 ). The increase in the market value of the investments means that the F und is financially strong . N ote 9 to the accounts discloses the movements on fixed asset investments within the year and highlights an increase in market value of £289,411 to £1,566,494 allowing for share purchases and disposals (last year market value was £1, 302,029 ). Only the net income of the Fund is available for distribution. Income exceeded expenditure for the year by £ 3,038 (last year expenditure exceeded income by £5,376) .
Financial review
The Fund's work is entirely reliant on income returns from its Investments. The Permanent Endowment fund is invested with the guidance of Investment Managers.
Grant making policy
The Fund has established its grant making policy to achieve the objectives of the Fund. The beneficiaries are those suffering hardship. Applications for grants are invited to complete a standard form to ensure transparancy in the grant processes.
Investment policy and performance
The custodian of the investments is Pershing Investments Limited. The nominee is Pershing Keen Limited under the management of Tilney and is governed by the Trustees Act 2000. The investment advisors (Tilney) are instructed to invest to maximise the total return within the constraints of a medium to low risk investment. The returns are reviewed bi-annually against recognised bench marks.
Risk management
The trustees actively review the major risks which the charity faces on a regular basis and believes that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
Reserves policy
In accordance with guidelines issued by the Charity Commissioners, the trustees have adopted a policy regarding reserves to ensure the charity is able to meet all current and known future liabilities. The level of reserves is considered and reviewed by the trustees
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WILLIAM HILL SAUNDERS FUND
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
Plans for the future
The trustees are aware that in recent years the level of resources expended has exceeded incoming resources. Should the Unrestricted Funds reduce further, steps will be taken to use the Permanent Endowment Fund.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Trust is a registered charity, number 214198 and now governed under a new deed sealed by the Charity Commission on 25th April 1991.
New trustees are appointed by the existing trustees and serve for 5 years after which they may put themselves forward for re-appointment. The Trust deed provides for 5 competent persons, 3 of which have special knowledge of the Companies or an associated company, as trustees. A minimum of 3 trustees are required to be present to hold a meeting. Meetings are held twice a year or more frequently if required.
The Members and trustees keep in touch by regular meetings and through the Newsletter. This enables the trustees to understand the needs of the beneficiaries and plan for the future. The trustees, who are appointed for a period of 5 years, and serve in accordance with the terms of the deed, administer the Fund.
The Trustees' r eport was approved by the Board of Trustees.
J D A Leith
Dated: 11 June 2021
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WILLIAM HILL SAUNDERS FUND
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WILLIAM HILL SAUNDERS FUND
I report to the trustees on my examination of the financial statements of William Hill Saunders Fund (the charity) for the year ended 5 April 2021.
Responsibilities and basis of report
As the trustees of the charity 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 charity’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
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by 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 now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 charity 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.
Mrs D D Lea FCA, FCCA for and on behalf of Morris & Co Chester House Lloyd Drive Cheshire Oaks Business Park Ellesmere Port Cheshire CH65 9HQ
Dated: 23 July 2021
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WILLIAM HILL SAUNDERS FUND
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted funds 2021 Notes £ Income from: Charitable activities Investments 2 47,310 Expenditure on: Raising funds Investment management 4 3,704 Charitable activities Grants 3 29,955 Charity Events 3 10,853 Hampers 3 - Total charitable expenditure 40,808 Total resources expended 44,512 Net gains/(losses) on investments 8 - Net movement in funds 2,798 Fund balances at 6 April 2020 30,391 Fund balances at 5 April 2021 33,189 |
Restricted funds 2021 £ - - - - - - - 265,806 265,806 1,308,493 1,574,299 |
TotalUnrestricted funds 2021 2020 £ £ 47,310 65,554 3,704 4,939 29,955 51,422 10,853 4,479 - 10,090 40,808 65,991 44,512 70,930 265,806 - 268,604 (5,376) 1,338,884 35,767 1,607,488 30,391 |
Restricted funds 2020 £ - - - - - - - (266,825) (266,825) 1,575,318 1,308,493 |
Total 2020 £ 65,554 4,939 51,422 4,479 10,090 65,991 70,930 (266,825) (272,201) 1,611,085 1,338,884 |
|---|---|---|---|---|
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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WILLIAM HILL SAUNDERS FUND
BALANCE SHEET
AS AT 5 APRIL 2021
| Notes Fixed assets Investments 9 Current assets Debtors 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 Restricted funds Unrestricted funds |
2021 £ - 43,344 43,344 (2,350) |
£ 1,566,494 40,994 1,607,488 1,574,299 33,189 1,607,488 |
2020 £ 191 38,515 38,706 (1,851) |
£ 1,302,029 36,855 1,338,884 1,308,493 30,391 1,338,884 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 11 June 2021
J D A Leith Trustee
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WILLIAM HILL SAUNDERS FUND
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 charity'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 charity is a Public Benefit Entity as defined by FRS 102.
The charity 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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees have considered the impact of COVID-19 in reaching their conclusion. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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WILLIAM HILL SAUNDERS FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
1.5 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.
1.6 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.
1.7 Financial instruments
The charity 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 charity's balance sheet when the charity 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 charity’s contractual obligations expire or are discharged or cancelled.
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WILLIAM HILL SAUNDERS FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
2 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Income from listed investments | 47,309 | 65,550 |
| Interest receivable | 1 | 4 |
| 47,310 | 65,554 |
3 Charitable activities
| Direct expenditure Share of governance costs (see note 5) Raising funds Investment management |
Grants £ 26,600 3,355 29,955 |
Charity Events Hampers £ £ 9,637 - 1,216 - 10,853 - |
Total 2021 £ 36,237 4,571 40,808 2021 £ 3,704 3,704 |
Total 2020 £ 60,312 5,679 |
|---|---|---|---|---|
| 65,991 | ||||
| 2020 £ 4,939 |
||||
| 4,939 |
4 Raising funds
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WILLIAM HILL SAUNDERS FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
| 5 Governance costs Support and Governance costs £ Independent examiners fees 1,440 Accountancy 1,965 Ex Gratia payments 450 Other 716 4,571 Analysed between Charitable activities 4,571 |
2021 £ 1,440 1,965 450 716 4,571 4,571 |
2020 Basis of allocation £ 1,440 Governance 2,618 Governance 450 Support 1,171 Support 5,679 5,679 |
|---|---|---|
6 Trustees
Two of the trustees received benefits during the year in the form of a winter fuel payment. These were received due to their service at Ayrtons and not as a result of them being trustees.
7 Employees
The average monthly number of employees during the year was:
| Total 8 Net gains/(losses) on investments Revaluation of investments Gain/(loss) on sale of investments |
2021 2020 Number Number - - Restricted Restricted funds funds 2021 2020 £ £ 289,411 (267,417) (23,605) 592 265,806 (266,825) |
|---|---|
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WILLIAM HILL SAUNDERS FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
9 Fixed asset investments
| Cost or valuation At 6 April 2020 Additions Valuation changes At 5 April 2021 Impairment At 6 April 2020 Disposals At 5 April 2021 Carrying amount At 05 April 2021 At 05 April 2020 10 Debtors Amounts falling due within one year: Other debtors 11 Creditors: amounts falling due within one year Other creditors |
Listed investments £ 1,302,029 126,209 289,411 1,717,649 - 151,155 151,155 1,566,494 1,302,029 2021 2020 £ £ - 191 2021 2020 £ £ 2,350 1,851 |
Listed investments £ 1,302,029 126,209 289,411 1,717,649 - 151,155 151,155 1,566,494 1,302,029 2021 2020 £ £ - 191 2021 2020 £ £ 2,350 1,851 |
|---|---|---|
| 1,717,649 | ||
| - 151,155 |
||
| 151,155 | ||
| 1,566,494 | ||
| 1,302,029 | ||
| 2020 £ 191 |
||
| 2020 £ 1,851 |
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WILLIAM HILL SAUNDERS FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
| 12 Analysis of net assets between funds Unrestricted funds Restricted endowment fund 2021 2021 £ £ Fund balances at 5 April 2021 : Investments - 1,566,494 Current assets/(liabilities) 33,189 7,805 33,189 1,574,299 |
TotalUnrestricted funds Restricted endowment fund 2021 2020 2020 £ £ £ 1,566,494 - 1,302,029 40,994 30,391 6,464 1,607,488 30,391 1,308,493 |
Total 2020 £ 1,302,029 36,855 |
|---|---|---|
| 1,338,884 |
13 Related party transactions
Two trustees received benefits in the year based on their service at Ayrtons, as disclosed in note 6.
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