THE OWEN FAMILY TRUST
FINANCIAL STATEMENTS
5 APRIL 2021
THE OWEN FAMILY TRUST
| INDEX | |
|---|---|
| Page | |
| TRUST INFORMATION | 1 |
| REPORT OF THE TRUSTEES | 2 & 3 |
| INDEPENDENT EXAMINERS REPORT | 4 |
| STATEMENT OF FINANCIAL ACTIVITIES | 5 |
| BALANCE SHEET | 6 |
| CASH FLOW STATEMENT | 7 |
| NOTES TO THE ACCOUNTS | 8 & 9 |
THE OWEN FAMILY TRUST
TRUST INFORMATION
TRUSTEES:
TRUSTEES: Mr A D Owen Mrs E M Owen CHARITY REGISTRATION NUMBER: 251975 BANKERS: HSBC Bank Plc 30 Market Place Wednesbury West Midlands WS10 7AU INVESTMENT ADVISORS: Smith & Williamson 3[rd] Floor 9 Colmore Row Birmingham B3 2BJ
ADDRESS:
Mill Dam House Mill Lane Aldridge Walsall WS9 0NB
Page 1
THE OWEN FAMILY TRUST
REPORT OF THE TRUSTEES
The Trustees present their annual report and financial statements for the year ended 5 April 2021. The financial statements comply with the Charities Act 2011, Accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2015.
OBJECTIVES AND ACTIVITIES
The objectives of the Trust are to apply the income of the charity to the advancement of charitable purposes as set out in the laws of England and Wales. It does this by making donations and grants to charities and charitable causes at the discretion of the Trustees.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives.
STRUCTURE AND GOVERNANCE
The Trust was established under a trust deed dated 6 February 1967 as The New Hall Trust. The Trustees who served throughout the year are set out in the Trust information. The Trustees meet at least four times a year and are responsible for the overall governance of the Trust and keep under review their policies and practice. Mrs H G Jenkins resigned as a trustee and Mrs E M Owen was appointed a trustee on 6 April 2020.
FINANCIAL REVIEW
Financial performance
Quoted investment income for the year was down significantly and no income was received from the Trust’s unquoted investment, both resulting from the impact of Covid. Trustees were however, able to increase grants and donations to £73,780 (2019 £64,500) by realizing some of the investment gains made. Overall funds increased by £185,579 to £1,217,442 prior to the reorganization in May 2021.
Trust reorganization
In May 2021 the Trust undertook a reorganization transferring half of its undertakings and investments to a new trust, The Owen Jenkins Trust (charity number 1193318).
Reserves policy
The Trustees are seeking to ensure reserves are kept at a sufficient level over the coming years to provide for the following; (a) Dividend income is expected to decrease in the future and some charities are funded over a ten-year period. (b) The Trust has responded to exceptional requests in the recent past and these may occur again. (c) Fluctuations in investments can occur at any time.
Page 2
THE OWEN FAMILY TRUST
REPORT OF THE TRUSTEES (continued)
Investment policy
The Trust’s overall investment policy is; (a) the creation of sufficient financial return to enable the Trust to carry out its purposes effectively and without interruption and (b) the maintenance and, if possible, enhancement of the investment funds whilst they are invested. (c)To obtain a reasonable balance between capital growth and income so that the Trust can meet future as well as current needs. (d) To avoid investments that are unduly risky. Day to day investment responsibility is delegated to Smith & Williamson Investment Managers.
RESPONSIBILITIES OF TRUSTEES
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the disposition of the fund at the end of the financial year and of the financial transactions for the year. In preparing those financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the basis that the Trust will continue in operation unless it is inappropriate to presume this.
The Trustees are responsible for keeping proper accounting records to enable them to ensure that the financial statements comply with the Statement of Recommended Practice and the Charities Acts. They are also responsible for safeguarding the assets of the Trust and hence for taking steps for the prevention and detection of fraud and other irregularities.
Signed On behalf of the Trustees on 4th January 2022
Mr A D Owen Trustee
Page 3
THE OWEN FAMILY TRUST
Independent examiner’s report to the trustees of The Owen Family Trust
I report on the accounts of The Owen Family Trust for the year ended 5 April 2021, which are set out on pages 5 to 9.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions of the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s unqualified statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Name: T L Jones Professional qualification: F C A (retired) Address: 238 Dower Road, Sutton Coldfield, West Midlands. Date 4[th] January 2022
Page 4
THE OWEN FAMILY TRUST
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2021
| 2020 | 2019 | ||
|---|---|---|---|
| Notes |
£ | £ | |
| Income | |||
| Investment income: | |||
| Dividends receivable - | Quoted investments | 32,873 | 42,317 |
| - |
Unquoted investments | 0 | 16,197 |
| Bank interest | 1 | 9 | |
| ─────── | ─────── | ||
| Total income | 32,874 | 58,523 | |
| ─────── | ─────── | ||
| Expenditure | |||
| Expenditure on charitable activities: | |||
| Donations and grants | 4 | 73,780 | 64,500 |
| Investment management charges | 7,350 | 8,318 | |
| Subscriptions | 285 | 0 | |
| Legal and other costs (including independent examiners fees nil 2020 nil) | 10,403 |
7,152 | |
| ─────── | ─────── | ||
| Total expenditure | 91,818 | 79,970 | |
| ─────── | ─────── | ||
| Net gains/(losses) on investments | 244,523 | (177,115) | |
| ─────── | ─────── | ||
| Net income/(expenditure) | 185,579 | (198,562) | |
| Reconciliation of funds | |||
| Total funds brought forward |
1,031,863 | 1,230,425 | |
| ─────── | ─────── | ||
| Total funds carried forward | 1,217,442 | 1,031,863 | |
| ═══════ | ═══════ |
Page 5
THE OWEN FAMILY TRUST
BALANCE SHEET AT 5 APRIL 2021
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ |
£ |
£ |
||
| Fixed assets | ||||||
| Quoted Investments | 3 | 1,137,269 | 915,174 | |||
| Unquoted investments | 4 | 64,351 | 64,351 | |||
| _ | __ | |||||
| 1,201,620 | 979,525 | |||||
| Current assets | ||||||
| HSBC Current account | 9,387 | 13,311 | ||||
| HSBC High interest account | 111 | 111 | ||||
| COIF Deposit account | 1,021 | 1,020 | ||||
| Smith & Williamson balances | 5,303 | 37,896 | ||||
| ────── | ────── | |||||
| 15,822 | 52,338 | |||||
| Creditors: amounts falling due | ||||||
| within one year | (0) | (0) | ||||
| ────── | ───── | |||||
| Net current assets | 15,822 | 52,338 | ||||
| ────── | ────── | |||||
| Net assets at 5 April 2021 | 1,217,442 | 1,031,863 | ||||
| ══════ | ══════ | |||||
| Funds | ||||||
| Unrestricted funds | 1,217,442 | 1,031,863 | ||||
| ══════ | ══════ | |||||
| Approved by the Trustees on 4thJanuary | 2022 | |||||
| and signed on its behalf by | ||||||
| Mr A D Owen | - Trustee |
Page 6
THE OWEN FAMILY TRUST
STATEMENT OF CASH FLOWS
| 2021 | 2020 | |
|---|---|---|
| £ |
£ | |
| Cash flows from operating activities: (below) | ||
| Net cash absorbed by operating activities | (91,818) | (79,970) |
| ______ | _____ | |
| Cash flows from investing activities: | ||
| Income from investments | 32,874 | 58,523 |
| Proceeds from sale of investments | 105,472 | 140,909 |
| Purchase of investments | (83,044) | (99,582) |
| ______ | _____ | |
| Net cash generated by investing activities | 55,302 | 99,850 |
| ______ | _____ | |
| Cash flow from financing activities | - | - |
| ______ | _____ | |
| Change in cash and cash equivalents | (36,516) | 19,880 |
| Cash and cash equivalents at the beginning of the year | 52,338 | 32,458 |
| ______ | _____ | |
| Cash and cash equivalents at the end of the year | 15,822 | 52,338 |
| ______ | _____ | |
| Reconciliation of net movement in funds to net cash flow in operating activities | ||
| Net expenditure for the year | (58,944) | (21,447) |
| Adjustments for: | ||
| Investment income | (32,874) | (58,523) |
| Decrease in creditors | - | - |
| ______ | _____ | |
| Net cash absorbed by operating activities | (91,818) |
(79,970) |
| ______ | _____ |
Page 7
THE OWEN FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2021
1 ACCOUNTING POLICIES
- (a) Basis of preparation
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 (FRS 102) (effective 1 January 2015).
(b) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income has been met, it is probable that the income will be received and the amount can be measured reliably.
- (c) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
-
(d) Fixed assets – Investments
-
Investments are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals.
2 TRUSTEES EXPENSES
The charity trustees were not paid or received any benefits from employment with the Trust, neither were they reimbursed expenses during the year (2020 £nil)
| 3 | QUOTED INVESTMENTS | 2021 | 2020 |
|---|---|---|---|
| At market value: | |||
| 6 April 2020 | 915,174 | 1,133,616 | |
| Additions at cost | 83,044 | 99,582 | |
| Disposals at carrying value | (105,472) | (140,660) | |
| Net gains/(losses) on revaluation | 244,523 | (177,364) | |
| _ | _ | ||
| 5 April 2021 | 1,137,269 | 915,174 | |
| ══════ | ══════ | ||
| Investment comprise: | |||
| Equities | 725,372 | 594,566 | |
| Fixed interest | 171,868 | 154,922 | |
| Alternatives | 240,029 | 165,686 | |
| 1,137,269 | 915,174 | ||
| ══════ | ═════ |
Page 8
THE OWEN FAMILY TRUST
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2021
4 UNQUOTED INVESTMENTS
Detail:
| Detail: | |||
|---|---|---|---|
| 53,455 Ordinary £1 shares in Rubery Owen Holdings Ltd. | |||
| At cost: | 64,351 | 64,351 | |
| ══════ | ═════ | ||
| Unquoted investments are stated a cost as fair value cannot | be measured | reliably. | |
| DONATIONS | |||
| Black Country Living Museum | - | 10,000 | |
| British Glass Foundation | 5,500 | - | |
| Lichfield Cathedral | 5,000 | 5,000 | |
| The Feast | 5,000 | 5,000 | |
| The Owen Jenkins Trust | 5,000 | . | - |
| Holy Trinity Parish Church | - | 5,000 | |
| Seven Valley Railway Charitable Trust | - | 5,000 | |
| Shrewsbury Abbey | - | 5,000 | |
| Ark Community Church | - | 5,000 | |
| The Ironbridge Gorge Museum | - | 5,000 | |
| St Peter’s Little Aston | - | 5,000 | |
| Aston University | 5,000 | - | |
| Kids UK | 5,000 | - | |
| National Motor Museum Trust | 5,000 | - | |
| Race Against Dementia | 5,000 | - | |
| YMCA | 5,000 | - | |
| Chaplaincy Plus | 3,000 | - | |
| Premier Christian Radio | 3,000 | - | |
| Art UK | 3,000 | - | |
| Leading the Way | 2,500 | - | |
| University of Birmingham | 2,000 | - | |
| The Len Pick Trust | 2,000 | - | |
| Frontier Youth Trust | 2,000 | - | |
| National Association of Youth Clubs | 2,000 | - | |
| Bournville BookFest | - | 2,500 | |
| The Vine Trust | - | 2,500 | |
| 10 Others of £2,000 or less. (2020 8 of less than £2,000) | 8,780 | 9,500 | |
| ───── | ───── | ||
| 73,780 | 64,500 | ||
| ═════ | ═════ |
5 DONATIONS
Page 9