Year ended 30 September 2024
THE OLIVER BORTHWICK MEMORIAL TRUST
THE OLIVER BORTHWICK MEMORIAL TRUST
Registered Charity no. 256206
TRUSTEES’ REPORT AND ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Year ended 30 September 2024
THE OLIVER BORTHWICK MEMORIAL TRUST
CONTENTS
| Page | |
|---|---|
| Trustees, professional advisers and administrative details | 1 |
| Trustees’ report | 2 - 3 |
| Independent examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 9 |
Year ended 30 September 2024
THE OLIVER BORTHWICK MEMORIAL TRUST
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 |
| 47 Newry Road | |
| Twickenham | |
| Middlesex | |
| TW1 1PJ | |
| Administrator | Anne Marimuthu |
| 47 Newry Road | |
| Twickenham | |
| Middlesex | |
| TW1 1PJ | |
| Independent examiner | Mary Ryan, FCCA, DChA |
| Ark Accountancy Limited | |
| 56-58 High Street | |
| Ewell | |
| Epsom | |
| Surrey | |
| KT17 1RW | |
| Website | obmt.org.uk |
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Year ended 30 September 2024
THE OLIVER BORTHWICK MEMORIAL TRUST
TRUSTEES’ REPORT
The Trustees present their report together with the financial statements of the charity for the year ended 30 September 2024. 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 £60,000 were approved and paid this year (2023: £54,000). These were awarded to 14 charities (2022: 14). A total of 30 applications had been assessed (2023: 30). Total governance and administrative costs were £4,095 (2023: £4,111).
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 2024 investments were valued at £1,100,176, an increase of £60,911 or 6% from the prior year end (£1,039,265). Investment values continue to steadily increase from the low of September 2022. As at 31[st] March 2025, the charity’s assets had fallen slightly to £1,096,298.
Income at £60,382 is a 5% increase on last year with £54k from funds investment. We see a 30% increase in Bonds income taking the total to £6.2k. There was a deficit of £3,712 in funds (prior year £399) as £60,000 grants (£54,000 in 2023) were paid out.
Costs have remained the same as last year. It is anticipated that funds available for 2025 grants could be in the order of £60,000.
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.
TRUSTEES’ REPORT
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THE OUVER BORTHWICK MEMORIAL TRUST Year ended 30 September 2024 TRUSTEES. REPORT Rlsk pollcy The trustees review Ihe risks faced by tt dwty. To date It8 have mainty reLqted to Y)vestm8nt managoment and these havo boen mrtyated by dp4ersrfd p01} usYvJ spooalised 118¢18 investment fur General operating risk is Minimed by the PWK#Jt revwi of th8 adNrties by Ihe trustoe$ OLK rew1irKJ reqUirents for ben8fwfs. Invostmgnt pollcy Thg trust86s eonsKler that investirvJ Spealised coltN• iive8tsnonl$ desKJn8d th8 dwrty #actor 18 the most apwwiate policy to Vr10 sUfflent for furltrorwK• ol d)jects. Statsment ol trust¢u' bIlItIeS Law appIab lo charrt$ in England & Vlales requires the trustees to prewe fin8rKi81 $lat&nentsfor eath fin8rrial year which give a tru8 and faK viow of ts eh¥itls finanaal activrtl85 d(ring tho yew and of rts financial posrtKJn at th8 end d the year. kn the wewatThi of Ifw financial stalemonls th8 trus100S havo.. {il selected surtablo a¢counlirKJ pOlS and then appl ¢M$istonlty', (ill m8d8 IJgMentS aTra e81imatos that are reasonable pnJJent', {iii) s181ed that aFplicable acmjnting standards and s18temenls of rOc4)mmend praclK8 have b88n follwd sthJ8Ct to any departures aKI Oxplarnd in the fnancial slatements, (il'l Prep0 th8 finanual statements ¢)n a gong ¢4)rn b88is unl8SS rt is inapproprth lo we$um8 that the (hrty will oyitinw in ISIne The trustoo$ are ro¥YsIble fry kew'ro Fyow a(xowling records dtsclose wth reasonablo acoJf8Cy at any timo tho finanaal posrtKJn of th8 charrty aTrJ enable Il*m to ensure that the finanoal statements MplY with Ihft CharilwJ Act 2011. Ttw are also resp(mibl8 for safeguarding tts assats crf the Trust and hence for th¢ prevention and dote(li)n of frwj ar#1 ¢)tsr For and ¢)n b•hiif of th• tru•t•••: Tru•tM: oth (Choffman) Dat• of approval: 10 June 2)25 31Page
Year ended 30 September 2024
THE OLIVER BORTHWICK MEMORIAL TRUST
INDEPENDENT EXAMINER'S REPORT
Independent Examiners' Report to the trustees of The Oliver Borthwick Memorial Trust
I report on the accounts for the year ended 30 September 2024 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 indenendent examination is reauired.
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examine the accounts under section 145 of the 2011 Act);
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follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and
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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 hPlrnM
Independent examiners' statement In connection with my examination
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
for and on behalf of Mary Ryan, FCCA, DChA Ark Accountancy Limited 56-58 High Street Ewell Epsom Surrey KT17 1 RW
Date: 11 { L{ t.tn.r-
4IPage
Year ended 30 September 2024
THE OLIVER BORTHWICK MEMORIAL TRUST
STATEMENT
OF FINANCIAL ACTIVITIES
| Unrestricted funds | Unrestricted funds | ||
|---|---|---|---|
| Note | 2024 | 2023 | |
| £ | £ | ||
| Incoming resources | |||
| Investment income | 2 | 60,382 | 57,713 |
| ─────── | ─────── | ||
| Total incoming resources | 60,382 | 57,713 | |
| ─────── | ─────── | ||
| Resources expended | |||
| Charitable activities: | |||
| Grants payable | 3 | 60,000 | 54,000 |
| Grant research and advisory services | 2,500 | 2,500 | |
| ─────── | ─────── | ||
| 62,500 | 56,500 | ||
| Governance costs | 4 | 1,595 | 1,611 |
| ─────── | ─────── | ||
| Total resources expended | 64,095 | 58,111 | |
| ─────── | ─────── | ||
| Net incoming/(outgoing) resources | (3,713) | (398) | |
| Other recognised gains/losses | |||
| Gain/(loss) on investments | 7 | 60,911 | 40,245 |
| ─────── | ─────── | ||
| Net movement in funds | 57,198 | 39,847 | |
| ─────── | ─────── | ||
| Fund balances brought forward | 1,060,024 | 1,020,177 | |
| ─────── | ─────── | ||
| Fund balances carried forward | 1,117,222 | 1,060,024 | |
| ═══════ | ═══════ |
All movements derive from continuing activities. All recognised gains and losses are shown above.
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THE OUVER BORTHWICK MEMORJAI TRusr Year wded 30 September 2024 BALANCE SHEEr For year endlng 30 SWen*>•r. 2024 2023 Not• Flxed ass•ts Investments 1,110.176 1.039. Ca$h at bank a1 in har¥J 18.528 22,239 Ajmounls fallirvJ OJO within {1,W) N•t curr•nt a•••ts 17.046 20.759 1,117,222 1,IAO,104 R•pr•••nt•d by: Unmtrl¢t•d fimd• 1,117.222 1,C60,024 Approv•d by and •lw•d ¢)n tmhall olth• TfU•t•••; Tru•t••: Dal• ol aN)nNal: 10 2025
Year ended 30 September 2024
THE OLIVER BORTHWICK MEMORIAL TRUST
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
| 2024 | 2023 | |
|---|---|---|
| £ | £ |
|
| Income from common investment funds: | ||
| M&G Charifund | 54,176 | 52,924 |
| M&G Charibond | 6,205 | 4,789 |
| ─────── | ─────── | |
| Total Income | 60,382 | 57,713 |
| ═══════ | ═══════ |
3. GRANTS PAYABLE
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Year ended 30 September 2024
THE OLIVER BORTHWICK MEMORIAL TRUST
| 2024 | 2023 | |
|---|---|---|
| Recipient | £ | £ |
| Agreed and paid in year: | ||
| Ace of Clubs | 5,000 | 5,000 |
| Ben’s Centre for Vulnerable Adults | 5,000 | - |
| Bus Shelter, The | - | 5,000 |
| Catching Lives | 4,000 | - |
| Cirencester Housing for Young People | 5,000 | 5,000 |
| Contact | 4,000 | - |
| Doncaster Housing for Young People | 3,000 | 2,500 |
| First Light Trust | 5,000 | 5,000 |
| Friary Drop-in | 5,000 | - |
| Hackney Doorways | 3,000 | 3,000 |
| Homeless and Rootless | - | 2,500 |
| Manna House | 3,000 | - |
| Manna Society | 3,000 | - |
| Nomad Sheffield | - | 2,500 |
| Off The Streets | - | 2,500 |
| Porch, The | - | 5,000 |
| St Mary le Bow Young Homeless Project | 5,000 | 5,000 |
| Standing Tall | - | 3,000 |
| Winchester Churches Night Shelter | 5,000 | 5,000 |
| Youth Concern | 5,000 | 3,000 |
| ─────── | ─────── | |
| Total | 60,000 | 54,000 |
| ═══════ | ═══════ | |
| 4. GOVERNANCE COSTS | ||
| 2024 | 2023 | |
| £ | £ | |
| Independent examiner's fees | 480 | 480 |
| Administration fees | 1,055 | 1,050 |
| Website costs | - | 21 |
| Bank charges | 60 | 60 |
| ─────── | ─────── | |
| Total | 1,595 | 1,611 |
| ═══════ | ═══════ |
5. TRUSTEES’ REMUNERATION
No trustee received any remuneration in respect of services provided during the year (2023: 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 £54 expenses (2023: £50) were reimbursed to 1 trustee (2023: 1).
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Year ended 30 September 2024
THE OLIVER BORTHWICK MEMORIAL TRUST
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.
7. INVESTMENTS
| 2024 | M&G Charifund |
M&G Charibond |
Cash | Total |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Market value at the beginning of the year | 896,280 | 142,985 | - | 1,039,265 |
| Unrealised gains/(losses) | 54,934 | 5,977 | 60,911 | |
| Market value at end of year | 951,214 | 148,962 | - | 1,100,176 |
| 2023 | M&G Charifund |
M&G Charibond |
Cash | Total |
| £ | £ | £ | £ | |
| Market value at the beginning of the year | 859,245 | 139,775 | - | 999,020 |
| Unrealised gains/(losses) | 37,035 | 3,210 | 40,245 | |
| Market value at end of year | 896,280 | 142,985 | - | 1,039,265 |
| . CREDITORS: AMOUNTS FALLING DUE | WITHIN ONE | YEAR | ||
| 2024 | 2023 | |||
| £ | £ | |||
| Independent examiner's fees | 480 | 480 | ||
| Administration fees | 1,000 | 1,000 | ||
| ─────── | ─────── | |||
| Total | 1,480 | 1,480 | ||
| ═══════ | ═══════ |
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
9. RELATED PARTY TRANSACTIONS
There were none this year.
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