REGISTERED CHARITY NUMBER: 258615
Report of the Trustees and
Financial Statements for the Year Ended 5 April 2021
for
G J W Turner Trust
Dains LLP Statutory Auditor Chartered Accountants 15 Colmore Row Birmingham B3 2BH
G J W Turner Trust
Contents of the Financial Statements
for the Year Ended 5 April 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Notes to the Financial Statements | 10 | to | 16 |
| Detailed Statement of Financial Activities | 17 |
G J W Turner Trust
Report of the Trustees for the Year Ended 5 April 2021
The G J W Turner Trust is a charitable Trust established by Deed dated 26 March 1969. The Settlor was Mr George John Walford Turner who died on 12 January 1997.
Mrs Doris Lillian Turner, the widow of the Settlor, died on 5 October 2006. By her Will the residue of her Estate was bequeathed to this Trust. Probate was granted on 8 March 2007 and the administration was completed on 17 June 2008.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Under the terms of the Deed the income and capital of the Trust is to be applied in or towards the furtherance of such charitable purposes as the Trustees shall think fit.
It is the policy of the Trustees, who meet from time to time, to make grants to registered charities many of which are located in the Midlands. Some of the grants are applied in supporting charities on an annual basis providing such charities satisfy the Trustees of the need for the Trust's continuing support.
It is the policy of the Trustees to seek to maintain over the long term the value of the Trust, as adjusted for inflation, so that its grant giving capacity will not diminish in real terms.
Public benefit
The Trustees confirm that they have referred to the information contained in the Charity Commissions' general guidance on public benefit when reviewing the Trust's objectives and activities and grant making policy. The objectives and activities, determined under the Trust Deed, are described elsewhere in this Report. The Trustees consider that by implementing the objectives of the Trust considerable public benefit will be achieved and many members of the public with particular needs will benefit.
FINANCIAL REVIEW
Financial position
The income of the Trust for the year ended 5 April 2021 amounted to £314,105 (2020 £383.688). Administration and governance absorbed £14,810 (2020 £16,271) leaving £299,295 for distribution (2020 £367,417). There has been a decrease in the income of the Trust.
£309,500 was distributed by way of charitable grants (2020 £410,000), a total of 106 grants (2020 144 grants) were made during the year.
Using their discretionary management powers Trust's stockbrokers carried out changes to the Trust's investments during the year. Sales resulted in a realised gain of £344,320 (2020 realised loss £24,671)
On 5 April 2021 the value of the Trust's investments amounted to £13,254,143 compared with £10,584,676 at the previous year end.
The Trustees are satisfied that the Balance Sheet as at 5 April 2021 discloses funds adequate to fulfil the obligations of the Trust.
Page 1
G J W Turner Trust
Report of the Trustees for the Year Ended 5 April 2021
FINANCIAL REVIEW
Investment policy and objectives
The Trustees have wide powers of investment and have appointed Investment Managers on a discretionary basis who produce regular reports for consideration by the Trustees and who attend at least one meeting per year to discuss investment performance and strategy.
There are no restrictions on the Trustees' powers to invest.
The Trustees' objectives are:
1) the creation of a sufficient financial return to enable the Trust to carry out its purposes effectively and without interruption.
2) the maintenance and enhancement of the investment funds in real terms whilst they are invested.
3) to obtain a reasonable balance between capital growth and income so that the Trust can meet future as well as current needs.
4) to avoid investments that are unduly risky.
The Trustees' policy is to invest in an appropriate mix of assets e.g. equities, fixed interest and monetary assets. The Trustees recognise that the returns on equities, while expected to be greater over the longer-term than those of fixed interest and monetary assets, are likely to be more volatile. Investment in a mix of asset classes should nevertheless provide the levels of return required and mitigate volatility for the Trust to achieve its objectives.
Reserves policy
The whole of the Trust's endowment is expendable and the distinction between income and capital balances although shown in note 8 to the Accounts is not significant.
It is the policy of the Trustees to seek to maintain over the long term the value of the Trust as adjusted for inflation, so that its grant giving capacity will not diminish in real terms. The reserves held at the year end amounted to £13,363,713 (2020 £10,773,241).
FUTURE PLANS
The Trustees plan to continue with their present objectives as set out in the Report so that the charitable institutions to which grants are awarded can continue to benefit in real terms from the financial support that the Trust provides.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The number of Trustees shall not be less than two or more than five. The Trustees have power to appoint new Trustees. Prospective Trustees are invited to meet fellow Trustees and, if appointed, are provided with information relating to the aims of the charity and are made aware of the responsibilities that Trusteeship involves. The Trustees take such action as they consider necessary to keep themselves informed of changes to charity law and governance.
Organisational structure
All matters of policy and management are determined by the Trustees who meet quarterly and at such other times as circumstances require. The Trustees are advised on investment matters by the Trust's investment advisers, EFG Harris Allday who have been given authority to manage the portfolio on a discretionary basis.
The charity does not employ staff and hence has no key management personnel. The day-to-day affairs of the charity are administered by Chrissy Norgrove of Garrad Enterprises Limited and the costs of this service is included in the Statement of Financial Activities.
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G J W Turner Trust
Report of the Trustees for the Year Ended 5 April 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.The Trustees have reviewed the major strategic and operational risks to which the charity is exposed and are satisfied that management reporting systems are in place to minimise the effects of such risks as may exist.
The Trustees consider that the main risk to the charity arises from the performance of its investment portfolio. The Trustees have appointed independent investment advisers and managers to manage the portfolio within the framework of the investment policy detailed below. The Trustees meet with the investment manager to consider the performance of the investment portfolio and the outlook for world economies.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
258615
Principal address
Shakespeare Martineau LLP No 1 Colmore Square Birmingham B4 6AA
Trustees
H B Carslake Mrs K Honeyborne Mrs L Davis
Auditors
Dains LLP Statutory Auditor Chartered Accountants 15 Colmore Row Birmingham B3 2BH
Clerk to the Trustees
Chrissy Norgrove Garrad Enterprises Limited The Estate Office, Wharf Cottage, Broombank, Newnham Bridge, Tenbury Wells, Worcestershire WR15 8NY
Investment Advisers
E F G Harris Allday Ground Floor, Beech House Shrewsbury Business Park Anchorage Avenue Shrewsbury SY2 6FG
Page 3
G J W Turner Trust
Report of the Trustees for the Year Ended 5 April 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the 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 to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... H B Carslake - Trustee
Page 4
Report of the Independent Auditors to the Trustees of G J W Turner Trust
Opinion
We have audited the financial statements of G J W Turner Trust (the 'charity') for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). We have audited the financial statements of GJW Turner Trust (the 'charity') for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Page 5
Report of the Independent Auditors to the Trustees of G J W Turner Trust
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Trustees of G J W Turner Trust
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
o Reviewing minutes of meetings of those charged with governance;
o Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
o Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Dains LLP Statutory Auditor Chartered Accountants Birmingham
Date: .............................................
Page 7
G J W Turner Trust
Statement of Financial Activities for the Year Ended 5 April 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Charitable activities 3 Grants to Registered Charities Expenditure on charitable activities Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
5.4.21 Unrestricted funds £ 314,105 309,500 14,810 324,310 2,600,677 2,590,472 10,773,241 13,363,713 |
5.4.20 Total funds £ 383,688 410,000 16,271 426,271 (1,689,059) (1,731,642) 12,504,883 10,773,241 |
|---|---|---|
The notes form part of these financial statements
Page 8
G J W Turner Trust
Balance Sheet
5 April 2021
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
5.4.21 Unrestricted funds £ 13,254,143 7,402 107,369 114,771 (5,201) 109,570 13,363,713 13,363,713 13,363,713 13,363,713 |
5.4.20 Total funds £ 10,584,676 8,617 190,149 198,766 (10,201) 188,565 10,773,241 10,773,241 10,773,241 10,773,241 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
H B Carslake - Trustee
.............................................
K Honeyborne - Trustee
The notes form part of these financial statements
Page 9
G J W Turner Trust
Notes to the Financial Statements for the Year Ended 5 April 2021
1. ACCOUNTING POLICIES
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 2019)', 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
G J W Turner Trust is a registered charity in England and Wales with charity registration number 258615. The principal address of the charity is No.1 Colmore Square, Birmingham, B4 6AA. The primary objectives of the charity are detailed in the trustees' report.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognized using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance comprises all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include those related to statutory audit.
Expenditure includes VAT which cannot be recovered and which is reported as part of the expenditure to which it relates.
The cost of charitable activities consists of grants made to registered charities. Grants made by the Trustees are accounted for in the year in which they are paid.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Investments are a form of basic financial instrument and are initially recognized at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
continued...
Page 10
G J W Turner Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
1. ACCOUNTING POLICIES - continued
Investments
The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value of their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on the revaluation and disposals throughout the year.
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 5.4.21 | 5.4.20 | |
| £ | £ | |
| Investment income | 314,105 | 383,688 |
continued...
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G J W Turner Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
3. CHARITABLE ACTIVITIES COSTS
| Grants to Registered Charities Expenditure on charitable activities 4. GRANTS PAYABLE Grants to Registered Charities The total grants paid to institutions during the year was as follows: Grants to insitutions 5. SUPPORT COSTS Expenditure on charitable activities Support costs, included in the above, are as follows: Finance Bank charges |
Grant funding of activities Support (see note costs (see 4) note 5) £ £ 309,500 - - 14,810 309,500 14,810 5.4.21 £ 309,500 5.4.21 £ 309,500 Governance Finance costs £ £ 30 14,780 5.4.21 Expenditure on charitable activities £ 30 |
Totals £ 309,500 14,810 324,310 5.4.20 £ 410,000 5.4.20 £ 410,000 Totals £ 14,810 5.4.20 Total activities £ - |
|---|---|---|
continued...
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G J W Turner Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
5. SUPPORT COSTS - continued Governance costs
----- Start of picture text -----
||||
|---|---|---|
|5.4.21|5.4.20|
|Expenditure|
|on|
|charitable|Total|
|activities|activities|
|£|£|
|Trustees' expenses|-|301|
|Auditors' remuneration|2,700|2,700|
|Administration fees|12,080|13,270|
|14,780|16,271|
----- End of picture text -----
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
Trustees' expenses
----- Start of picture text -----
||||
|---|---|---|
|5.4.21|5.4.20|
|£|£|
|Trustees' expenses|-|301|
----- End of picture text -----
There were no trustees' expenses for the year ended 5th April 2021 (2020 £ 301 expenses incurred in relation to travel costs in attending board meeting).
7. STAFF COSTS
The charity has no employees for the periods 2021 or 2020 other than Trustees, who did not receive any remuneration (2020 £NIL). No employees received remuneration amounting to more than £60,000 in either year.
8. FIXED ASSET INVESTMENTS
----- Start of picture text -----
|||
|---|---|
|Listed|
|investments|
|£|
|MARKET VALUE|
|At 6 April 2020|10,584,676|
|Additions|2,855,450|
|Disposals|(2,786,660)|
|Revaluations|2,600,677|
|At 5 April 2021|13,254,143|
|NET BOOK VALUE|
|At 5 April 2021|13,254,143|
|At 5 April 2020|10,584,676|
----- End of picture text -----
Investments are managed by EFG Harris Allday.
continued...
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G J W Turner Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
8. FIXED ASSET INVESTMENTS - continued
Three investments were valued at 5% or over of quoted investments being the holding of Vanguard FTSE 250 £919,013, BB Healthcare Trust valued at £904,199 and US Treasury 1.125% £654,115
Cost or valuation at 5 April 2021 is represented by:
----- Start of picture text -----
|||
|---|---|
|Listed|
|investments|
|£|
|Valuation in 2021|13,254,143|
----- End of picture text -----
If quoted investments had not been revalued they would have been included at the following historical cost:
----- Start of picture text -----
||||
|---|---|---|
|5.4.21|5.4.20|
|£|£|
|Cost|10,657,244|10,462,925|
----- End of picture text -----
Quoted investments were valued on an open market basis on 5 April 2021 by EFG Harris Allday.
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
----- Start of picture text -----
||||
|---|---|---|
|5.4.21|5.4.20|
|£|£|
|Other creditors|5,201|10,201|
----- End of picture text -----
10. MOVEMENT IN FUNDS
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At 6.4.20|in funds|funds|5.4.21|
|£|£|£|£|
|Unrestricted funds|
|Capital|10,683,399|2,600,677|(18,537)|13,265,539|
|Income|89,842|(10,205)|18,537|98,174|
|-|
|10,773,241|2,590,472|13,363,713|
|TOTAL FUNDS|10,773,241|2,590,472|-|13,363,713|
----- End of picture text -----
continued...
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G J W Turner Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds Capital Income TOTAL FUNDS Comparatives for movement in funds Unrestricted funds Capital Income TOTAL FUNDS |
Incoming resources £ - 314,105 314,105 314,105 At 6.4.19 £ 12,410,000 94,883 12,504,883 12,504,883 |
Resources expended £ - (324,310) (324,310) (324,310) Net movement in funds £ (1,689,059) (42,583) (1,731,642) (1,731,642) |
Gains and losses £ 2,600,677 - 2,600,677 2,600,677 Transfers between funds £ (37,542) 37,542 - - |
Movement in funds £ 2,600,677 (10,205) 2,590,472 2,590,472 At 5.4.20 £ 10,683,399 89,842 10,773,241 10,773,241 |
||||
|---|---|---|---|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds Capital Income TOTAL FUNDS |
Incoming resources £ - 383,688 383,688 383,688 |
Resources expended £ - (426,271) (426,271) (426,271) |
Gains and losses £ (1,689,059) - (1,689,059) (1,689,059) |
Movement in funds £ (1,689,059) (42,583) (1,731,642) (1,731,642) |
|---|---|---|---|---|
Although income and capital are now merged the balances at the year end are noted above.
continued...
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G J W Turner Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2021
11. RELATED PARTY DISCLOSURES
Mrs K Honeyborne is also a trustee of Evie's Gift. During the year ended 5th April 2021 the trust made a grant to Evie's Gift of £10,000 (2020 £10,000).
H Carslake is also a trustee of City of Birmingham Choir. During the year ended 5th April 2021 the trust made a grant to City of Birmingham Choir of £2,000 (2020 £3,000).
Mrs L Davis is an employee of Shakespeare Martineau LLP. During the year ended 5th April 2021 Shakespeare Martineau LLP charged the Charity for professional fees relating to the ongoing trusteeship of Mrs L Davis amounting to £2,560 (2020 £5,196)
Page 16
G J W Turner Trust
Detailed Statement of Financial Activities for the Year Ended 5 April 2021
| Detailed Statement of Financial Activities for the Year Ended 5 April 2021 |
|
|---|---|
| 5.4.21 5.4.20 |
|
| £ £ |
|
| INCOME AND ENDOWMENTS | |
| Investment income | |
| Investment income | 314,105 383,688 |
| Total incoming resources | 314,105 383,688 |
| EXPENDITURE | |
| Charitable activities | |
| Grants to institutions | 309,500 410,000 |
| Support costs | |
| Finance | |
| Bank charges | 30 - |
| Governance costs | |
| Trustees' expenses | - 301 |
| Auditors' remuneration | 2,700 2,700 |
| Administration fees | 12,080 13,270 |
| 14,780 16,271 |
|
| Total resources expended | 324,310 426,271 |
| Net expenditure before gains and losses | (10,205) (42,583) |
| Realised recognised gains and losses | |
| Realised gains/(losses) on fixed asset investments | 344,320 (24,671) |
| Net income/(expenditure) | 334,115 (67,254) |
This page does not form part of the statutory financial statements
Page 17