Charity Number .' 252258 THE ARTHUR TOWNROW PENSIONS FUND REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
THE ARThUR TOWNROW PENSIONS FUND REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY COMMISSION REFERENCE NUMBER: 262266 CONTENTS Page 1- 3 Tiuste05' Report Inderdent Examinerfs Raport Ststsment of Financial Activites Balance Sheet 7- 9 Notes to thg AoUnts 10- 12 Schedule of Investrn8nts
THE ARThUR TOWNROW PENSIONS FUND TRU8TEE8' REPORT The trustees submit their report and the accounts forth& year ended 31 Marth 2024. ADMINISTRATIVE DEfAILS Trustees, wtK* also o)mwise the Committee of Management, are apinted in acc(ffd wilh the regulations ccrfained in Ihe Decjaralion of Trust arbj are ujrrentty as follows.. Succe8 of MwJaret Wamer dec'd E J Froggatt {foTmerly E J Agulnik) (cl1perSOn) The Mayor of the Borough of Chesteffield Cllr M Bratty The Vicar of the Parish of Chesterfield Non8 currenty nominated The Supenntendent Minisier of the Ch8Sterfield Methodist Cirlt Revd M Carrick Nominated representatives ot. Chesterfield Borough Council Bolsover Dis1r1 Coun1 None cuffenly rL)minaled Cllr J Wilson Norlh East Derty8hire Di#tslct Counc41 South Yorkshire ClmUnIty Foundation LiThMted Sheffield City Councll National Counc41 forvoluntary Organisat)n5 NO currenvy mmlnated NLe cuThartly nominated N(e cuThwrtly nominated l Ne11n.SC0tt A N Hay <wCe-chairSOn) T Clough K Gladder8 P Mousley Bank•rs The ccOperatv Bank plc 15 Elder Way, Chesterfield Shorts Chartered Accourrtant8 2 Ashgate Road. Chesterfield Banner Jone5 24 GlUMarate, Chesterfield JMFinn&Co Salithry House. London Wall, London POBox48 Chesterfield, S40 1XT 252256 A¢¢ountants Sollcltr•r Inv•stm•nt advls•rs R•glst•red •ddr•ss Charlty number S Dunwell GOVERNING INSTRUMENT The ChaThty is regulated by a Declaration of Trust dated 31 December 1966, modlfied by a SclHne crf 20 Febwary 1975, arml approveAI by the Board of Chwrty Commissioners for England and Wales. Page 1
THE ARTHUR TOWNROW PENSIONS FUND TRUSTEES, REPORT- contlnued OBJECTIVES The objectivas of the Arthur Townrow Pensions Fund are to provide financial benefrt, by the granting of annuities, to certain women of limited means. The declaration of twsl of 31 Dember 1966 distinguishes beINen annuitants who reside wthin the Principal Area of Benefrt (being the District Council Areas of Chesterfield. Bolsover and North East Dgrbyshirel and those who reside elsewhere in England. In order ta be elpJible for an annuity within the Prlncipal Area of Benefit all p8rsons'. shall have already attained the age of years and either have never been mathed or are widows without chiklren, or Iespective of age. are widows with children. However, a parson who is resident outside the Princlpal Area of Benefit may only be granted an annuity If she has attained the age of foty years and has never been married. Furthernre, no person shall granted an annuity unless she Is.. a member of thg Church of England and an adherent trj the dcttrine of th8t Church. or member of a Protestant Church which acknowledges the Hoty Trinity as taught in the Churth of England. POLICIES ADOPTED TO FURTHER THE OBJECTIVES In order to try and achieve th&se objectives the trustees have had leaflets printed and circulated including publications in Church of England and Protestant magazineslnewsletters which explain the principles of the fund. They are al in continual contacl with othei charitable and caring organisations throughout Eng18nd for prosp8Ctive annuitants. In this day and age the annuities paid are predominanty to @Iderty women and the trustees remain vigilant in thelr efforts to secure further awards lo those of rnited means who fulfil the condibons of this charity. There have been no materlal changes in these policies since the last report. REVIEW OF THE ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR In planning the trusfs activibes the trustees keep in mind at all times the Charity Commission's guidance on public benefit as w811 as the spacific objectives of the Fund. There were 154 annuit8nts at 31 March 2024 {2023'. 1581 and payments this year totsllgd £111,480 {2023: £107,100). Annurf payments remained at £60 per month throughout the year making a total of £720 per annum to existing annuitants, as in the previous year. The investrnent strategy is designed lo maximise income with 8 broad spread of investments lo minimise risk and the portfolio is managed by J M Finn & Co., one of the countys leading invastment manager companies. FINANCIAL REVIEW Investment income totalled £133,566 this year, compaTed to £141,837 in the previous year. This represents a 4.43% retum on the current cost of the investments compared to 4.89% last year. EXndItUre other than annuity payments tOtald £47,367 for the year compared to £48.191 2023. Overall not incomel{loss) before gains or losses on investments was a loss of £22,339 leawrwJ the Unrestricted Income Fund with a balance of £234.2411o carried fowdrd al the year end. The market value of the Fund's investrnent portfolio has TBduced by 4.6% from an openlng value of £4,160.501 to a closing value at the year end of £4,350,652. Page 2
THE ARTHUR TOWNROW PENSIONS FUND TRUSTEES. REPORT- continued RISK REVIEW The Committee of Management has conducted a review of the major risks to which the charlty L8 exposed and systems have been established lo mitigate these risks. Th8 trustees nSider that Ihe major r&k the charity faw Is that its investment income wll be insufflent to meet its objectives. This risk is controlled by a regular review, aided by professM)nal invesknent managers. of the charitys investments portrolm). The risk profile ot the investment portlolio is medium risk with no minimum percentage of low risk investments. RESERVES The trustees deem it prudent to maintain reserves equal to approximately three years, projected expenditure. The trustees consider that at 31 March 2024 the tharity's resources are adequate to enable it to fulfil its obligations in the foreseeable future. STATEMENT OF TRUSTEE8' RESPONSIBILITIES The trust8ès are responsible for preparing the Tmstees, Report and the financial statements in aOrdance with applicable law and United Kingdom Accounting Stsndards (unit1 lQngdom GeneTr1 Accepted A¢Unting Practice). The law applicable to charities in England and Wales requires tha trusteos to prepare financial ststements for each financial year which give a true and fair view of the state of affalrs of the charity and of the IrmIng resources and appllrAtion of resources of the charity for that period. In preparing these financial ststements. the trustees are required to: select suitable accountirwJ policies and then apply them conslstently,. observe the methods and priripKgs in tha Charities SORP., make judgements and estimates that are reasonable and prudent state whether applicable Accounting Standards have been followed. subject to any materlal depathTe8 disclosed and explained in the financial statements. and prepare the financlal statements on the going conc8m basls unless it is inapwopriate to prgsume that the charity will continue in operatlon. The trustses are responsible for keeping proper aUting rerdS vthkh disch)se with re8sonable accurw at any time the financial position of the charity and enable them to ensure that the financial sL7tsrnents comply vthh the Charitie5 Act 2011, the applicable Charities (Accounts and Reports) Regulations. and the provisions of the trust deed. They are also reswnsible for safeguarding the assets of the Gharity and hence for takirKJ reasonable steps for th8 prevention and detectlon of fraud and other INDEPENDENT EXAMINER K WiLson has express hgr willingness to continue in office and a resolution lo reappoint her as inWnd8nt examiner will be put to the trustees at the annual general meeting. Approved by the Tnjstees on 7 October 2024 and signed on thelr behatf ty. E J Froqgatt ChairFerson Page 3
THE ARTHUR TOWNROW PENSIONS FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 I rewrt to the charity trustees on my examination of the aLwunts of thg tharity for the year ended 31 March 2024. This report is rnade solely to the charitys truste8s, as a brly. in accordance wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. My examlnation has been undertaken so that I might state to the charitys trustses those matters which l am requirgd to stale to them in an Independent examinerfs rep and for no oiher purpose. To the lIest extent pemiitted by law. l &) not accepi or 8ssume reswnsibility to anyone other than the charity and the chaTY'S trustses. as a body, for my work or for this R•sponslbllities and basls of r¢port As the charity's trustees you are responsible for the preparation of the accounts in accordance with the rg4uirements of the Charities Act 2011 I'the ACVI. The trustees consider that an audit is not r4uired for this year under section 144 of th& Act and that an independent examination is needed. I report in respect of my examination of the charity's accounts (arried out under section 145 of the Act and in carrying out my examination I have follciwed all the applicable Directions given by the Charlty ComMissn under section 145{Sllb) of the 2011 Act. Ind•p•nd•nt examln•rfs slat•m•nt I have completed my examination. l o)nfirm that no maierial mattets have ume to my attention in connection Vth the examination givina me cause to believe Ihat in any malerial respect iunting records were not kept in tesF*Ct of the charity as required by section 130 of the ACL or 2. the accounts do not 1rd with those records., or 3. the accounts do not comply with the applicable requirements conceming th8 form and content of accounts set out in the Charities (Account5 and Reports) Regulations 2008 other than any requlrement that the accounts give a'true and fair view which is not a matter considered as part of an independent pxamination: or 4. the accounts have not been prepared in accordance th the methS and prinCIp of the steml of Recommended Practice for awjunting and reporting by charit applicable to chartties preparing Iheir accounts in accordance with the Financial Reporting Slandard applicable In the UK and Republic ol Ireland IFRS 1021. I have no Canm$ and have ttjme across no other matters in connection wth the examination to which attention should be drawn in this roport in order to enable a proper understanding of the accounts to be reached. K Wilson FCA ACCA DChA Chart&red Accountant 2 Ashgate Ro•J Chesterfièkl Derbyshire S40 4AA 7 October 2024 Page 4
THE ARTHUR TOWNROW PENSIONS FUND STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MARCH 2024 Unr•strl6t•d P•rnian•nt In¢om• •ndowment fund fund Total nds rotal funds 2023 Ineom• Investrnent income: Income from UK listed investments Other Income {Baskeyfield Income) Bank interest 133,566 133, 141,837 5,370 2,942 2.942 Total lThoom• 136,508 136,508 147,270 Exp•ndilur• Raising funds-. Investment managem8nt charges Charitable activities.. Annulues Administr8tiLm costs 20,120 20.120 21.072 111.480 27,247 111,480 27.247 107, 100 27,119 Tolal Exp•nditur• 158,847 158,847 155,291 Net In¢omel(•xpenditur•) beforo gains and loss•s •n inv•slm•nts {22.339) (22,339} 18,021) Oth•r R•cognlsod Galnsl{Loss•s) Gainsl(L05sesl on Investments.. RealkS8d Unrealised 91,577 71.627 91,577 71,827 (68, 722) (403,608) N•t Mgv•m•nt In Fufids 22.3391 163,204 140.865 (480,351) RKoncili•liofi of Funds Funds brought forward at 1 April 2023 256.580 4,140.702 4.397.282 4,877,633 Funds oirrled for4vard at 31 Mar¢h 2024 234.241 4,303,906 4,538,147 4,397,282 Page 5
THE ARTHUR TOWNROW PENSIONS FUND BALANCE SHEET AT 31 MARCH 2024 2024 2023 Flx•d Assets Investsments 4,350.652 4.160,501 Cufr•Trt Ass•ts Debtors Cash at bank 44.769 151,186 92, 155 153,206 195,955 245,361 Cr•dIto. Amounts falling due wthin one year 8,460 N•t Current Assets 187.495 236,781 4,538.147 4,397,282 Funds Unrestricted income fund Pemionent end¢)wment fuTh 234,241 4,303,906 257,252 4, 140,030 4.538,147 4,397,282 Approved by the Trustees on 7 October 2024 and signed on their behalf by.. E J Froggltt Chaitwson ANHay Vice-chairperson Pagg 6
THE ARTHUR TOWNROW PENSIONS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIE8 Basis ol Ac¢ounting The Trarla1 statements are prepared under the historical cost convention, as modified by th revaluation of investrnents. The finar¢cial statements have been prepared in accordance with the statement of Recommended Practice.. Accounting and Reporting by Charihes preparing thelr accounts in accordance with the Financial Reporting Standard applbIg in the UK and Republ of Ireland IFRS 1021 {effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Repotting standard applble in the UK and Republic of Ireland IFRS 102) and the Charitias Act 2011. Cash Flow 8tatement Athantage has been taken of the exemption granted to small entlbes from the requiremant to present a cash ststemenL Inv•sthi•nts Investrnents are stated at the market value al the year end. The Surplus or defiriency on revaluation is taken to the Statement of Flnancial Actiwties. Inoomlng R•sour¢•s Voluntary income is brought into awount when receNed. Investment income Included In the fin8nckg1 statements on an accruals basis. R•sourMs Exp•nded Annuiknes paid and adminlstration costs are charged on an accruals basis. Fund Ac¢ounting Unrestricted furKls comprise tho accumulated surplus or deficit on the income and expenditure account. They arè available for use at the discrBtion of the trustees in furtherance of the general objectives of the charity. The peaent endowment fijnd represents funds ere the capital is held until the objectives of the charity are satisfied. ADMINISTRATION COSTS 2024 2023 Secretarial services Independent examin&Vs remuneration: Fees for independenl examination Other servus Costs of trustees, meetings and other 6xpenses Printing, ststionery, postage and comFMrter expenses 17,lJ)O 16, 750 9,240 7, 820 154 853 130 1,419 27,247 27,119 Included above is reimbursemenl of expgnse foi 1 tnJste&s lotalling £13012023: £106 for 1 trustee) which usually comprises attending trustees. meatings and travel and accommodation for meetings with the Fund's inveslm9nt advisers. Olher than as mentioned above, no trustee or connected person received any reMUratIOn or benefit from the funds of Ihe tharity in either this OT the preceding year. There are no other related paity transactions that require disclosure. Page 7
THE ARTHUR TOWNROW PENSIONS FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (contlnued) 2024 2023 FIXED A88Ef INVESTMENT8 UK listed irwestments". Market Valu8 1 April 2023 Addibons Disposals Net unrealised investrnent gainsl(losses) 4,160,501 253.716 (226.770) 163,204 4,703,903 464.664 (578,989) (429,076) M*rket Valu• 31 Mar¢h 2024 4,350,652 4, 160,501 Hlstorical Cost 31 Marth 2024 3,010.864 2,896. 121 DEBTOR8 AcClld investment incomo Income tsx recoverab Funds in hands of the sknkbroker 2.638 42.131 88.5 44.769 92. 155 CASH AT BANK Deposit accounts Current accounts 48.243 102.943 47.688 105,518 151,186 153,206 CREDITOR8: Amounts falllng du• withln one y•ar Annuities for Mar¢h 2024 Accnjals 60 8,400 8,400 8,460 8,580 Pagg 8
THE ARTHUR TOWNROW PENSION8 FUND NOTES TO THE ACCOUNT8 FOR THE YEAR ENDED 31 IAARCH 2024 (continued) 7 ANALY81S OF NET ASSETS BETWEEN FUNDS N•t ourr•nt Total 2024 Inv•stm?Thts Unrestricted Income Fund Permanent Endowment Fund 88.877 4,2e1.T15 145.364 42,131 234.241 4.303,906 4,350.652 187,495 4.538,147 Net ¢urr•nt assets Total 2023 Inveslm•nts Unrestricted Income Fund Permanent EndowThent Fund 108.349 4,052.152 148,231 88.550 256,580 4.140,702 4,160,501 236,781 4,397.282 TAXATION As the Fund is a registered charity it Is exempt from taxatKJn on its inGame and ¢apltal gains. The charity has IM)me value added tax on its expenditur8 where appropriatè. P8ge 9
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