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2021-04-05-accounts

The Roughley Charitable Trust

Accounts

5 April 2021

Registered Charity No. 264037

The Roughley Charitable Trust

Registered Charity Number

264037

Administrative Address

The Roughley Trust. 90 Somerset Road, Edgbaston, Birmingham, B15 2PP.

Contact Details

correspondent@roughleytrust.org.uk

Website

http://www.roughleytrust.org.uk

Trustees

Martin CG Smith. John RL Smith. Victor A Thomas. Verity E Owen. Rachel A Richards. Ben M Newton. Camilla Newton. Caroline Ward.

Independent Auditors

Shabbir & Co. 248 Brockley Road, London, SE4 2SF.

Independent Examiners

G. C. Cooper Accountancy Ltd. 5 Church Mews, Barlby. Selby. North Yorkshire. YO8 5LL.

1

The Roughley Charitable Trust

Bankers

HSBC Bank plc. 148 High Street, Harborne, Birmingham, B17 9PN.

Investment Managers

Brewin Dolphin Ltd. 9 Colmore Row, Birmingham, B3 2BJ

Solicitors

Shakespeare Martineau. No 1 Colmore Square, Birmingham, B4 6AA.

2

The Roughley Charitable Trust Trustees' Report for the year ended 5 April 2021

The Trustees present their Annual Report for the year ended the 5th April 2021.

Establishment:-

The Trust is a registered charity No.264037 and was established on the 18th April 1972 by a Deed of Trust executed by the Settlor Mrs M.K.Smith.

Both Maisie Smith and her husband Geoffrey were Birmingham people. Maisie had grown up in Moseley and Geoffrey in Handsworth. Geoffrey came from a line of butchers and farmers. His father Walter Smith built up a chain of butchery shops between the wars. Maisie's ancestors were carpenters and builders. It was Bryants the builders, started by Maisie's grandfather and run by her brother Chris, which floated on the Stock Exchange and provided Maisie and Geoffrey with the financial means to establish the Trust.

- Roughley Trust Objectives:

The Trust accepts unsolicited Applications from Birmingham Charities who meet our eligibility criteria.

The Trust uses its knowledge of Birmingham local issues and neighbourhoods to support applicants who the Trust believes can use modest grants for the greatest benefit.

The Trust interests are quite wide-ranging. The Trust is concerned about climate change and the environment, and actively seeks greater engagement. The Trust also addresses special needs, deprivation and disadvantage, fostering health and well being, and supports Heritage and Arts projects.

In small ways, the Trust wants to make a big difference to the projects it supports.

Larger Grants

The Trust gives 'larger grants' to a small number of Birmingham registered charities of which one or more of the Trustees have a special knowledge.

National and Overseas Charities

The Trust does not accept unsolicited applications for overseas charities, but Trustees regularly offer support to a small number of development Charities working overseas.

Trustees may also give grants to some individual Charities outside Birmingham where one or more of the Trustees has a personal interest or involvement.

Trustees give up to 5 Gap Year Grants annually to Birmingham students working overseas between School and University. Their reports on returning are shown on the Trust website.

Grant Giving Policy

Trustees aim to visit several of the projects supported each year,

The Trust asks Applicants to provide detailed information about their projects and their current financial position and inspects their latest accounts. Information provided is cross checked against the Charity Commission records. The Trust also undertakes further Internet research of applicants.

AW60 Grants

From Nov 2015 the Roughley Trust has been awarding a number of AW60 grants, and showing these separately in the Grant listing published on the website.

The Trustees of the AW60 Trust have generously gifted funds to the Roughley Trust on the informal understanding that during Anthony Wilson's lifetime, the Roughley Trust will always give favourable consideration to projects nominated by him up to the likely value of the income on the gift.

3

The Roughley Charitable Trust Trustees' Report (cont'd) for the year ended 5 April 2021

Structure, Governance and Management

The Trustees are responsible for the preparing the Trustee' Report and 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 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 of the Charity for that period.

In preparing the Financial Statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP 2015 (FRS 102). Make judgements and estimates that are reasonable and prudent.

State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements.

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 that 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, 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.

Powers of Investment:-

The Trustees have full and unrestricted powers of investment. The portfolio is managed by Brewin Dolphin Ltd who are given discretion to invest the funds of the Trust subject to the guidelines and Investment Statement established by the Trustees and subject to ongoing and regular oversight by the Trustees.

The Trustees' Investment Policy is to maximise funds available for grant-making, while preserving the real value of the portfolio over the medium term.

Ethical Investment. Trustees will not invest in Tobacco, Tar Sands, or Thermal Coal, and will exit from all fossil fuel investments latest by 2021. The Trustees also wish to identify companies working in areas that positively affect the environment, who contribute to the communities where they are based, and to exclude companies whose contribution taken across the whole range of their work is perceived as negative. Trustees also want to support development in the third world.

The Trustees understand that the identity of all underlying investments in a collective may not be obvious, and therefore that the scope of ethical considerations surrounding collective investments will be limited. The Trustees understand that taking ethical considerations into account may impact on the investment performance.

All the quoted investments are listed on the Stock Exchange and details of the market values have been provided by the Brokers.

Plans for Future Periods

The Trustees will endeavour to maintain present grant distributions for the coming year subject to changes in investment income, while keeping tight control of administration costs.

The Trust notes changes in charity legislation and seeks guidance from the Charity Commission to ensure that the Charity complies with requirements that affect its work and status.

4

The Roughley Charitable Trust Trustees' Report (cont'd) for the year ended 5 April 2021

Achievement and Performance:-

The results for the year are set out in the Statement of Financial Activities on page 6.

The Investments are managed by the Investment Managers in accordance with a policy set and periodically reviewed by the Trustees. The Trust's value has seen an increase during the year, of £1,568,799.

During the year Trust awarded grants totalling £225,000. as detailed in full on pages 13-14

International
Birmingham Larger Grants
Birmingham Smaller Grants
Gap Year Awards
AW60 Grants
Total		 2020-2021
£90,000 (5)
£90,000 (9)
£35,000 (15)
£Nil
£10,000 (2)
£225,000 (30)		 2019-2020
£95,000 (5)
£95,000 (8)
£61,000 (24)
£200 (4)
£10,000 (2)
£261,200 (43)

Visit the Trust website www.roughleytrust.org.uk to see detailed information about eligibility criteria, timetable and recent and historical Grants.

- Going Concern:

The Covid-19 pandemic has led to a reduction in the Charity's investment income over the year and this is expected to remain the same for the coming year. This may require some additional reduction in the Charity's expenditure on charitable activities, at least in the short term. However, after reviewing the Charity's position, the Trustees have reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

- Risk Management:

The Trustees place a high priority on risk management. In the view of the Trustees, the major risk is the investment portfolio. It is policy to review all investments twice yearly, to ensure that risks are documented and that steps to mitigate such risks are established and executed.

The Trustees are satisfied that systems are in place to mitigate its exposure to these risks.

- Reserve Policy:

Trustees take the Grant Income generated in the financial year to April and provided there are no obvious big changes in investment returns, use this in order to decide the level of grants to award the following November. Trustees aim to keep the value of their capital stable or rising in real terms, and only to distribute income.

There is therefore no requirement to keep reserves.

5

The Roughley Charitable Trust Trustees' Report (cont'd) for the year ended 5 April 2021

- Powers of Appointment:

The statutory powers of appointment applies to the Settlement and is exercisable by the continuing Trustees.

Employees

The Charity has no direct Employees.

The above Report was approved and is signed on behalf of the Trustees by:-

J.R.L. Smith Trustee 29 July 2021

6

The Roughley Charitable Trust

Auditors' Report

We have audited the Financial Statements set out on pages 6 to 12 which have been prepared under the historical cost convention as amended by the inclusion of the Investments at their market value and the accounting policies set out on page 8.

Respective responsibilities of the Trustees and the Auditors

As described on page 3, the Trustees of the Charity are responsible for the preparation of the Fnancial Statements in accordance with United Kingdom Accounting Standards.

It is our responsibility to audit the Financial Statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.

We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the applicable law. We also report to you if, in our opinion, the trustees' report is not consistent with the financial statements, if the charity has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding trustees' remuneration and transactions with the charity is not disclosed.

We read the trustees' report and consider the implications for our report if we become aware of any apparent misstatements within it.

Basis of Audit Opinion

We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charity's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion

In our opinion the financial statements give a true and fair view of the state of the charity's affairs as at 5th April 2021 and of the surplus of the Charity for the year then ended, and have been properly prepared in accordance with the constitutional provisions of the Charities Act 2011.

Shabbir & Co

Chartered Certified Accountants and Registered Auditors

248 Brockley Road, London, SE4 2SF.

4 August 2021

7

The Roughley Charitable Trust Statement of Financial Activities for the year ended 5 April 2021

Unrestricted Funds
Income
Investment Income
Total Income arising during the year
Resources Expended
Direct Charitable Expenditure:-
Grants and Donations
Other Expenditure:-
Administration Costs
Total Resources expended
Net Incoming for the year
Net Income before Valuations
Net Gains/(Losses) on Investments:-
Realised
Unrealised
Net Movement in Funds
Total Funds brought forward
Total Funds carried forward		 Notes
3
10
4		 2021
2020
£
£
228,982
317,820
228,982
317,820
225,000
261,200
34,801
41,086
259,801
302,286
(30,819)
15,534
(30,819)
15,534
(91,524)
241,864
1,691,142
(1,464,404)
1,599,618
(1,222,540)
1,568,799
(1,207,006)
6,270,754
7,477,760
7,839,553
6,270,754		 2020

The notes on pages 10 to 12 form part of these Financial Statements. The Charity has no recognised gains or losses other than those stated above. All incoming resources and resources expended derive from continuing activities.

8

The Roughley Charitable Trust Balance Sheet as at 5 April 2021

Investments
Current Assets
Debtors and Prepayments
Cash at Bank
Current Liabilities
Sundry Creditors
Net Current Assets
Net Assets
Represented by
Capital Account:-
Settlement Fund
Revaluation Reserve
Income Account		 Notes
5
7
8		 7,460
233,636		 2021
£
7,615,698
1,662
157,641
159,303
21,347
223,855
7,839,553
2,813,379
1,803,478
3,222,696
7,839,553		 2020
£
6,132,798
137,956		 2020
241,096
17,241
6,270,754
2,813,379
112,336
3,345,039
6,270,754

The notes on pages 10 to 12 form part of these Financial Statements.

Approved and signed on behalf of the Trustees.

J.R.L.Smith

29 July 2021

9

The Roughley Charitable Trust Notes to the Financial Statements for the year ended 5 April 2021

1 Accounting Policies

i) Basis of Preparation of Financial Statements

The Financial Statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" applicable to charities preparing their Financial Statements in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) issued on 16th July 2014 and the Charities Act 2011.

ii) Preparation of Financial Statements on a Going Concern Basis

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

iii) Investment Income

Investment income is accounted for in the period in which the Charity is entitled to receipt.

iv) Resources Expended

Expenditure is included on an accruals basis and includes attributable VAT which cannot be recovered. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity.

v) Fixed Asset Investments

Investments are included at their fair value at the Balance Sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

vi) Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity.

Capital Fund

The Trust Deed allows the Capital Fund of the Charity to be spent as income or retained as capital at the Trustees' discretion. However, the Charity's current policy is to retain the capital as a fund to generate investments income for grant-making. Investment gains or losses arising on disposal of fund assets are transferred to the Income Fund, while those arising on revaluation are held within a separate revaluation reserve forming part of the Capital Fund.

Income Fund

The income fund is an unrestricted fund and is expendable at the discretion of the Trustees in furtherance of the objects of the Charity. Income is derived from the investment of the Charity's Capital Fund.

vii) Trustees' Remuneration and Related Party Transactions

The Trustees neither received nor were entitled to receive any emoluments in the year (2020: £nil). However, Administration Costs shown in note 4. include £nil for reimbursement of travelling, subsistence and related expenses to Trustees (2020: £185).

10

The Roughley Charitable Trust Notes to the Financial Statements for the year ended 5 April 2021

2 General Information

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3
4
5
**6 **		 Investment Income
Dividends on Equities
Unit Trusts
Interest received on Fixed Interest Stocks
Interest received on Bank Deposits
Net Rental Income from Investment Properties
Administration Costs
Bank Charges
Audit and Examiners' Fees
Secretarial Services
Subscriptions
Trustees Travel and Subsistence
Legal and Professional Costs
Broker's Portfolio Service
Meeting Expenses
Web Site Management and Maintenance
Investments
Equities
Unit Trusts
Fixed Interest Stocks and Bonds
Properties:-
Freeholds
Market Value at end of Year
Analysis of the Changes in Non-Cash Investments during the year
Market Value at beginning of Year
Acquisitions at Cost
Disposals at Carrying Value
Net Increase/(Decrease) on Revaluation
Market Value at end of Year		 2021
£
65,062
99,329
41,374
28
23,189
228,982
95
6,200
500
803
-
-
27,203
-
-
34,801
2,003,925
4,355,977
800,796
455,000
7,615,698
6,132,798
825,869
(875,820)
6,082,847
1,532,851
7,615,698		 2020
£
132,337
93,672
46,663
274
44,874		 2020
317,820
73
6,100
6,400
1,013
185
18
26,381
409
507
41,086
1,804,679
2,797,074
1,031,045
500,000
6,132,798
7,313,438
1,647,281
(1,585,743)
7,374,976
(1,242,178)
6,132,798

11

The Roughley Charitable Trust Notes to the Financial Statements for the year ended 5 April 2021

7
**8 **		 Debtors and Prepayments
Debtors and Prepayments
Sundry Creditors
Creditors and Accruals
VAT Payable
Rent Received in Advance		 2021
£
7,460
7,460
17,241
-
-
17,241		 2020
£
1,662		 2020
1,662
11,848
(1)
9,500
21,347

9 Declarations

(1) Sufficient resources are held in an appropriate form to enable the Charity to be applied in accordance with its Deed

(5) The Charity does not have any assets classed as inalienable or historic at the date hereof.

(6) The Charity does not have any fixed assets which have not been capitalised.

12

The Roughley Charitable Trust Notes to the Financial Statements for the year ended 5 April 2021

**10 ** 2021
£
Donations and Grants
International Applications
Appropriate Technology Asia
25,000
Christian Aid
15,000
Leap Spiral (Borneo Malaysia)
20,000
Practical Action
10,000
Tree Aid
20,000
Birmingham Area Larger Grants
Birmingham Settlement
5,000
Beyond the Horizon
5,000
Hope Projects West Midlands
38,000
MAC
5,000
Piers Road New Communities (Handworth)
10,000
Restore Birmingham Churches Together
5,000
St Annes Hostel (Balsall Heath)
5,000
The Wildlife Trust for Birmingham and the Black Country
12,000
Walter Smith Charitable Trust
5,000
Birmingham Area Smaller Grants
Church Based Community Projects.
Bethel Heath and Healing
3,000
Peacemakers
1,000
St Laurence Pastoral Centre
1,000
The Gap (Sutton)
1,000
Community & Youth Work
Spitfire Services (Castle Vale)
3,000
Warren Farm Community Project
2,000
Refugees and Asylum Seekers
Women with Hope
3,000
Environment
Warley Woods
2,000
Special Needs
Acacia Family Support
3,000
Birmingham Samaritans
3,000
Edwards Trust
3,000
Gilgal Birmingham
4,000
Martineau Gardens
2,000
Sports for Life
2,000		 2021
£
Donations and Grants
International Applications
Appropriate Technology Asia
25,000
Christian Aid
15,000
Leap Spiral (Borneo Malaysia)
20,000
Practical Action
10,000
Tree Aid
20,000
Birmingham Area Larger Grants
Birmingham Settlement
5,000
Beyond the Horizon
5,000
Hope Projects West Midlands
38,000
MAC
5,000
Piers Road New Communities (Handworth)
10,000
Restore Birmingham Churches Together
5,000
St Annes Hostel (Balsall Heath)
5,000
The Wildlife Trust for Birmingham and the Black Country
12,000
Walter Smith Charitable Trust
5,000
Birmingham Area Smaller Grants
Church Based Community Projects.
Bethel Heath and Healing
3,000
Peacemakers
1,000
St Laurence Pastoral Centre
1,000
The Gap (Sutton)
1,000
Community & Youth Work
Spitfire Services (Castle Vale)
3,000
Warren Farm Community Project
2,000
Refugees and Asylum Seekers
Women with Hope
3,000
Environment
Warley Woods
2,000
Special Needs
Acacia Family Support
3,000
Birmingham Samaritans
3,000
Edwards Trust
3,000
Gilgal Birmingham
4,000
Martineau Gardens
2,000
Sports for Life
2,000		 2021
£
90,000


90,000
6,000
5,000
3,000
2,000
17,000

13

The Roughley Charitable Trust Notes to the Financial Statements for the year ended 5 April 2021

2021
£
Donations and Grants
Birmingham Area Smaller Grants
The Arts
Women and Theatre
2,000
AW60 Grants
Crossroads Women (London)
5,000
Women with Hope
5,000
Total Grants		 2021
£
2,000

10,000
225,000

10 Donations and Grants

14