REGISTERED CHARITY NUMBER: 221732
RAWLET TRUST
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 9 MARCH 2021
RAWLET TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 MARCH 2021
| 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 11 |
RAWLET TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 9 MARCH 2021
TRUSTEES
Eight Co-optative Mr R A Hughes (Chair) Mr G K Barlow Mrs E Bates Mrs M Gant Mrs L L Gilman Mr A H Johnson Mr I W Perkins Mrs V Vernon Two Nominative Staffordshire County Council Cllr R J A Ford (appointed 21.9.2020) Tamworth Borough Council Cllr M Oates Two Ex-Officio Mayor of Tamworth Cllr R Kingstone (resigned 16.6.2020) Cllr R Claymore (appointed 16.6.2020) (resigned 20.5.2021) Cllr M Oates (Mayoral appointment 20.5.2021) Vicar of Tamworth In vacancy Revd A W Gordon (resigned 31.5.2020) PRINCIPAL ADDRESS Lawnswood Bowmer Lane Fritchley Belper Derbyshire DE56 2FY R EGISTERED CHARITY 221732 NUMBER INDEPENDENT EXAMINER Philip Barnes & Co Limited Chartered Accountants The Old Council Chambers Halford Street Tamworth Staffordshire B79 7RB
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RAWLET TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 9 MARCH 2021
The trustees present their report with the financial statements of the charity for the year ended 9 March 2021.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objects include the provision of bibles, making of grants to persons in need and also the advancement of education for persons under the age of 25 in the Borough of Tamworth.
Public benefit
The Trustees have due regard for the Charity Commission guidance on public benefit. The Trusts charitable purposes and objects are consistent with this guidance. The main activity is grantmaking. During the year all the activities described below were undertaken for public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year trustees actively identified and assessed numerous grant applications. Significant numbers of both educational grants and relief in need or sickness grants were awarded in the period. Where trustees feel unable to offer direct funding assistance to applicants attempts are made to signpost other organisations which may be able to offer suitable help.
Head teachers, schools careers teachers, and voluntary organisations dealing with Relief-in-Need and Relief-in-Sickness are made aware of the Trust and it's aims and objectives, and are encouraged to promote grant applications.
Allocation of bibles
The allocation of bibles was not met during the period and will be carried forward with the aim of utilising in the next financial year.
FINANCIAL REVIEW
Investment policy and objectives
All the charity's investments, including the whole of the endowment fund is invested in COIF Charities Investment Fund Income Units. The Trustees aim for a reasonable yield whilst minimising the level of investment risk.
Review
The income and expenditure for the year are shown in the attached financial statements.
Reserves policy
The free reserves of the charity are represented by the unrestricted fund balance not committed or invested in fixed assets and at 9 March 2021 these were £28,671. The unrestricted fund also holds investments which had a market value at the balance sheet date of £12,687. The board of Trustees ensure that the reserves of the charity are sufficient to cover the grant and operating budgets agreed at the quarterly meetings.
CORONAVIRUS PANDEMIC
Following the Coronavirus outbreak and subsequent lockdown in March 2020 when educational establishments were forced to close, the Trust was successful in obtaining from the Charity Commission a section 105 Order (under the Charities Act 2011). The purpose of this order, granted on 9 April 2020 was to enable, on a temporary basis, the use of accumulated educational funds for either relief in need or relief in sickness purposes. This order effectively expired when most educational establishments re-opened on 17 September 2020.
Although Covid-19 has impacted on the ability to hold the usual in person trustee meetings since March 2020, trustees have continued to make grant awards by way of electronic approval.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Trust is regulated by a Deed of Trust adopted on the 3 August 1981 and is registered with the Charity Commission.
Recruitment and appointment of new trustees
Trustees are appointed in accordance with the Trust Document. This document provides for both the vicar of the parish of St Edithas Tamworth and the mayor of the Borough of Tamworth to be trustees along with a trustee nominated by each of Staffordshire County Council and Tamworth Borough Council. Other trustees are required to have a knowledge of the area of benefit.
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RAWLET TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 9 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
The charity is managed by the Board of Trustees which, number no more that twelve at any time, and are required by the Trust Deed to meet a minimum of twice per annum. Due to Covid-19 restrictions, the ability to hold in person trustee meetings was impacted. Consolidated reports on the activities of the Rawlet Trust were sent electronically for approval on a half-yearly basis.
A special sub-committee operates to consider urgent applications received between Trustees meetings.
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.
Approved by order of the board of trustees on 7 July 2021 and signed on its behalf by:
Mr A H Johnson - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RAWLET TRUST
Independent examiner's report to the trustees of Rawlet Trust
I report to the charity trustees on my examination of the accounts of Rawlet Trust (the Trust) for the year ended 9 March 2021.
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.
C J Humphreys FCA Philip Barnes & Co Limited Chartered Accountants The Old Council Chambers Halford Street Tamworth Staffordshire B79 7RB
Date: 7 July 2021
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RAWLET TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 9 MARCH 2021
| Unrestricted Endowment fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 400 - Investment income 3 27,475 - Total 27,875 - EXPENDITURE ON Charitable activities 26,382 - Net gains on investments 532 38,364 NET INCOME 2,025 38,364 RECONCILIATION OF FUNDS Total funds brought forward 39,333 876,896 TOTAL FUNDS CARRIED FORWARD 41,358 915,260 |
2021 Total funds £ 400 27,475 27,875 26,382 38,896 40,389 916,229 956,618 |
2020 Total funds £ - 27,041 27,041 25,463 100,547 102,125 814,104 916,229 |
|---|---|---|
The notes form part of these financial statements
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RAWLET TRUST
BALANCE SHEET 9 MARCH 2021
| Notes FIXED ASSETS Investments 6 CURRENT ASSETS Cash at bank 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 8 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ 12,687 28,671 28,671 41,358 41,358 |
Endowment fund £ 915,260 - - 915,260 915,260 |
2021 Total funds £ 927,947 28,671 28,671 956,618 956,618 41,358 915,260 956,618 |
2020 Total funds £ 889,051 27,178 27,178 916,229 916,229 39,333 876,896 916,229 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 7 July 2021 and were signed on its behalf by:
Mr R A Hughes - Trustee
The notes form part of these financial statements
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RAWLET TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 MARCH 2021
1. STATUTORY INFORMATION
The Charity of Rawlet Trust is an unincorporated charity registered in England and Wales. The charity's address and registered number can be found on page 1 of these financial statements.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The accounts are prepared on a receipts and payments basis with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement and is in receipt of the amount. Income generated from the permanent endowment investments is unrestricted income and is shown in the general fund when received.
Expenditure
Expenditure including irrecoverable VAT, is included when 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 costs
Governance costs comprise those costs associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees and costs associated with the strategic management of the charity.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
This differentiates between restricted and unrestricted funds.
General funds are unrestricted funds and can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors.
The endowment fund of the Trust is a permanent endowment fund which generally must be held indefinitely. This is a capital restricted fund and is invested to provide an income for the day to day work of the charity.
The general fund includes income generated from the original endowment of the trust together with the income and expenditure of the charity's day to day activities.
Investments
Investments are included at closing mid-market value on the trading day nearest to balance sheet date. Any gains or losses arising on revaluations and disposals are taken to the Statement of Financial Activities.
continued...
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RAWLET TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 9 MARCH 2021
3. INVESTMENT INCOME
| COIF investment income 4. GRANTS PAYABLE Grants The total grants paid to individuals during the year was as follows: Educational Non-educational Grants no longer required |
2021 £ 27,475 2021 £ 23,993 2021 £ 2,290 21,703 - 23,993 |
2020 £ 27,041 2020 £ 23,145 2020 £ 5,215 18,670 (740) 23,145 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 9 March 2021 nor for the year ended 9 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 9 March 2021 nor for the year ended 9 March 2020.
6. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 10 March 2020 | 889,051 |
| Revaluations | 38,896 |
| At 9 March 2021 | 927,947 |
The above investments comprise income units of the COIF Charities Investment Fund.
continued...
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RAWLET TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 9 MARCH 2021
7. CASH AT BANK
| Current account COIF charities deposit fund Total |
2021 Total funds £ 5,699 22,972 28,671 |
2020 Total funds £ 1,680 25,498 |
|---|---|---|
| 27,178 |
8. MOVEMENT IN FUNDS
| Unrestricted funds General fund Endowment funds Permanent endowment TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 27,875 Endowment funds Permanent endowment - TOTAL FUNDS 27,875 |
At 10.3.20 £ 39,333 876,896 916,229 Resources expended £ (26,382) - (26,382) |
Net movement At in funds 9.3.21 £ £ 2,025 41,358 38,364 915,260 40,389 956,618 Gains and Movement losses in funds £ £ 532 2,025 38,364 38,364 38,896 40,389 |
At 9.3.21 £ 41,358 915,260 |
At 9.3.21 £ 41,358 915,260 |
|---|---|---|---|---|
| 956,618 | ||||
| 40,389 |
Comparatives for movement in funds
| Unrestricted funds General fund Endowment funds Permanent endowment TOTAL FUNDS |
At 10.3.19 £ 36,380 777,724 814,104 |
Net movement in funds £ 2,953 99,172 102,125 |
At 9.3.20 £ 39,333 876,896 |
|---|---|---|---|
| 916,229 |
continued...
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RAWLET TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 9 MARCH 2021
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Permanent endowment TOTAL FUNDS |
Incoming resources £ 27,041 - 27,041 |
Resources expended £ (25,463) - (25,463) |
Gains and Movement losses in funds £ £ 1,375 2,953 99,172 99,172 100,547 102,125 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Permanent endowment TOTAL FUNDS |
At 10.3.19 £ 36,380 777,724 814,104 |
Net movement in funds £ 4,978 137,536 142,514 |
At 9.3.21 £ 41,358 915,260 956,618 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 54,916 | (51,845) | 1,907 | 4,978 |
| Endowment funds | ||||
| Permanent endowment | - | - | 137,536 | 137,536 |
| TOTAL FUNDS | 54,916 | (51,845) | 139,443 | 142,514 |
continued...
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RAWLET TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 9 MARCH 2021
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 9 March 2021.
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