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2023-04-05-accounts

ELIZABETH RATHBONE CHARITABLE TRUST (Charity Registration Number : 233240)

ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2023

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Index

Page

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Trustees' Annual Report

The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 5th April 2023.

Objectives and Activities of the Charity

The Charity's objects for the public benefit, in accordance with its governing document, are to apply the income and capital of the Trust at such times and in such manner for exclusively charitable purposes in any part of the world as the Trustees in their discretion think fit. To meet with their objectives the Trustees make grants to, usually, registered charities. They hold Unrestricted Funds and so all funds are available to meet the charity's objectives.

The Trust's income is generated by its investments and the Trustees are satisfied that the Charity's assets are adequate to fulfil its current objectives, which are to continue for the foreseeable future. Fundraising activities are not normally carried out.

The Trustees have complied with s17(5) of Charities Act 2011 and have had due regard to the guidance issued on Public Benefit by the Charity Commission when exercising relevant powers or duties.

Achievements and Performance

All grants awarded by the Trust during the year were made to charities focussing on benefitting the

people of Merseyside.

A total of 40 grants were paid during the year, ranging between £500 to £3,000 each (37 grants ranging between £675 to £3,500 each). A full list of donations made is included in the notes the accounts and can be analysed by aim as follow:

Analysis:
Children and Young People
Social Welfare and Community
Health & Wellbeing, Disability		 %
36
42
22
100		 £
29,590
33,887
18,036
81,513

Financial review and results for the year

Review of the Activities of the Charity:

Income from investments totalled £80,018 (£83,234 in 2022) with £11,000 (£11,692 in 2022) being spent raising the funds. As detailed in the notes to the accounts, £88,8903 (£93,483 in 2022) 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 2023 recognised losses totalling £216,913 (Gains of £166,378 in 2022).

Page 1

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Trustees' Annual Report

There was a net decrease in Unrestricted Funds of £236,784 during the year (net increase of £144,437 in 2022), resulting in the trustees holding a total of £2,595,463 of Unrestricted Funds as at 5th April 2023, compared with £2,832,247 Unrestricted Funds as at 5th April 2022.

Reserves:

General reserves are unrestricted income funds, freely available to spend on furthering the charity's purposes. General reserves are those which remain after the Trustees have set aside amounts required for specific purposes, such as designated funds. Restricted Funds, Expendable Endowment and Permanent Endowment are excluded when Trustees consider the Reserves of a Charity.

It is not the intention of the Trustees to build up income reserves, with all funds being available for spending at the Trustees' discretion. The Trustees consider designating funds if supporting multi-year charitable projects but all donations continue to be subject to review and approval. The Trustees liaise with the investment manager regularly to ensure they are aware of any forward commitments, which are then taken into account when managing the Charity's investments and transfers made between funds as necessary. Accordingly, the Trustees consider the balance of Unrestricted Income Funds held at the financial year-end to be General Reserves.

Investments:

The value of the Trust's portfolio as at 5th April 2023 totalled £2,538,669, a decrease from £2,753,156 as at 5th April 2022.

The trustees are satisfied with the investment performance, which has been reviewed in accordance with the Policy Statement. The Trustees do not propose to make any changes to their policies at this time and will continue to review the position.

Uninvested cash is held in client accounts at Rathbones Investment Management and considered to be at a sufficient level for the Charity's purposes.

Structure, Governance and Management

The Elizabeth L Rathbones 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 meet twice a year, usually 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 Rathbones Trust Company as necessary.

All of the Trust's capital is invested on stock markets or held in cash. As there are no restrictions relating to investment under the governing deed, the Trustees have resolved to delegate the management of the investments to Rathbones Investment Management Limited.

Page 2

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Trustees' Annual Report

The Charity Trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks (Charities Accounts and Reports) Regulations 2008). After considering the areas of governance, operation, financial, environmental and compliance, the Trustees have identified that major negative fluctuations in the value of the charity's investment assets post a major risk to the Charity's funds. In order to mitigate this risk and in accordance with s15 Trustee Act 2000 the Trustees have established a Policy Statement to be adhered to by the Investment Manager, which shall be reviewed at least annually in line with investment performance. The Trustees will review risks to which the charity is exposed and monitor systems and procedures established to mitigate those risks on a regular basis.

Reference and Administrative Details

Registered No: 233240
Principal Office: 546 Warrington Road, Rainhill, Prescot, L35 4LZ
Trustees who Susan Kennedy Rathbone Caroline Edith Rathbone
served during Richard Simon Rathbone Megan Jane Rathbone (Chair)
the year:
Committee Julian Rathbone Lucy Rathbone
members: Rhona Rathbone Jonathan H Rathbone
Administrator: Liese Van Alwon
Accountancy: Rathbones Trust Co Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW
Independent Kerry Roberts c/o Port of Liverpool Building, Pier Head, Liverpool, L3 1NW
Examiner
Investment Rathbones Investment Management, Port of Liverpool Building, Pier Head,
and bankers: Liverpool, L3 1NW

Plans for the Future

To continue to seek out well run projects which support disadvantage women, young people and communities, with a particular focus on charitable projects based in Merseyside.

Page 3

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Trustees' Annual Report

Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' Annual Report and Accounts 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 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:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure the financial statements 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.

Declaration

The Trustees declare that they have approved the Trustees' Annual Report above.

Agreed and signed on behalf of the Board of Trustees by:

Megan Jane Rathbone (Chair)

Date

Page 4

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Independent Examiner's Report

Independent examiner's report to the Trustees of the Elizabeth Rathbone Charitable Trust (233240)

I report to the Trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 5th April 2023, which are set out on pages 6 to 16.

Responsibilities of the Trustees and Independent Examiner

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"). You consider that an audit is not required under s144 of the Act and that an independent examination is needed.

I report in respect of my examination of the charity's accounts 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. It is my responsibility to state whether particular matters have come to my attention.

Basis of Independent Examiner's Report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair' view. The report is limited to those matters set out in the statement below.

Independent Examiner's statement

I am a member of an approved body subject to the provisions of the Revised Ethical Standard 2019 issued by the Financial Reporting Council (FRC). Rathbones Trust Company has provided bookkeeping services in accordance with the terms of engagement signed by the Trustees and I do not report to the bookkeeper in any respect. I give due consideration to the FRC's Revised Ethical Standard 2019 at all times.

I have completed my examination and confirm that no matters have come to my attention which give me cause to believe that in any material respect:

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 for a proper understanding of the accounts to be reached.

Kerry Roberts TEP FMAAT MCSI C/o Port of Liverpool Building, Pier Head, Liverpool

Date

Page 5

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Statement of Financial Activity

----- Start of picture text -----
Unrestricted Unrestricted
Total Total
2023 2022
£ £
Notes
Income from:
Investments 4 80,018 83,234
Total 80,018 83,234
Expenditure on:
Raising funds 5 11,000 11,692
Charitable activities 6 88,890 93,483
Total Expenditure 99,890 105,175
Net gains/(losses) on investments 11 (216,913) 166,378
Net movement in funds (236,784) 144,437
Reconciliation of funds:
Unrestricted Funds brought forward at 6 April 2022 2,832,247 2,687,810
Unrestricted Funds carried forward at 5 April 2023 2,595,463 2,832,247
----- End of picture text -----

The notes on pages 8 to 15 form part of these accounts.

Page 6

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Balance Sheet

----- Start of picture text -----
All funds All funds
Unrestricted Unrestricted
Total Total
2023 2022
£ £
Notes
Fixed Assets
Investments at market value 11 2,538,669 2,753,156
Current Assets
Debtors 12 8,382 11,677
Cash at bank and on deposit 13 58,122 77,216
Total Current Assets 66,504 88,893
Liabilities:
Current Liabilities:
amounts falling due within one year 14 9,710 9,802
Net Current Assets 56,794 79,091
Total Net Assets as at 5th April 2023 2,595,463 2,832,247
Funds of the Charity
Unrestricted Funds 2,595,463 2,832,247
Total Funds of the Charity at 5 April 2023 2,595,463 2,832,247
Agreed and signed on behalf of the Board of Trustees by:
Megan Jane Rathbone (Chair) Date
----- End of picture text -----

The notes on pages 8 to 15 form part of these accounts.

Page 7

Page 8

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Notes to the Accounts

1 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.

2 Accounting Policies

These financial statements have been prepared in accordance with 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 Republic of Ireland (FRS 102) (effective 1 January 2019), the Charities Act 2011 and FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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

The Trustees have assessed whether the use of Going Concern is appropriate and have concluded that the charity has adequate resources and reserves to enable it to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern and thus the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the financial statements.

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

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 notified of 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.

Page 8

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Notes to the Accounts

Expenditure

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.

Investments

Investments held in the fund are included at their market value as follows:

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

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 or charged to the Statement of Financial Activities resulting from revaluing investments to market value at the Balance Sheet date.

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 all of its financial instruments.

Page 9

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Notes to the Accounts

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Page 10

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Notes to the Accounts

4
Investment income and interest
Fixed Interest
Unit Trust Interest
Overseas
UK Equities & Unit Trust dividends
REIT income
Non reclaimable tax
Interest Received
Excess Reportable Income
5
Raising funds
Rathbones Investment Management costs
6
Charitable Activities - Grant making
Analysis:
%
Children and Young People
36
Social Welfare and Community
42
Health & Wellbeing, Disability
22
100
Charitable Activities
Grants awarded to Institutions:
ADHD Foundation
Alder Hey
All Together Now
Autism Together
Birkenhead Priory Parish
Bridge2 (Liverpool)
British Kidney
Catholic Blind Institute
Centre 63 Ltd.
Changing Faces
Children's Adventure Farm
Clic Sargent
Compass Couns
Carried Forward		 2023
£
6,824
3,009
20,675
48,855
2,086
(1,682)
251
0
80,018
2023
£
11,000
11,000
2023
£
29,590
33,887
18,036
81,513
2023
£
1,000
0
2,000
0
0
0
0
2,456
0
0
0
0
0
5,456		 2022
£
4,312
2,322
16,812
57,816
2,478
(1,204)
4
694
83,234
2022
£
11,692
11,692
2022
£
22,920
30,500
33,308
86,728
2022
£
0
3,000
0
3,000
2,600
2,000
2,800
0
3,000
1,333
2000
3,000
3,000
25,733

Page 11

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Notes to the Accounts

6 Charitable Activities 2023 2022
£ £
Brought Forward 5,456 25,733
COS, TOI & Perfum 0 3,000
Company Of Friends 0 1000
Crohn's & Colitis UK 0 675
Dingle Multi Agency 2,976 0
Dream Holidays 1,580
East Liverpool Riding 2,500 0
Edge Hill Youth Centre 3,000 0
Freedom Church Liverpool 2,600 0
Halewood Women's Institute 1,500 0
Home-start Southport 3,000 0
Hopes & Beams 0 1,220
Hooves For Healing 0 3,200
Huntington's Disease Association 2,500 0
Iranian Liverpool Community 3,000 0
It's Your Life 2,400 0
Kindfulness Coffee 0 3,000
Knowsley Dementia 0 3,500
Leasowe Play Youth 2,500 0
Liverpool Somali Community 2,000 0
Liverpool Women's 1,500 0
Marine in the Community 1,250 0
Mama Academy 0 1,500
Merseyside Holiday Service 0 3,000
Moulana Comm. Liverpool 0 1250
NW Air Ambulance 0 3,000
NW Cancer Research 0 2,000
Netherly Youth 2,000 0
Open Door Centre 3,000 0
Orrell Park & District 1,500 0
PBC Foundation UK 500 0
Phoenix Community 2,000 0
Prisoners Education Trust 2,690 0
Reader Organisation 0 2000
Reach Out 2,000 0
Read For Good 0 2,000
Royal Court Liverpool 2,000 0
St. Leonards Youth 0 1,500
Sailors Children's Society 1,000 0
Save The Family 0 2,400
Sefton Talking Newspaper 500 0
Shaftesbury Youth Club 0 3,500
Solicitors Pro Bono 3000 0
Southport Sea Cadets 0 2,500

Page 12

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Notes to the Accounts

Carried Forward
6
Charitable Activities
Brought Forward
Spinal Injuries
Stick 'n' Step
Support Through Court
Tall Ships Youth Trust
Team Oasis Children's Charity
The Belvedere Centre
The Brainwave
The Bluecoat
The Dystonia Society
The Fillies GFC
The Girls Network
TLG (Transforming lives for good)
Together Liverpool
Tom Harrison House
Tranmere Rovers
Triple C
TST Tate Gallery
West Everton Community Council
Venus
West Coast Crash
Woodvale & Ainsdale
Total Grants
Governance costs (note 7)
Support costs (note 8)
Total Expended on Charitable Activities
7
Governance costs
Accountancy and Compliance fees
Independent Examination fee		 57,952
57,952
1,000
3,000
1,000
0
3,000
1,600
0
1,000
1,000
2,000
0
2,971
0
0
1,990
0
0
0
3,000
2,000
0
81,513
81,513
3,888
3,489
88,890
2023
£
3,066
822
3,888		 65,978
65,978
0
0
0
3,000
0
0
2,000
0
0
0
1,500
0
3,000
2,750
0
3000
1,000
3,000
0
0
1,500
86,728
86,728
3,660
3,095
93,483
2022
£
3,000
660
3,660

Page 13

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Notes to the Accounts

8
Support costs
Office expenses
Secretary's fees		 2023
£
253
3,236
3,489		 2022
£
103
2,992
3,095

9 Trustee remuneration, benefits and expenses

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 repaid during this or the previous financial year.

10 Other information

The charity had no employees during this or the previous financial year. The trustees are also the charity's key personnel.

11 Investments
Value at
Purchases
Sales
05/04/2022
at cost
proceeds
Listed:
190,739
108,007
0
Overseas
1,141,947
120,016
87,309
1,420,470
130,291
268,579
2,753,156
358,314
355,888
12 Debtors
Dividends due but unpaid at year end
Income Tax repayable
13 Cash at Bank and in hand
Cash
UK Investment Interest
UK Investment Income		 Realised
Unrealised
Gain/(Loss)
Gain/Loss
0
(16,615)
(22,768)
(73,794)
(33,606)
(70,130)
(56,374)
(160,539)
2023
£
8,324
58
8,382
2023
£
58,122		 Value at
05/04/2023
282,131
1,078,092
1,178,446
2,538,669
2022
£
11,619
58
11,677
2022
£
77,216

Page 14

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Notes to the Accounts

14 Creditors
Rathbones Trust Company Limited - prior years
Rathbones Trust Company Limited
Secretary's fees		 58,122
2023
£
3,414
3,060
3,236
9,710		 77,216
2022
£
3,996
2,814
2,992
9,802

15 Related Party Transactions

Amounts received by or paid from the E L Rathbone Charity to the a related party are disclosed in note 6*. Charitable organisations with which the trustees of this charity have an interest are always properly declared and acknowledged during determination of applications. If such a situation arises. The trustee with the related party interest does not participate in the decision making process other than to clarify facts.

There were no related party transactions during this or the previous financial year that require disclosure.

16 Financial Instruments
Carrying amount of financial assets
Debt instruments receivable within one year
- Debtors
- Cash
Carrying amount of financial liabilities
Payable within one year
- Creditors
Instruments measured at fair value through SOFA
Investments at value		 2023
£
8,324
58,122
66,446
9,710
2,538,669		 2022
£
11,619
77,216
88,835
9,802
2,753,156

Page 15

Elizabeth Rathbone Charitable Trust

Accounts for the year ended 5th April 2023

Notes to the Accounts

17 Comparative Statement of Financial Activity

Income from:
Investments
Total
Expenditure on:
Raising funds
Charitable activities
Total Expenditure
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Unrestricted Funds brought forward at 6 April 2021
Unrestricted Funds carried forward at 5 April 2022		 Unrestricted
Total
2022
£
81,700
81,700
10,433
87,647
98,080
508,453
492,073
2,687,810
2,687,810

Page 16