2021-02-20-accounts - Miss Bridget Catherine Johnson Charitable Settlement

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CHARITY REGISTRATION NUMBER: 265117

Miss Bridget Catherine Johnson Charitable Settlement

Unaudited Financial Statements

20 February 2021

STEPHENSON COATES AUDIT LIMITED

Chartered accountants West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD

Miss Bridget Catherine Johnson Charitable Settlement

Financial Statements

Year ended 20 February 2021

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	3
Statement of financial activities	4
Statement of financial position	5
Notes to the financial statements	6

Miss Bridget Catherine Johnson Charitable Settlement

Trustees' Annual Report

Year ended 20 February 2021

The trustees present their report and the unaudited financial statements of the charity for the year ended 20 February 2021.

Reference and administrative details

Registered charity name

Miss Bridget Catherine Johnson Charitable Settlement

Charity registration number 265117 Principal office Spital Farm Horsley Newcastle upon Tyne NE15 0NU

The trustees

Mr D P Johnson Mrs R A Garrett

Accountants John Oswald BA FCA Stephenson Coates Audit Limited Chartered accountants West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD

Structure, governance and management

The governing document of the Charitable Trust is the Settlement Deed dated 19th December 1972 by Miss Bridget Catherine Johnson.

The charity is constituted as a Charitable Trust and the trustees are selected by appointment.

Objectives and activities

The objects of the Charitable Trust as set out in its governing document are to pay and apply the capital or income arising to such charities or for such charitable purposes during the Settlor's lifetime as she shall direct and after her death in accordance with the trustees' discretion.

The Settlor died on 9 July 2015.

The trustees fulfil the aims incorporated in the governing document by investing the capital in quoted stocks and shares and appropriate deposit accounts. The trustees distribute the income arising in accordance with the terms of the Trust by making grants to charitable organisations.

Miss Bridget Catherine Johnson Charitable Settlement

Trustees' Annual Report (continued)

Year ended 20 February 2021

Achievements and performance

The trust fund received £59,941 income during the year under review. 20 charitable donations totalling £66,000 were made in the reporting period from current year and accumulated income.

At the financial year end the capital value of the trust was £2,323,488 and a balance of £5,058 undistributed income was held. The capital is retained and invested to generate income to fulfil its charitable objectives.

Financial review

It is the Trustees' policy to distribute all income arising in the trust after allowing for any operating expenses. Because of timing differences between receipt of income and the authorisation of grant payments a balance of undistributed income may be held in reserve at the year end

The trustees' annual report was approved on 8 November 2021 and signed on behalf of the board of trustees by:

D P Johnson Trustee

Miss Bridget Catherine Johnson Charitable Settlement

Independent Examiner's Report to the Trustees of Miss Bridget Catherine Johnson Charitable Settlement

Year ended 20 February 2021

I report to the trustees on my examination of the financial statements of Miss Bridget Catherine Johnson Charitable Settlement ('the charity') for the year ended 20 February 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 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 confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales.

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:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements 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.

John Oswald BA FCA STEPHENSON COATES AUDIT LIMITED Chartered accountants

West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD

8 November 2021

Miss Bridget Catherine Johnson Charitable Settlement

Statement of Financial Activities

20 February 2021

		2021		2020
		Unrestricted
		fundsTotal funds		Total funds
	Note	£	£	£
Income and endowments
Investment income	4	59,941	59,941	53,590
		---------------------------	---------------------------	---------------------------
Total income		59,941	59,941	53,590
		===========================	===========================	===========================
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies	5	9,907	9,907	(1,632)
Expenditure on charitable activities	6,7	66,600	66,600	200,600
		---------------------------	---------------------------	---------------------------
Total expenditure		76,507	76,507	198,968
		===========================	===========================	===========================
Net (losses)/gains on investments	9	(35,651)	(35,651)	249,497
		---------------------------	---------------------------	---------------------------
Net (expenditure)/income and net movement in funds		(52,217)	(52,217)	104,119
		===========================	===========================	===========================
Reconciliation of funds
Total funds brought forward		2,380,763	2,380,763	2,276,644
		-----------------------------------------	-----------------------------------------	-----------------------------------------
Total funds carried forward		2,328,546	2,328,546	2,380,763
		=========================================	=========================================	=========================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 6 to 10 form part of these financial statements.

Miss Bridget Catherine Johnson Charitable Settlement

Statement of Financial Position

20 February 2021

		2021		2020
		£		£
Fixed assets
Investments	12	2,206,075		2,277,164
Current assets
Cash at bank and in hand		122,471		103,599
		--------------------------------		-----------------------------------------
Net current assets		122,471		103,599
		-----------------------------------------		-----------------------------------------
Total assets less current liabilities		2,328,546		2,380,763
		=========================================		=========================================
Funds of the charity
Unrestricted funds		2,328,546		2,380,763
		-----------------------------------------	-	---------------------- -----------------
Total charity funds	13	2,328,546		2,380,763
		=========================================		=========================================

These financial statements were approved by the board of trustees and authorised for issue on 2021, and are signed on behalf of the board by:

D P Johnson Trustee 8 November 2021

The notes on pages 6 to 10 form part of these financial statements.

Miss Bridget Catherine Johnson Charitable Settlement

Notes to the Financial Statements

Year ended 20 February 2021

1. General information

The charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is Spital Farm, Horsley, Newcastle upon Tyne, NE15 0NU.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments.

Restricted funds are subject to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Miss Bridget Catherine Johnson Charitable Settlement

Notes to the Financial Statements (continued)

Year ended 20 February 2021

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
investment income is accounted for on an accruals basis.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the investment management costs.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Miss Bridget Catherine Johnson Charitable Settlement

Notes to the Financial Statements (continued)

Year ended 20 February 2021

3. Accounting policies (continued)

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Miss Bridget Catherine Johnson Charitable Settlement

Notes to the Financial Statements (continued)

Year ended 20 February 2021

4. Investment income

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Income from listed investments	59,484	59,484	53,430	53,430
	Bank interest receivable	457	457	160	160
		---------------------------	---------------------------	---------------------------	---------------------------
		59,941	59,941	53,590	53,590
		===========================	===========================	===========================	===========================
5.	Costs of raising donations and legacies
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Investment management fees	9,907	9,907	(1,632)	(1,632)
		===========================	===========================	=======================	=======================
6.	Expenditure on charitable activities by fund type
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Charitable donations	66,000	66,000	200,000	200,000
	Support costs	600	600	600	600
		______	______	_____	_____
		66,600	66,600	200,600	200,600
		============ =======+= ++++++++++++++++	============ ===++++++++++++++++++=	===========================	===========================
8.	Analysis of support costs
			Analysis of
			support costs	Total 2021	Total 2020
			£	£	£
	Sundry expenses		-	-	-
	Independent examiner's fees		600	600	600
	Legal fees		-	-	-
			-----------------------	-----------------------	---------------------------
			600	600	600
			=======================	=======================	===========================
9.	Net (losses)/gains on investments
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	(Losses)/gains on listed investments	(35,651)	(35,651)	249,497	249,497
		===========================	===========================	===========================	===========================
10.	Independent examination fees
				2021	2020
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			600	600
				=======================	==============

Miss Bridget Catherine Johnson Charitable Settlement

Notes to the Financial Statements (continued)

Year ended 20 February 2021

11. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

12. Investments

	Listed
	investments
	£
Cost or valuation
At 21 February 2020	2,277,164
Additions	207,865
Disposals	(243,303)
Fair value movements	(35,651)
	-----------------------------------------
At 20 February 2021	2,206,075
	=========================================
Carrying amount
At 20 February 2021	2,206,075
	=========================================
At 20 February 2020	2,277,164
	=========================================

All investments shown above are held at valuation.

Financial assets held at fair value

All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets. The basis of fair value for quoted investments is equivalent to the market value using the bid price.

13. Analysis of charitable funds

Unrestricted funds

		At				At
	21	February			Gains and	20 February
		2020	Income	Expenditure	losses	2021
		£	£	£	£	£
Income funds		11,717	59,941	(66,600)	–	5,058
Capital fund		2,369,046	–	(9,907)	(35,651)	2,323,488
		-----------------------------------------	---------------------------	---------------------------	---------------------------	-----------------------------------------
		2,380,763	59,941	(76,507)	(35,651)	2,328,546
		=========================================	===========================	===========================	===========================	=========================================