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2020-12-31-accounts

Charity number: 247498

THE JRSST CHARITABLE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE JRSST CHARITABLE TRUST

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditor's report on the financial statements 6 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 21

THE JRSST CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees Andrew C Neal,Chair
Lisa Smart
Dr Roger Clarke
Alison R Goldsworthy
Elizabeth Knight-Yamamoto
Christopher Carman
Charity registered number
247498
Principal office
The Garden House
Water End
York
North Yorkshire
YO30 6WQ
Secretary
James K Wallace (resigned 26 October 2020)
Elizabeth F Elsworth (appointed 26 October 2020)
Chief executive officer
Fiona Weir
Independent auditor
BHP LLP
Rievaulx House
1 St Mary's Court
Blossom Street
York, YO24 1AH
Bankers
Unity Trust Bank Plc
Nine Brindleyplace
Birmingham, B1 2HB
Legal
Stone King
Boundary House
91 Charterhouse St
Clerkenwell
London
EC1M 6HR
Investment Advisors
Rathbone Greenbank
10 Queen Square
Bristol
B1 2HB

Page 1

THE JRSST CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report and the audited financial statements for the JRSST Charitable Trust for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

Objectives and activities

a. Policies and objectives

The Trustees can confirm that they have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance in setting the objectives and planning the activities of the organisation.

The objects of the Trust are the application of the Trust's assets and income to advance the charitable purposes in such a manner that the Trustees, in their uncontrolled discretion, think fit.

Trustees believe that they can best further the Trust's charitable purposes for the public benefit by continuing to undertake or support work which relates specifically to supporting the advancement of understanding of democracy, rights and social justice including participation in our democratic system as a means of ensuring power can be more equally shared. Our work contributes to deepening understanding of how democracy can be reformed and advancing citizenship by working to ensure that UK citizens, including the most marginalised, are informed and engaged. Focused on underlying causes, we build an evidence base for new solutions to old problems through the development of “forwardlooking policy” as described by Joseph Rowntree in his 1919 memorandum, supporting research, education and awareness.

Operating in line with the values of our founder, Joseph Rowntree, the Charitable Trust strengthens the hand of organisations working to address political inequality, inform citizens, and ensure that power, exercised through representatives and institutions, is wielded in a responsible and accountable way to benefit wider society.

Achievements and performance

a. Grant making

In 2020, the Trust paid out a total of £58,385 in grants and approved £149,648 expenditure on new grants which are detailed in note 8 of the accounts.

Speakers’ Corner Trust received funding to research the impact of the COVID-19 pandemic on public participation in local democracy.

The Centre for Governance and Scrutiny was granted funding for work on challenging conventional assumptions about power and how it is held to account at a local level, learning lessons from the pandemic on better models for local governance.

The Constitution Unit at University College London was granted funding for a full-time research co-ordinator to support their network of expert research organisations monitoring the government’s constitutional reform proposals.

Page 2

THE JRSST CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance (continued)

Shout Out UK have received a grant for their #PoliticalLiteracy campaign, advocating significant changes to the GCSE curriculum.

Strategy

In 2020 Trustees reviewed the Trust strategy and selected three areas for future focus:

Financial review

a. Going concern

Given the level of assets and reserves, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Financial summary

The Trust’s income of £138,276 (2019: £136,828) is derived from two sources: a portfolio of quoted investments and rental income from the Garden House property, which is jointly owned with the Joseph Rowntree Charitable Trust.

Total expenditure of £227,114 (2019: £120,831) included grants agreed of £149,648 (2019: £39,340), investment fees, property running and refurbishment costs, and a share of employment and other administrative costs.

The Charity had net losses of £88,838 in the year to December 2020 (2019: net income of £15,997). This was due to the significant increase in grants agreed in the year.

Despite the impact of the COVID-19 pandemic, the Charity’s investment portfolio increased in value by £638,839 (13%) to £5,422,807 during the year, as markets recovered during 2020. As a result, the Charity’s total funds increased to £5,739,116 as at 31 December 2020 (2019: £5,174,115).

c. Reserves policy

The constitution of the JRSST Charitable Trust, a grant-giving registered charity, gives Trustees unfettered discretion in the use of funds, both income and capital, for its grant-making purposes. It has been the recent general policy of the Trustees, taking one year with another, that the grant-making expenditure has been in line with the Trust's income and capital growth. Any surplus or deficit in each year is transferred to the Trust's reserves/unrestricted funds. The Trust has £5.42 million of investments which generates sufficient income to meet its costs and grant making. In addition cash at bank is held at a level to meet its working capital requirements.

Page 3

THE JRSST CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review (continued)

d. Risk management

The Trustees have reviewed the major risks faced by the organisation as well as the controls, procedures and actions in place to manage those risks. These are documented in a risk register that is reviewed annually by the Board of Trustees. The most significant risk remains volatility in the investment market. The Trust has appointed professional investment managers to manage our portfolio to mitigate such risks.

e. Investment objectives, strategy and management

The Trust continues to operate the investment policy which was approved by the Board effective January 2018. This consolidated the various previous versions and addendums whilst updating considerations for Environmental, Social and Governance (ESG) issues through both negative and positive screening and a focus on sustainability.

Structure, governance and management

a. Constitution

The JRSST Charitable Trust is a grant-giving registered charity, number 247498, based at the Garden House, Water End, York. It is governed by the Trust Deed dated 1 December 1955. The Trust Deed gives the Trustees uncontrolled discretion in the use of the fund for any charitable purpose or objects and also to invest the charity’s capital in any kind of investment.

b. Governance

The Board of Trustees is responsible for the overall strategy and direction of the Trust. Trustees give their time on a voluntary, unpaid basis.

In June, the Board of Trustees signed a Memorandum of Understanding (MOU) with JRRT setting out the benefits for the Charitable Trust of alignment as well as the risks, and details of the cross-sharing and charging arrangements between the two entities and the steps taken to maintain the Charitable Trust’s independence. The MOU was developed in line with Charity Commission guidance on “ Charities with a connection to a non-charity ”.

In June, the Board of Trustees also agreed a property license with JRRT.

Day-to-day management of the Trust is the responsibility of the Chief Executive, who reports to the Board of Trustees, supported by a small staff team.

c. Appointment of Trustees

The Trustees are appointed following an open recruitment process.

It is the responsibility of the Nominations Committee to keep the skills and composition of the Board and succession planning under review and when necessary to recruit new board members for their experience, values, understanding and knowledge of the work of the Charitable Trust.

In December, the recruitment process for an additional Trustee began.

Page 4

THE JRSST CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance and management (continued)

d. Compliance issues

The Trust has taken and followed legal advice on implementation of the Charity Commission guidance on “Charities with a connection to a non-charity ”.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, 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 that 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.

Auditor

The auditor, BHP LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Andrew Neal

Andrew Neal (Jul 13, 2021 07:10 GMT+1)

Andrew C Neal

Trustee Date: Jul 13, 2021

Page 5

THE JRSST CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE JRSST CHARITABLE TRUST

Opinion

We have audited the financial statements of The JRSST Charitable Trust (the 'charity') for the year ended 31 December 2020 which comprise the Statement of financial activities, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

THE JRSST CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE JRSST CHARITABLE TRUST (CONTINUED)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations, relevant to the charity, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of board minutes and legal expenses. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 7

THE JRSST CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE JRSST CHARITABLE TRUST (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (Aug 9, 2021 15:48 GMT+1)

BHP LLP

Statutory Auditor Rievaulx House 1 St Mary's Court Blossom Street York, YO24 1AH

Date: Aug 9, 2021

BHP LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 8

THE JRSST CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Other trading activities
3
Investments
4
Other income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
23,703
84,338
30,235
138,276
43,761
183,353
227,114
653,839
565,001
5,174,115
565,001
5,739,116		 Total
funds
2020
£
23,703
84,338
30,235
138,276
43,761
183,353
227,114
653,839
565,001
5,174,115
565,001
5,739,116		 Total
funds
2019
£
23,703
95,159
17,966
136,828
38,945
81,886
120,831
881,977
897,974
4,276,141
897,974
5,174,115

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 11 to 21 form part of these financial statements.

Page 9

THE JRSST CHARITABLE TRUST

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one year
15
Net current assets
Creditors: amounts falling due after more than
one year
16
Net assets excluding pension asset
Net assets
Charity funds
Unrestricted funds
17
Total funds		 23,850
126,288
150,138
(122,553)		 2020
£
292,224
5,422,807
5,715,031
27,585
(3,500)
5,739,116
5,739,116
5,739,116
5,739,116		 17,578
118,699
136,277
(28,309)		 2019
£
289,179
4,783,968
5,073,147
107,968
(7,000)
5,174,115
5,174,115
5,174,115
5,174,115

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Andrew Neal

Andrew Neal (Jul 13, 2021 07:10 GMT+1)

Andrew C Neal

Trustee

Date: Jul 13, 2021

The notes on pages 11 to 21 form part of these financial statements.

Page 10

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies

1.1 Basis of preparation of financial statements

The charity constitutes a public benefit entity as defined by FRS 102. The 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and 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 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, unless otherwise stated in the relevant accounting policy. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Going concern

As part of their assessment of the going concern basis of preparation, the trustees have considered the impact of the COVID-19 on the charity’s activities, as well as the wider economy and on the budgets prepared to December 2021. They have also informally considered the period up to 12 months from the signing of the accounts. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the trustees are confident that they have in place plans to deal with any financial losses that may arise. The possible material impacts on the company include a drop in investment income, with many quoted companies having indicated that they will not be paying further dividends this year. The majority of the expenditure, being grants payable, is at the discretion of the trustees and can be reduced if income falls. The charity also has sufficient reserves to cover the current level of expenditure for several years ahead.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 11

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.5 Taxation

As a charity, The JRSST Charitable Trust is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity for the year ended 31 December 2019.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Page 12

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting policies (continued)

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

Page 13

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions to disclose, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3. Other trading income

Income from non charitable trading activities

The Garden House
Total 2019		 Unrestricted
funds
2020
£
23,703
23,703		 Total
funds
2020
£
23,703
23,703		 Total
funds
2019
£
23,703

4. Investment income

Income from listed investments
Interest receivable
Total 2019		 Unrestricted
funds
2020
£
80,849
3,489
84,338
95,159		 Total
funds
2020
£
80,849
3,489
84,338
95,159		 Total
funds
2019
£
91,325
3,834
95,159

Page 14

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Other incoming resources

The Garden House - property expenses recharge
Total 2019		 Unrestricted
funds
2020
£
30,235
17,966		 Total
funds
2020
£
30,235
17,966		 Total
funds
2019
£
17,966

6. Investment management costs

The Garden House establishment charges
Amortisation of lease
Depreciation of fixtures, fittings and equipment
Portfolio management costs
Total 2019		 Unrestricted
funds
2020
£
16,644
5,617
1,690
19,810
43,761
38,945		 Total
funds
2020
£
16,644
5,617
1,690
19,810
43,761
38,945		 Total
funds
2019
£
13,690
5,617
655
18,983
38,945

7. Analysis of expenditure by activities

Grants payable (including support costs)
Total 2020
Total 2019		 Grant funding
of activities
2020
£
149,648
149,648
39,340		 Support costs
2020
£
33,705
33,705
42,546		 Total
funds
2020
£
183,353
183,353
81,886		 Total
funds
2019
£
81,886
81,886

Page 15

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Office costs
Accountancy fees
Audit fees
Bank charges
Subscriptions
Meeting costs
Travel
Printing and stationery
Legal fees
Total 2019		 Grants
payable
2020
£
28,000
1,775
2,066
-
100
149
175
-
1,440
33,705
42,546		 Total
funds
2020
£
28,000
1,775
2,066
-
100
149
175
-
1,440
33,705
42,546		 Total
funds
2019
£
37,000
1,710
1,990
35
340
-
686
785
-
42,546

8. Analysis of grants

Brought
forward
 Payment
conditions
now met and
committed
to in 2020		 Paid during
2020		 Carried
forward
£ £ £ £
FPA Northern Ireland 12,535 - (12,535) -
Rowntree Society 10,500 - (3,500) 7,000
Speakers' Corner Trust - 12,200 (6,100) 6,100
The Centre for Governance & Scrutiny - 33,500 (8,375) 25,125
Constitution Unit UniversityCollege London - 49,673 (12,419) 37,254
Shout Out UK - 54,275 (13,571) 40,704
Totalgrants 2020 24,920 149,678 (58,385) 116,183
Totalgrants 2019 16,285 39,340 (30,705) 24,920

Page 16

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9. Auditor's remuneration

The auditor's remuneration amounts to an audit fee of £2,066 (2019: £1,990).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019: £nil).

During the year ended 31 December 2020, expenses totalling £149 were reimbursed or paid directly to 1 Trustee (2019: £184 to 1 Trustee) for travel costs incurred.

11. Staff costs

The charity shares administrative staff with The Joseph Rowntree Reform Trust Limited and makes an annual payment to the Joseph Rowntree Reform Trust Limited for administrative costs (which includes employment costs) amounting to £28,000 (2019: £37,000).

The charity has no employees other than those shared with The Joseph Rowntree Reform Trust Limited.

12. Tangible fixed assets

Cost or valuation
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Long-term
leasehold
property
£
449,334
-
449,334
161,464
5,617
167,081
282,253
287,870		 Fixtures and
fittings
£
6,549
10,352
16,901
5,240
1,690
6,930
9,971
1,309		 Total
£
455,883
10,352
466,235
166,704
7,307
174,011
292,224
289,179

Page 17

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Fixed asset investments

Cost or valuation
At 1 January 2020
Additions
Disposals
Revaluations
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Listed
investments
£
4,572,422
773,916
(631,151)
580,172
5,295,359
5,295,359
4,572,422		 Cash held in
investment
portfolio
£
211,546
-
(84,098)
-
127,448
127,448
211,546		 Total
£
4,783,968
773,916
(715,249)
580,172
5,422,807
5,422,807
4,783,968

The historical cost of the listed investments held at 31 December 2020 was £3,153,972 (2019: £2,813,385).

14. Debtors

Due within one year
Amounts owed by group undertakings
Other debtors		 2020
£
11,752
12,098
23,850		 2019
£
-
17,578
17,578

Page 18

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Creditors: Amounts falling due within one year

Amounts owed to group undertakings
Other creditors
Accruals and deferred income
16.
Creditors: Amounts falling due after more than on
Other creditors
17.
Statement of funds
Statement of funds - current year
Balance at 1
January 2020
£
Unrestricted funds
General funds
5,174,115
Statement of funds - prior year
Balance at
1 January
2019
£
Unrestricted funds
General funds
4,276,141		 e year
Income
£
138,276
Income
£
136,828		 Expenditure
£
(227,114)
Expenditure
£
(120,831)		 2020
£
-
112,683
9,870
122,553
2020
£
3,500
Gains/
(Losses)
£
653,839
Gains/
(Losses)
£
881,977		 2019
£
1,666
17,920
8,723
28,309
2019
£
7,000
Balance at 31
December 2020
£
5,739,116
Balance at
31 December
2019
£
5,174,115

Page 19

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2020
£
292,224
5,422,807
150,138
(122,553)
(3,500)
5,739,116		 Total
funds
2020
£
292,224
5,422,807
150,138
(122,553)
(3,500)
5,739,116

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2019
£
289,179
4,783,968
136,277
(28,309)
(7,000)
5,174,115		 Total
funds
2019
£
289,179
4,783,968
136,277
(28,309)
(7,000)
5,174,115

Page 20

THE JRSST CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19. Related party transactions

During the year to 31 December 2020 the Charitable Trust entered into transactions with related parties as follows:

Four of the Trustees of the JRSST Charitable Trust are also directors of The Joseph Rowntree Reform Trust Limited and its subsidiary company, JRRT (Properties) Limited. The transactions with these companies during the year were as follows:

Joseph Rowntree Reform Trust Limited (Reform Trust) - rent of £7,456 (2019: £7,456) was charged by the JRSST Charitable Trust for use of The Garden House. A recharge of Garden House expenses was made by the JRSST Charitable Trust of £26,876 (2019: £15,970). An amount of £37,000 (2019: £37,000) was charged by the Reform Trust for office and administration costs for the year and the balance outstanding from the Reform Trust of £11,752 is shown as a debtor at the balance sheet date (2019: creditor of £1,666).

JRRT (Properties) Limited - rent of £3,728 (2019: £3,728) was charged by the JRSST Charitable Trust for use of The Garden House. A recharge of Garden House expenses was made by the JRSST Charitable Trust of £3,359 (2019: £1,996). At the balance sheet date the amount owing by JRRT (Properties) Ltd is £nil (2019: £nil).

20. Controlling party

During the year the charity was under the control of the trustees.

Page 21