2021-11-30-accounts - Robinson's Retreat And Relief Charities

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ROBINSON’S RETREAT AND RELIEF CHARITIES

(SAMUEL ROBINSON’S CHARITIES)

FINANCIAL STATEMENTS

30 November 2021

ROBINSON’S RETREAT AND RELIEF CHARITIES

Charity Commission No. 222700

TRUSTEES

Name Elizabeth Lawson, QC, LLB David Porter, BA, MBA John Beha Lyn Hopkins Roger Hughes, CA Anthony Alderman, ACII Howard Brown, FCA	Denomination U.R.C. Baptist U.R.C. U.R.C. Baptist U.R.C. Baptist	Appointed
		1983 1996 2015 1999 1999 2004 2010

Brian Mann, representing the Congregational Federation, was a trustee until his resignation on 10 June 2020. A successor is being sought.

The Trustees are (in respect of the Relief Charity only) a corporation by the name of The Incorporated Trustees of Robinson’s Trust for Independent and Baptist Ministers

Secretary for Grants Treasurer Miss E. A. Lawson H R Brown, FCA 113 Vesage Court Bocketts 8A Leather Lane Downs Road London Epsom EC1N 7RF KT18 5HA

Investment Managers

Charles Stanley & Co. Ltd 55 Bishopsgate London EC2N 3AS

Bankers Unity Trust Bank plc Four Brindleyplace Birmingham B1 2JB

Examiner

Miriam Hickson CTA FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW

ROBINSON’S RETREAT AND RELIEF CHARITIES

CONSTITUTION OF THE CHARITIES

The Robinson’s Trust for Ministers’ Widows was created in 1812 by Samuel Robinson for the benefit of widows of Pastors or Ministers of Independent and Baptist Churches resident in the British Isles. The Robinson’s Relief Trust was created in 1833 under Samuel Robinson’s Will for the benefit of Independent and Baptist Ministers, either married men or widowers, resident in England and Wales. In 1986 a scheme was approved for the two charities to be administered together under the title of Robinson’s Retreat and Relief Charities. The Trust Deed requires the Trustees to apply the income in relieving need either generally or individually by making grants of money or providing or paying for items, services or facilities calculated to reduce the need, hardship or distress of beneficiaries.

The body of Trustees consists, when complete, of eight competent persons of whom at the time of their respective appointments four shall be Elders or Deacons of Churches of the United Reformed Church, one shall be an Elder or a Deacon of a non-uniting Congregational Church and three shall be Elders or Deacons of Baptist Churches.

Trustees are required to hold at least one meeting in each year, to be held on or as near as possible to 8[th] June, being the anniversary of the birthday of the Founder, Samuel Robinson. Clause 25 of the Trust Deed gives permission for the costs of the anniversary dinner to be charged against the income of the Trust.

TRUSTEES’ REPORT

The Trustees present their report for the year ended 30 November 2021.

The Trustees met early in the financial year to review the affairs of the Charity in the light of the Pandemic and its likely effects on income and on grants. Income from investments had fallen and was forecast to remain low for the remainder of the financial year. The needs of beneficiaries were likely to have increased as they faced the squeeze on income caused by the Pandemic. Accordingly, the Trustees took action to address the problem. They instructed the Investment Managers to take steps to increase the dividend income where practicable. This has been done, and there is therefore an increase in income for the year. They also instructed a firm of solicitors to apply on their behalf to the Charity Commission for permission to expend up to £100,000 of Permanent Endowment in order to maintain the level of grants to beneficiaries. This permission was granted on 14 July 2021. Pending the outcome of the application, the Trustees made interim payments to beneficiaries in June 2021, and then made further payments where appropriate in October 2021 to a level consistent with the previous year.

Following the above, investment income amounted to £94,907 (2019/20 £74,481). Individual grants were made to 27 beneficiaries totalling £96,359 (2019/20 – 30 totalling £101,044) during the year, ranging from £500 to £6,000. As a result, there was a deficit of £3,880 (2019/20-deficit of £27,624) on Revenue Account for the year, which will be met from Revenue Reserve. We record, with grateful thanks, the work undertaken by Elizabeth Lawson and her fellow trustees, who are appointed in

ROBINSON’S RETREAT AND RELIEF CHARITIES

TRUSTEES’ REPORT (continued)

accordance with clause 20 of the Trust Deed, in the assessment and distribution of these grants.

The administration expenses continue to be very low, as all tasks are performed by the Trustees, who receive no remuneration, nor are they reimbursed expenses.

It is the policy of the Trustees to balance the objectives of the investments between growth in the permanent endowments and the need for revenue income to fund grants. It is the Trustees’ intention to distribute the revenue account fully, taking one year with another. At 30 November 2021, the Revenue Reserve amounted to £8,931.

The Trustees of Samuel Robinson’s Charities endeavour to avoid investing in companies with more than a minimal proportion of their income derived from alcohol, tobacco, pornography or arms. They recognise, however, that it is not always easy to identify all the activities of multinational companies or their subsidiaries and that from time to time they may inadvertently make an investment which breaches this policy. They believe that it is possible to maintain this policy without breaching their primary obligation to obtain the best return on their investments for the benefit of those whom the Charities were established to serve.

Following the decision to place the assets of both Trusts with one Investment Manager, Charles Stanley & Co Ltd, the Trustees merged the asset accounts. As at 1 June 2010, the value of the assets in the two trusts was split in the proportions Retreat 47.09%, Relief 52.91% and it was decided that these proportions should be regarded as permanent unless there was a significant change in circumstances. Chas. Stanley deal with the portfolio on a discretionary basis on a medium/low risk with balanced objectives between capital growth and income. During the year, the value of the portfolio under management increased by £293,584 to £3,364,911.

Having recovered from the coronavirus led declines of the previous March, most developed country equity markets recorded new highs during 2021. Equities were supported by relatively strong economic growth as global economic activity surpassed its pre-pandemic level. At the end of the year investor sentiment was adversely affected by the emergence of a new variant of coronavirus, Omicron, which increased uncertainty and raised concerns that additional lockdowns and travel restrictions may be required. Investors also became increasingly concerned about threat of inflationary pressures with price increases rising faster than central bank forecasts. Nevertheless, policymakers still believe current inflationary forces to be temporary and expect inflationary pressures to ease through 2022.

When planning the Charities’ activities, the Trustees have considered the Charity Commission’s guidance on public benefit. The beneficiaries are defined by the trust deed, and are those in need, hardship or distress.

ROBINSON’S RETREAT AND RELIEF CHARITIES

TRUSTEES’ REPORT (continued)

Trustees’ responsibilities

Charity law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Trust and of the profit or loss for that period. In preparing those financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

H R Brown Trustee Date 2 March 2022

ROBINSON’S RETREAT AND RELIEF CHARITIES STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 November 2021

Total 2020 £ 74,188 293 74,481 49,500 31,244 12,300 3,000 5,000 101,044 107 0 954 1,061 102,105 (27,624) (49,675) (16,588) (93,887) 3,207,991 3,114,104	Income Income from Listed Investments Interest Expenditure Grants to Ministers and Widows Baptist (14) Congregational (8) United Reformed Church (3) Welsh Congregational (1) Other (1) Expenses Legal and other expenses Founder’s Birthday Dinner Examiner’s Fee Revenue (Deficit) for year Capital appreciation in year Investment management fees Net Income/(Deficit) Reconciliation of funds Total funds brought forward Total funds carried forward	Retreat Relief Total Revenue Charity Charity 2021 £ 94,907 0 94,907 94,907 50,500 30,359 7,500 3,000 5,000 96,359 96,359 1,227 235 966 2,428 2,428 98,787 98,787 (3,880) (3,880) 146,897 165,053 311,950 (8,649) (9,717) (18,366) (3,880) 138,248 155,336 289,704 12,811 1,473,312 1,627,981 3,114,104 8,931 1,611,560 1,783,317 3,403,808
		8

ROBINSON’S RETREAT AND RELIEF CHARITIES

BALANCE SHEET AT 30 NOVEMBER 2021

ASSETS

		2020 Notes2021 £ £ 2,861,296 Listed Investments 4 3,157,878 210,032 Cash at brokers Capital Account 4 207,033 4,222 Income Account 5,422 38,554Bank balances33,475 £3,114,104 £3,403,808 REPRESENTING: 1,473,312 Permanent Endowment of Retreat Charity 1,611,560 1,627,981 Permanent Endowment of Relief Charity 1,783,317 12,811Revenue Account8,931 £3,114,104 Total Funds £3,403,808 Date 2 March 2022 H R Brown Trustee_D Porter_Trustee

ROBINSON’S RETREAT AND RELIEF CHARITIES

Notes to the Financial Statements for the year ended 30 November 2021

Accounting policies

Accounting convention. The accounts have been prepared under the historical cost convention, modified for the inclusion of listed investments at market value. They have been prepared under the Charities Act 2011 and in accordance with the Charities’ Statement of Recommended Practice (Charities SORP (FRS 102).

Income from investments, mainly dividends, is recognised when received by brokers.

Grants payable are charged to income in the year in which the grant is approved.

Listed investments are shown at market value.

Charitable activities. The Trustees regard all resources expended to be for the single purpose of the Charities. The charity is a public benefit entity.
Related parties. There were no significant related party transactions during the year.

4. Listed Investments and cash at brokers.

Movements for the year are:

Listed Cash Investments at brokers £ £ Balance at 1 December 2020 2,861,296 210,032 Investment management fees - (18,366) Additions in the year 338,000 (338,000) Disposals in the year (353,367) 353,367 Appreciation for year -realised 221,867 - Appreciation for year -unrealised 90,082 - Balance at 30 November 2021 3,157,878 207,033	Total £ 3,071,328 (18,366) - - 221,867 90,082 3,364,911

Included in the balance at 30 November 2021 are unrealised gains of:

2021 2020 £ £ Retreat Charity 578,691 538,492 Relief Charity 650,214 605,046 Total £1,228,905 £1,143,538

Independent examiner’s report to the trustees of Robinson’s Retreat and Relief Charities

I report to the charity trustees on my examination of the accounts of the Trust for the year ended 30 November 2021 which are set out on pages 6 to 8.

Responsibilities and basis of report

As the charity’s trustees 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 as carried out under section 145 of the Act and in carrying out my examination I have followed all the 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 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 Report) 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; or
the accounts have not been prepared in accordance with the methods and principles 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 the Republic of Ireland (FRS 102).

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.

Miriam Hickson

Miriam Hickson CTA FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW

Date: 21 March 2022