The Rockley Charitable Trust Charity Registration No: 258454
Trustees' report and unaudited accounts For the year ended 31 December 2022
## The Rockley Charitable Trust
## Legal and administrative information
|Trustees|Lord Rockley|
|---|---|
||The Hon William E. Cecil|
|Charity number|258454|
|Principal address|Lytchett Heath|
||Poole|
||Dorset|
||BH16 6AE|
|Accountants|Evelyn Partners LLP|
||Accountants|
||Old Library Chambers|
||21 Chipper Lane|
||Salisbury|
||Wiltshire|
||SP1 1BG|
|Independent examiner|Julie Mutton FCA|
||Evelyn Partners LLP|
||Old Library Chambers|
||21 Chipper Lane|
||Salisbury|
||Wiltshire|
||SP1 1BG|
|Bankers|Coutts & Co|
||440 Strand|
||London|
||WC2R 0QS|
|Investment advisors|Cazenove Capital|
||1 London Wall Place|
||London|
||EC2Y 5AU|
## The Rockley Charitable Trust
## Contents
||Page|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of fnancial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 13|
## The Rockley Charitable Trust
## Trustees' report for the year ended 31 December 2022
The trustees present their annual report together with the accounts of the charity for the year ended 31 December 2022.
The accounts comply with the Charities Act 2011 and 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 2019).
## Objects and activities
The charity's objects are to hold income and capital to apply for purposes which are exclusively charitable.
The policies adopted in furtherance of these objects are to make charitable donations from the income of the trust. Trustees may also pay whole or part of the capital to any charitable foundation.
The trustees will continue to support the work of charities, voluntary organisations and individuals.
## _Investment policy_
The trustees have a portfolio of listed investments that had a market value of £4,845,593 (2021: £5,055,914) at 31 December 2022. The trustees receive investment advice from Cazenove Capital.
The trustees have wide powers of investment and are investing for a balanced return.
## _Public benefit_
The trustees have considered the guidance provided by the Charity Commission with regard to meeting the public benefit objective. As all donations are made to registered charities, charitable entities which do not require to be registered with the Charity Commission, or to individuals which meet the charity's objects noted above, the trustees believe that The Rockley Charitable Trust is acting for the benefit of the public.
## Achievements and performance
## _Grants_
The charity made 31 (2021: 40) grants across the sectors as detailed in note 5. These have been made in line with the charity's objects.
## _Results for the year_
The financial activities are summarised on page 5 of the accounts. During the year, the trustees had net expenditure before losses on investments of £9,093 (2021: net expenditure of £16,087) having made grants totalling £73,445 (2021: £80,824).
The trust's investment portfolio decreased in value year-on-year by £210,321.
As the first lockdown began, the residents of Lytchett Matravers established a community group, the Lytchett Matravers Angels, to help those affected by the virus. This was to support the residents with shopping and prescription collections, check in and chat to those isolated and provide food aid to those in need. As a part of this a special relief fund was raised to provide emergency funds to help residents cope with daily living expenses, support home-schooling, increases in utility bills whilst they work from home and furlough or redundancy.
- 1 -
## The Rockley Charitable Trust
## Trustees' report for the year ended 31 December 2022
As the needs of the residents reduced as life returned to a level of normality in the autumn of 2021, the work of Lytchett Matravers Angels was wound down. The remaining funds in the relief fund were transferred to the Rockley Charitable Trust to be held in a restricted fund to be spent on suitable charitable causes which are likely to be Lytchett Matravers Community based.
## _Reserves policy_
The trustees will maintain reserves at a sufficient level to enable donations to be made within the scope of the income received each year, with any surplus being added to reserves.
## _Related parties_
Included within current asset investments is a loan of £250,000 to Breast Cancer Haven. The loan accrues interest on a daily basis at a rate equal to the aggregate of the Base Rate and a margin of 1.75% per annum. Lord Rockley is a trustee of Breast Cancer Haven.
A provision of £62,500 has been included against this loan during the year.
## Structure, governance and management
## _Governance_
The charity is an unincorporated trust, constituted under a charitable trust deed dated 5 March 1969 by The Rt Hon. Robert William Evelyn Baron Rockley and is registered with the Charity Commission, number 258454.
## _Trustees_
The trustees who served during the year were:
Lord Rockley The Hon William E. Cecil
The power of appointing new trustees is vested with the trustees.
## _Structure_
The day to day administration of the trust is carried out by Lord Rockley.
The trustees have the power to invest in any investments or any property, or interests in property, of whatsoever kind (real or personal) in any part of the world.
## _Risk factors_
The trustees have reviewed the risks to the charity 's assets and are satisfied that adequate controls are in place.
- 2 -
The Rockley Charitable Trust
Trustees, report for the year ended 31 December 2022
Tn4Stees' respon$ibliit5es
The trustees are responsible for preparing the Trustees. report and the accounts in accordance with
apPcable Law and reguiallons,
The Law applicable to charities in England and Wales requir the trustees to prèpare accounts for each
financial year in aecordance with United Kingdom GeneraLiy Accepted Accounting Practice (United
KSngdom Accounting Standards and applicable regulationsl. Under that Law the trustees must not
approve the accounts unless they are sats'sfied that they give a true and fair vlew of the slate of affairs of
the trust and of the incoming resource5 and application of resources of the trust for that year.
In preparing these accounts, the trustees are required to..
select sultable atcounting policies and then apply them consistently..
¢bseNe Ihe methods and principles in the Charities SORP.,
- makejudgements and estimates that are reasonable arid prudent..
state whether applicable accounting standards have been followed. subject to any material departures
disclosed and explained in the accounts.. and
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charlty
will continue in operation.
The trustees are responsible ft)r keeping proper accounting records which are sufficent to show and
explain the trust's transactions and disclose with reasonable accuracy at any time the financial position of
th& trust and enable them to ensure that the accounts comply with the Charities Act 2011. the Charities
(Accounts and Reportsl Regulations 2008 and the provisions of the trust deed. They are also responsible
for safeguarding the assets of the charity and hence for tsknng reasonable steps for the prevention and
detection of fraud and other irregularities.
On behalf of the board of trustees
Lord Roekley
Trustee
Dale..
## The Rockley Charitable Trust
## Independent examiner's report to the trustees of The Rockley Charitable Trust
I report to the trustees on my examination of the accounts of The Rockley Charitable Trust for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet and the notes to the accounts, including a summary of significant accounting policies.
## Respective responsibilities of trustees and examiner and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come accross no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
....................................
## Julie Mutton
Fellow of The Institute of Chartered Accountants in England & Wales
Evelyn Partners LLP Accountants Old Library Chambers 21 Chipper Lane Salisbury Wiltshire SP1 1BG
Date: 3 August 2023
- 4 -
## The Rockley Charitable Trust
## Statement of financial activities for the year ended 31 December 2022
|Unrestricted
Restricted
funds
funds
Notes
£
£
2
82,488
-
3
-
50
82,488
50
8,660
-
71,195
2,250
9,526
-
4
89,381
2,250
(6,893)
(2,200)
(189,278)
**-**
(107,500)
-
(303,671)
(2,200)
5,182,335
4,880
Income
Income from raising funds:
Investment income
Donations and legacies
Total income
Expenditure
Costs of raising funds:
Investment management fees
Charitable activities**:**
Expenditure on charitable activities
Support costs
Total expenditure
Net expenditure before (losses)/gains on
investments
Net (losses)/gains on investments
Write down of loans receivable
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4,878,664
2,680|2022
Total
£
82,488
50
82,538
8,660
73,445
9,526
91,631
(9,093)
(189,278)
(107,500)
(305,871)
5,187,215
4,881,344|2021
Total
£
72,524
7,404|
|---|---|---|
|||79,928|
|||8,775
80,824
6,416|
|||96,015|
|||(16,087)
683,427
-|
|||667,340
4,519,875|
|||5,187,215|
All incoming resources and resources expended derive from continuing activities.
- 5 -
The Rockley Charitable Trust
Balance sheet as at 31 December 2022
2022
2021
Notes
Flxed assets
Investments
4,845,593
5,055,914
Current assets
Investments
Debtors
Cash at bank and in hand
io
li
232,SOO
8,448
SO,244
340,000
431
65.474
291,192
40&905
Uabiiities
Creditors falling due within one year
Loans payable
15,441)
1250,0001
124,6041
1250.0001
13
<255,4411
1274.8041
Net current assets
35,751
131,301
Totalass•ts less current liabllltles
4.881,344
&187,215
The funds of the charity
Restricted funds
Unrestricted funds
2,680
4,878,664
4,880
5.182,335
Total chaylty funds
4,881,344
5,187,215
Slgned on behalf of the Trustees and authorised for issue by..
Lord Rockiey
Trust
Date: l IW
## The Rockley Charitable Trust
## Notes to the accounts for the year ended 31 December 2022
## 1 Accounting policies
## 1.1 General information
The Rockley Charitable Trust is an unincorporated trust, constituted under a charitable trust deed dated 5 March 1969. It is registered with the Charity Commission in England & Wales (No. 258454). The address of the principal office is Lytchett Heath, Poole, Dorset, BH16 6AE.
## 1.2 Basis of preparation
The accounts 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 2019).
The accounts have been prepared under the historical cost convention, as modified to include the revaluation of certain assets.
The trustees confirm that the charity is a public benefit entity as defined by FRS 102.
The accounts are prepared on a going concern basis; there are no material uncertainties about the charity's ability to continue as a going concern.
## 1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity and which have not been designated for other purposes.
Restricted funds are available to charitable causes based in the Lytchett Matravers Community. If any balance remains in the restricted fund on 1 January 2027, any restricion will fall away and these funds will be added to the General fund of the Rockley Charitable Trust.
## 1.4 Income recognition policy
Investment income is credited to the statement of financial activities in the period in which it is receivable. Interest is credited in the period in which it is receivable.
## 1.5 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.
Costs of raising funds consists of investment management fees.
Grants payable are payments made to third parties in furtherance of the charitable objects of the Trust. The grants are accounted for where the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant.
Support costs consist of costs not directly attributable to direct charitable expenditure but which are in respect of the general administration of the charity and overall management of the funds.
- 7 -
## The Rockley Charitable Trust
## Notes to the accounts for the year ended 31 December 2022
## 1 Accounting policies
(Continued)
## 1.6 Investments
Fixed asset investments are stated at market value at the balance sheet date. All investments held are quoted on a recognised stock exchange. Realised and unrealised gains or losses are recognised in the statement of financial activities. Realised gains or losses are the difference between disposal proceeds and the opening market value (or original cost if purchased during the year). Unrealised gains or losses are the difference between the market value at the year end and the opening market value (or original cost if purchased during the year). Realised gains and losses are not separated in the statement of financial activities.
Current asset investments are stated at cost, less accumulated impairment, at the balance sheet date.
## 1.7 Financial instruments
The charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like debtors and creditors and loans from related parties.
## 2 Investment income
|2
Investment income|||
|---|---|---|
|Dividends
Bank interest receivable
Loan interest receivable
3
Donations and legacies
Donations - Restricted fund
Donations - Unrestricted fund|2022
£
74,081
390
8,017
82,488
2022
£
50
-
50|2021
£
67,899
-
4,625|
|||72,524|
|||2021
£
6,284
1,120|
|||7,404|
- 8 -
## The Rockley Charitable Trust
## Notes to the accounts for the year ended 31 December 2022
|4
Total expenditure
Costs of raising funds:
Investment management fees
Expenditure on charitable activities:
Grants payable (note 5)
Charitable activities**:**
Governance costs (note 6)
Bank charges
Loan interest payable|2022
2021
£
£
8,660
8,775
8,660
8,775
73,445
80,824
73,445
80,824
2,112
2,400
8
16
7,406
4,000
9,526
6,416
91,631
96,015|
|---|---|
- 9 -
## The Rockley Charitable Trust
## Notes to the accounts for the year ended 31 December 2022
## 5 Grants payable
Grants payable comprises grants to institutions for the following charitable purposes:
|Unrestricted fund
Care
Children and youth
Church and memorial
Disability and welfare
Education
Environment and conservation
Medical welfare (cancer related)
Medical welfare (other)
Military
Musical
Relief of need
Rescue and safety
Prior year donations unclaimed|2022
2021
£
£
4,050
6,000
13,110
6,755
620
635
3,000
5,985
5,375
6,000
4,495
22,980
6,650
6,600
17,495
7,500
8,000
500
600
600
5,650
11,365
2,150
6,000
71,195
80,920
-
(1,500)
71,195
79,420|
|---|---|
## Restricted fund
Grants payable comprises grants to individuals for the following charitable purposes:
|Relief of need
Reconciliation of grants payable
Commitments at 31 December 2021
Commitments charged to the statement of fnancial activities
Grants paid during the year
Commitments at 31 December 2022 (see note 12)|2,250
1,404
73,445
80,824
20,000
-
73,445
80,824
(93,445)
(60,824)
-
20,000|
|---|---|
- 10 -
## The Rockley Charitable Trust
## Notes to the accounts for the year ended 31 December 2022
|6
Governance costs
Independent examiner's fees
Legal fees|2022
£
2,112
-
2,112|2021
£
1,920
480|
|---|---|---|
|||2,400|
## 7 Trustees
Neither of the trustees (or any persons connected with them) received any remuneration or were reimbursed any expenses during the year (2021: £nil).
## 8 Employees
There were no employees during the year (2021: none).
|9
Fixed asset investments
Market value at 1 January 2022
Acquisitions at cost
Disposals at carrying value
Change in value in the year
Market value at 31 December 2022
Investments at market value comprised:
Equities
Bonds
Multi-asset funds
Alternatives
Cash held within investment portfolio
Portfolio total|2022
£
5,055,914
305,208
(344,828)
(170,701)
4,845,593
4,500,051
119,456
20,729
205,357
4,845,593
29,992
4,875,585|2021
£
4,369,377
306,776
(299,477)
679,238|
|---|---|---|
|||5,055,914|
|||4,724,958
98,022
21,541
211,393|
|||5,055,914
20,732|
|||5,076,646|
- 11 -
## The Rockley Charitable Trust
## Notes to the accounts for the year ended 31 December 2022
|10
Current asset investments
Unlisted investments
11
Debtors
Loan interest receivable
12
Creditors
Loan interest payable
Investment management fees
Grants payable (see note 5)
Independent examiner's fees
13
Loans payable
Bank loan|2022
£
232,500
2022
£
8,448
2022
£
1,164
2,165
-
2,112
5,441
2022
£
250,000|2021
£
340,000|
|---|---|---|
|||2021
£
431|
|||2021
£
384
2,300
20,000
1,920|
|||24,604|
|||2021
£
250,000|
## 14 Related parties
Included within current asset investments is a loan of £250,000 to Breast Cancer Haven. The loan accrues interest on a daily basis at a rate equal to the aggregate of Base Rate and a margin of 1.75% per annum. Lord Rockley is a trustee of Breast Cancer Haven.
A provision of £62,500 has been included against this loan during the year.
- 12 -
## The Rockley Charitable Trust
## Notes to the accounts for the year ended 31 December 2022
## 15 Fund analysis
|Restricted funds
Unrestricted funds
Balance at
1 January
2022
£
Restricted funds
4,880
Unrestricted funds
5,182,335
Total funds
5,187,215|Net
Fixed
current
Fund
assets
assets
balance
£
£
£
**-**
2,680
2,680
4,845,593
33,071
4,878,664
4,845,593
35,751
4,881,344
Balance
Net losses on
at 31
Income Expenditure
investments**and**
December
2022
£
£
£
£
50
(2,250)
-
2,680
82,488
(89,381)
(296,778)
4,878,664
82,538
(91,631)
(296,778)
4,881,344
**write down of**
**loans**
**receivable**|Fund
balance
£
2,680
4,878,664|
|---|---|---|
|||4,881,344|
|||4,881,344|
- 13 -