THE FRED TOWLER CHARITY TRUST UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2021
Charity Number: 225026
THE FREDO TOWLER CHARITY TRUST MEMBERS OF BOARD AND PROFESSIONAL ADVISORS FORTHE YEARENDEDSAPRIL 2024000
THE BOARD OF TRUSTEES
Mr R JR Allan (Chairman) Mr P Fattorini Mr P G Meredith Miss S M Patchett Mr Sweeney Miss B Craig Mrs J Lister Mr A Wintersgill
BANKERS
Barclays Bank PLC 10 Market Street Bradford BD1 INR
INVESTMENT MANAGER
Mr D Miller Quilter Cheviot Ltd One Kingsway London WC2B 6AN
ACCOUNTANTS AND INDEPENDENT EXAMINER
Richard Lewis FCCA
RSM UK Tax and Accounting Limited Chartered Accountants Two Humber Quays Wellington Street West Hull HU1 2BN
4
THE FRED TOWLER CHARITY TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEARENDEDSAPRIL 202400 ;
The trustees present their report and the financial statements of the charity for the year ended 5 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 and as amended on 1 January 2019
NAME AND REGISTERED OFFICE OF THE CHARITY
The full name of the charity is The Fred Towler Charity Trust and its registered office address is Fifth Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL.
CONSTITUTION
The Fred Towler Charity Trust was formed in 1942 by the will of Fred Towler deceased. The trust is governed by the will proved at the Principal Probate Registry on 1 February 1943 and scheme of 11 March 1969
The trust is a registered charity (registration number 225026) and is unincorporated
OBJECTIVES
When planning the activities for the year, the trustees have considered the Charity Commissioner's guidance on public benefit. The objectives of the trust are to provide holidays and grants for the sick, aged and youth resident in Bradford
METHOD OF ELECTION OF TRUSTEES
Any trustee 1s able to nominate a person to stand as a trustee and they are elected by consent of all trustees via a deed of resolution of the trustees
INVESTMENT POWERS
The trustees may invest as if they were beneficially entitled
INVESTMENT POLICY
The investment objectives are
- Capital growth and income with slightly more emphasis on income. - | Medium risk. - No UK tax is payable by the trust
The investment sub-committee of Messrs P G Meredith, R J R Allan and Mrs J Lister deal with the review of investment recommendation advice from stockbroker and other financial institutions
Guidelines for the performance of the funds have been set, and will be reported upon on a yearly basis.
Until 2013, separate investment portfolios were maintained for the holiday fund and general fund. In 2013 they were combined into a single portfolio. Since that time investment income, acquisitions and disposals have been allocated 32.5% to the holiday fund and 67.5% to the general fund, this being the ratio of the respective values at the date of amalgamation
ETHICAL RESTRICTIONS
There are no ethical restrictions within the charity trust
RESERVES POLICY
The policy of the charity is to maintain sufficient capital to allow the trustees to carry out the objectives of the charity which are to provide holidays and grants for the sick, aged and youth resident in Bradford.
2
THE FRED TOWLER CHARITY TRUST TRUSTEES’ ANNUAL REPORT (CONTINUED) YEARENDEDS APRIL 2021 a ee
RESERVES POLICY (CONTINUED)
The balance held as restricted funds at 5 April 2021 was £323,574. During the year we spent £8,000 on holiday grants and £1,680 on governance costs. Therefore, the current tevel of restricted reserves Is at a sufficient level to continue paying holiday grants in the future.
The balance held as unrestricted funds at 5 Aprit 2021 was £997,626. During the year general grants of £16,500 were paid to sick, aged and youth residents in Bradford. Therefore, the current level of unrestricted reserves ts at a sufficient level to continue paying general grants in the future.
RISK FACTORS
The trustees annually assess the major risks to which the charity is exposed and are all satisfied that systems are in place to mitigate exposure to the major risks.
REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS
The trustees made grants relating to holidays amounting to £8,000 during the year (2020 - £7,725),
In addition, the trustees made genera! grants totalling £16,500 (2020 - £17,850).
Income for the year was £284,391 (2020 - £29,358) which after the costs of general grants, holiday grants, overheads and investment gains/(losses) resulted in a net inflow of resources for the year of £444,392 (2020 —- net outflow of resources for the year of £148,680)
The general grant making policy of the trustees is to make payments to charities representing the sick, aged and youth residents of Bradford.
An analysts of grants paid ts:
----- Start of picture text -----
5
Sick 5,100
Aged 4,200
Youth 7,200
Total 16,500
----- End of picture text -----
A detailed summary of both general and holiday grants paid is available on page 16
The trustees consider that the objectives of the charity have been met during the year
The trustees’ have taken into consideration the effect of Covid-19 on the charity's ability to continue in operation for the foreseeable future. We believe the charity has sufficient funds in place and cash at bank to be able to pay the charity's creditors as they fall due within the next twelve months from the date these financial statements were signed and will continue to pay grants out in line with our odjectives.
THE TRUSTEES
Details of persons who served as trustees during the year were as follows:
Mr R J R Allan (Chairman) Mr P Fattorini
Mr P G Meredith Miss S M Patchett Mr M Sweeney Miss B Craig ; Mrs J Lister Mr A Wintersgill
Grants are made in July and December of each year to other charities. The grants are made within restrictions laid down by the will that '/3 of disposable income ts allocated to holiday costs, whilst °/3 is allocated to making other general charitable grants.
Sa aac eae ea a
THE FRED TOWLER CHARITY TRUST TRUSTEES’ ANNUAL REPORT (CONTINUED) YEAR ENDED 5 APRIL 2021 -
a
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KEY MANAGEMENT PERSONNEL REMUNERATION
The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of related party transactions are disclosed in note 8 to the accounts
Approved by the trustees on 07/10/2021
ang signed on their behalf by
halTiter. G MALt_eUe rr . Trustee
es
THE FRED TOWLER CHARITY TRUST STATEMENT OF TRUSTEES’ RESPONSIBILITIES YEAR ENDED 5 APRIL 2021 _ ee a
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charity and of the incoming resources.and.application.of. resources. of .the.charity.for.that.period..In.preparing-these-financial.statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the applicable Charities SORP
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make judgments and estimates that are reasonable and prudent
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
5
|
INDEPENDENT EXAMINER’S REPORT ON THE UNAUDITED FINANCIAL STATEMENTS TO THE TRUSTEES OF THE FRED TOWLER CHARITY TRUST
| report to the trustees on my examination of the financial statements of The Fred Towler Charity Trust for the year ended 5 April 2021, which are set out on pages7 to 16.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’)
| report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover ail the matters that an auditor considers in giving their opinion on the accounts, The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, | express no opinion as to whether the accounts present a ‘true and fair view’ and my report ts limited to those specific matters set out in the independent examiner's statement.
Independent examiner’s statement
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in Section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of the Association of Chartered Certified Accountants, which Is one of the listed bodies
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me reasonable 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 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
-
| 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.
—— » . * Richard Lewis FCCA The Association of Chartered Certified Accountants On behaif of RSM UK Tax and Accounting Limited Chartered Accountants Two Humber Quays Wellington Street West Hull HU1 2BN Date: slideee {
THE FRED TOWLER CHARITY TRUST UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES
YEARENDEDSAPRIL 202400
| Note | Total | Total | |||||
|---|---|---|---|---|---|---|---|
| Restricted | Unrestricted | Funds’ | Restricted | Unrestricted | Funds | ||
| Funds | Funds | 2021 | Funds | Funds | 2020 | ||
| £ | £ | iS | £ | £ | £ | ||
| INCOME FROM: | |||||||
| Donations | - | 260,000 | 260,000 | : | - | - | |
| Investments | 2 | 7927 | 16,464 | 24,391 | 9,542 | 19:816 | 29°358 |
| TOTAL INCOME | 7,927 | 276.464 | 284,391 | 9 542 | 19,816 | 29 358 | |
| EXPENDITURE ON: | |||||||
| Raising funds | (2,169) | (4,505) | (6,674) | (579) | (1,202) | (1,781) | |
| Charitable activities | 3 | (9,680) | (19,860) | (29,540) | (6,660) | (23,895) | (30,555) |
| TOTAL EXPENDITURE | (11,849) | (24,365) | (36,214) | (7,239) | (25,097) | (32,336) | |
| NET (EXPENDITURE)/ | |||||||
| INCOME AND NET | |||||||
| MOVEMENT IN FUNDS | |||||||
| BEFORE GAINS AND | |||||||
| LOSSES ON INVESTMENTS | (3,922) | 252.099 | 248,177 | 2.303 | (5,281) | (2,978) | |
| Net gains/(losses) on | |||||||
| disposa! of investment | |||||||
| assets | 12 | 9,446 | 19,618 | 29,064 | 3,367 | 6,992 | 10,359 |
| Unrealised gains/(losses) | |||||||
| on investments | 54,325 | 112,826 | 167,151 | (50,720) | (105,341) | (156,061) | |
| NET INCOME/ | |||||||
| (EXPENDITURE) | 59,849 | 384,543 | 444 392 | (45,050) | (103.630) | (148.680) | |
| Total funds brought forward | 263,725 | 613,083 | 876,808 | 308,775 | 716.713 | 1,025,488 | |
| Totalfundscarriedforward | 323,574 | 997626 | 1,321,200 | 263,725 | 613,083 | 876,808 |
All activities derive from continuing activities.
The unaudited financial statements have been subjected to an independent examination. See report on page 6
7
THE FRED TOWLER CHARITY TRUST BALANCE SHEET AS AT 5 APRIL 2021 ee a
| Restricted | Unrestricted | Total | Total | ||
|---|---|---|---|---|---|
| Note | Funds | Funds | 2021 | 2020 | |
| 4 | ra | £ | |||
| FIXED ASSETS | |||||
| Investments | 4 | 325,550 | 676,144 | 1,001,691 | 810,343 |
| CURRENTASSETS | |||||
| Cash at bank | - | 322 885 | 322,885 | 68,565 | |
| CREDITORS: AMOUNTS FALLING DUE WITHIN | |||||
| ONE YEAR | 5 | (1,976) | (1.400) | (3,376) | (2,100) |
| NET CURRENT (LIABILITIES)//ASSETS | (1,976) | 321,485 | 319.509 | 66 465 | |
| NET ASSETS | 323,574 | 997.626 | 1,321,200 | 876.808 | |
| FUNDS | |||||
| Restricted | 6 | 323,574 | - | 323,574 | 263,725 |
| Unrestricted | 6 | - | 997.626 | 997 626 | 613,083 |
| 323,574 | 997,626 | 1,321,200 | 876,808 |
These financial statements were approved by the Board of Trustees on 07/10/2021 and are signed on its behalf by:
ful 0 AANeLett ; Trustee
The unaudited financial statements have been subjected to an independent examination. See report on page 6
—E aie delenit
THE FRED TOWLER CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS ASATSAPRIL2021 2
2 : 7
a
- 1 ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts The-financial-statements“have~been-prepared-in- accordance’ with’ thesecond- edition of the-Charities Statement of Recommended Practice issued in October 2019, the Financial reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011
The Fred Towler Charity Trust constitutes a public benefit entity as defined by FRS 102
GOING CONCERN POLICY
The trustees’ have taken into consideration the effect of Covid-19 on the charity's ability to continue in operation for the foreseeable future. We believe the charity has sufficient funds in place and cash at bank to be able to pay the charity's creditors as they fall due within the next twelve months from the date these financial statements were signed and will continue to pay grants out in line with our objectives.
INCOMING RESOURCES
All income is recognised in the statement of financial activities when the conditions for receipt have been met, where there is entitlement, probable assurance of receipt and the monetary value of incoming resources can be measured with sufficient reliability
Dividends and fixed interest income (“investment income") are recognised once the investment income has been declared and notification has been received of the investment income due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
RESOURCES EXPENDED
Liabilities are recognised as resources expended as soon as there Is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate ali costs related to the category
Expenditure on raising funds is in relation to the management of the investment portfolio.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
Governance costs include those incurred in the governance of the trust and are primarily associated with statutory requirements
LISTED INVESTMENTS
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The unaudited financial statements have been subjected to an independent examination.
See report on page 6
Sl
THE FRED TOWLER CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS ASATSAPRIL20241 ; Be _ BS
- 1 ACCOUNTING POLICIES (CONTINUED)
FUND ACCOUNTING
The restricted fund is used for the provision of grants to other charities who provide holidays to deserving people. !n prior years, the restricted fund was used for the provision of holidays for the elderly
The genera! fund is free for use in accordance with the charity's objectives
FINANCIAL INSTRUMENTS
The charity only has basic financial assets and liabilities of a kind that qualify as basic financial instruments These are recognised at transaction value and subsequently at settlement value.
RESOURCES EXPENDED
e No emoluments or expenses were paid to trustees e The charity had no employees in either this or the previous year
- INVESTMENT INCOME
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Restricted | Unrestricted | Funds | Restricted | Unrestricted | Funds | |
| Funds | Funds | 2021 | Funds | Funds | 2020 | |
| £ | £ | £ | £ | & | £ | |
| Dividends received | 6.169 | 12,812 | 18,981 | 7,437 | 15,445 | 22,882 |
| Fixed interest | 1.758 | 31652 | 5,410 | 2,105 | 4,371 | 6.476 |
| 7,927 | 16.464 | 24 391 | 9,542 | 19.816 | 29 358 | |
| CHARITABLE ACTIVITIES | ||||||
| Total | Total | |||||
| Restricted | Unrestricted | Funds | Restricted | Unrestricted | Funds | |
| Funds | Funds | 2021 | Funds | Funds | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| (a) Provision of | ||||||
| Charitable Services | ||||||
| General grants (note 13) | - | 16.500 | 16.500 | - | 17,850 | 17,850 |
| Holiday grants (note 14) | 8.000 | - | 8,000 | 7,725 | - | 7,725 |
| 8.000 | 16,500 | 24,500 | 7,725 | 17,850 | 25.575 | |
| (b) Governance costs | ||||||
| Accountancy | 1.680 | 3,360 | 5,040 | 1,660 | 3,320 | 4,980 |
| Room hire for meetings | - | - | - | - | - | - |
| 1,680 | 3,360 | 5,040 | 1,660 | 3,320 | 4,980 | |
| Total | 9,680 | 19,860 | 29,540 | 6,660 | 23,895 | 30,555 |
8 CHARITABLE ACTIVITIES
Accountancy includes independent examiner's fees of £1,000 (2020 - £1,000).
The unaudited financiai statements have been subjected to an independent examination. See report on page 6
10
THE FRED TOWLER CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS AS AT 5 APRIL 2021 7 7
- INVESTMENTS
| Note | 2021 | 2020 | |
|---|---|---|---|
| & | £ | ||
| UK quoted investments at market value | |||
| Market value at 6 April 2020 | 805.271 | 952,683 | |
| Acquisitions at cost | 11 | 154,437 | 149,169 |
| Disposals atopening book value | 12 | (158 156) | (140,520) |
| Unrealised gains/(losses) on investments | 167,151 | (156,061) | |
| 968,703 | 805,271 | ||
| Cash awaiting investment | 32,988 | 5,072 | |
| Market value at 5 April 2021 | 1,001,691 | 810,343 | |
| Investments comprise: | |||
| Equities | 9 | 778,119 | 601,642 |
| Fixed interest securities | 10 | 190,584 | 203,629 |
| Cash awaiting investment | 32,988 | 5,072 | |
| Market value at 5 April 2021 | 1,001,691 | 810 343 | |
| HistoricalCostat5Apri!2021 | 924,754 | 873,987 |
All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost.
The following investment represents more than 5% of the net assets of the trust at Apri! 2021.
5
| Market | ||
|---|---|---|
| Value | ||
| £ | % | |
| Blackrock Northern American Equity | 111,678 | 8.45 |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2021 | 2020 | |
| £ | £ | |
| Bank overdraft | 1,276 | - |
| Accruals | 2,100 | 2,100 |
The unaudited financial statements have been subjected to an independent examination See report on page 6
14
THE FRED TOWLER CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS AS ATS APRIL 2021
7
6 FUNDS
Restricted funds, total donations and other income given for specific purposes
,
| Balance | Balance | Incoming | Resources | Gains/(losses) | Balance | ||
|---|---|---|---|---|---|---|---|
| at 06/04/20 | Resources | Expended onlinvestments |
at 05/04/21 | ||||
| £ | £ | a | £ | £ | |||
| Holiday Fund | 263,725 | 7 927 | (6,674) | 68,946 | 323,574 | ||
| General Fund | 613,083 | 276,464 | (29,540) | 127 269 | 997 626 | ||
| Total | 876.808 | 284 391 | (36,214) | 196,215 | 1,321,200 | ||
| Balance | Incoming | Resources | Gains/(losses) | Balance | |||
| at 06/04/19 | Resources | Expended oninvestments |
at 05/04/20 | ||||
| £ | £ | £ | 24 | f | |||
| Holiday Fund | 308,775 | 9,542 | (7,239) | (47,353) | 263,725 | ||
| General Fund | 716.713 | 19,816 | (25,097) | (98 349) | 613,083 | ||
| Total | 1.025.488 | 29,358 | (32,336) | (145,702) | 876,808 | ||
| The holiday fund | is a restricted fund | used to | make | donations to | other charities | which provide | holidays to |
| deserving people | |||||||
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||||||
| Restricted | Unrestricted | Total | Total | ||||
| Note | Fund | Fund | 2021 | 2020 | |||
| £ | 3] | £ | £ | ||||
| Investments | Equity | 9 | 252 889 | 525,230 | 778.119 | 601,642 | |
| Fixed Interest | 10 | 61,940 | 128.644 | 190,584 | 203.629 | ||
| Un-invested Cash | 10,721 | 22,267 | 32,988 | 5,072 | |||
| Cash at bank | - | 322 885 | 322,885 | 68,565 | |||
| Creditors | (1,976) | (1,400) | (3,376) | (2,100) | |||
| Net assets as at 5 April 2021 | 323,574 | 997,126 | 1,321,200 | 876,808 | |||
| Restricted | Unrestricted | Total | Total | ||||
| Fund | Fund | 2020 | 2019 | ||||
| £ | £ | e | £ | ||||
| Investments | Equity | 195,533 | 406,109 | 601,642 | 748,451 | ||
| Fixed Interest | 66,179 | 137,450 | 203,629 | 204,232 | |||
| Un-invested Cash | 1,648 | 3,424 | 5,072 | 6,717 | |||
| Debtors | 1,065 | 67,500 | 68,565 | : | |||
| Cash at bank | 68,128 | ||||||
| Creditors | (700) | (1,400) | (2,100) | (2,042) | |||
| Netassetsasat5April2020 | 263,725 | 613,083 | 876,808 | 1,025,488 |
The holiday fund is a restricted fund used to make donations to other charities which provide holidays to deserving people
ANALYSIS OF NET ASSETS BETWEEN FUNDS
The unaudited financial statements have been subjected to an independent examination. See report on page 6
12
THE FRED TOWLER CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS ASATSAPRIL2024 00 CO
8 RELATED PARTIES
None of the trustees received any remuneration or any other benefits from the charity during the year The trustees confirm there were no other related party transactions to disclose
- SCHEDULE OF EQUITY INVESTMENTS
| Holdings | Book'Cost | Market Value | ||
|---|---|---|---|---|
| £ | £ | |||
| 31 infrastucture ord NPV | 4,500 | 8.447 | 13,343 | |
| Assura Ord 10p | 24,000 | 13.177 | 17,400 | |
| Astrazeneca ord USD0.25 | 260 | 8,078 | 18,647 | |
| Baillie Gifford Japanese Income Growth Y Net Inc | 16,800 | 18.622 | 25,872 | |
| Blackrock Continental European Income D Units | 20,000 | 24 881 | 34,900 | |
| Blackrock Ishares North American Eqty Idx HAcc | 42,000 | 86.660 | 111,678 | |
| BMO Property Growth& Income | Inc | 1,800 | 18,222 | |
| BNY mellon fund Ltd US Equity | 26,000 | 30,319 | 30.997 | |
| BP ord USDO.25 | §,630 | 28.221 | 16,316 | |
| Compass Group | 300 | 4,950 | 4.485 | |
| Diageo Ord GBPO 28 101/108 | 320 | 10.735 | 9,622 | |
| Equity Trustees Alliancebernstein EU Ex UK Eq F | 20,000 | 20.540 | 21,860 | |
| Experian ord USD 0.10 | 235 | §.975 | §,983 | |
| First State Stewart Inv Asia Pac Ldrs B | 8,850 | 18.128 | 26.310 | |
| Glaxosmithkline ord 25p | 1,225 | 18,003 | 15,651 | |
| Haima ord GBP0.10 | 290 | 5,544 | 7,070 | |
| Henderson Investment funds | Ltd | 10,000 | 11,350 | 11,840 |
| Henderson investment funds | Ltd | 1,000 | 10.7793 | 12,030 |
| HSBC Holdings ord USD0.50 | 3,400 | 23,050 | 14,389 | |
| International Public Partner ord 0.01p | 7,000 | 10.669 | 11,774 | |
| JD Sports Fashion Pic GBP 0 0025 | 1,350 | 11.110 | 11,475 | |
| JP Morgan Inc C Net Inc Nav | 29.000 | 15,868 | 21,002 | |
| Legal & General Group PLC | ord 2.5p | 8,000 | 3.646 | 22.680 |
| M& G pic ordGBP 0.05 | 2,600 | 6,190 | 5.444 | |
| National Grid ord 12 431289p | 1,902 | 15,970 | 16,424 | |
| Ocado Group Plc Ord 0.02 | 200 | 4,959 | 4.184 | |
| Persimmon Ord GBP 0 10 | 250 | 53,119 | 7,560 | |
| Priviledge Sands UK Growth | Uh inc | 1405 | 25.497 | |
| Prudential ord 5p | 600 | 8,004 | 9,309 | |
| Relx picGBP 0 1444 | 340 | 6,388 | 6,239 | |
| Royal Dutch Shell - B ord Eur |
0.07 | 1,030 | 23,618 | 13,755 |
| Smith (DS) ord 10p | 4.785 | 8,239 | 19,791 | |
| Sparx Fund Plc Japan | 75 | 9,262 | 9,305 | |
| Supermarket Income REIT GBP 0.01 | 8,490 | 8,999 | 9,254 | |
| The Renewables Infastructure | 13,200 | 16,476 | 16,183 | |
| Unilever ord3.1111p |
170 | 7248 | 6837 | |
| Vangaurd Funds Pic | 440 | 13,129 | 14,977 | |
| Veritas Funds Plc | 14 | 11,372 | 14,600 | |
| VH Sustainable Energ GBP 0.01 | 8,251 | 8,251 | 8.218 | |
| Vodafone Group Ord USD 0.2095238 | 8,018 | 16,354 | 10,717 | |
| Vontabel Asset management | 250 | 26,945 | 29,863 | |
| Vulcan Global Value Equity II | inc Nav | 150 | 25,397 | 36,771 |
| Total | 702,391 | 778,119 | ||
| Allocatd to | ||||
| Holiday fund | 228,277 | 252,889 | ||
| General fund | 474.114 | 525,230 | ||
| 702,391 | 778,119 |
The unaudited financial statements have been subjected to an independent examination. See report on page 6
ig
. THE FRED TOWLER CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS ASATSAPRIL2020 0 .
10. SCHEDULE OF FIXED INTEREST INVESTMENTS
| event | Book Cost |
Market Value |
|
|---|---|---|---|
| £ | £ | ||
| AXA Investment Managers | |||
| US Sht Duration High Yield Bonds | 11.901 708 | 12,352 | 10,832 |
| Hermes Fund Managers Ireland | 17,000 | 17,800 | 17,818 |
| M&G Securities | |||
| NB Global Floating Rate Inc Fd Ltd | |||
| Red Ord NBV | 5,147 | 5,354 | 4,231 |
| Pimco Global Inv | |||
| Grade Cred Hgd Instl Inc | 3,730 | 52,002 | 51,250 |
| Royal London | |||
| Sterling Credit Instl Inc Z | 20,000 | 27,093 | 28,640 |
| Vanguard Investments | 130 | 14,872 | 14.727 |
| United Kingdom Treasury | |||
| 1.875% Index Linked Stock 2022 | 12.300 | 19,453 | 19,334 |
| 4.25% Stock 2027 | 12,000 | 13,845 | 15,100 |
| 4.25% Stock 2036 | 20.000 | 26,606 | 28,652 |
| TOTAL | 189,377 | 190,584 | |
| Allocated to | |||
| Holiday fund | 61,548 | 61,940 | |
| General fund | 127 829 | 128,644 | |
| 189,377 | 190,584 |
The unaudited financial statements have been subjected to an independent examination. See report on page 6
gnR
THE FRED TOWLER CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS AS ATSAPRIL 2021 I
ss[eee]
11. CHANGES ON INVESTMENTS — ACQUISITIONS
| Shares | Cost | |||||
|---|---|---|---|---|---|---|
| acquired | £ | |||||
| EQUITY | ||||||
| Persimmons | 250 | §:319 | ||||
| SSGA SPDR | 230 | 21,415 | ||||
| Veritas | 14 | 11.379 | ||||
| Vanguard Investments | 90 | 10,322 | ||||
| Ocado | 200 | 4,958 | ||||
| Vanguard Funds | 440 | 13,129 | ||||
| Vanguard Investments | 40 | 4,595 | ||||
| The renewables Infastructure | 12,000 | 15,000 | ||||
| Henderson Investment fund | 10,000 | 11,350 | ||||
| Sprax Fund | 75 | 9,262 | ||||
| Hermes | 17,000 | 17,872 | ||||
| JD Sports | 1,350 | 11,110 | ||||
| VH GBI Sustainable energy | 8,251 | 8,251 | ||||
| Supermarket income | 8,490 | 8,999 | ||||
| Take up of 1200 Renewables | 4,200 | 4,476 | ||||
| TOTAL | 154,437 | |||||
| Altocated to: | ||||||
| Holiday fund | 50,192 | |||||
| General fund | 104,245 | |||||
| 154,437 | ||||||
| 12. CHANGES ON INVESTMENTS - DISPOSALS | ||||||
| Shares disposed |
Cost | Market Value |
Sale proceeds |
Gain/ (loss) |
||
| £ | £ | £ | £ | |||
| EQUITY | ||||||
| 2201.622 Eastspring | 2.201.622 | 22,643 | 15,207 | 16,169 | 962 | |
| Investments | ||||||
| 4260 Secure Income | 4,260 | 13,344 | 12,546 | 9,755 | (2,791) | |
| 16000 UK Bonds | 16,000 | 21,285 | 24,795 | 25,166 | 371 | |
| 12000 T Bailey Fund | 12,000 | 19,375 | 15,596 | 19,642 | 4,046 | |
| NB GB! Monthly redemption | 10,797 | 10,797 | ||||
| proceeds | ||||||
| 55 Astrazeneca | 55 | 1,709 | 4,637 | 4,612 | (25) | |
| 1000 RSA Insurance group | 1,000 | §,373 | 3,714 | 6,527 | 2,816 | |
| 2975 British Land Co | 2,975 | 16,484 | 9,356 | 14,218 | 4,862 | |
| 230 SSGA SPDR Europe | 230 | 21,415 | 20,807 | 20,153 | (654) | |
| 260 Astrazeneca | 260 | 8,078 | 21,921 | 20,604 | (1,316) | |
| 16991 .344 M&G Securities Ltd | 16,991,344 | 17,135 | 15,557 | 17,708 | 2,151 | |
| 2300 B & M European | 2,300 | 906 | 6,231 | 11,714 | 5,483 | |
| 1170 Alternative Credit | 1,170 | 11,908 | 7,792 | 10,155 | 2,363 | |
| Investments | ||||||
| 167,784 | 158,156 | 187,220 | 29,064 | |||
| Allocated to: | ||||||
| Holiday fund | 51,401 | 60,847 | 9,446 | |||
| General fund | 106,755 | 126,373 | 19,618 | |||
| 158,156 | 187,220 | 29,064 |
The unaudited financial statements have been subjected to an independent examination. See report on page 6
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: THE FRED TOWLER CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS AS ATS[APRIL] 2021 0 ———— — ————EEE
- GENERAL GRANTS PAID
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Aire Valley District Scout Council | - | 250 | |
| Bradford & District Children’s Charity Circle | 1,000 | 1,000 | |
| Bradford Blaize | 200 | 400 | |
| Bradford Court Chaplaincy | 1,750 | 1,400 | |
| Bradford & District Age UK | - | 250 | |
| Bradford Nightstop | - | 1,000 | |
| Bradford Sea Cadets | 1,000 | 500 | |
| Bradford Tradesmen's Homes | 4,000 | 6,000 | |
| Bradford Junior PHAB Club | 950 | - | |
| British Dysiexics | 3,000 | 500 | |
| British Red Cross | - | 600 | |
| Clayton Community Association | - | 400 | |
| Clothing Solutions for Disabled People | 500 | 500 | |
| Epilepsy Action | 600 | - | |
| Haworth Riding for the Disabled | 500 | 1,000 | |
| Life Education | 1,500 | ||
| NARA The Breathing Charity | - | 500 | |
| One in a Million | - | 4,500 | |
| Police Community Clubs Bradford | 1,500 | 1,000 | |
| Rotary Youth leadership | - | 475 | |
| Survivors West Yorkshire | - | 1,000 | |
| Teenage Cancer Trust | - | 500 | |
| The Carers’ Resource | 7,000 | ||
| Whizzkids | 800 | ||
| 16,500 | 21,025 | ||
| 14. | GRANTS RELATING TO HOLIDAYS | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Bradford Sea Cadets | - | 500 | |
| Dream Holidays | 2,000 | 600 | |
| Equity Together | - | 500 | |
| Fulfil the Wish | - | 500 | |
| Happy Days | - | 900 | |
| Neil Bank | 6,000 | - | |
| Roses Charity | - | 2,000 | |
| 8,000 | 5,000 |
15. CONTINGENT ASSET
On 10 March 2021 the charity received £260,000 from winding up the Irvin Towler legacy. The remaining money is being held by Zedra UK to cover any HMRC claims on Inheritance Tax. The final receipt to be received is still unknown and therefore is not reflected in the financial statements
The unaudited financial statements have been subjected to an independent examination See report on page 6
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