THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
THE OLIVER BORTHWICK MEMORIAL TRUST
Registered Charity no. 256206
TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
CONTENTS
| CONTENTS | |||
|---|---|---|---|
| Page | |||
| Trustees, professional advisers and administrative details | |||
| 1 | |||
| Trustees’ report | 2-3 | ||
| Independent examiner’s report | 4 | ||
| Statement of fnancial activities | 5 | ||
| Balance sheet | 6 | ||
| Notes to the accounts | 7- | ||
| 9 |
THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
TRUSTEES, PROFESSIONAL ADVISERS AND ADMINISTRATIVE DETAILS
| Charity registration number | 256206 |
|---|---|
| Date of trust | 6 May 1968 |
| Trustees | J Toth (Chairman) |
| S Creswell-Turner | |
| A Impey | |
| The Earl Bathurst | |
| V Buckley | |
| S Mudd | |
| G Impey | |
| Principal address | The Oliver Borthwick Memorial Trust |
| 2b Vicarage Drive | |
| East Sheen | |
| London | |
| SW14 8RX | |
| Administrator | Charity Accountants (up to 30thSeptember 2022) |
| 2b Vicarage Drive | |
| East Sheen | |
| London | |
| SW14 8RX | |
| Anne Marimuthu (from 1stOctober 2022) | |
| 47 Newry Road | |
| Twickenham | |
| Middlesex | |
| TW1 1PJ | |
| Independent examiner | Mary Ryan, FCCA, DChA |
| Ark Accountancy | |
| 31 Cheam Road | |
| Ewell | |
| Epsom | |
| Surrey | |
| KT17 1QX | |
| Website | obmt.org.uk |
1 | P a g e
THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
TRUSTEES’ REPORT
The Trustees present their report together with the financial statements of the charity for the year ended 30 September 2022. The Trustees have adopted the provisions of 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).
Structure, governance and management
The Trust was established by a Deed of Declaration made 6 May 1968 and registered with the Charity Commission under reference 256206.
Objectives and activities
The intention of the original Trusts which are now included in the Oliver Borthwick Memorial Trust was to provide shelter and help for the homeless. The Trustees welcome applications from small but viable charities where they are able to make a significant contribution to the practical work of the charity with the homeless. Grants are awarded by the Board at the Annual General Meeting to applicants that satisfy the publicly published application criteria with consideration to those applicants who demonstrate highest levels of need and impact.
Achievements and performance
Grants totalling £42,000 were approved and paid this year (2021: £42,000). These were awarded to 11 charities (2021: 12). A total of 29 applications had been assessed (2021: 24). Total governance and administrative costs were £3,456 (2021: £2,977).
Trustees
The Trustees in office during the year are listed on page 1 of the report and accounts. The power to appoint new Trustees rests with the current Trustees. The Trustees have unrestricted power of investment.
Public benefit
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 and in planning future activities and setting the grant making policy for the year.
Financial review
At the end of September 2022 investments were valued at £999,020, a fall of £128,647 or 11.4% from the prior year end (£1,127,667). After a reasonable first half, the second half of the year saw a reversal in market fortunes given the mounting cost of living crisis and a sharp fall in markets towards the charity’s year end as the economic policies of the short lived Truss government disturbed the markets. As at 31[st] December 2022, the charity’s assets had risen to £1,066,502.
Income, however, increased to £52,447 as company dividends bounced back from the Covid induced malaise of the prior year. Interest from bonds remained broadly unchanged. The increased income, net of costs, resulted in an increase in disposable funds of £6,991 (prior year +£261) after grants of £42k were paid out.
In terms of costs, the associated research and advisory fees were £1,500. Accounting and administration charges were higher this year due to undercharging in the previous year. It is anticipated that funds available for 2023 grants could be in the order of £50,000 given the increase in income.
Reserves policy
It is the policy of the charity to maintain unrestricted funds to provide sufficient funds to cover management and administration expenses as well as grants. The trustees believe that the charity's reserves are adequate to continue to provide public benefit and meet the charity's objectives.
2 | P a g e
THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
Risk policy
The trustees review the risks faced by the charity. To date these have mainly related to investment management and these have been mitigated by diversified portfolio management using specialised collective investment funds designed for the charity sector.
General operating risk is minimized by the periodic review of the charity’s activities by the trustees and our reporting requirements for our beneficiaries.
Investment policy
The trustees consider that investing in specialised collective investments designed for the charity sector is the most appropriate policy to generate sufficient income for the furtherance of the charity's objects.
Statement of trustees’ responsibilities
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 charity's financial activities during the year and of its financial position at the end of the year. In the preparation of these financial statements the trustees have:
-
(i) selected suitable accounting policies and then applied them consistently;
-
(ii) made judgments and estimates that are reasonable and prudent;
-
(iii) stated that applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
-
(iv) prepared the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which 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. They are also responsible for safeguarding the assets of the Trust and hence for the prevention and detection of fraud and other irregularities.
For and on behalf of the trustees:
Trustee:
John Toth (Chairman)
Date of approval: 7 June 2023
3 | P a g e
THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
INDEPENDENT EXAMINER’S REPORT
Independent Examiners' Report to the trustees of The Oliver Borthwick Memorial
I report on the accounts for the year ended 30 September 2022 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 required.
-
examine the accounts under section 145 of the 2011 Act);
-
follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and
-
state whether particular matters have come to my attention.
Basis of Independent Examiners' Statement
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 statements below.
Independent examiners' statement In connection with my examination
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 accounts to be reached
Mary Ryan, FCCA, DChA Ark Accountancy 31 Cheam Road Ewell Epsom Surrey KT17 1QX
Date:
4 | P a g e
THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | funds | ||
|---|---|---|---|
| Note | 2022 | 2021 | |
| £ |
£ | ||
| Incoming resources | |||
| Donation | - | ||
| Investment income | 2 | 52,447 | 44,739 |
| ──────── | ──────── | ||
| Total incoming resources | 52,447 | 45,239 | |
| ──────── | ──────── | ||
| Resources expended | |||
| Charitable activities: | |||
| Grants payable | 3 | 42,000 | 42,000 |
| Grant research and advisory services | 1,500 |
2,0 | |
| ──────── | ──────── | ||
| 43,500 | 44,000 | ||
| Governance costs | 4 | 1,70 | 977 |
| 6 ──────── |
──────── | ||
| Total resources expended | 45,206 | 44,977 | |
| ──────── | ──────── | ||
| Net incoming/(outgoing) resources | 7,24 | 262 | |
| Other recognised gains/losses | |||
| Gain/(loss) on investments | 7 | (128,64 | 107,311 |
| ) ──────── |
──────── | ||
| Net movement in funds | (121,40 |
107,57 | |
| ) | |||
| Fund balances brought forward | 1,141,583 |
1,034,0 | |
| ──────── | ──────── | ||
| Fund balances carried forward | 1,020,177 | 1,141,583 | |
| ════════ | ════════ |
All movements derive from continuing activities. All recognised gains and losses are shown above.
5 | P a g e
THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
BALANCE SHEET
----- Start of picture text -----
For year ending 30 September: 2022 2021
Note £ £ £ £
Fixed assets
Investments 7 999,020 1,124,29
Current assets
Cash at bank and in hand 22,807 18,438
Creditors
Amounts falling due within one 8 (1,650) (1,150)
──────── ────────
Net current assets 21,157 17,287
──────── ────────
Total net assets 1,020,177 1,141,58
════════ ════════
Represented by:
Unrestricted funds 1,020,177 1,141,58
════════ ════════
Approved by and signed on behalf of the trustees;
Trustee:
John Toth (Chairman)
Date of approval: 7 June 2023
----- End of picture text -----
6 | P a g e
THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
NOTES TO THE ACCOUNTS
1. ACCOUNTING POLICIES
(a) Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
(b) Incoming resources
Donations, legacies, and investment income are accounted for on a receivable basis by the charity.
(c) Resources expended
(i) Grants payable
Grants payable are debited to the statement of financial activities when an undertaking to pay the grant during the financial year has been entered into.
(ii) Governance costs
This expenditure comprises general administration, management and costs in connection with constitutional and statutory requirements.
(d) Investments
Investments are included in the accounts at market value at the end of the financial year. Realised and unrealised gains and losses are credited or debited to the statement of financial activities in the year in which they arise.
2. INVESTMENT INCOME
| . INVESTMENT INCOME |
||||
|---|---|---|---|---|
| 2022 |
2021 | |||
| £ | £ | |||
| Income from common investment funds: | ||||
| S&W Charity Value and Income Fund | - |
8,148 | ||
| CCLA COIF Charities Fixed Income Fund | - |
6,819 | ||
| M&G Charifund | 49,47 |
29,030 | ||
| M&G Charibond | 9 |
2,96 |
742 | |
| Bank interest | 8 |
- |
- | |
| 52,44 |
44,73 | |||
| 7 | 9 |
7 | P a g e
THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
3. GRANTS PAYABLE
| . GRANTS PAYABLE |
||||
|---|---|---|---|---|
| 202 |
2021 | |||
| Recipient | 2 £ |
£ | ||
| Agreed and paid in year: | ||||
| Beloved | - |
1,50 | ||
| Cirencester Housing for Young People | 5,000 | 0 5,000 |
||
| Common Ground Against Homelessness | 1,500 |
- | ||
| Doncaster Housing for Young People | 2,100 | 3,500 | ||
| First Light Trust | 5,000 | 5,000 | ||
| Friary Drop-in | 5,00 |
2,00 | ||
| Kernow Positive Support | 0 |
- |
0 |
3,00 |
| St Mary le Bow Young Homeless Project | 5,000 | 0 | 5,000 | |
| Phoenix Foundation (formerly The Cotton Street Project) | 3,00 |
2,50 | ||
| Severn Angels Housing and Support | 0 |
2,00 |
0 |
- |
| The Matthew 25 Mission | 0 |
- |
2,00 | |
| The Porch | 5,00 |
0 |
5,00 | |
| Winchester Churches Night Shelter | 0 5,000 |
0 | 5,000 | |
| Youth Concern | 3,40 |
2,50 | ||
| 0 | 0 | |||
| 42,000 |
42,00 | |||
| 0 |
4. GOVERNANCE COSTS
| . GOVERNANCE COSTS |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Independent examiner's fees | 400 | 400 |
| Administration fees | 1,250 | 500 |
| Website costs | 7 | |
| Bank charges | 70 | |
| 1,7 |
977 | |
| 06 ═══════ |
═══════ |
5. TRUSTEES’ REMUNERATION
No trustee received any remuneration in respect of services provided during the year (2021: nil).
Trustees may be reimbursed for out-of-pocket expenses in respect of attending meetings and carrying out duties on behalf of the charity. During the year no expenses (2021: nil) were reimbursed to any trustee (2021: none).
6. TAXATION
The Oliver Borthwick Memorial Trust is a registered charity and therefore is not liable to income tax or corporation tax on the income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
8 | P a g e
THE OLIVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2022
7. INVESTMENTS
| 2022 | M&G | M&G | COIF | CVIF | Cash | Total |
|---|---|---|---|---|---|---|
| Charifun | Charibon | |||||
| d £ |
d £ |
£ | £ | £ | £ | |
| Market value at the beginning of the | 959,564 | 164,732 | - | - | 3,37 | 1,127,66 |
| year Investments at cost during the year |
3,371 | - | - | - | 1 - |
7 3,371 |
| Disposals during the year | - | - | 3,37 | 3,371 | ||
| Unrealised gains/(losses) | (24,957) | - | - | 1 - |
(128,647 | |
| Market value at end of year | (103 690 859,245 |
139,775 | - | - | - | ) 999,020 |
| 2021 | COIF | CVIF | Total | |||
| £ | £ | £ | ||||
| Market value at the beginning of the | - | - | 307,408 | 712,948 | - | 1,020,356 |
| year Investments at cost during the year |
910,355 | 166,000 | - | - | 3,371 | 1,079,726 |
| Disposals during the year | - | - | 29,606 | 784,120 | - | 1,079,726 |
| Realised gains/(losses) on disposals | - | - | (11,802) | 71,172 | - | 59,370 |
| Unrealised gains/(losses) | 49,209 | (1,268) | - | - | - | 47,941 |
| Market value at end of year | 959,564 | 164,732 | - | - | 3,371 | 1,127,667 |
| Historical cost | 910,355 | 166,000 | 270,785 | 789,743 |
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Independent examiner's fees | 400 | 400 |
| Accounting and Administration fees | 1,000 | 750 |
| Grant research and advisory services | 250 | - |
| ──────── | ──────── | |
| 1,650 | 1,150 | |
| ══════ | ══════ |
9. RELATED PARTY TRANSACTIONS
There were none this year.
9 | P a g e