Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND UNAUDITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 CHARITY NUMBER- 233264
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2025 The Trustees present their annual report and financial statements of the charity for the year ended 31 st March 2025. The financial statements have been prepared in accordance with the aontIng policies set out in note 1 to the finanGial statements and comply with the Charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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the version ofthe Statement of Recommended Practice which is referred lo in the Regulations but which has since been withdrawn.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 Limiled 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. Grant Making Policy The Trust has established its grant making policy to achieve its objects for public benefiL Grants are made against a scale of cash payments based on age and length of service, subject to the over-riding criteria 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. Public Benefit In planning the Trust's grant making the Trustees have given consideration to the Charity Commission guidance on public benefit. Achievements and Performance The investments are managed by Rathbones incorporating Investec Wealth and Investment (UK) {Rathbonesl on a discretionary basis, subject lo agreed parameters and restrictions, with the aim of a 'balan¢ed' return beeen income and capital accepting a medium degree of risk. Financial Review At the year end the value of the fund was £1,963,56012024: £2,117,399). The value of the fund decreased by £153,83912024: decrease by £87,932) during the year resulting from a net outflow of £158,881 (2024.. £196,471 outflow) from the normal activities of the Trust,. and a net gain on investment assets of £5,042 (2024.. £108,539 net gain) reflecting net realised and unrealised gains and losses during the year.
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2025 Investment Policy and Powers There are no restrictions on the charity's powers to invest. The investment strategy is set by the Trustees and lakes account of current demand for fun(Js and an assessment ofexpected future need (see also ReseNes). 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 17th November 2020. The Trustees are aware that the funding requirement required from the investments is above what could be generated by income alone. They have therefore adopted a "total retum" approach to the portfolio, looking to generate returns from a mixture of income and capital. The objective is to achieve a total return of at least 0.50/0 above the benchmark per annum over a rolling 3-year period. Risk Management The main risks, to which the charity is exposed. as identified by the Trustees, have been Gonsidered and systems have been established to mitigate those risks. The Trustees accept that the attainment of the long-term investment objectives requires the acceptance of a level of inveslment risk. The risk manifests itself primarily in the fluctualion of the capital value and the risk of loss of value periodically. Reserves Pollcy The Trustees have considered the needs of current and potential future beneficiaries. The objects of the charity are such that need is expecled 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. Plans for the Future The Trustees intend to continue grant making on the existing principles with ongoing revenue deficits leading to a gradual depletion of funds. structure, Governance and Management The Trust was established by a Trust Deed dated 15th January 1900 made by the late Mr Owen Owen as subsequently amended. The Trust is a registered charity under the Charities Act 1960. Organisation, Management and Delegatlon The Trust employs two staff, on a part time basis, in the day-to-day running and management of its grant making activilies. The Trustees meet quarterly to review the Trust's performance, its financial position and its investments. The Trustees, in their power, have delegated the management of the investments to independent professional investmenl managers and the administration of grant-making and accountancy to LCVS.
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2025 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 at a meeting of the board of Trustees. The board is also responsible for induction and training of the new Trustees. REFERENCE AND ADMINISTRATIVE DETAILS The Owen Owen Trust Fund 233264 Name Charity number Principal Office 3.27 Merchants Courl 2-12 Lord Street Liverpool L2 1TS During the year under Review, the trustees were as follow Mr J S Barker Miss K M Eggleton Mr L Foster Mrs A Gibbon Mrs R Lo¢hrel-Owen Mrs S A Mitchell Miss E A Stewardson MrA G Turner Mr R Warren Trustees {Deceased 1 sl October 2024) Trust Manager Accountants Mrs K Sloss LCVS 151 Dale Street Liverpool L2 2AH Independent Examiner Mr Tony Stanley ACA Mitchell Charlesworth Suites C, D, E & F The Plaza 100 Old Hall Street Liverpool L3 9QJ Rathbones incorporating Inveslec Wealth & Investment (UK) Port of Liverpool Building Pier Head Liverpool L31NW Inveslment Manager
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2025 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees are responsible for preparing a Trustees, annual report and financial statements in accordan 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 financial statements for each year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently. bserve the methods and principles in the applicable Charities SORP., make judgements and estimates that are reasonable and prudent., • state whether applicable accounting standards have been followed, subject lo any material departures that must be disclosed and explained in the financial statements., prepare the financial Statements on the going concern basis unless it is inappropriate to presume that the charity will conlinue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the ¢harity and to enable them to ensure that the financial stalements comply with the Charities AGt 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of Ihe charity and taking reasonable steps for Ihe prevenlion and detection of fraud and other irregularities. Signed on behalf of the Trustees ark r - Trustee K M Eggleton- Trustee
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OWEN OWEN TRUST FUND I report to Ihe trustees on my examination of the accounts of The Owen Owen Trust Fund for the year ended 3151 March 2025. This report is made solely to the charity's trustees, as a body, in accordance with Sèction 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustees those matters l am required to stale lo Ihem 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 charity trustées you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act). I report in respect of my examination of the charity's accounts as carried out under section 145 of the 2011 Act and in Garrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(51(bl of the Act. Independent examiner's statement Your attention is dra)Nn 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference lo the Accounting and Reporting by Charities.. Statement of Recomtnended Practice issued on 1 April 2005 which is referred lo in the extanl regulations but has now been withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance with Generally Accepted Accounting Practic8 effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I can confirm that no matters have come lo my attention in connection with the examination giving me cause lo beliève that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. 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 to enable a proper understanding of the acGOU *breaChed. 38FATrWD229f Mr Tony Stanley ACA Mitchell Charlesworth Suites C, D, E & F The Plaza 100 Old Hall Street Liverpool L3 gQJ 01 October 2025 Dated:
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025 Unrestricted Unrestricted Funds Funds 2025 2024 Income from: Investments Notes 85,105 83,911 Total income 85,105 83,911 Expenditure on: Raising funds Charitable activities 16,985 227,001 17,355 263,027 Totsl expenditure 243,986 280,382 Net expenditure (158,881) 1196,471 Net gain on investments 5,042 108,539 Net movoment in funds (153,839) (87,932) Reconciliation of funds.. Total funds brought fonmard 2,117,399 2,205,331 Totsl funds carrled loard 1,963,560 2,117,399 The notes on pages 9 to 15 form part of these accounts. The net movement in the funds in the year is derived from the continuing activity of the charity.
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND BALANCE SHEET AT 31ST MARCH 2025 31st March 2025 315t March 2024 Fixed assets Investments Notes 1,940,368 2,102,040 Current assets Debtors Bank & Cash balances 1,846 28,865 215 28,451 30,711 28,666 Current liabilities Creditors (7,519) (13,307) Net current assets 23,192 15,359 Net assets 1,963,560 2,117,399 The funds of the charity: Unrestricted funds Capital Funds Income Funds 23,192 1,940,368 15,359 2,102,040 1,963,560 2,117,399 Approved and authorised for issue by tho Trustees and Signed on their behalf by J SBar r- Trustee K M Eggleton - Trustee Dated: .. -)
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 1. ACCOUNTING POLICIES Charity information The Owen Owen Trust Fund is a registered charity governed by a Deed of Settlement. The principal address is 3.27 Merchants Court, 2-12 Lord Street, Liverpool L2 1 TS. Basls of Accounting The accounts have been prepared under the historical cost convenlion with items recognised at cost or transaction value unless othenmise stated in the relevant notels) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practi.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (SORP 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and Charities Act 2011. 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 Ihe version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The trust constitutes 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 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, the Trustees have reasonable expectations that the charity has adequate reseNes 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. Investments Investments held as fixed assets, in accordance with SORP 2019, are stated and included in the balance sheet at their market value at the year end or at the valuation date nearest to the year end. UK listed securities and foreign securities quoted on a recognised stock exchange are stated 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 stated at the average of the bid and offer prices quoted by the Trust's managers nearest to the year end. Investments are valued at the mid-market pri on the valuation date. The Slatement 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 Ihe portfolio to be cash at bank, and it is included in the balances at bank.
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 Fund accountlng Unrestricted funds are Considered 'free' reserves and are available for use or retention al the discretion of the Trustees, in accordance with the charity's objectives. Free reseNes are undesignated funds available for the furtherance of the general objectives of the charity. Income recognitlon Income from investments comprises dividend income and interesl and are accounted for when received in the financial year. Expenditure recognition 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 can be measured reliably. All expenditure is accounted for on an accrual basis. All expenses, including support and governanGe cosls, are allocated or apportioned to the applicable expenditure headings in Ihe statement of financial activities. Raising funds costs relate to expenses incurred in the management of the investment assels. Charitable activities include grant funding, along with associated support costs, to beneficiaries. These are dealt wilh in the Statement of Financial Activities when payment has been approved by the charity. Governance costs relate to compliance with constitutional 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, deposit5 held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Fixed Assets The threshold for capitalising a fixed asset is £5,000. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instrumenls, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, wilh the net amounts presented in the financial statements, when there is a legally enforceable right to set offthe recognised amounts and there is an intention to settle on a net basis or to realise Ihe asset and settle Ihe 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 usir7g the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future io
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Baslc financial liabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement conslitutes a financing transaction, where the debt instrument is measured atthe 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 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. Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's SeiceS 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 to provide termination benefits. A defined contribution pension scheme was set up in October 2018. Taxatlon 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. Partial recovery is made of tax credits on UK dividend income. The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. Critical Accounting Estimates And Judgements 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 on-going basis. Revisions to accounting estimates a 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. There are no critical accounting estimates or judgements within these accounts. 2. Income from Investments: 2025 2024 Dividends and interest 85,105 83,911 li
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 ST MARCH 2025 3. Expenditure on charitable activilies: Direct Support & Charitable Govornance Expenditure Costs Total 2025 Total 2024 To make grants for charitable purposes 142,400 84,601 227,001 263,027 a. Analysed as follows: 2025 2024 Direct charitable expenditure.. Grants - existing recipients Grant distribution charges 134,400 8.000 172,215 8,000 142,400 180,215 2025 2024 Support & Governance costs.. Staff salaries cost5 Pension Volunteer visitors Visitors, expenses Tea parties and flowers Travel expenses Postage Stationery Sundry expenses Computer maintenance and support Office rent and service fee Rates Room Hire Office Costs Relocation Costs Telephone and internet Bank charges Trustees meeting costs Insurance Payroll fees AccoL¢ntancy Independent examination 44,770 1,343 6,500 66 3,917 43,270 1,298 7,850 400 4,784 165 2,196 103 1,762 7,879 222 260 343 25 640 101 267 944 500 10,000 2,598 1,055 1,376 85 1,722 5,433 18 795 60 512 1,123 500 10,000 2,520 84,601 82,812 Total expenditure on charitable activities 227,001 263,027 12
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 Volunteer visitors, who make periodic contact with grant recipients to check on their well- being, received honoraria payments. Insuran has been purchased to protect both the Trust and its Trustees against claims for losses arising from neglect or default by the Trustees, employees or agents. The total cosl of this insurance was £640 (2024: £580). b. Staff Costs and Trustees Remuneration 2025 2024 Salaries Pension 44,770 1.343 43,270 1,298 46.113 44,568 The average number of employees during the year was as follows: 2025 2024 Charitable activities During the year, out of pocket expenses were reimbursed to Trustees amounting to £72 (2024.. £52). A defined contribution pension scheme was set up in October 2016. The employerfs contribution to 315t March 2025 was £1,343 (2024.. £1,298} There are no employees with emoluments over £60,000 p.a.12024'. none). None of the Trustees (or any person connected with them) received any remuneration during the year12024= none). 4. Fixed Asset Investments Throughout the accounting period the assets of the fund were managed by Rathbones in accordance with the following permitted ranges.. Fixed interest Equities {overseas max 40 %) Properly Alternatives Cash 42.501. of portfr)lio 82.5 % of portfolio 15/0 of porlfolio 150 of portfolio 250/ of portfolio Without the prior approval of the Trustees no inilial investment should exceed 50k of the total valL5e of the funds under management and the total sum of all equity holdings in excess of 50h must not be equal to or exceed 40./0 of the funds value at any time. No investment is to be held in derivatives. 42.5 Investmenls are listed on a recognised stock exchange, including investment Trusts. 13
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31$T MARCH 2025 2025 2024 Investments assets in the UK Market value at 1 St April 2024 Disposal proceeds Acquisitions at cost Realised (Losses)Igains on investment assets Unrealised gain5 on investment assets 2,102,040 2,154,796 1203,368} (493,435> 36,654 332,140 {4,349> 38,519 9,391 70,020 Market Value at 31st March 2025 1,940,368 2,102,040 Book Value at 318t March 2025 1,705,305 1,876,367 Custodian Arrangements All assets are held by Rathbones custodian, Ferlim Nominees. The custodian is regulated by the FCA. Should the Gustodian or Rathbones become insolvent, assets are ring-fenced and would not be impacted by the insolvency. 5. Financial Instruments 2025 2024 Carrying amount of financial assels.. Debt inslruments measured at cost Equity instruments measured at fair value through income and expenditure 28,865 1,940,368 28,451 2,102,040 1,969,233 2,130,491 Carrying amounl of financial liabilities.. Measured at cost 7,519 13,307 6. Debtors 2025 2024 Prepayments other Debtors 1,762 84 215 1,846 215 7. Creditors 2025 2024 Accruals 7,519 13,307 14
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76 THE OWEN OWEN TRUST FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2025 8. Unrestricted Funds Unrestricted funds are expendable at the discretion of the Trustees in furtheran of the Trust's objectives. 9. Related Party Transactions There were no related party transactions in the year. 10. Operatlng Lease Commltments Financial commitments under non-cancellable operating leases will result in the following payments falling due at 3151 March 2025 2025 2024 Within one year Due 1 to 2 years Due 2- 5 years 8,202 8,202 3,945 Total 20,349 15
Docusign EnvelopÈ ID". 2E56EC33-CA04-49EO-A382-B45F11583B76