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been withdrawn.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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