**REGISTERED CHARITY NUMBER: 221732**
## **RAWLET TRUST**
**REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 MARCH 2022**
**RAWLET TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 MARCH 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 10|
**RAWLET TRUST**
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 9 MARCH 2022**
## **TRUSTEES Eight Co-optative**
Mrs E Bates Mr R A Hughes - Chair Mr I W Perkins Mr A H Johnson Mrs L L Gilman Mrs V Vernon Mr G K Barlow Mrs M Gant **Two Nominative** Staffordshire County Council Cllr R J A Ford Tamworth Borough Council Cllr M Oates (resigned 24.5.2022) Cllr C C Cooke (appointed 24.5.2022) **Two Ex-Officio** Mayor of Tamworth Cllr R Claymore (resigned 20.5.2021) Cllr M Oates (appointed 20.5.2021 - resigned 24.5.2022) Cllr M J Greatorex (appointed 24.5.2022) Vicar of Tamworth In vacancy **PRINCIPAL ADDRESS** Lawnswood Bowmer Lane Fritchley Belper Derbyshire DE56 2FY **REGISTERED CHARITY** 221732 **NUMBER INDEPENDENT EXAMINER** Philip Barnes & Co Limited Chartered Accountants The Old Council Chambers Halford Street Tamworth Staffordshire B79 7RB
Page 1
**RAWLET TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 9 MARCH 2022**
The trustees present their report with the financial statements of the charity for the year ended 9 March 2022.
## **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. Various educational grants and a significant number of 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 met during the period and the excess amount from previous financial years will be carried forward with the aim of utilising in the next financial year.
## **FINANCIAL REVIEW**
## **Principal funding sources**
The principal source of funding is dividends received from the investments. During the year the charity also received a grant of £1,000 from Starfish Project to be used towards religious education materials.
## **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 2022 these were £34,658. The unrestricted fund also holds investments which had a market value at the balance sheet date of £13,681. 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.
However, whilst education establishments were allowed to re-open, many of the activities remained restricted and this has impacted on the number of educational grant applications received in recent times causing a shortfall in the amount of educational grant awards.
Covid-19 impacted the ability to hold the usual in person trustee meetings and resulted in trustees making grant awards by way of electronic approval. This has proved an efficient and successful process which is being retained for applications-between half-yearly meetings.
Page 2
**RAWLET TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 9 MARCH 2022**
## **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.
## **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. Historically the trustees met 4 times a year, however following Covid-19 restrictions when the ability to hold in person trustee meetings was impacted and grant applications were approved electronically the trustees now meet formally 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 3 August 2022 and signed on its behalf by:
Mr A H Johnson - Trustee
Page 3
**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 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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the 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 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
3 August 2022
Page 4
**RAWLET TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 9 MARCH 2022**
|Unrestricted
fund
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
-
Investment income
3
28,009
**Total**
28,009
**EXPENDITURE ON**
**Charitable activities**
Grants
22,022
Net gains on investments
994
**NET INCOME**
6,981
**RECONCILIATION OF**
**FUNDS**
**Total funds brought forward**
41,358
**TOTAL FUNDS CARRIED**
**FORWARD**
48,339|2022
Restricted
Endowment
Total
fund
fund
funds
£
£
£
1,000
-
1,000
-
-
28,009
1,000
-
29,009
-
-
22,022
-
71,733
72,727
1,000
71,733
79,714
-
915,260
956,618
1,000
986,993
1,036,332|2021
Total
funds
£
400
27,475
27,875
26,382
38,896
40,389
916,229
956,618|
|---|---|---|
The notes form part of these financial statements
Page 5
**RAWLET TRUST**
## **BALANCE SHEET 9 MARCH 2022**
|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
Restricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
fund
£
13,681
34,658
34,658
48,339
48,339|Restricted
fund
£
-
1,000
1,000
1,000
1,000|Endowment
fund
£
986,993
-
-
986,993
986,993|2022
Total
funds
£
1,000,674
35,658
35,658
1,036,332
1,036,332
48,339
1,000
986,993
1,036,332|2021
Total
funds
£
927,947
28,671|
|---|---|---|---|---|---|
||||||28,671|
||||||956,618|
||||||956,618|
||||||41,358
-
915,260|
||||||956,618|
The financial statements were approved by the Board of Trustees and authorised for issue on 3 August 2022 and were signed on its behalf by:
Mr R A Hughes - Trustee
The notes form part of these financial statements
Page 6
**RAWLET TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 MARCH 2022**
## **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...
Page 7
**RAWLET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 9 MARCH 2022**
## **3. INVESTMENT INCOME**
|COIF investment income
**GRANTS PAYABLE**
Grants
The total grants paid to individuals during the year was as follows:
Educational
Non-educational
Grants no longer required|2022
£
28,009
2022
£
18,886
2022
£
1,778
18,126
(1,018)
18,886|2021
£
27,475|
|---|---|---|
|||2021
£
23,993|
|||2021
£
2,290
21,703
-|
|||23,993|
## **4. GRANTS PAYABLE**
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 9 March 2022 nor for the year ended 9 March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 9 March 2022 nor for the year ended 9 March 2021.
## **6. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 10 March 2021
Revaluations
At 9 March 2022|Listed
investments
£
927,947
72,727
1,000,674|
|---|---|
The above investments comprise income units of the COIF Charities Investment Fund.
continued...
Page 8
**RAWLET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 9 MARCH 2022**
## **7. CASH AT BANK**
|Current account
COIF charities deposit fund
Total|2022
Total
funds
£
2,677
32,981
35,658|2021
Total
funds
£
5,699
22,972|
|---|---|---|
|||28,671|
## **8. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Restricted funds**
Religious education materials
**Endowment funds**
Permanent endowment
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
28,009
**Restricted funds**
Religious education materials
1,000
**Endowment funds**
Permanent endowment
-
**TOTAL FUNDS**
29,009|At
10.3.21
£
41,358
-
915,260
956,618
Resources
expended
£
(22,022)
-
-
(22,022)|Net
movement
At
in funds
9.3.22
£
£
6,981
48,339
1,000
1,000
71,733
986,993
79,714
1,036,332
Gains and
Movement
losses
in funds
£
£
994
6,981
-
1,000
71,733
71,733
72,727
79,714|At
9.3.22
£
48,339
1,000
986,993|At
9.3.22
£
48,339
1,000
986,993|
|---|---|---|---|---|
|||||79,714|
continued...
Page 9
**RAWLET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 9 MARCH 2022**
## **8. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Endowment funds**
Permanent endowment
**TOTAL FUNDS**|At
10.3.20
£
39,333
876,896
916,229|Net
movement
in funds
£
2,025
38,364
40,389|At
9.3.21
£
41,358
915,260|
|---|---|---|---|
||||956,618|
Comparative 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|27,875|(26,382)|532|2,025|
|**Endowment funds**|||||
|Permanent endowment|-|-|38,364|38,364|
|**TOTAL FUNDS**|27,875|(26,382)|38,896|40,389|
## **RESTRICTED FUND**
A grant of £1,000 for religious education materials from local charity Starfish Project.
## **9. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 9 March 2022.
Page 10