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ELIZABETH RATHBONE CHARITABLE TRUST (Charity Registration Number : 233240)
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ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2021
Elizabeth Rathbone Charitable Trust
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## Accounts for the year ended 5th April 2021
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## Index
. Page 1-4 Trustees’ Annual Report 5 Independent Examiner's Report - 6 Statement of Financial Activities | 7 Balance Sheet 8-15 Notes to the Accounts (including Accounting Policies) ;
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Elizabeth Rathbone Charitable Trust
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Accounts for the year ended 5th April 2021
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## Trustees’ Annual Report
## Financial review
Review of the Activities of the Charity: , Income from investments totalled £81,700 (£88,751 in 2021) with £10,433 (£11,577 in 2020) being spent raising the funds. As analysed in the notes to the accounts, £87,647 (£97,877 in 2020) was spent on charitable activities, including support and governance costs.
The SOFA includes net gains and losses arising on revaluations and disposals of investments throughout the year. For the year ended 5th April 2021 recognised gained totalled £508,453 (losses of £472,714 in 2020). There was a net increase in Unrestricted Funds of £492,073 during the year (net decrease of £493,417 in 2020), resulting in the trustees holding a total of £2,687,810 Unrestricted Funds as at 5th April 2021, compared with £2,195,737 Unrestricted Funds as at 5th April 2020.
Reserves: . The Charity's investments provide a relatively secure and predictable stream of income from which grants are made. The Trustees aim to distribute a large percentage of the income received net of expenses in each financial year and so do not maintain a set amount as income reserves. The Trustees continue to review the position. Investments: . . The value of the Trust's portfolio as at Sth April 2021 totalled £2,614,990, an increase from £2,058,985 as at Sth April 2020. The Trustees are satisfied with the investment performance, which has been reviewed in accordancepolicies at thiswithtimetheandPolicywill continueStatement.to reviewThe Trusteesthe position.do not propose to make any changes. to their Uninvested cash is held in client accounts at Rathbone Investment Management and considered to be at a sufficient level for the Charity's purposes.
## Structure, Governance and Management
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The Elizabeth L Rathbone Charitable Trust is a registered charity (no: 233240). Its governing body are the Trustees of a Settlement dated 26th April 1921. New Trustees are elected by a majority of existing Trustees and selected according to their connection to the existing trustees, their skills, experience and understanding of the obligations imposed on such an appointment. The Trustees usually meet twice each year, in Spring and Autumn, to consider and discuss applications for funding, income levels and to review the performance of the investments. They ensure they operate within the guidelines as set out by the Charity Commission by discussing matters arising as highlighted by the Commission during their meetings and taking advice from Rathbone Trust Company as necessary.
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Accounts for the year ended 5th April 2021
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## Elizabeth Rathbone Charitable Trust
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## Trustees’ Annual Report
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At the time of signing the Report, the Trustees remain cognisant that the Covid-19 pandemic continues to impact global markets and that the Charity's investment income and values may be affected by this. The position will be kept under review.
## Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and Accounts in accordance withAccountingapplicablePractice).law and United Kingdom Accounting Standards (United Kingdom Generally ) Accepted
The law applicable to charities in England and Wales requires the Trustees to prepare accounts 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 year. ,
## In preparing these accounts, the Trustees are required to:
- select suitable accounting polices and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- -- statemake judgementswhether applicableand estimatesaccountingthatstandardsare reasonablehave beenand prudent:followed, subject.. to any material departures disclosed and explained in the accounts; and
- whether have followed, subject.. to any material departures
- disclosed and explained in the accounts; and
- - willpreparecontinuethe accountsin operation.on the going concern. basis unless it is inappropriate. to presume that the charity.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (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:
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## Declaration
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The Trustees declare that they have approved the Trustees' Annual Report above.
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Agreed and signed on behalf of the Board of Trustees by:
## Megan J Rathbone
Date ,
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Elizabeth Rathbone Charitable Trust
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## Accounts for the year ended 5th April 2021
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## Statement of Financial Activity
||||Unrestricted|Unrestricted|Unrestricted|
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|,|||Total||Total|
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||Notes|||||
|Income from:||||||
|Investments|3||81,700||88,751|
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|Total Income|||81,700|~|88,751|
|Expenditureon:||||||
|||7||||
|Raising funds|4||10,433||11,577|
|Charitable activities|5||87,647|||97,877|
|Total Expenditure|||98,080||109,454|
|Net gains/(losses) on investments|10||508,453|(472,714)||
|Net movement in funds|||492,073|(439,417)||
|Reconciliation of funds:||||||
|Unrestricted Funds brought forward at 6 April 2020|||2,195,737|2,689, 154||
|UnrestrictedFundscarriedforwardat5April2021|||2,687,810|2,195,737||
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1 Accounting Policies
## Elizabeth Rathbone Charitable Trust ,
## Accounts for the year ended 5th April 2021
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## Notes to the Accounts
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Charity Information The Elizabeth L Rathbone Charitable Trust is governed by a Settlement Deed dated 26th April 1921 and registered in England and Wales. The principal address is 546 Warrington Road, Rainhill, Prescot. | Accounting convention These accounts have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities the Statement of Recommended Practice for charities applying FRS102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2016. The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared on the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below. The charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
## Going Concern
At the time of approving the accounts and as detailed in the Trustees’ report the Trustees have considered the impact of Covid-19 on the charity and the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the accounts. Charitable Funds Unrestricted funds are available for use at the discretion of the charity in furtherance of their charitable objectives unless the funds have been designated for other purposes. . .
## Income
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Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the. charity has been notified of the donation, unless performance conditions require deferral of the amount. Income Tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. . Legacies are recognised on receipt or otherwise if the charity has been notifiedof an impending distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. All dividend income is recorded net and includes tax deducted only when it is repayable to the Charity.
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Elizabeth Rathbone Charitable Trust Accounts for the year ended 5th April 2021 -
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## Notes to the Accounts
Expenditure , 7 Expenditure is recognised when there is a legal or constructive obligation for which it is more likely than not that a transfer of economic benefit will be required in settlement and the amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide particular goods, services or funding to the recipient by the reporting date and there are no conditions attached to its payment falling due after the reporting date.
Cash grants made are recognised when paid. ; Provisions for liabilities must be recognised when either the timing or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources in no longer required, provisions are reversed and charged to the SoFA. ;
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## Investments
Investments held in the fund are included at their market value as follows:
- (a) Listed securities are valued at the mid market value ruling at the balance sheet date. - (b) Listed securities held in foreign currencies have been valued at the mid market value and translated into their sterling equivalents at the rates ruling at the balance sheet date.
- (c) Gilts are valued at the mid market value ruling at the Balance Sheet date and include interest that has accrued up to that date.
Investments are classified as a fixed asset except and only classified as a current asset where the intention of the trustees is to dispose of the asset and not reinvest the proceeds.
## Other recognised Gains and Losses
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Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost and are charged or credited to the Statement Of Financial Activities in the year of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited ator chargedthe Balanceto theSheetStatementdate. of Financial Activities resulting from revaluing: investments to market. value
Taxation | The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which it relates.
Cash and cash equivalents Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## Financial Instruments
. The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to allof its financial instruments. ) |
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Elizabeth Rathbone Charitable Trust
## Accounts for the year ended 5th April 2021
Notes to the Accounts ;
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|3|Investment|income|2021|2020|
|£|£|
|Fixed|Interest|5,828|5,816|
|Unit|Trust|Interest|2,665|;|4,462|
|Overseas|—|[13,935]|15,916|
|UK|Equities|&|Unit Trust|dividends|57,889|61,628|
|REIT|income|—|2,264|2,873|
|Non|reclaimable|tax|-|(881)|(1,131)|
|Tax deducted|at|source|0|_|(1,202)|
|Excess|Reportable|Income|0|.|389|
|81,700|88,751|
|4|Raising|funds|2021|)|||2020|
|£|£|
|Rathbone.|Investment|Management|costs|10,433|11,577|
|.|10,433|11,577|
|5|Charitable|Activities|-|Grant|making|2021|2020|
|Analysis:|%|£|£|
|Children|and Young|People|31|25,472|17,940|
|Social|Welfare|and|Community|37|29,931|~|33,420|
|Health|&|Wellbeing,|Disability|32|.|25,735|41,085|
|100|81,138|92,445|
|Charitable|Activities|_|2021|
|Grants|awarded|to|Institutions:|£|
|Acting|Angels|CIC|1,055|
|Action|on|Addiction|Charity|,|2,416|
|Age|UK-|Wirral|1,486|,|
|9th|Birkenhead|North|Rainbows|900|
|Bradbury|Fields|1,657|
|Birkenhead|Young|Men's|Christian|Trust|912|
|Bluecoat|.|1,000|
|Carers|UK|2,000|
|Contact|Family|2,166|
|Clatterbridge|Cancer|Charity|2,040|
|Compassion|Acts|1,616|
|Churches|Together|In|Merseyside|-|4,000|
|Chrysalis|Centre|For|Change|2,057|.|
|Carried Forward|23,305|
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Elizabeth Rathbone Charitable Trust
## Accounts for the year ended 5th April 2021
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Notes to the Accounts |
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|5|Charitable Activities|Charitable Activities||i||2021||||2020|
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|||||||£|,|||£|
||Total Grants|.||||81,138||||92,455|
||Governance costs (note 6)|||||3,000||||2,670|
||Support costs (note|7)||||3,509||||2,762|
||Total Expended on|Charitable Activities||||87,647||||97,887|
|6|Governance costs|||||2021||||2020|
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||Accountancy and Return fees|||||2,400|||,|2,160|
||Independent Examination fee|||||600||||510|
|||||||3,000||||2,670|
|7|Support costs||||_|2021||;||2020|
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||Office expenses|||||90||||73|
||Secretary's fees|||||3,419||||2,686|
|||||||3,509||,||2,759|
## 8 Trustee remuneration, benefits and expenses
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None of the trustees have been paid any remuneration or received any other benefits during this or the previous financial year.
No trustee expenses have been incurred or reimbursed during this or the previous financial year.
## 9 Other information
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The charity had no employees during this or the previous financial year. The trustees are also the charity's key personnel.
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Elizabeth Rathbone Charitable Trust
## Accounts for the year ended 5th April 2021
|Notes to the Accounts|Notes to the Accounts|||||||||||
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|15|Financial Instruments||||||||2021||2020|
|||,|||||||£||£|
||Carrying amount offinancial|financial assets.|||-|||||||
||Debt instruments receivable within one year|||||||||||
||- Debtors||||||||14,350|;|12,553|
||- Cash||||||||65,406||130,882|
|||||,|||||79,756||143,435|
||Carrying amount offinancial|financial liabilities||||||||||
||Payable within one year|||||||||||
||- Creditors||||||||7,536||7,225|
||Instruments measured at fair value through SOFA|||||||||||
||investments at value||||||||2,614,990||2,058,985|
|16|Comparative Statement of Financial||Activity|||.||||||
|||||||||||Unrestricted||
|||||||||||Total||
|||||||||||2020||
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||Income from:|||||||||||
||Investments|||||||||88,751||
||Total||||||||||88,751||
||Expenditure on:||-|||||||||
||Raising funds||||||||:|11,577||
||Charitable activities|||||||||97,877||
||Total Expenditure|||||||||109,454||
||Net gains/(losses) on investments|||||||||(472,714):||
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||Net movement in funds|||||||||(493,417)||
||Reconciliation of funds:|||||||||||
||Unrestricted Funds broughtforward at||6 April 2019|||||||2,689,154||
||UnrestrictedFunds|carriedforward|at5|5April2020|||SO|||2,195,737||
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