Rogbstered Chaiity Number 229S79 ThE CHARITbE8 OF JOHN AND FRANCES WEST FOR PENSIONERS TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
The Ch•rltlès of John and Franc•$ W•8t for Penslon• Trustee's Report Yer Ended 31 August 2021 Christ's Hospital. the corporate Tw81ee body of the Charitses of John and Frances West for Pensioners (the Charilyl. presents ils Report and aurlhed Financial Statements for the year ended 31 August 2021. These comply with the governing document8 of the Charity. the Charities Act 2011 and Accounting and Reporty"ng by Charities.. Slalement of Recommended Prath'ce applicable lo charities preparing their accounts In accordance wth Financial Reporting Stsnd8rd applicable in the UK and RepL)lic of Ireland IFRS1021. status The Charitywas conth'luted by a Trust Deed dated 1724 as ended by Schgrnes ofthe Charity Commission dated 1906, 1970, 2005, 2008 and 2016. The Charty is r8gistered under number 229579. Charltable 01)lects The object of Ihp. Charrty is the r8li8f of financial need, hardship or distress amongst person6 of 60 years or above Ipreference being giv&n to mornbers of John and Frances Wesl'8 family) by any appropriate means, includin9 pensions or 9ranls. Conn•cted Charftle• Effective 1 Seplamber 2017, by a Charity Commi5slon Scheme dated 29 August 2017, Christ's Hespilal became the Trustee of the Charity and a number of linked charities, including Christ'5 Hospital Foundation. During the year Chri81'5 Hospital Iregi81er8d charity number 11200901 provsded administTallon services to Ihe Charity and received a rnanagemenl leg. Members ol the 808rd of DireGlcrfs of the Trustee, knovm as Th8 Council of Christ's Hospital, are li8led on page 4. Grant Maklng PuliLy The TrLt3tee's policy is to F718ke grants to individuals and trjock grants lo org8ni5ations where they s81isly the criteria sel out in the charitable objects. All grants are Subject lo means testing and regular moniloring by the Trustee. Individuals who qualrfy for ongoing financial support {'pensioner5'l8 assessed In April and Ottober of each year. Pensioners are granted funding a lemi oflhm year5 and, providing they rain eligible, May apply for ftjrthwgranls on expiry ol that term. Publlc Bonefii The Charities Act 2011 requires charities to demonslrale Ihal their aims are clearty for the public benefll. In considering pu1¢ benefit. the Trustee has given due regard lo publi¢ benefit guidance Issued by the Charity Commissian. Al applications from potential beneficianes of the Charity are assessed in order to ensure that the re50UT¢es ol the Chanty are used lo benefit those in gre8lesl need.
Rwlew of Charftable Actlvities Obj•¢tlves. achlov•monts and pèrfomiancg lor 2020121 During the year 15 new pensioners we elected and 72 pensioner5 r81cted. Al the year-end there were 236 recipients of pen8ions12019120' 2381. The fubJre c1Mitrent for pensions to these indimduals, over the next three years, totals £220,890. The remew ol the effectiveness of the Charity's grants programme wlh Age UK 88rk8hire an Age UK Horsham ha5 been carried forward lo 2021122. Obi¢ctlv•s lor 2021122 The Trustee will revlew the effectiveness of Ils grants programme wlh Age UK Berk5hlre and Horsham and assess whether similar programmes may be an effective way of extending the Charity's reach. Recrultmént, Induction and Tmlnlng of Councll Mèmb•rn hen new Council Members arè appointed by the Trustee, they are required lo attend briefing on the ggvemance structure of the Charity and an outline of Ihelr respon$iblli1188 in compliance with the Charily Commlssion's publication CC3, 'The Essential Trustee. They ar8 18sued vlth a 'Truslee Pack. which includes details of the Trust, the Annual Financial Slalemenls and CC3. Arrangements are made for them lo attend such training cour¥es as may be appropriate and fijrther training and dèvelopment is offered individually or lo the CounrAI as 8 whde as required. Council Members cary out these responsibilities through meetings and, as necessary, 18mporary working groups to exarnlne and make rgcommendalions on specific mallers. Flnan¢lal Re8ult The funds in which the Chanty invests do not di3tribule dividends. so the financial results are measured in terms of inve81menl growth on funds invegled. In the ye8r lo 31 Augus12021 there w36 a positiv8 lolal return 0118.3%. This was signrficanlly above the lonterm target gf inflation plus 3%. Overall totsl funds ld by the Charity increased from £6,937.000 10 £8,105,000. Investm•nt Pollcy The Tru81ee's Investment powers a govemed by the Trust Deed, In October 2008, consent was given by the Charity Commisn Ic the inveslrnenis lo be managed on the basis total retum. Investments a managed with the objeLve of m8xmising lot81 retum linccrne plus C8pilal growthl subject lo a moderate level of risk. The Trustee's policy 15 to preserve the real value oflhe investments and the as5els of the Charity are invested across a range ol diversified asset classes. The Tru*ee is advised in rts policyand deciyAon rnakin9 process by rts Investm8nl Committee. Reserves Policy The Trustee's poliey is lo maintain or enhance in real lerrns the value of the Charity's Endowment. Under the Total Return policy, amountg required for the grants programmg each year are transferred from the unapled Total Retum lo Unrestricted Funds. Because the Charrty is an endowed charity, with a signrfic8nl levet of Unapplied Total Return. the level of Free Reserves has less significance than in an unendowed charity. Global investment markets have recovered signrficanlly from the 201912020 falls resulting from the Pandemic, resulting in an increase in the value of the Unapplied Total Return to £6,657,000 12020..
£5.489.000). 11 is expected that there will continuè lo b• volatility for some ltrne due lo the continued global economic impact of the virus. Fundra151ng The Charity does not uThlert8ke fundraising and is therefore not registered wth the Fundr8ising Regulator. PnCIp•1 Rlsks and Uncortalnty The Trustee considers that the most significant risk faced bythe Charity is lowerlhan expected investment returns, resulling in reductions in the lund5 available lo beneficiaries. This risk is actively managed through the es18blishmenl of an appropriate investment policy monitored by the Investment Cornmiltee of the Trustee. Forecasts and cash flows covering the next 36 months have been prepared including Scenario that considers the impact of a significant decline in invesknent returns. Results of Ihis analysis indicate that the ca8h reserves and liquid Inveslmtrnts of the Chanly are adequale to meet its obligations a5 they1811 due. Statement of th• TN¥te•'* Flnanclal R•sponslbllltl The Trustee 18 responsible for praparing the Report of the Charities of John and Frances West lor Pensi¢2ners and the financi81 statements in aecordance with applicable law and regulation8. Charity law requires the Trustee to Prepare Ilnanci8181alemenls for each financial year in accordance wlh United Kingdom Generally Accepted Accounting Practicg (Unilad Kingd¢Jm Accounting Standards) and applicable law. Under charity law thè Trustee must not approve the financial statements unless 1118 gab'sli•d that they give a true and fair view of the stale of affairs of the Charity and of ils nel incomlng or oulgring resources for that period. In preparing these fin8ncial slalemenls, the Trustee is required lo"
elect suitabl8 accounts'ng policies and then apply th8m consi81ently,'
make judgem&nl8 and eslimale8 that are reasonable and prudent,, slate whether appdic8ble accounting standards have been followed, s¢Jbject to any material departures disclosed and explained In the financial statements". and prepare the financial slalemenls on the going concern basis unless il Is Inappropriale lo pre8ume that the Charity wll continue lo operate. The Trustee is responsible for ensuring that the Charity keep5 proper accounting records Ihat are sufficient lo show and explain the Charity'3 transactions disclose th Teasonable aCCUTacy at any lime the finanaal position of the Charity and le enable the Trustee lo ensure that the fin8ncial statements comply wth the Charitie5 Act 2011. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable $leps for the prevention and detection of fraud and other irregularities. Audltor Crowe U.K. LLP has expressed wllingne5s lo continue as auditoi lor the next financial year.
The Councll of ChrlJt's Hospllal Christ'5 Hospital is the Trustee of the Charity. The Board of Director8 of the Trustee, known as Tho Counal of Christ's Hospital, %tho served In office during the year or subsequently ¥re.' Christopher Steane, MA. LLB. Treasurer ond Chairman Nick Atkinson, MA. FCCA Ni¢k 8ensled-Smith, BSC, JP, CC Jan de Walden. HND, Mlnslm Ilo 31 August 20211 Judy Evans, MA, MBBS, FRCSIEdl Plast Marianne Fredwicks Diana Gamham BA, MA. LLD. DSC Thomas Garnigr, Bsc Prem Goyal, 08E. JP Robert Judson, FRAeS. FCMI, MIOD, RAFIReldl Miriam McKay. BA James Maclean, 8SclHonsl Neil M8idment, MA, FCII (from 1 Oclobar 20211 Rob8rt Mulr, LLB Ilo 31 August 20211 Delva Palman, FRICS. ACIArb, FRSA Ilo 31 Augujt 20211 Pgmela Roberts, FRSA, FRH181S, JP {Irom 1 October 20211 Jenny Williams, BSclHon¥l. PGCE Ilrom 1 October 20211 Jthn Yeornans, MA, FIET, CEng
Principal Offlce and Prof•vJlonal Advlsern Prfnclpal Offlc• Auditor The Avenue Christ's Hospital Hor5ham West Sussex RH13 OLJ Cfowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bank•r Sollcltor Bardays Bank plc 2 Carfax Horsham West Susjex RH12 1DN Mills & Reeve LLP Botanic House 100 Hills Road Cambridge C82 1PH In¥tm•t Advl*•r Partners Capild LLP 5 Young Street London W8 5EH Approved by The Counryl of Chri81'8 Hospllal on 2 Decernbèr 2021 and 81gned on Ils behalf by. Chrisloph Sleane Treasurer nd Chaimian of the Counol of Chri51'$ Hospital 2 December 2021
Independent Auditor's Roport to thg Trustee's of tho Charltlgs of John and France8 Wesl for Pensloners Opinion We have 8udited the financi81 stslemenls of the Charities of John and Fr8nces West for Pensioners I'lhe Charity'l lor the year 31 August 2021 thi¢h cemprise tha Stslement of Financial Activities, Balances She81 and notes lo the linanoal 51alements. incI1n9 significant accounting policies. The financial reporting framework th81 has been applied in their Pfeparalion is applicable law and United Kingdom Accounting Standards, including Finanual Reporb"ng Standard 102 the Financial Reporting Standar¢J applicable in the UK and Republic of Ireland (United KSngd¢)m Generally Accepted Accounting Pracllcel. In our opinion tho financial stst•menl5'. give a true and fair view of the state of the Chanty's affairs as al 31 Augu512021 and of ils income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounts'ng Practice". and have been prepared in accord8nce wlh the reqvirement8 ol the Ch4Tilies Act 2011. Balls for oplnlon We con¢Jucled our audit in accordance wth Inl&rnational Standards on Auditing IUKI IISAS IUKII and applicable law. Our re8ponsibililie8 under those standards are further describ8d in the ALtdilor's responsibilities foi the audit of the financial slalemenls section ol our report. We are independent of the Charity in accordance wlh the ethical requiremen15 that are relevant lo our audlt of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other elhlcal responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate lo provide a basis for our opinion. Conclu8lon¥ relatlng to golng concem In auditing the finanu81 $18lemenls, we have concluded that the Trustee's use of the goSng concern basis of accounbng in the preparation of Ihe linandal slalemenl$ is appropriate. Based on the work we have performed, we have not identified any maleriaS uneertaintles rolaling lo Èvents or condilicns th81, Individually or eolleclively. may c8sI significant doubl on the Charity's ability lo continue as a going concern for a period of al lea81 Iwelve monlhs from when Ifie finanaal slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustee respect lo going concern are described in the relevant sections of th18 report. Other Informatlon The Trustee are responsible for the other information contained wthin the annual report. The other infomation comprises the Information Included in the annual report, other than the financial slalemenls and our auditor's report thereon. Our opinion Dn the financial statements does not cover the other inlwmalion and, except lo the extent olhemse explicitly slated in our report, we do not express any fomi of assurance condusion thereon. Our responsibility is to read the other inforrnatson and. in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our kngvrtedge obtained in the audit or olhenthse appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are requlred lo determine whether this gives rise lo a material mi5slalernenl in the financial slalements Ihem8elves. If, based on the work we have perforrned, we conclude that there 15 a material misslalement ol this other information. we are required lo report that fact. We have nothing lo report in this regard. atters on whSch we are required to report by •xc•ption We have nothlng to report in respect ol the followng mallers In relabon to vhich the Charities
IAccoL¢nt5 and Reports) Regulations 2008 requires us lo report lo you W, In our opinion.. the Inlomiats'on given in the financial stslwent$ Is inconslslenl in any material respect with the Truslees, report., or SLffti¢ienl and proper accounting records have not been kept by the Charity,. or the finanaal statements are nol in agreement with the accounting records and returns., or we have not received all the information and explanations we require for ¢JJr audit. Regpon$lbllStlos of Trustees As explained more fully In the Slalemenl of the TNstee's Financial Responsibil(Éies Isel out on page 31, the TrLJStee are responsible ftsr the preparation ol the fi'nancial statements and for being satisfied that they 9ive a true and lair view, and for such inlemal control as th8 Trustee determine is necessary lo enable the preparation 01 financial 8talements that are froe from material misslalemenl, ether due lo fraud or error. In preparing th8 finanaal slalemenls, the Trustee are responsible lor a8se5¥ing the Charity's ability lo continue as a going concern. disclosing. as applicable, mall8rs related lo going concern and using the going concern ba815 01 accounting unless the Trustee eitrer intend lo liquidate th8 Charity or lo cease operations, or have no realistic allernalive b¢Jt le do so Audltorfty rn•pon•ibllltle• for Ihtr audlt of the Ilnanclal 8talemgnts We have bèen appolnted as auditor under seclion 151 01 the Charities Act 2011, and rop¢wt in accordance with the Act5 and relevant regulations made or having effect Ihereun¢Jer. Our objectives are lo obtain reasonable assurance about whether the financial statements 85 whole are free from rnalerial misslalemenl, whether due to fraud or error, and lo issue an auditor's r8part that includes our opinion. Reasonable assurance is a high level of assuran. bul is nol a guarantee that an audit conducted in accordance wlh ISA8 IUKI will always detect material misslalemenl when it exists. Misstalemenls can arise trom fraud or error and are ¢on51dered material if, individu8lly or in the aggregate, they could reasongbly be expected lo Influence the economlc deci8ion8 ol users taken on the ba8is of these financlèl slalements, Details of the extent lo vthich the 8udil was CDn51dered capable of detecting irregularities. including fvaud and non.compli8nce wlh laws ond regu18tions 8re $8t out below. A further description ol Duf Teyponsibililies for the oudil ol the financial slatemerrts 18 located on the Financi81 Reporting Council's webslte 81.. smv.lr This description lorms part of our auditor's report. Extent to whlch the audlt was congldered capJbl• ol dotèctlng Irr•gularltlè8, Includlng fraud Irregul8rilies, including fraud. are Instance5 of non-compliance with laws and regijlations. We identified and assessed the risks of material mlsslalement of the finanual slalemenls from irregularities, whether due lo fraud or error, and discussed Ihese between our audit team members. We then designed and perfomied audit procedures responsive to those risk¥, including obtaining 8udil evidence sufficient and appropriate lo provide a basis for our Dpinion. We oblainetj an understanding ofthe legal and regulatory frameworts wthin thi¢h the Charity operates, focusin9 on those laws and regulations that have a direct effect on the determination of material arnounls and disc195ures in the flnanual slalement5. The laws and regulations we considered in this context were the Charities Act 2011 logether wlh the Charities SORP IFRS 1021. We assessed the required compliance wlh these laws and regulation5 as part of our audit procedures on the relaled financial statement items. In addition, we considered provisions ol olher laws and re9ulalions that do not have a direct effect on the financial statements bul compliance with which might be fundamental to the Charity's ability lo operate or lo avoid a Tnaterial penalty. We also considered the opportunities and incentives that may exist within the Charity and the group lor fraud. The laws and regulations we con51dered in this context for the UK operations were General Data Pioleclion Regulation and health and safely legiallon.
Auditing standards limit the required audit pro¢eduTe5 10 identify nonvCOrnPtiance wlh these laws and regulations lo enquiry of the Trustee and ¢lher management and inspection of regulatory and legal eofrespondence, rf any. We identrfied the greatest risk of material impact on th8 financial statements from irregularities, Induding fraud, lo be within the timing ol recognition of Income, valuation of investmen15 and the override of controls by management. Our audit procedures lo respond to these risks induded enquiries of management, and the Trustee aboijl their own It1entificalion and assessment of the risks of irregularities. sample testing on the posting of journals, ana1ical review and sample testing of income, vChing year end valuations lo third party data, reviewn9 accounting estimates for biases particularly in relation lo investment valuations, reviewn9 regulatory correspondence with thè Ch8rily cLmISSion, and reading minutes ol meetings ol those charged with governancè. Owng lo the inherent limitations of 8n audit, there 1$ an unavoidable risk that we may not have detected somè materlal misslalemenls in the financial statements, even though we have propedy planned and perfomed our audit in accordance with auditing standards. Forexarnple, the further removed non-compliance with laws and regulations lirregulariliesl is from the events and transactions reflected in the financial slatemenls, the les5 likely the inherently lirniled wocedures required by auditing standards would ideniily it. In addition, as with any audit, there remained a higher risk of non-delection of irTegul8rities, as these may involve collusion, forgery, inlentional omis510ns, misrepresenlalions, or the override of internal contro15. We are not respon6ible lor preventing non-compliance and cannot be gxpecled lo delecl non-compliance wth all law5 and regulations. Us• of our rgport Thiy report is made Solely lo Iba Charitys Trust88, 88 a body, in accordance wlth Part 4 of th8 Charllies (Accounts and Report51 Regulations 2008. Our audit work has been undertaken so that we might s1818 lo the Charity's Trustee thos8 matters we are required lo slate lo them in an auditor's report and for no other purp08e. To the fullest extent pem?itted by law, we do not 8c¢epl or assume responsibility lo anyone other than the Charity and the Charlly's Trusl8e as body. for our audit work, lor this report, or for the opinions we have formed. Crow? U.K. LLP Slalul(xy Auditor London Dale 10th December 2021 Growe U.K. LLP 15 eliyitAe for 8ppcinlment 88 8udit( of Ihe Ch&rily by wrtue of ils eligiL¥lily for appthnlmonl auditor of o compfirry under section 1212 of the Companies 2006,
The CharRlos ol John and Frances West for Penslone Statgment of Financlal Actlvltles Y•ar Endefl 31 August 2021 £000 Endowm8nt General Funds Funds 20 Totsl 2020 Total M)tei INCOMING RESOURCE5 Incoring re¥ourc•• Irom gengr•tsd fund• kn¥tment Iorne TOT INCOME *IID ENDOVallENTS EXPENDITURE ON: Ralslng Fund• In¥e$brent rn8nag8m8nt Costs 1341 1341 (31) h•rltsbl• 4¢tfj¥ltl•• Grants payatA8 Op8r81iryJ co818 11721 1321 11721 1321 (202J 1321 TOTAL EXPENorruRe 238 265 NET IOUTGOINGI FUNDS FROM OPERATIONS BEFORE TRM15FERS I14D INIESTMeNT GAN8 1341 12041 12&51 on Inv••lnxnts Trnmfor fvnd• 1,4C6 12041 1,406 204 NeT MONeMENT IN PUND3 1,168 514 R•conclll•tlon of fundi.. Totsl funds brought forward 1 September 6.937 6,937 fj,393 TOTPL FUNDS CIRRIED FORWA90 8.1 8,105 6.937 The notes on pages 1210 17 form part of these financial slalemenls.
Th8 Charltles of John and Francoy Wesl for Penslon•rs Balance Shget At 31 Auoust 2021 £ty) Endowment General Fundrk Funds 2021 Total 2020 Total Note$ FIXEO ASSETS Inw81m8nt8 8,105 57 8,162 7,044 CURRENT ASSETS Deblors Cash al bonk and h hanLI 47 142 189 47 142 189 143 143 CREOITORS Due within one y•or 11691 (1611 NET CURRENT ASSETS I ILIBIUTIE81 30 30 (18 TOTIL AS8eT5 LESS CURRENT LIBILITIES 8,105 87 8,192 7,026 CREDITOR8 Due 8fter more than on• ar 1871 18n (89) TOTPI NET SET3 AT 31 AUOU8T 8,105 8,106 6,937 Endowmenl FundB G8n¢rJl Fund• 8,105 8,937 8,106 6,937 The note5 on pages 12 10 17 form part ol these financial slalemenls. These finaneial statements were approved by the Council of Christ's Hospital on 2 December 2021 and signed on ils behalf by.. Christopher Sleane Treasurer and Chairrnan of the Council ol Christ's Hospital 2 December 2021
Th• Charities of John and Frnnce$ West for Pen81oners Cash Flow Yoar Ended 31 August 2021 2021 2020 NeT CH IOUTFLOWI FROM OPERATING P£TMTIES 12881 (2541 CASH FLOWS FROM INVESTING ACTMTIES Proceed8 from 50 01 investrrent se¢urthes Pwcha5e olinveotment •ecurth'eJ 215 11501 NET CASH INFLOWFROM INVESTING ACTMTIES 215 CH14GE IN ¢H CASH EQuIVENYS FOR THE PERIOD f39) Ca8h b•lance ¥t 1 Soptembvr 143 182 CASH W4D CA8H EQUIV*LENTS AT THE END OF THE YEPR 142 143 R•conClllIon N•t loutwngl resource8 (Decrease) l increase in creditarg (IreaSe) I decrease in debtor8 12381 f265) 1471 Nel ca•h loutflow) Irom op•ratlng actJ¥ltl•• 289 254 The notes on pages 12 to 17 lomi part ol these financial $18lemenl5. -11-
The Charltlo$ ol John and Francas W•gt for Ponsloners Notes to the Flnanclal Statemonts Year Ended 31 August 2021 Accountlng Pollcl Basis of Preparntlon and asses8m•nt of golng concern The financAal statements have been prepared in accordance with the Charilios SORP IFRS 1021 applicable lo charjb'es weparing their accounts in 8ccordance wilh the Finana81 Reports"ng Standard applicable in the UK and Republic of Ireland IFRS 1021, the Chanties Acl 2011 and the Statement Df Recommended Pradice applicable lo charities preparing their accounts In accordance with the Finanu81 Reporting Sland8rd appliCae in the UK ond Republic tsf Ireland IFRS 1 D21- effective 1 January 2019. The financial slalements have bgen preparèd lo give a 'lrue and lair, view and have departed from the Charities (Accounts and Repty1sl Regulations 2008 ¢Jnly lo the extent required lo provide 'Irue and fairview,. This departure has involved lollovlng Accounting and Reporting by Charities preparing their accounts in accordance 1 the Flnanciol Reporting S18ndard applicable in Ihe UK and Repu1¢ ol Irelond IFRS 1021 Issued on 16 July 2015 rather than the Accounting and Reprytlng by Charrtie5'. Slalemenl of Recommended Pra1 effective from 1 Awil 2005 has since been withdrawn. The Charities ofJohn and Frances Weslfor Pensi¢)nèrs I'lhe Chanty.) is regisl8reil th the Charity Commission in England and Wales under charity number 229579 and constilule5 a public ben81rt 8nlily as defined by FRS 102, The Prinapal Office ol the Charf(y Is set out cn page 5. The mo81819nfftcanl areas ol adjustment and key assumpts'ons that affect items in the accounts relate lo eslimaling the li8bilrty from MukyÈar granl ccmmilmentg (see note 1.4 and notes 8 and 9 lor mor8 Infomialicnl. The most significant areas of uncertainty that 8ffect the carrying value of assets held by the Charity are the level of investment turn and the perfom18nce of Inv&8tmenl markets Isee the Investment Policy and Principal Risk5 Sections of the Trustee's r8POrt for more information). The fUnth'cal currency of the Chanty 56 consldered lo to pounds slerllng because that Is the urrency of the prlmary economic environment in %thich il operates. Forecasts and cash flows covering the next 36 months have been prepared including a scenario that considers Ihe impact of a signlfic8nl decline in investrnenl returns, Results of this analysis indicate th81 the cash reserves and liquid investments of the Chanty are Edequale lo meet ils obligations as they fall due. Accordingly, the Trustee believes that the Chadlls financial resources are sufficient lo ensure the Charity will conlinve a8 a going concern for the foreseeable future, being al least 12 months from the dale of approval ol the financial statements and have therefore prepared the financial statements on 8 gc4ng concem basi8, Income Income is accounted for when reCeivae. Expendlture Resources expended are accounted for on an accruals basis. 1.4 Grants Provision is made for future grants committed duriryJ the current and previous years. -12-
The Charltle$ of John and Frances West for Pensloners Notes to tho Flnanc5al Statementy Year Ended 31 August 2021 Flxed as8et InTthtmènts Investrnents, for whith there Is a quoted m8rket, are valued ai the rullng at the Balance Sheet date. Inveslrnenls bthich are held in funds 1¢h themselve5 Invest In publidy quoted securrties are shown on the Balance Sheet In accordance wlh the infomialion wovided by the fund managers. Other inv8slments. comprising Illiquid assets, are included al the most recent audited quartedy reports provided ty the fund managers. Realised inve8tsnenl gains are calculated by reference lo disposal proceeds and erther book value or cost il purchased in the year. All goin5 and 105$es are induded in the Siatement of Financial Acuvilies. 1.6 Flnanclal In•trum•nt8 Flnancial inJlrum8nls are initially rgcognised al Ir8ns8cliM value and sub8oquenUy measurèd al amortised cost wlh the exception of InveBlrnenls vthich are valued as descrlbed above. Financial assets held at amortised cost comprise cash al bank and in hgnd. Cash at bank and in hand is defined as 811 cash held In instant access bank current and deposit accounts and used as working capital. Finanqal Iiabilldes held al amortised cast comprise all crediloTS. Assets and liabilities held in forgign currency are tran3laterl lo pounds sterling al the ba18nce sheet date at an appropriate exchange rate. 1.7 Total return accountlng The Charity Ccmmlsslon p8tTnitted the Charity to adopt the u8e of total retum In relation lo Ils pemanenl endovrnent on 3 October 2008. The power pennlls the Trustee lo invest the pernanènt endownenl lo rnaximise total Tetum and lo m8ko 8vallable an apprcpriale port of the total rebjm lo fund expendllure oach year. The Trustee haB us&J the value of the pemianent general endowment al 31 July 1995, £1,448,000, lo represent the 'Preserved Value, of the original gift. This is the minimum pemiissible level DI the endovKnenl which is lo be used to producg the Income for the Charity and which il$eM cannot be spent. Taxatlon The Charity's actMlie5 are exemptfrom inc¢Jm8 8nd corporation tax. The Ch8rily is not registered for Volue Added Tax. VAT is Indudgd th the eM of expenditure lo which il relates. -13-
Th? Charftl•8 of John and France West for P•ngloners Not to thg Flnanclal Statements Year End•d 31 August 2021 2020 2. Expandlture on ralslng lunds hveslmenl management cost 31 3. Grants payable £OOO• Grants paid and p8yablE to.. Indi¥Aduals Organi88tics 2021 2020 172 192 io 172 202 4. Oporatlng costs £OIXl• mintslralion fee payable to Christ's Hospital Idil lee 2021 2020 30 30 32 32 2021 2020 6. Galn8 on Inve•tnnts £OOOs Rea11884 ond UnTlISed gains -14-
The Charltles of John and FraneÈ8 West for nSIOnr5 Note5 to the Flnanclal Statemont$ Year Endod 31 August 2021 6. Fixed As¥ot Inv•stnnt• 2021 2020 Securltles et value at 1 Sept 2020 AddrtK)ns to the portfolio DLsposals from the pctrd Investment incune, realised and unredised gains 6,450 1S0 (215J 1,406 arket value at 31 Allgusl 2021 8,162 7,014 Socurltl•• conwrI. The $ter Portfolio C Limiled1rn8n4ed by Partners Capital LLPI 8,162 7.044 8.162 7, 044 The net bcd< value of investments included in the above was as fdthvs.. £00 vestment assets overseas 8,162 8,162 At 31 AugLf512D21 and 31 August 2020, there were no listed inveslmenl3. 7. Debtorn £QOO• 2021 2020 Trade debtors 47 47 8. Credltors- annts falllng duo 1n one year 2021 2020 Granis payable Trade creditors 134 2S 139 22 159 161 .15-
The Charltle$ of John and Franc88 West for P•n¥lon•Ys Notes to the Flnanclal Ststemonts Year Endod 31 August 2021 9. Creditorn falling du• aft•r ryre than on• ar 2021 2Q20 Grants payable- been one and two years - betsveen tsvo and three years 78 11 18 11 87 89 10. AdmSnl¥tratlon and Trust•• Ouring the ye8r Christ's Hospital Icompany number 08232556 and registered charity nurnb8r 11200901 provided adminislralion seNices lo the Charity and receNed a managernenl tse. Tha Trustee received no remuneration or rèimbursed expenses in ils capaaly as Trustee from the Charity during the year. 11. ststomont of Totsl Return 2021 Total return for the period vestment gains Investment management costs Net lotsl return for the period pplicats.on of total return for the peiiod Unapplied total return brought forward 1 Septernber 2020 Unapplied total return carried foNard 31 IgUSt 2021 1.406 (34 1,372 12041 5.489 6,657 Preserved value * 31 USt 2021 1,448 Total Endobwrnntvalu# •t 31 August 2021 8,105 -16-
The Ch•rltles of John and Frances We8t lor Pen¥loneTS Nol8s to the Flnhnelal Statem•nts Year End•d Jl Augu•t 2021 12. Statement ol Financial Activitie5 cararatIVe figures by fund type £OOOs End¢)wment General Funds Funds 2020 Total INCOMING RESOURCES Inconlng R•sourc¢s from gon•ratsd Fund¥ Investment Incorne 10T INCOME M4D END0ENTs EXPENDITURE ON.. Ralslng Fundj knv95tsnènt anagement Cos19 1311 1311 Charltabl• ActlYltb•• Grants Payable Opefaling C06t8 12021 1321 {2021 1321 TOTALEXPENDITURE 31 234 265 NET IOUTGOINGI FUND3 FROM OPEIIATION3 BEFORE TRIsFER5 ANO INVESTMENT GIJNS 12341 12661 Galn• on 1nvgitnft1• Trnnsf•r be0 fundl 809 12341 234 NET MOVEMENT IN FUNDS 544 Reconclllatlon of funds: Total Funds brought forward 1 September 6,393 6,393 TOT FUNDS CARRIED FORIPIARD 6,937 6,937 -17-