THE OUVER BORTHWTCK MEMORIAL TRusr Year ended 30 September 2021 THE OLIVER BoRTH￿cK MEMORIAL TRUST Registered Charity rtro. 256206 TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 THE OUVER BORTHMCK MEMORIAL TRvsr Year ended 30 September 2021 CONTENTS Page Trustees, professional advisers and administrative details Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the accounts THE OLIVER BORTHWtCK MEMORIAL TRusr Year ended 30 September 2021 TRUSTEES. PROFESSIONAL ADVISERS AND ADMINISTRAllVE DETAILS Date of t￿5¢ 6May 1968 Trustees Chaimian Trsigned 12 Alay2021 Chairman from Y2May2027 J Toth S Creswell-Turner A IrTrpey The Ead Bathurst V Buckley S Mudd G Impey Principal address The Oliver Borthwid( Memorial Trust 2b Vicarage Drive East Sheen London SW14 8RX AdmlnlslTator Charity Accountarrts pth.. 2b Vicarage Drive East Sheen London SW14 8RX Independent examlneT Mary Ryan. FCCA DChA At* Accountancy 31 Cheam Road Ewell Epsom Surrey KT17 IQX obmLorg.uk THE OUVER BORTHWICK MEMORIAL TRusr Year ended 30 September 2021 TRusfEES' REPORT The trustee5 present their report togetherwtth thefinanaal staternents ofthe charity forthe year ended 30 September 2020. The trustees have adopted the provisions of Accountin9 and Reporting by Charities.. Statement of Recommended Practice applicable to (hartties preparing th￿r accounts in accordance wth the Financial Reporting Stsndard applicable in the UK and Republic of Irdand IFRS 102) (effective 1 January 20151. The Trust was establtshed by a Deed of Declaration made 6 May 19&8 and registered with the Charity Commission under reference 25621%. The intention of the original Trusts whid) a￿ now Ir￿uded in the Oliver Borthwick Memorial Tr¢Jst was to provide shelter and help for the homeless_ The trustees welcome applications from small but viable charities where they are able to makè a significant contsibLrtion to the practical work of the charity wf(h the homeless. Grant5 are awarded by the Board at the AGM to applicants that satisfy the publidy published application criteria wth consideration to those applicants who demonstrate highest levels of need and impact A(hi￿ements and perfornian¢e Grants totallin9 £42,000 were approved and paid this year {202fr. £47,500). These were awarded to 12 charities12020: 131. A total of 24 application5 had been assessed (202tTr. 44}. Totsl govemance and administrative costs were £2,977 12020: £3.65n. Trustees The tnjstees in office during the year are listed on page l of the report and accounts. The power to appoint new trustees rests wth the current trnstee& The trustees have unrestricted power of investmenL Public benefft The trustees confimi that they have refenEd to the guidance contsined in the Charity Commission's general guidance on public benefft when reviewing the Tnjst's aims and objectives and in planning future activities and setting thè graftt making policy forthe year. inancial re4iew During the year investment managers Smith & Williamson decided to close their Charity Value & Income Fund. After reviewtng the ecoftomic factors afferting the outlook for bond price5 welds it was decided to switch the charity's investments from S&W and CCLA to M&G, wÉth the majortty of the funds invested in income funds lsee Note 71. This move, together wf(h a recovery in the general investment enwronmenL led to an overall gain of £107,311 (prior year unrealised loss £2892021 of which £59.370 was reali5ed from the S&W and CCLA investmèftts. An amount of £3,371 was received from S&W late in Augu5L That sum was invested in M&G in Ortober and therefore is held in cash at year end, not in the investment value_ As expected. investment income for the year fdl again. to £44,739 (prior year £50,443). As a ￿$utt of the change in investments some recovery in income is antiopated in 2021RI Donations of £500 were received. a result of the reduced level of income, grants awarded were limited to £42,¢JY) (prior year £47.500}. However, the associated research ènd adwsory fees were ctrt by £250 and accounting and admtnistration fees by £500. This meant that despite £70 of bank charges. whith were rdated to invthnent trarsactions. there was an oper*ing surplus of £262 {website costs were negligible). The operating surplus together with the investment gaiD5 brought the totsl funds of the charity at year end to £1.141,583 (prior year £1.034.0101. THE OUVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2021 Reserves policy It is the policy of the charity to maintsin unrestricted funds to prowde sufficient funds to cover management and administration expenses as well as grants. The tAJ5tees believe that the charity's reserves are adequate to continue to provide public benefft and meet the charitys objertives. Risk pollcy The trustees review the risks faced by the charity. To date these have mainly ￿lated to investment management and these have been mttigated by diversvfied portfolio management using specialised coileth.ve Fnvesimentfunds designed for the charity sector. General operating risk is minimized by the periodic wew of the charitys actiwties ty the trustees and our reporting requirements for our beneficiaries. Jnvestmerrt policy The trustees consider that investing in specialised collective investments designed for the dTrrity sector is the most appropriate policy to generate sufficient income forthe furtherance of the charity's objects. Law applicable to charities in England & Wales reqLEires the trustees to prepa￿ financial statements for each financial year which give a true and fair view of the chanty'5 financial artNities during the year and of tts financial position at the end of the year. In the preparation of thesè financial statements the trustees have-. {il selected suitable accounb.ng polioes and then applied them consistend lill made judgments and estimates that are reasonable and prudent lili) stated that applicableaccounting stsndards and rtatements of recommended practice have been followed s¥Jbject to any departures disclosed and èxplained in the finanaal statemerrts-, and livl prepared the financial statements on a going concem basis unless tt is inappropriate to p￿ume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with ￿asOnable acctjracy at any time the financial position of the charity and enable thèm to e￿Ure that the financial statements comply with the Charities Act 2011. They are also responsible forsafeguarding the assets of the TTUSt and hence forthe prevention and detertion of fraud and other irregulartties. For and on behalf of the truste Truste&. John h {Chaim*n) Date of approval: 18 May 2022 THE OLIVER BoRTH￿cK MEMORIAL TRUST Year ended 30 September 2021 DEPENDENT EXAMINER'S REPORT I report on the accounts for the year ended 30 September 2021 set out on pages five to nine. The charity's trustees are responsible for the preparation of the accounts. The tharity's trustees consider that an audit is not required for this year (under section 14412) of the Charitie5 Act 201 I 2011 Act)) and that an indpngnflgnt Axaminatinn 1£ rpnijirpd examine the accounts under section 145 of the 2011 Act),. follow the procedures laid down in the GeneFal t*reLtions given by the Charity Commtssioners (under section 14515llbl of the 2011 ArtJ- and stste whether particular matter5 have come to my attention. Basis of Independent Examiners. Ststem•rt My Èxamination was carried out in atcordance wtth the General Directions given by the Chaiity Commission. An examination includes a wew of the accounting records kept by the tharty and a comparison of the accounts presented wrf(h those records. It also includes consideRtion of any unusual Ètems or disclosures in the accounts, and seeking explanations from you as trustees corKeffling any such matters. The procedures undertaken do not provide all the evidence that would be required in an audL and consequendy no opinion is given as to whether the accounts present a Irue and fair ' and the report is limited to those matters set out in the 5tstements Independent examiners. ststemffit In connection with my examination tn connection with my examination, no matter has come to my attention". 111 whith gives me ￿sOnable cause to belreve that in any material re5pert the requirements: to keep accounting records in accordance wth section 130 of the 2011 ACL and to Prepa￿ accounts accord vrith the accounting records and CoM￿Y with the accounting requirements of the 2011 Act 121 to which, in my opinion. attention should be drdwn in ￿der to enabte a proper understanding of the accounts to be reache(I Mary Ryan. FCC& DChA Art Accountsncy 31 Cheam Road Ewell Epsom Surrey KT17 IQX Date: I,Iz THE OLIVER BoRTH￿cK MEMORIAL TRusr Year •nded 30 September 2021 STATEMENT OF FINANaAL ACTivfTIES 2021 2020 tncomirw re%wrces Donation Investment income 500 44.739 50,443 Total Incoming resources 45239 50.443 Resources expended Charitable aLlivities= Grants payable Grant research and advisory services 42.000 2.000 47.500 2,250 Govemance costs 49,750 1,407 977 44.977 51,157 Net incoming/loutgoingl resources 262 rt141 Other reCognis￿ gainsAoss Gain/lloss) on investments 107.311 1289,2021 Net movemwrt in fvnds 107.573 1289,9161 Fund balances brought forward 1.034010 1.323.926 Fund balano5 a￿led fonvard 1.141.583 1,034,010 I movements derive from continuing activities. AJI fecognised gains and losses are shown above. THE OUVER BoRTH￿cK MEMORIAL TRUST Year ended 30 September 2021 BALANCE SHEEr 2021 2020 Investments 1.124296 1,020,356 Cash at bank and in hand 18A37 14.654 Creditors Amounts falling due within one year (1.150) 11,(KM)I 17287 13,654 Total net assets 1.141.583 1.034.010 Rq>resented by. UnTestii¢ted funds 1.141.583 1,034,010 Trusle 18 May 2022 THE OLIVER BoRTH￿cK MEMORIAL TRusr Year ended 30 September 2021 NOTES TO THE ACCOUNTS ACCOUNTING pouaES (a) Basis of preparing the fin•Kial statw* The financial statements of the chartty. which is a public benefft entity under FRS 101 have been prepared in accordance with the Charities SORP IFRS 102} 'Accourrting and Reporting by Charities: Statement of Recommended Practice applicableto chartties preparing theiraccounts in accordancewrth the Fjnancial Reporting Standard applicable in the UK and Republic of Jreland IFRS 102) (effective 1 January 2015).. Firtanual Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 201 l. The financial 5tstements have been prepared under the historical cost convention. {b) tncoming re50urces Donations. legaaes. and investment income are accourrted for on a receivab￿ basis by the d￿rity. Ic) Resourw expended (Il Grants payable Grants payable are debited to the statement of finanaal activrties when an undertaking to pay the grant during the financial year has been entered into_ lill Governance costs This expenditure comprises general administration. management and costs in connection constttutional and statutory requirements. (d) knvestmeTrts Investments are induded in the accounts at market value atthe end of the financial year. Realised and unrealised gain5 and losses are (￿dited or debited to the statemellt of financial activities in the year in which they arise. 2. INVESTMENf INCOME 2021 2020 Income from comTh¥)n HNeslmentfiJnd> S&WChaTty Value and I￿Ome Fund CCLA COIF CharitE5 Fixed Encome FUTh M&G Charifund 8.148 6.819 29.030 742 40.740 9.703 M&G Charibond Bank snterest 44.739 50.443 THE OUVER BoRTH￿cK MEMORIAL TRUST Year ended 30 September 2021 3. GIIAMfs PAYABLE 2021 Re£ipi•rtt Agreedèndpa￿InYear Beloved Ace of Clubs CiTencester forYwNJ Ptyjple Doncaster Houswwj lor Y¢w First knght Trust Friary Drop-in HARC- Homekn aThY Rootless at Chrsbmas 5.000 s.000 2.500 3,000 Justness Kernow Pothe Support St Mary le Bow Young Hol￿ Proprt Phoenix Foundation If￿m￿lY The Cotton Street Projert) The Cyy)d Soil Tnjst 15( IrJ)o S,(M)O 5,(MlO The Matthew 25 Miss The Porch Wjnchester Churches Night Shelter YcArth Concern Isoo 47,500 GOVERNANCE COSTS 2020 Independent exami￿￿$ fees Admioistration tees Website costs 400 8ank charges 1,407 5. TRusfEES' REMUNERATION No trustee recetved any ￿Muneration in reS[￿rt0t ser¥Ke5 prcr•thd during theyear (202tr. nAI. Trustee5 may be reimbutsed for (4rt-ol.pocket expenses in reSi￿rt0fatte￿￿irtsJ rneelirNJ5 aTh4 ca￿y￿g (xrt dutie5 on ￿half0f the charty. DuriThJ the year no eynse5 P02(k. niD were ￿lME¥￿I*j kn any trustee (202¢>. tve). 6. TAXATION The Olwer BorthwKk hAemorkil Trt￿t is a registered charity and theref￿e is liable to income tax of cofpordtK)n lax on the sncome derived from itscharitstrAe act￿rt￿ as rt frdlls wrthin the ValK￿ exemptK)ns aWdilab￿ to iegi5tered charities. THE OUVER Bo1rrH￿CK MEMORIAL TRUST Year ended 30 September 2021 7. INVEsfMEfrrrs 2021 Total Marketvakne at the beginnirrfj oftsyear Inve5tsnents at costduriThJ the year Di5FX)5als during the yeai Realised gains/llossesl on dispw15 un￿alISed gall￿005se5l M•rft*tvakn at end of y 307A08 712.948 1,020.356 910355 16fi(#)D 3371 1.079.726 295.606 7¥120 1.079.726 (11.802) 71,1n 59,370 (12681 47.941 959.564 1￿732 3371 1.127.667 2020 co Total arket walue at ts Winviry of the Investments at cost durlng the year Di5posa15 durir%J the year Realised gainyllossesl ¢Jn disFxJsals UnTeali5ed gains/llossesl Market vak* at end of yEar 307.561 l.tyJl.997 1.309,558 11531 1289.0491 1289,2021 307,408 711948 1,020,356 Historical cost 910355 166.( 270,785 789.743 CREDrfoRS: AMOUNTS FALUNG DUE VrnIIN ONE YEAR 2021 2020 Independent examrne¢s f Accounbng and Administra￿0￿ IEe5 Grant research aThJ advi50ry ser¥Kes 750 2021 2020 Independent examiners fees Accountin9 and Administration fees Grant research and ath.sory services 400 750 600 1,0(K 9. RELATED PARTY TRANSACllONS Jnve5tments with a year end market value of £nil P02Tr. £712.948) weie hekl in S&W Charty Value aThJ Income Fund. Andrew Jmpey. trustee ol the Charity. was empkryaj ltythe itNeS1￿nt manager.