**REGISTERED CHARITY NUMBER: 221732**
## **RAWLET TRUST**
**REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 9 MARCH 2024**
**RAWLET TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 MARCH 2024**
|||**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 2024**
|**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|
||Mr N Bradley (appointed 1.2.2024)|
|**Two Nominative**||
|Staffordshire County Council||
||Cllr A C Farrell (appointed 18.5.2023)|
|Tamworth Borough Council||
||Cllr C Cooke (resigned 26.5.2023)|
||Cllr S Smith (appointed 18.7.2023)|
|**Two Ex-Officio**||
|Mayor of Tamworth||
||Cllr M J Greatorex (resigned 26.5.2023)|
||Cllr D J Harper (appointed 26.5.2023) (resigned 21.5.2024)|
||Cllr G M Coates (appointed 21.5.2024)|
|Vicar of Tamworth||
||Revd A S Lythall|
|**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 2024**
The trustees present their report with the financial statements of the charity for the year ended 9 March 2024.
## **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 minimum allocation of bibles was met during the period.
## **FINANCIAL REVIEW**
## **Principal funding sources**
The principal source of funding is dividends received from the investments.
## **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 2024 these were £31,396. The unrestricted fund also holds investments which had a market value at the balance sheet date of £14,611. 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.
## **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.
Page 2
**RAWLET TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 9 MARCH 2024**
## **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. During the year they met on a quarterly basis.
A special committee is able to meet if necessary for very urgent matters 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 4 July 2024 and signed on its behalf by:
Mr I W Perkins - 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 2024.
## **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
4 July 2024
Page 4
## **RAWLET TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 9 MARCH 2024**
|Notes
**INCOME AND**
**ENDOWMENTS FROM**
Investment income
3
**EXPENDITURE ON**
**Charitable activities**
Grants
Net gains/(losses) on
investments
**NET**
**INCOME/(EXPENDITURE)**
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**
**FORWARD**|Unrestricted
fund
£
29,678
31,278
1,009
(591)
46,598
46,007|Restricted
fund
£
-
790
-
(790)
1,000
210|Endowment
fund
£
-
-
72,793
72,793
981,321
1,054,114|2024
Total
funds
£
29,678
32,068
73,802
71,412
1,028,919
1,100,331|2023
Total
funds
£
29,045
30,707
(5,751)
(7,413)
1,036,332
1,028,919|
|---|---|---|---|---|---|
The notes form part of these financial statements
Page 5
**RAWLET TRUST**
## **BALANCE SHEET 9 MARCH 2024**
|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
£
14,611
31,396
31,396
46,007
46,007|Restricted
fund
£
-
210
210
210
210|Endowment
fund
£
1,054,114
-
-
1,054,114
1,054,114|2024
Total
funds
£
1,068,725
31,606
31,606
1,100,331
1,100,331
46,007
210
1,054,114
1,100,331|2023
Total
funds
£
994,923
33,996|
|---|---|---|---|---|---|
||||||33,996|
||||||1,028,919|
||||||1,028,919|
||||||46,598
1,000
981,321|
||||||1,028,919|
The financial statements were approved by the Board of Trustees and authorised for issue on 4 July 2024 and were signed on its behalf by:
Mr A H Johnson - Trustee
The notes form part of these financial statements
Page 6
**RAWLET TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 9 MARCH 2024**
## **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.
## **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 2024**
|**3.**
**INVESTMENT INCOME**
COIF investment income
Deposit account interest
**4.**
**GRANTS PAYABLE**
Grants
The total grants paid to individuals during the year was as follows:
Educational
Non-educational
Grants no longer required|2024
£
28,559
1,119
29,678
2024
£
29,182
2024
£
10,301
19,240
(359)
29,182|2023
£
28,558
487
29,045
2023
£
28,051
2023
£
5,489
23,191
(629)
28,051|
|---|---|---|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 9 March 2024 nor for the year ended 9 March 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 9 March 2024 nor for the year ended 9 March 2023.
## **6. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 10 March 2023
Revaluations
At 9 March 2024|Listed
investments
£
994,923
73,802
1,068,725|
|---|---|
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 2024**
## **7. CASH AT BANK**
|Current account
COIF charities deposit fund
Total|2024
Total
funds
£
7,902
23,704
31,606|2023
Total
funds
£
7,969
26,027|
|---|---|---|
|||33,996|
**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
29,678
**Restricted funds**
Religious education materials
-
**Endowment funds**
Permanent endowment
-
**TOTAL FUNDS**
29,678|At
10.3.23
£
46,598
1,000
981,321
1,028,919
Resources
expended
£
(31,278)
(790)
-
(32,068)|Net
movement
in funds
£
(591)
(790)
72,793
71,412
Gains and
losses
£
1,009
-
72,793
73,802|At
9.3.24
£
46,007
210
1,054,114|At
9.3.24
£
46,007
210
1,054,114|
|---|---|---|---|---|
||||1,100,331||
||||Movement
in funds
£
(591)
(790)
72,793
71,412||
|||||71,412|
continued...
Page 9
**RAWLET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 9 MARCH 2024**
## **8. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Religious education materials
**Endowment funds**
Permanent endowment
**TOTAL FUNDS**|At
10.3.22
£
48,339
1,000
986,993
1,036,332|Net
movement
in funds
£
(1,741)
-
(5,672)
(7,413)|At
9.3.23
£
46,598
1,000
981,321|
|---|---|---|---|
||||1,028,919|
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|29,045|(30,707)|(79)|(1,741)|
|**Endowment funds**|||||
|Permanent endowment|-|-|(5,672)|(5,672)|
|**TOTAL FUNDS**|29,045|(30,707)|(5,751)|(7,413)|
## **RESTRICTED FUND**
This fund comprised a grant of £1,000 from former local charity Starfish Project for religious education materials.
## **9. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 9 March 2024.
Page 10