THE OWEN OWEN TRUST FUND ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS FOR THE YEAR ENDED ST 31 MARCH 2021 CHARITY NO. 233264
THE OWEN OWEN TRUST FUND CONTENTS Trustees, Report pages 3 to 6 Independent Examiner's Report page7to8 Financial Statements pages9to17
THE OWEN OWEN TRUST FUND ST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 The Trustees present Iheir annual report and financial statements of the charity for the year ended 31° March 2021. The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Ih Financial Reporting Standard applicable in the UK and Republic of Ireland published 16 July 2014,. updated 2, February 2016. The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a true and fair view. This departure has involved following the statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. OBJECTIVES AND ACTIVITIES The Trustees have applied the resources of the Trust for the relief of persons in need who were employed by any former company in the Owen Owen Limited group of companies or are the spouses or dependants of persons who were so employed. This includes consultant and concession staff formerly working within the Owen Owen group stores. In planning the Trust's grant making the Tiustees have given consideration to the Charity Commission's published guidance on public benefit. Grant Making Policy.. The Trust has established its grant making policy to achieve its objecls for public benefit. Grants are made against a scale of cash payments based on age and length of service, subject to the over-riding Grileria of financial need. All grants remain discretionary and subject to annual review. Details of grants made in the year are shown in note 3 to the financial statements. ACHIEVEMENTS AND PERFORMANCE The investments are managed by Investec Wealth & Investment Limited {InvesteG) on a discretionary basis, subject to agreed parameters and restrictions, with the aim of a 'balanced' return between income and capital accepting a medium degree of risk. FINANCIAL REVIEW At the year end the value of the Fund was £2.730.785 (2020.. £2,545,400). The value of the Fund increased by £185,38512020.' decreased by £639,472) during the year resulting from a net outflow of £248,568 (2020.. £268,437 outflow) from the normal activities of the Trust., and a net gain on investment assets of £433,953 (2020.. £371 ,035 net lossl reflecting net realised and unrealised gains and losses during the year. Reserves.. The Trustees have considered the needs of current and potential future beneficiaries. The objects of the charity are such that need is expected to reduce over time, in terms of beneficiary numbers. Over recent years, therefore, the Trustees, policy has been to distribute all income and to accept revenue deficits.
THE OWEN OWEN TRUST FUND ST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Investment Policy and Powers.. There are no restrictions on the charity's powers to invest. The investment strategy is set by the Trustees and takes account of curreril demand for funds and an assessment of expected future need (see also Reserves). The investment policy and strategy are reviewed with the Investment Manager at regular intervals. The current Statement of Investment Principles was approved by the Trustees on 17 November 2020. The Trustees are aware thal the funding requirement required from the investments is above what could be generated by income alone. They have therefore adopted a "total return, approach to the portfolio, looking to generate returns from a mixture of income and capital. The objective is to achieve a total return of al least 0.50/0 above the benchmark per annum over a rolling 3 year period. Risk Management.. The main risks, lo which the charity is exposed, as identified by the Trustees, have been considered and systems have been established to mitigate those risks. The Tiustees accept that the attainment of the long term investment objectives requires the acceptance of a level of investment risk. The risk manifests itself primarily in the fluctualion of the capital value and the risk of loss of value periodically. Plans for the Future The Trustees intend lo continue grant making on the existing principles with ongoing revenue deficits leading lo a gradual deplelion of funds. STRUCTURE. GOVERNANCE AND MANAGEMENT Organisation, Management and Delegation.. The Trust employs two staff, on a part time basis, in the day-to-day running and management of its grant making activities. The Trustees meel quarterly to review the Trust's performance. ils financial position and its investments. The Trustees. in their power, have delegaled the management of the investments to independent professional investment managers and the administration of grant-making and accountancy to LCVS. Recruitment and Appointment of New Trustees.. Having considered relevant skills and geographical requirements, potential new Trustees are approached by the existing members of the board and then appointed by election al a meeting of the board of Trustees. The board is also responsible for induction and training of the new Truslees. Covid 19.. Our priority has been, and continues to be, to keep our staff, visitors and beneficiaries as safe as possible. There has been no need to furlough our staffwho have successfully worked from home since March 2020. Covid restrictions have not affected our day to day operations very much although any social gatherings and face lo face meetings have been postponed since March 2020. The Trustees have continued to meet online, and other work is being carried out by phone andlor electronically.
THE OWEN OWEN TRUST FUND ST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 REFERENCE AND ADMINISTRATIVE DETAILS The Owen Owen Trust Fund was created by a Deed of Settlement dated 15 January 1900 made by the late Mr. Owen Owen. The Trust is a registered charity under the Charities Act 1960, the registration number being 233264. Principal Office.. 151 Dale Street, Liverpool, L2 2AH. Trustees: During the year under review, the Truslees were as follows.. Mr. J. S. Barker Miss. K. M. Eggleton Mr. L. Foster Mrs. S. A. Mitchell Mr. D. H. O. Owen Miss. E. A. Stewardson Mr. A. G. Turner Mr R. Warren Mrs. R. Lochiel-owen Trust Manager,. Mrs. K. Sloss Professional Advisers". Accountancy Liverpool Charity and Voluntary Services (LCVS) 151 Dale Street, Liverpool, L2 2AH Mr P.H. Taaffe FCA CTA DChA BWM Chartered Accounlanls Castle Chambers, 43 Castle Streel, Liverpool, L2 9sH HSBC Bank plc 99 - 101 Lord Street, Liverpool, L2 6PG Inveslec Wealth & Investment Limited 100 Old Hall Street Liverpool L3 9AB Independent Examiner Bankers Investment Manager Trustees, Responsibilities The Trustees are responsible for preparing the Trustees, Report and the 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 stale of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
THE OWEN OWEN TRUST FUND ST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 In preparing these accounts, the TrLJslees are required to.. select suitable accounting policies and Ihen apply them consistently., observe the methods and principles in the Charities SORP; make judoemenls and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts., and prepare the accounts on the going concern basis unless it is inappropriale to presume thal the charity will continue in operation. The Trustees ale responsible foi keepir)g sulficienl accounting records that disclose with reasonable accuracy at any lime the financial position of Ihe charity and enable them to ensure that Ihe 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. Approved by the Trustees on 8 September 2021 and signed on their behall by.. J. S. Barker S. A. Mitchell BY ORDER OF THE TRUSTEES
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OWEN OWEN TRUST FUND I report to the trustees on my examination of the accounts of The Owen Owen Trust Fund for the year ended 31 March 2021. This repDrl is made solely to the charity's trustees, as a body, in accordance wilh Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state lo the charity's trustees those matlers l am required to slate to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my examination, for this report, or for the opinions I have formed, Responsibilities and basis of report As the charily trustees you are responsible for the preparation of the accounts in accordance wilh the requirements of the Charities Act 2011 (the Act). I repott in respect of my examination of the charity's accounts as carried out under section 145 of the 2011 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 Ihe Act. Independent examiner's statement Your attention is drawn to the fact that the charity has prepared accounts in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice iSSLted on 1 April 2005 which is referred to in the extant regLJlations but has now been withdrawn. l understand that Ihis has been done in order for the accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I can confirm that no matters have come to my attention in conneolion with the examination giving nie cause to believe thal in any material respect.. 1 . accounting records were not kepl in respect of the charity as required by section 130 of the 2. the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements concerning Ihe form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a malter considered as part of an independent examination.
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OWEN OWEN TRUST FUND have no concerns and have come across no olher matters in connection with the examination to which attention should be drawn in this report in order to enable a proper undeistanding of the accounts to be reached. Name.. Peter Taaffe FCA CTA DChA BWM Chartered Accountants Castle Chambers, 43 Castle Street, Liverpool L2 9SH Dated..
THE OWEN OWEN TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES ST FOR THE YEAR ENDED 31 MARCH 2021 Unrestricted Funds 2021 Unrestricted Funds 2020 Notes Income and endowments from: Investments 87,722 109,705 Total 87,722 109,705 Expenditure on: Raising funds Investment management costs Charitable activities Grant funding 20,033 21,532 316,257 356,610 Totsl 336,290 378,142 Net expenditure before gains and (losses) on investments (248,568) {268,4371 Net gains/(losses) on investment assets 433,953 (371,035} Net incomel(expenditure) net movement in funds 185,385 (639,472> Reconciliation of funds: Total funds brought forward at 1, April 2020 2,545,400 3,184,872 Total funds carried forward at 31. March 2021 2,730,785 2,545,400 The notes on pages 11 to 17 form part of these accounts.
THE OWEN OWEN TRUST FUND ST BALANCE SHEET AT 31 MARCH 2021 -UNRESTRICTED FUNDS-_---------------- Notes At 31 March 2021 At 31 March 2020 si St Flxed Assets Investments 2,653,281 2,498,892 Current Assets Debtors Balances al Bank Cash in Hand 716 90,086 169 221 55,832 139 Total current assets 90,971 56,192 LiabilitTes Creditors= amounts falling due within one year 113,4671 19,6841 Net current assets 77,504 46,508 Total net assets 2,730,785 2,545,400 The fund5 of the charity.. Unrestricted Funds 2,730,785 2.545.400 Ih The financial statements were approved by the Trustees on 8 September 2021 and signed on their behalf by J. S. Barker ste S. A. Mitchell fftj Trustee
THE OWEN OWEN TRUST FUND NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2021 1. ACCOUNTING POLICIES Charity information The Owen Owen Trust Fund is a registered charity governed by a Deed of Settlement. The principal address is 151 Dale Street. Liverpool L2 2AH. Basis of preparation The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless othenMise stated in the relevant note{s} to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their a¢Gounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland th nd IFRS102) issued on 16 July 2014,. updated 2 February 2016 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS102) and Charities Act 2011. The charity is a public benefit entity as defined by FRS102. The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The accounts are prepared in sterling, which is Ihe functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 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 lime of approving the accounts, given the coronavirus pandemic, the trustees consider that the charity has adequate resources to continue in operational exislence for the foreseeable future. Thus the trustees continue to adopt Ihe going concern basis of accounting in preparing the accounls. Fund accounting Unrestricted funds are considered 'free' resetves and are expendable at the discretion of the Trustees in furtherance of the general objectives of the Trust. Investments Investments held as fixed assets, in accordance with SORP 2015, are stated and included in the balance sheet al their market value at the year end or at the valuation date nearest to the year end. U K listed securities and foreign securities quoted on a recognised stock exchange are staled at market values ruling at the year end. Investments denominated in foreign currencies are translated using the sterling rate of exchange ruling at the year end. Unit Trust and managed fund investments are staled at the average of Ihe bid and offer prices quoted by the Trust's managers nearest to the year end. Investments are valued at the mid-markel price on Ihe valuation date. The Statement of Financial Activities includes unrealised gains and losses arising from the revaluation of the investment portfolio. The trustees consider that the cash held as part of the porlfolio lo be cash at bank and il is included in the balances at bank.
THE OWEN OWEN TRUST FUND NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2021 Commitments under non-cancellable operating leases Commitments under non-cancellable operating leases are charged lo the Statement of Financial Activities when payable. Income recognition Income from investments comprises dividend income and interest and are accounted for when received in the financial year. Expenditure recognitlon Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation Gan be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs. are allocated or apportioned lo the applicable expenditure headings in the statement of financial activities. Charitable activities includes granl funding, along with associated support costs, to beneficiaries. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity. Governance costs relate to compliance with conslilutional and statutory requirements and specifically include all costs incurred by the charity in producing the Annual Report. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposils held al call with banks, other short- term liquid investments with original maturities of three monlhs or less, and bank overdrafts. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo 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 basi5 or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assels, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amorlised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rale 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 arrangerrent conslitules a financing transaction, where the debl 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 amorlised cosl, using the effective interest rate method. 12
THE OWEN OWEN TRUST FUND NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2021 DereGognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Employee benefits The cost of any ur)used holiday entitlement is recognised in Ihe period in which the employee's services are received, if material. If they occur termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or lo provide termination benefits. A defined contribution pension scheme was set up in October 2016. Taxation The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. The Gharity is not able lo recov&r Value Added Tax. Expenditure is recorded in the accounls inclusive of VAT. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the Irustees 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 assutnptions 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 Gurrent and future periods. 3. CHARITABLE ACTIVITIES 2021 2020 Grants ~ Existing recipients Grants- Home maintenance grants Support costs 211,875 16,878 87,504 238,90D 21,561 96,149 316,257 356,610
THE OWEN OWEN TRUST FUND NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Grants - Support costs summarised below.. Salaries (note 4) Pension costs Honoraria Visitors, expenses Visitors, meetings Tea parties and flowers Postage Slalionery Grant distribution 35,900 1,077 15,650 822 33,850 833 15,750 1,405 2,007 8,014 1,339 2,031 7,700 230 1,517 1.933 8,000 Olher charitable expenditure 65,129 72,929 Miscellaneous Payroll services Compuler maintenance & support offi rent & service charge offi insurance Rates Advertising Telephones l email Car parking 40 500 1,152 5,430 350 353 250 997 540 (3351 500 1,152 5,430 314 348 346 951 1,080 Management and administralion 9,612 9,786 Independent examiner's fees Trustee expenses Trustee meeting costs Accountancy Insurance 2,250 16 2.220 406 721 9,500 587 10,000 497 Governance costs 12.763 13,434 87,504 96.149 Volunteer visitors, who make periodic contact with grant recipients to check and report on their well-being, received honoraria payments. During the year, out ot pocket expenses were reimbursed lo 1 Trustee amounting to £16 12020: £406 to 2 Trustees). Insurance ha5 been purchased to protect both the Trust and its Trustees against claims for losses arising from neglect or default by Trustees, employees or agents. The total cost of this insurance was £49712020.. £587). 14
THE OWEN OWEN TRUST FUND NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2021 4. STAFF COSTS AND TRUSTEES, REMUNERATION 2021 2020 Salaries Other pension Gosls 35,900 1.077 33,850 833 36,977 34,683 The average number of employees during the year was 2 (2020.. 2>. All employees are onsidered to be key management and their tolal remuneration is shown above. A defined contribution pension scheme was set up in October 2016.The employer's contribution to 31, March 2021 was £1.077 {2020- £833) There are no employees with emoluments over £60,000 p.a. {2020: none). None of the trustees (or any person connected with them) received any remuneration during the year12020.' none). 5. INVESTMENTS Throughout the accounting period the assets of the fund were managed by Investec in accordance with the following permitted ranges.. Fixed interest Equities (overseas max 40 % ) Properly Alternatives Cash 42.5 % of portfolio 82.50kn of portfolio 15Q/o of portfolio 150/0 of portfolio 25% of portfolio Without the prior approval of the Trustees no initial investment should exceed 5°/ts of the total value of the funds under management and the total sum of all equity holdings in excess of 5 /0 must not be equal to or exceed 400/0 of the funds value al any time. No investment is lo be held in derivatives. 42.5 Investments lisled on a recognised stock exchange, including investment Trusts: 2021 2020 Market value at 1, April 2020 Acquisitions at cost Disposals Net realised gains in the year Net unrealised gainsl{lossesl in the year 2,498,892 690,882 {970,446) 8,417 425,536 3,098,712 15,860 (244,845) 36.198 (407,233) Market value at 31, March 2021 2,653,281 2,498,892 Historical ¢ost as at 31, March 2021 2.184,021 2,455,168
THE OWEN OWEN TRUST FUND NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Investment assets in the UK Investment assets outside the UK 1,760.090 893.191 1,602,721 896,171 2,653,281 2,498,892 Custodian Arrangements All assets are held by Inveslec's custodian, Ferlim Nominees. The custodian is regulated by the FCA. Should the custodian or Investec become insolvent, assets are ring-fenced and would not be impacted by the insolvency. 6. FINANCIAL INSTRUMENTS 2021 2020 Carying amount of financial assets.. Debt instruments measured at cost Equity instruments measured at fair value through income and expenditure 90.255 55,971 2,653,281 2,498,892 2,743,536 2,554,863 Carrying amount of financial liabilities.. Measured at cost 13,467 9,684 7. DEBTORS 2021 2020 Prepayments £716 £221 8. CREDITORS 2021 2020 Accruals £13,467 £9,684
THE OWEN OWEN TRUST FUND NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2021 UNRESTRICTED FUNDS Unrestricted funds are expendable at the discretion of Ihe Trustees in furtherance of the Trust's objectives. 10. RELATED PARTIES There were no related party transactions in the year. 17
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