The Helen and Geoffrey de Freitas Charitable Trust
Unaudited Accounts
5 April 2021
Charity Registration Number 258597
The Helen and Geoffrey de Freitas Charitable Trust
| Reports | |
|---|---|
| Legal and administrative information | 1 |
| Trustees’ report | 2 – 3 |
| Independent Examiner’s report | 4 |
| Accounts | |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 – 10 |
The Helen and Geoffrey de Freitas Charitable Trust
| Trustees | R L de Freitas Esq |
|---|---|
| St Andrew Trustees Ltd | |
| The present Trustees have | |
| the power to appoint new | |
| Trustees. | |
| Principal Office | Charles Russell Speechlys |
| 5 Fleet Place | |
| London | |
| EC4M 7RD | |
| Charity registration number | 258597 |
| Independent Examiner | Dean Cates BA, FCA |
| Couch Bright King & Co | |
| First Floor, Shropshire House | |
| 179 Tottenham Court Road | |
| London | |
| W1T 7NZ | |
| Investment Managers | Investec Wealth and |
| Investment Ltd | |
| 30 Gresham Street | |
| London EC2V 7QN | |
| Bankers | Barclays Bank plc |
| 147 Holborn | |
| London | |
| EC1N 2NU | |
| Solicitors | Charles Russell Speechlys |
| 5 Fleet Place | |
| London | |
| EC4M 7RD |
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The Helen and Geoffrey de Freitas Charitable Trust
Trustees’ Report Year to 5 April 2021
The trustees present the statutory report with the accounts of The Helen and Geoffrey de Freitas Charitable Trust for the year ended 5 April 2021.
Principal Aim and Activities
The main object of the trust is to benefit UK charitable organisations and voluntary umbrella bodies which seek:
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to conserve countryside and environment in rural Britain;
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to preserve Britain’s cultural heritage;
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to assist the underprivileged through community facilities and services, advice centres and community arts and recreation;
Types of Application Supported
Feasibility studies; specific or one-off projects; very occasionally budget support or start-up costs. Projects should if possible generate employment even if only in the short term.
Grants can be made to registered charities only. They cannot be made to individuals, or to charities on behalf of individuals, Charities concerned with medical or health matters, or with physical, mental or sensory impairments, will not be funded.
Once a year the Trustees may respond to a national or international humanitarian crisis, which may be outside the terms of reference of the Trust.
Organisation
The trust was established by the late Sir Geoffrey and Lady de Freitas by a deed of trust dated 24 March 1969.
The trust is registered in the United Kingdom with the Charity Commission under number 258597. The trust is also registered with HMRC under Reference Number XN 25318.
Administration
The trust deed contains a provision allowing the trust to be wound up altogether in which case the investments would be sold and distributed between suitable charities. It is envisaged, however, that the trust would only be wound up in the event that no member of the de Freitas family in the future was willing for it to continue.
Development in the Year
The trust’s income is derived from its investments and interest earned. The income is usually distributed by way of charitable donations at the discretion of the trustees. No donations have been made in the last two years.
Financial Report for the Year
The statement of financial activities for the year is shown on page 5 of the accounts.
The Charity’s Assets
The investments are held by Investec Wealth and Investments and registered in their nominee company.
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The Helen and Geoffrey de Freitas Charitable Trust
Trustees’ Report Year to 5 April 2021
Investment Policy
The charity has a portfolio of investments with a market value of £973,058 as at 5 April 2021 (£796,951 at 5 April 2020). It is managed by Investec Wealth and Investment Limited.
The investment managers operate within specific guidelines, which are set out in the Trustees Investment Policy Statement, and regularly reviewed by the trustees. The investment managers’ objectives are to maximise total return through a diversified portfolio of medium risk investments in fixed interest, UK equities and collective investments, whilst providing a level of income advised by the trustees from time to time.
Risk Management Statement
The Trustees have identified a falling income return and capital base, from the investment portfolio, as the major area of risk facing the charity. An investment policy statement has been written and agreed by the Trustees with the investment advisors and a regular review of the investment portfolio is maintained, in order to mitigate the risk.
Trustees’ Responsibilities Statement
Charity law requires the Trustees to prepare accounts 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 preparing accounts giving a true and fair view, the trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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follow applicable accounting standards and statements of recommended practice, subject to any departures disclosed and explained in the accounts;
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Public Benefit Statement
The Trustees confirm that they have complied with their duty to have regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
The Trustees
St Andrew Trustees Limited and R L de Freitas Esq were in office at 5 April 2021.
Signed on behalf of the trustees:
21/01/2022 --------------------------------------------------------------------------------------Trustee Approved on
3
The Helen and Geoffrey de Freitas Charitable Trust
Independent Examiner’s Report – Year to 5 April 2021
I report to the trustees on my examination of the accounts of The Helen and Geoffrey de Freitas Charitable Trust (the Charity) for the year ended 5 April 2021.
Responsibilities and Basis of Report
As the Charity 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 connect with the examination giving me cause to believe that in any material aspect:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of 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 across 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.
Couch Bright King & Co First Floor, Shropshire House 179 Tottenham Court Road London, W1T 7NZ
21/01/2022
Dean Cates B.A, F.C.A Couch Bright King & Co Independent Examiners Chartered Accountants
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The Helen and Geoffrey de Freitas Charitable Trust
Statement of Financial Activities Year to 5 April 2021
| Notes | Unrestricted Funds 2021 £ Unrestricted Funds 2020 £ |
|---|---|
| Income and expenditure Incoming resources Investment income and interest receivable Funds added 2 9 Tax refund Total incoming resources Resources expended Other expenditure - Management and administration of the charity 3 Total resources expended Net incoming/(outgoing) resources for the year Realised gains/(losses) on investments 5 Unrealised gains/(losses) on investments 5 Net movement in funds Balances brought forward at 6 April 2020 Balances carried forward at 5 April 2021 |
20,482 26,592 25,730 - - 17 47,074 25,747 10,758 18,776 10,758 18,776 36,316 6,971 6,958 21,421 170,015 (123,235) 213,289 (94,843) 884,626 979,469 1,097,915 884,626 |
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The Helen and Geoffrey de Freitas Charitable Trust
Balance Sheet Year to 5 April 2021
| Notes Fixed assets Investments 5 Current assets Debtors 6 Cash at bank and in hand Creditors: Amounts falling due within one year 7 Net current assets Total net assets Represented by: Unrestricted funds - General fund Approved by the trustees and signed on behalf of the trustees by: ----------------------------------------------------- Trustee |
2021 £ 2020 £ 973,058 796,951 5,127 5,752 128,250 89,663 133,377 95,415 (8,520) (7,740) 124,857 87,675 1,097,915 884,626 1,097,915 884,626 ------------------------------------ Approved on 21/01/2022 |
|---|---|
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The Helen and Geoffrey de Freitas Charitable Trust
Notes to the Accounts Year to 5 April 2021
1. Summary of significant accounting policies
(a) General Information and Basis of Accounting
- The Trust constitutes a public benefit entity as defined by FRS102. The financial statements 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) issued in October 2019 and the Charities Act 2011.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Trust and rounded to the nearest £1.
The charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
The significant accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.
(b) Investments and Investment Income
Quoted current asset investments are stated at mid-market value at the balance sheet date. Investment income is credited to the Income Account when receivable. Realised gains and losses on the disposal of investments and unrealised gains and losses are credited to/deducted from the Capital Account.
(c) Foreign Currencies
Assets and monetary liabilities in other currencies at the balance sheet date are translated into sterling at the rate ruling on that date.
(d) Incoming Funds
Dividends and interest from investments including the recoverable tax credits are included in the statement of financial activities on a receivable basis.
Bank and other interest are included in the statement of financial activities on a receivable basis.
(e) Resources Expended
Direct charitable expenditure comprises direct expenses incurred on the defined charitable purposes of the charity and are charged to the statement of financial activities when approved by the trustees.
Management and administration costs include expenditure on general administration and management, and of compliance with constitutional and statutory requirements.
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The Helen and Geoffrey de Freitas Charitable Trust
Notes to the Accounts Year to 5 April 2021
1. Summary of significant accounting policies continued
(f) Fund Accounting
The Trust fund represents funds available for the general charitable purposes of the Trust at the discretion of the trustees .
2. Investment Income and Interest Receivable
| £ | £ | ||
|---|---|---|---|
| 2021 | 2020 | ||
| UK Dividends | 11,686 | 16,817 | |
| UK Interest | 5,321 | 5,428 | |
| UK REITs – Gross | 417 | 488 | |
| Foreign Income | 3,058 | 2,924 | |
| ___ | ___ | ||
| 20,482` | 25,657 | ||
| Tax Paid | - | (17) | |
| Bank Interest | - | 90 | |
| `___ | ___ | ||
| 20,482 | 25,730 | ||
| 3. | Management and Administration of the Charity | ||
| £ | £ | ||
| 2021 | 2020 | ||
| Charles Russell Speechlys LLP fees | 7,860 | 16,620 | |
| Independent Examiner’s fee for 2020 and 2021 | 1,320 | 1,320 | |
| Investec Wealth Investment Management fees | 1,578 | 836 | |
| ___ | ___ | ||
| 10,758 | 18,776 |
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The Helen and Geoffrey de Freitas Charitable Trust
Notes to the Accounts Year to 5 April 2021
4. Staff Costs and Trustees’ Remuneration
The trust employed no staff during the year.
None of the trustees received any remuneration or expenses during the year.
Legal and professional fees amounting to £7,860 (£16,620 in 2020) were charged by Charles Russell Speechlys LLP in connection with the administration of the trust.
The Trustee company St Andrew Trustees Limited is 100% owned by Charles Russell Speechlys LLP.
5. Investments
| £ | £ | |
|---|---|---|
| 2021 | 2020 | |
| Market Value at 6 April 2020 | 769,345 | 896,486 |
| Additions | 711 | 33,380 |
| Equalisations | (217) | (156) |
| Disposals | (39,413) | (58,551) |
| Realised Gains/(Losses) in Year | 6,958 | 21,421 |
| Unrealised Gains/(Losses) in Year | 170,015 | (123,235) |
| ___ | ___ | |
| Market Value at 5 April 2021 | 907,399 | 769,345 |
| Capital Cash held at 5 April 2021 | 65,659 | 27,606 |
| ___ | __ | |
| Total Value at 5 April 2021 | 973,058 | 796,951 |
| Historical book cost at 5 April 2021 | 631,958 | 598,506 |
The trustees have the following holdings which exceed 5% of the entire portfolio:
| Holding | Value | % |
|---|---|---|
| Findlay Park Funds American USD Dis | 50,805 | 5.22 |
| Scottish Mortgage Inv Trust Ord GBP0.05 | 50,052 | 5.14 |
| Vanguard S & P 500 UCITS | 68,623 | 7.05 |
| ___ | __ |
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The Helen and Geoffrey de Freitas Charitable Trust
Notes to the Accounts Year to 5 April 2021
| 6. | Debtors | ||
|---|---|---|---|
| £ | £ | ||
| 2021 | 2020 | ||
| Income Tax Repayment Claim | 1,279 | 1,279 | |
| Funds due from Investec | 3,848 | 4,473 | |
| ___ | __ | ||
| 5,127 | 5,752 | ||
| 7. | Creditors: Amounts falling due within One Year | ||
| £ | £ | ||
| 2021 | 2020 | ||
| Charles Russell Speechlys LLP fees | 5,880 | 6,420 | |
| Independent Examiner’s fee for 2020 and 2021 | 2,640 | 1,320 | |
| ___ | __ | ||
| 8,520 | 7,740 |
8. Taxation
The charity is a registered charity and therefore is not liable for income tax or capital gains tax on income and capital gains derived from its charitable activities, as it falls within the various exemptions available to registered charities .
9. Funds Added
Funds of £26,591.56 were added to Trust by the Lady Helen de Freitas Settlement, following the death of the life tenant Simon Ebsworth on 7 February 2020.
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