Portrack Charitable Trust
Report and Financial Statements for the year ended 5 April 2021
Portrack Charitable Trust
Reference and administrative information
| Charity registration number: | 266120 |
|---|---|
| Correspondence address: | Portrack Charitable Trust |
| C/O Lucy Dare (Part time administrator) | |
| The Old Stable | |
| 15A Huntingdon Street | |
| London | |
| N1 1BU | |
| Trustees: | John Keswick Jencks |
| Lily Clare Jencks | |
| Louisa Jencks (retired 12 August 2021) | |
| Chris Gorell Barnes (appointed 12 August 2021) | |
| Bankers: | HSBC Private Bank |
| Accountants: | PricewaterhouseCoopers LLP |
| 3 Forbury Place | |
| 23 Forbury Road | |
| Reading | |
| Berkshire | |
| RG1 1JH | |
| Auditors: | TC Group |
| The Courtyard | |
| Shoreham road | |
| Upper Beeding | |
| West Sussex | |
| BN44 3TN | |
| Investment advisors: | HSBC Private Bank |
| Solicitors: | Linklaters LLP |
| One Silk Street | |
| London | |
| EC2Y 8HQ |
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Portrack Charitable Trust
Trustees' report for the year ended 5 April 2021
The Trustees of The Portrack Charitable Trust (the 'Trust') present their report together with the financial statements for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (second edition – October 2019), effective from 1 January 2019.
Structure, governance and management
The Trust is an unincorporated trust, constituted under a trust deed dated 17 July 1973 and is a registered charity, number 266120. The Trust does not actively fundraise and seeks to continue the philanthropic work desired by the settlor through careful stewardship of its existing resources.
The Trustees meet at regular intervals to discuss investment strategy, the making of grants and the running of the Trust generally including the appointment of new trustees when considered necessary.
The Trustees who served during the year and since the year end are set out on page 1.
Trustees
The Trustees believe that they can operate effectively with the current number and make up of trustees. Trustees are only replaced when they no longer want to/are able to act for the Charity at which point the remaining Trustees would seek to identify a suitable replacement from their professional contacts. The Trustees review regularly whether they are suitably qualified and still able to effectively manage the Charity.
Risk management
The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider variability of investment return on the Trust’s main share holding to constitute the Trust’s major risk and meet at regular intervals to review investment performance and cash flow management and have continued to do so during the Covid 19 pandemic. It is the assessment of the Trustees that the pandemic is not considered to pose a risk to the operation of the Charity as the level of professional expenditure being incurred remains sustainable and all donations/grants are at the trustees’ discretion.
Objectives and activities
The Trust is a grant making charity and the capital and income of the Trust shall be applied for such charitable purposes for the public benefit as the trustees in their absolute discretion shall decide. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
Grant applications are reviewed by the Trustees on a regular basis and upon approval the appropriate payment is made. The Trustees confirm that they have paid due regard to the Charity Commission’s guidance on public benefit during the grant making process.
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Portrack Charitable Trust
Trustees' report for the year ended 5 April 2021
Achievements and performance
During the year the Trust made grants of £234,000 (2020: £924,000) to various registered charitable organisations. A list of the grants made is shown in note 3.
Financial review
The principal source of income is the holding of Jardine Matheson Holdings Limited US£0.25 shares which had a market value of £15,130,904 as at 5 April 2021 (2020: £12,600,780). Given the readily realisable nature of the Trust's investment assets and the level of cash balances it is anticipated that, even taking into consideration the impact of Covid 19, grants will continue at a similar level for the foreseeable future.
Investment policy and performance
The Trust's investments are managed by HSBC Private Bank.
Reserves policy
The Trustees are aware of the requirement of the Charity Commissioners to review their policy on reserves at regular intervals. It is current policy to distribute an amount at least equal to all incoming resources less investment management and governance costs. At 5 April 2021 the Trustees had unrestricted funds of £15,807,855 (2020: £13,109,649).
At present the Trustees do not believe that they need to maintain any specific reserves. The charity does not own any properties or have any employees and as such there will be no unforeseen expenditure that would necessitate reserves being held. The Trustees budget to distribute all the income that is generated from the Charity’s investment portfolio on an annual basis and the discretionary donations that the charity makes are only decided on once the level of income is known. No future spending commitments are made in advance of knowing the available income of the Charity.
At 5 April 2021 the Charity held £690,751 (2020: £522,969) on cash deposit which can be drawn on as needed.
Going concern
The Trustees consider the Charity to be a going concern based on the historic performance of the investment in Jardine Matheson Holdings Ltd. While the holding represents the sole unrestricted investment the company undertakes a variety of business activities and provides a sufficient level of diversification within itself to ensure the Trustees are able to make this assessment.
The Charity has sufficient cash available to match the limited annual expenditure that is incurred in running the Charity.
As a grant making Charity with few ongoing commitments and having taken into consideration the impact of Covid 19 on its anticipated future financial performance, the Trustees consider that they can sustain a comparable level of activity for at least the next two years. For these reasons the Trustees continue to adopt the going concern basis in preparing the financial statements.
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Portrack Charitable Trust
Plans for the future
The Trustees plan to continue with the current investment and grant making policies.
Trustees' responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (UK GAAP).
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 Trust and of the incoming resources and the application of resources for the Trust for that period.
In preparing financial statements 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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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to show and explain the Trust’s transactions and to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Financial statements and Reports) Regulations 2008 and the provisions of the trust deed. The Trustees are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on ………………………. and signed on their behalf by:
..................................
John Keswick Jencks - Chairman of trustees
4
Portrack Charitable Trust
Independent Auditor’s Report To the Trustee’s of the Portrack Charitable Trust
We have audited the financial statements of Portrack Charitable Trust (the 'charitable trust') for the year ended 5 April 2021. 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable trust's affairs as at 5 April 2021 and of its incoming resources and application of resources, including its income and expenditure, 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 of 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable trust 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 the provisions available for small entities, and we have fulfilled our 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 doubt on the charitable trust’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.
Other information
The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Charities Act 2011
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
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Portrack Charitable Trust
Independent Auditor’s Report To the Trustee’s of the Portrack Charitable Trust
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable trust and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable trust'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 charitable trust or to cease operations, or have no realistic alternative to do so.
Auditor's responsibilities for the audit of the financial statements
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 an auditor's report 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.
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 auditor's report.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
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We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience, and through discussion with the trustees and other management (as required by auditing standards), and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations (see below);
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We identified the following areas as those most likely to have such an effect: General Data Protection Regulation (GDPR); fraud; and bribery and corruption. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any.
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Portrack Charitable Trust
Independent Auditor’s Report To the Trustee’s of the Portrack Charitable Trust
The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.
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We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Charities Act 2011) and the relevant tax compliance regulations in the UK.
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We considered the nature of the charitable trust’s operations, the control environment and financial performance.
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We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
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We considered the procedures and controls that the charitable trust has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable trust's members, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable trust's members 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 charitable trust and the charitable trust's members, as a body, for our audit work, or for the opinions we have formed.
Jonathan Aikens FCA, DChA (Senior Statutory Auditor) for and on behalf of TC Group Statutory Auditors
Office: Steyning, West Sussex
Dated 27 January 2022
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Portrack Charitable Trust
Statement of Financial Activities for the year ended 5 April 2021
| Notes Total Unrestricted Funds 2021 £ Income - Investment income 2 436,172 - Voluntary income, Gift Aid donation 7 - Total income 436,172 Expenditure Cost of raising funds: - Investment management costs (5,702) - Foreign exchange (loss)/gain (16,188) Expenditure on Charitable activities: 4 (246,200) Total expenditure (268,090) Other recognised gains and losses: - Net unrealised gains/(losses) on investment assets 5 2,530,124 Net income/(expenditure) Net movement in funds 2,698,206 Total funds brought forward 13,109,649 Total funds carried forward 15,807,855 |
Total Unrestricted Funds 2020 £ 186,813 9,111,284 9,298,097 (4,343) 328 (936,350) (940,365) (2,053,270) 6,304,462 6,805,187 13,109,649 |
|---|---|
The Trust has no recognised gains and losses other than those shown above and therefore no separate statement of total gains and losses has been presented.
These Statement of Financial Activities above does not include the £75 restricted fund relating to the shares held in the Keswick Foundation Ltd (note 11).
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Portrack Charitable Trust
Balance Sheet as at 5 April 2021
| Notes Fixed assets: Investments Unrestricted Funds 5 Restricted Funds 11 Total fixed assets Current assets: Cash at brokers: HSBC Private Bank - Income account Liabilities: Creditors falling due within one year 6 Net current assets Total net assets The funds of the charity: Unrestricted Funds Restricted Funds 11 |
2021 £ 15,130,904 75 15,130,979 690,751 (13,800) 676,951 15,807,930 15,807,855 75 15,807,930 |
2020 £ 12,600,780 75 |
|---|---|---|
| 12,600,855 | ||
| 522,969 (14,100) |
||
| 508,869 | ||
| 13,109,724 | ||
| 13,109,649 75 |
||
| 13,109,724 |
Approved by the Trustees on ……………………… 2021 and signed on their behalf by: ..................................... Trustee
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Portrack Charitable Trust
Cash Flow for the year ended 5 April 2021
| Cash flow from operating activities Net income/(expenditure) for the year Net (gains)/losses on investment assets Assets gifted to the charity Dividend income (Decrease)/increase in creditors Cash flows from investing activities Dividend income Changes in cash in the reporting period Cash at the beginning of the period Cash at the end of the period |
2021 £ 2,698,206 (2,530,124) - (436,172) (300) (268,390) 436,172 167,782 522,969 690,751 |
2020 £ 6,304,462 2,053,270 (7,861,284) (187,141) 5,750 |
|---|---|---|
| 315,057 | ||
| 187,141 | ||
| 502,198 20,771 |
||
| 522,969 |
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Portrack Charitable Trust
Notes to the financial statements for the year ended 5 April 2021
1. Accounting policies
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared in accordance with the 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) - (Charities SORP (FRS102)).
The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors and investments.
The Trust constitutes a public benefit entity as defined by FRS 102.
The Trustees confirm that at the time of approving the financial statements there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future. In arriving at this conclusion the trustees have taken into account cash balances held and the readily realisable nature of the investment assets.
As a grant making charity with few ongoing commitments ,and having taken into consideration the impact of Covid 19 on its anticipated future financial performance , the trustees consider that they can sustain a comparable level of activity for at least the next two years . For these reasons the trustees continue to adopt the going concern basis in preparing the financial statements
The financial statements are presented in £ sterling and rounded to the nearest £1.
(b) Accounting estimates and judgments
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the periods of the revision and future periods if the revision affects both current and future periods. The trustees consider that there were no judgement or material estimation uncertainties affecting the reported financial performance in the current or prior year.
(c)
Funds structure
Unrestricted funds comprise those funds which the trustees are free to use for any purpose in the furtherance of the charitable objects. Restricted Funds are those where the use of the funds is restricted.
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Notes to the financial statements for the year ended 5 April 2021
Portrack Charitable Trust
(d) Income Recognition
All income is recognised once the Trust has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
(e) Expenditure
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the trustees.
(f) Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
(g) Costs of generating funds
Costs of generating funds consist of investment management fees.
(h) Charitable activities
Costs of charitable activities consist of grants made as shown in note 3.
(i)
Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to the statutory independent examination and preparation of the financial statements.
(j)
Fixed asset investments
The investment held in the Unrestricted Fund is accounted for at market value as at the balance sheet date which is considered to be equivalent to its fair value. The investment held is traded in a quoted public market and the investment is held as a basic financial instrument.
The statement of financial activities includes net gains and losses arising on revaluation and disposals throughout the year. The investment held in the Restricted Fund relates to a share holding in the Keswick Foundation (see note 11).
(k) Cash at brokers
The cash balances as reported in the balance sheet include any unpresented payments as at the year end.
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Portrack Charitable Trust
Notes to the financial statements for the year ended 5 April 2021
(l) Gains and losses on investment assets
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 opening market value (purchase cost if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase cost if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
2. Investment income
| 2. Investment income |
||
|---|---|---|
| Dividends - Overseas equities 3. Analysis of grants Architecture Foundation British Red Cross Syria Appeal British Red Cross Yemen Appeal Carers Trust David Nott Foundation Help Musicians Hospice UK Human Rights Watch Little Sparta Maggie's Cancer Centres (see note 7) Magic Breakfast Marylebone Project Medecins Sans Frontieres - Camp Moria Response National Youth Orchestra of Scotland Red Thread Refuge Regain Royal Academy of Music The Acting for Others Charity The Resurgence Trust The Theatre Development Trust The Trussell Trust Unlocked Grads Women for Refugee Women Total (note 4) |
2021 £ 436,172 £ 10,000 10,000 10,000 27,500 2,000 5,000 50,000 10,000 5,000 10,000 5,000 5,000 5,000 5,000 5,000 10,000 5,000 5,000 5,000 2,000 5,000 22,500 5,000 10,000 |
2020 £ 186,813 |
| £ | ||
| 234,000 |
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Portrack Charitable Trust
Notes to the financial statements for the year ended 5 April 2021
4. Expenditure on Charitable activities:
| Expenditure on Charitable activities: - Grant funded activity (note 3) - Cancelled donation Analysis of governance costs Accountancy fees Audit fees Administrator’s charges 5. Fixed Asset Investments – Unrestricted Funds Movement in fixed asset investments Market value brought forward Shares gifted to the Trust on 9 September 2019 Net gain/(loss) on revaluation Market value as at 5 April 2021 Investments at market value comprised: Overseas securities |
2021 £ 234,000 - 4,500 4,200 3,500 246,200 2021 £ 12,600,780 - 2,530,124 15,130,904 2021 £ 15,130,904 |
2020 £ 924,000 (2,000) 6,650 4,200 3,500 936,350 2020 £ 6,792,766 7,861,284 (2,053,270) 12,600,780 2020 £ 12,600,780 |
|---|---|---|
The overseas investments, held entirely in 315,919 Jardine Matheson Holdings Ltd US$0.25 shares, constituted more than 5% of the market value of the portfolio as at 5 April 2021.
The Trust received 175,919 shares in Jardine Matheson Holdings Ltd on 9 September 2019. The shares were appointed from the Mrs MK Jencks Will Trust via a Deed of appointment.
The Trust actually received 176,000 shares on execution of the above Deed. The additional 81 shares were returned to the Mrs MK Jencks Will Trust on 16 March 2021.
6. Creditors: Amounts falling due within one year
| Creditors: Amounts falling due within one year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Accruals for professional fees | 13,800 | 14,100 |
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Portrack Charitable Trust
Notes to the financial statements for the year ended 5 April 2021
7. Related party transactions
The voluntary income from a Gift Aid donation of £1,250,000 received in the year ended 5 April 2020 was made by John Jencks, who is a trustee of the Trust.
John and Lily Jencks are also trustees of the Mrs MK Jencks Will Trust which appointed 175,919 shares in Jardine Matheson Holdings Ltd (valued at £7,861,284 on 9 September 2019) to the Portrack Charitable Trust in 2020 (see note 5). This amount was included with the Gift Aid donation in the voluntary income total of £9,111,284 in 2020.
Included in the grants funded for the year ended 5 April 2021 (note 3) was an amount of £10,000 (2020 £10,000) which was made to Maggie’s Cancer Centres, a charity which was established by the mother of Lily and John Jencks, who are trustees of this Trust.
8. Analysis of staff costs
No staff were employed by the Trust during the year (2020: nil).
9. Trustee benefits
The Trustees received no emoluments or expenses in the year (2020: nil).
10. Legal Form
Portrack Charitable Trust is an unincorporated Charitable Trust. Legal and administration details can be found on page 1 of the accounts.
11. Restricted Funds
The Trust owns 75 shares in the Keswick Foundation Limited, a UK registered charity (charity number 278449). Lily Clare Jencks via a Declaration of Trust dated 24 October 2013 gifted the shares to the Trust.
The value of the Keswick Foundation Limited shares recorded in the balance sheet is stated at the nominal value of £75. It is considered that this approach better reflects the Trustees’ interest in the shares and recognises the Portrack Charitable Trust has no beneficial entitlement to, or power to access, the underlying assets of the Keswick Foundation.
The Keswick Foundation has a separate board of Directors and the aim of the Foundation is to promote charitable bodies that address social needs in Hong Kong and mainland China. The accounts for the Foundation are filed separately with the Charity Commission under the reference stated above and so full details are available for review should they be required.
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