Charity number: 268321
The Godinton Charitable Trust
Trustees' report and financial statements for the year ended 31 October 2020
The Godinton Charitable Trust
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 14 |
The Godinton Charitable Trust
Reference and administrative details of the charity, its trustees and advisers for the year ended 31 October 2020
Trustees
T J Bennett
The Honourable J D Leigh-Pemberton The Honourable W G Plumptre M F Jennings
Charity registered number
268321
Principal office
Godinton House Godinton Park Ashford Kent TN23 3BP
Accountants
Chavereys Chartered Accountants 2 Jubilee Way Faversham Kent ME13 8GD
Bankers
CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4TA
Solicitors
Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD
Investment managers
Waverton Investment Management Limited 16 Babmaes Street London SW1 6AH
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The Godinton Charitable Trust
Trustees' report for the year ended 31 October 2020
The trustees present their annual report together with the financial statements of the charity for the year ended 31 October 2020.
Structure, governance and management
Constitution
The grant making charity was constituted by the late Alan Wyndham Green ("the settlor") by a settlement dated 21 March 1974. The trustees are required to pay or apply the income of the trust fund and at any time or times to pay or apply the whole or any part of the capital of the trust fund to or for such charitable objects or purposes as the settlor directed. Since his death on 6 February 1996, the trustees have absolute discretion as to the application of the trust fund for charitable objects or purposes. In a letter of intent dated 17 January 1991 the settlor directed the trustees, after his death, to transfer to The Godinton House Preservation Trust (registered charity no. 1002278) such amounts of capital or income at such times as the trustees think fit at their discretion.
Organisational structure and decision making
The trustees named on page 1 served throughout the year. Appointment of trustees is governed by the trust deed of the charity. The board of trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of existing trustees.
Objectives and activities
Policies and objectives
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Grant-making policies
The charity is a privately funded grant-making charity. It issues no appeals for funding. While the trustees have discretion as to the application of its income or capital, for charitable objects or purposes generally, it was always the intention that the charity would help provide long-term endowment for its associated charity, The Godinton House Preservation Trust ("Godinton"). The trustees have therefore determined:
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(i) To regard the charity as available primarily for the benefit of Godinton;
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(ii) To regard Godinton as having priority over other charitable purposes or objects;
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(iii) Subject to that, to apply the charity's income mainly for the benefit of other Kent-based charities.
The trustees liaise closely with the Godinton trustees in order to decide which projects to support and, therefore, the proportions in which the charity's available income is to be provided for or towards Godinton projects and, subject thereto, for the benefit of other charities. When approving specific grants to Godintont, or in support of other charitable objects and purposes generally, the trustees do so after considering whether the proposed grant meets the test of providing public benefit in accordance with the guidance issued by the Charity Commission. In conjunction with Godinton the trustees are keen to promote and support educational and training projects on the Godinton estate.
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The Godinton Charitable Trust
Trustees' report (continued) for the year ended 31 October 2020
Achievements and performance
Review of activities, future plans and financial review
The charity incurred a deficit of (£312,160) for the year after realised gains of £47,867 and unrealised losses of (£353,767) on investment assets. As at 31 October 2020 the charity had unrestricted funds of £6,231,374.
The charity has continued to make annual and one off donations for charitable purposes as set out in the accounts (note 5). These amounted to £21,500 (2019: £20,500) of annual donations and £104,211 (2019: £196,750) of one-off donations. The trustees received applications for grants and those applications that met the grant making policy of the charity were considered at the biannual meetings of the trustees and grants have been awarded as shown. It is expected that the charity will continue to operate in this manner in the forthcoming year.
Investment policy and performance
The trustees have delegated the management of investments to Waverton Investment Management (Waverton) at its discretion which is exercised in the best interests of the charity.
(i) Investment objective
The aim of the charity is to secure an overall return at the best rate Waverton believes to be sustainable over the long term, to be achieved by a combination of capital growth and income, via a prudent and balanced exposure to the best stocks and funds worldwide.
(ii) Investment restrictions
The trustees have wide powers of investment. There are no specific restrictions other than that the investments should be suitable for trustees.
(iii) Investment strategy
The portfolio may be invested, consistent with the objective, in a diversified selection of equities, fixed interest stocks, bonds, funds and cash with overall medium risk.
(iv) Review
Waverton provides reports on the portfolio at least half yearly, incorporating indicators of its performance as measured periodically in relation to the agreed benchmarks. The primary benchmark is the FTSE/APCIMS Income Index.
The trustees review periodically (1) the investment objective, as stated above, in relation to the needs of the charity and (2) the arrangements under which Waverton acts as their investment manager.
The trustees are satisfied with the performance of the investment portfolio in the period under review.
Reserves policy and going concern
As the charity is grant-making, and has no long term obligations (all its grants being discretionary, year by year) the trustees have concluded that there is no ideal level of reserves. However, if the charity's income in any year exceeds its expenditure for that year the excess is carried forward towards future expenditure, the trustees' policy being to match income and expenditure over time. In the opinion of the trustees the charity has sufficent liquid assets to meet any reasonably forseeable liability that may arise in a period of 12 months from the date of the approval of these accounts.
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The Godinton Charitable Trust
Trustees' report (continued) for the year ended 31 October 2020
Approved by order of the board of trustees and signed on their behalf by:
M F Jennings Trustee Date: 4 December 2020
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The Godinton Charitable Trust
Independent examiner's report for the year ended 31 October 2020
Independent examiner's report to the trustees of The Godinton Charitable Trust ('the charity')
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 October 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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.
I understand that 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work or for this report.
Signed: Dated: 4 December 2020 M A Crawley FCA
Chavereys
Chartered Accountants
Faversham
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The Godinton Charitable Trust
Statement of financial activities for the year ended 31 October 2020
| Note Income from: Investments 3 Total income Expenditure on: Raising funds: Investment management Charitable activities 4 Total expenditure Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 158,942 158,942 29,507 135,695 165,202 (305,900) (312,160) 6,543,534 (312,160) 6,231,374 |
Total funds 2020 £ 158,942 158,942 29,507 135,695 165,202 (305,900) (312,160) 6,543,534 (312,160) 6,231,374 |
Total funds 2019 £ 184,715 |
|---|---|---|---|
| 184,715 | |||
| 30,243 226,670 |
|||
| 256,913 | |||
| 281,564 | |||
| 209,366 | |||
| 6,334,168 209,366 |
|||
| 6,543,534 |
The notes on pages 8 to 14 form part of these financial statements.
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The Godinton Charitable Trust
Balance sheet as at 31 October 2020
| Note Fixed assets Investments 9 Investment property 8 Current assets Cash at bank and in hand Creditors: Amounts falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Unrestricted funds 11 Total funds |
193,442 193,442 (14,168) |
2020 £ 5,948,600 103,500 6,052,100 179,274 6,231,374 6,231,374 6,231,374 6,231,374 6,231,374 |
205,366 205,366 (22,139) |
2019 £ 6,290,307 70,000 |
|---|---|---|---|---|
| 6,360,307 183,227 |
||||
| 6,543,534 | ||||
| 6,543,534 | ||||
| 6,543,534 | ||||
| 6,543,534 | ||||
| 6,543,534 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
M F Jennings
Trustee Date: 4 December 2020
The notes on pages 8 to 14 form part of these financial statements.
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The Godinton Charitable Trust
Notes to the financial statements for the year ended 31 October 2020
1. General information
The charity is a charitable trust (charity number 268321). The registered office is Godinton House, Godinton Park, Ashford, Kent TN23 3BP.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Godinton Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘gains/(losses) on investments’ in the statement of financial activities.
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The Godinton Charitable Trust
Notes to the financial statements for the year ended 31 October 2020
2. Accounting policies (continued)
2.5 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.6 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Investment income
| Interest from listed investments and cash deposits Dividend income from listed investments |
2020 £ 4,317 154,625 158,942 |
2019 £ 5,498 179,217 |
|---|---|---|
| 184,715 |
All investment income and related investment management charges for both the current and prior year related to unrestricted funds.
4. Analysis of expenditure by activities
| Support and | |||
|---|---|---|---|
| governance | Total | ||
| Grants | costs | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| Grants | 125,711 | 9,984 | 135,695 |
| Support and | |||
|---|---|---|---|
| governance | Total | ||
| Grants | costs | funds | |
| 2019 | 2019 | 2019 | |
| £ | £ | £ | |
| Grants | 217,250 | 9,420 | 226,670 |
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The Godinton Charitable Trust
Notes to the financial statements for the year ended 31 October 2020
5. Grants
| Godinton House Preservation Trust The Rifles Officers Fund Great Chart PCC National Arts Collection Fund Army Benevolent Fund Glyndebourne Arts Trust Hothfield PCC Pilgrims Hospices in East Kent Weald of Kent Preservation Society Kent Wildlife Trust Demelza House Childrens Hospice Kentish Stour Countryside Project Deal Festival Canterbury Cathedral Appeal Trust Kent Community Foundation, Ashford Bridge Project Ashford and Tenterden Umbrella Music at Malling Rochester Cathedral Ashford Winter Night Shelter Kent Association for the Blind Revelation, St Mary's Art Trust The Limes Community Garden Saltwood Lads Club Development Centre Balance c/fwd |
2020 £ 70,400 1,000 1,750 1,000 1,000 - 1,750 1,000 - 1,000 - 1,000 1,000 1,000 2,000 2,000 1,000 1,000 2,500 1,000 500 1,750 2,000 1,000 96,650 |
2019 £ 175,800 1,000 1,750 1,000 1,000 1,000 1,750 1,000 500 1,000 1,000 1,000 1,000 1,000 2,000 2,000 1,000 1,000 2,500 1,000 500 - - - |
|---|---|---|
| 199,800 |
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The Godinton Charitable Trust
Notes to the financial statements for the year ended 31 October 2020
Grants (continued)
| Balance b/fwd Ashford Mediation Service Wyvern Foundation Trust Repton Manor Primary School Bi-polar UK Painters Forstal Community Association Kenward Trust St Teresa of Avila RC Church, Ashford Ashford Vineyard Church Ashford Town PCC Boughton Cricket Club Willesborough Baptist Church Bright City Church Ashford Volunteer Centre Great Chart Church (boiler) Porchlight Night Shelter Ash churches together Young Lives Hothfield Church (organ) Charing Surgery Gardeners Group Home Start S Ashford Baptist Church Waltham Village Hall St Francis Church Hall Rising Sun Domestic Violence and Abuse Service |
2020 £ 96,650 2,500 2,000 1,590 1,671 1,500 800 2,500 4,000 2,000 2,500 4,000 2,000 2,000 - - - - - - - - - - - 125,711 |
2019 £ 199,800 - - - - - - - - - - - - - 3,000 2,000 1,000 1,000 1,750 1,000 700 2,000 1,000 2,000 2,000 |
|---|---|---|
| 217,250 |
All grants for both the current and prior year are made from unrestricted funds
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The Godinton Charitable Trust
Notes to the financial statements for the year ended 31 October 2020
6. Support and governance costs
| Bank charges Independent examiner's fees Management charge |
2020 £ 60 3,324 6,600 |
2019 £ 60 2,760 6,600 9,420 |
|---|---|---|
| 9,984 |
All support and governance costs for both the current and prior year related to unrestricted funds and were made in pusuance of the charity's grant making activity.
7. Trustees
During the year, no trustees, received any remuneration, benefits in kind or reimbursement of expenses (2019£Nil).
8. Investment property
| Valuation At 1 November 2019 Revaluation At 31 October 2020 |
Freehold investment property £ 70,000 33,500 |
|---|---|
| 103,500 |
The 2020 valuations were made by L Nesfield MRICS FAAV, on an open market value for existing use basis.
9. Fixed asset investments
| Cost or valuation At 1 November 2019 Additions Disposals Revaluations At 31 October 2020 |
Listed investments £ 5,781,710 1,198,478 (1,059,665) (387,267) 5,533,256 |
Cash at brokers £ 508,597 - (93,253) - 415,344 |
Total £ 6,290,307 1,198,478 (1,152,918) (387,267) |
|---|---|---|---|
| 5,948,600 |
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The Godinton Charitable Trust
Notes to the financial statements for the year ended 31 October 2020
10. Creditors: Amounts falling due within one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 14,168 | 22,139 |
11. Statement of funds
Statement of funds - current year
| Balance at 1 | Balance at | ||||
|---|---|---|---|---|---|
| November | Gains/ | 31 October | |||
| 2019 | Income | Expenditure | (losses) | 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 6,543,534 | 158,942 | (165,202) | (305,900) | 6,231,374 |
| Statement of funds - prior year | |||||
| Balance at | Balance at | ||||
| 1 November | Gains/ | 31 October | |||
| 2018 | Income | Expenditure | (losses) | 2019 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 6,334,168 | 184,715 | (256,913) | 281,564 | 6,543,534 |
| Summary of funds | |||||
| Summary of funds - current year | |||||
| Balance at 1 | Balance at | ||||
| November | Gains/ | 31 October | |||
| 2019 | Income | Expenditure | (losses) | 2020 | |
| £ | £ | £ | £ | £ | |
| General funds | 6,543,534 | 158,942 | (165,202) | (305,900) | 6,231,374 |
12. Summary of funds
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The Godinton Charitable Trust
Notes to the financial statements for the year ended 31 October 2020
12. Summary of funds (continued)
Summary of funds - prior year
| Balance at | Balance at | |||||
|---|---|---|---|---|---|---|
| 1 | November | Gains/ | 31 October | |||
| 2018 | Income | Expenditure | (losses) | 2019 | ||
| £ | £ | £ | £ | £ | ||
| General funds | 6,334,168 | 184,715 | (256,913) | 281,564 | 6,543,534 |
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 5,948,600 103,500 193,442 (14,168) 6,231,374 |
Total funds 2020 £ 5,948,600 103,500 193,442 (14,168) |
|---|---|---|
| 6,231,374 |
Analysis of net assets between funds - prior period
| Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2019 £ 6,290,307 70,000 205,366 (22,139) 6,543,534 |
Total funds 2019 £ 6,290,307 70,000 205,366 (22,139) |
|---|---|---|
| 6,543,534 |
14. Related party transactions
The Godinton House Preservation Trust (registered charity no. 1002278) is a charity established by the late Alan Wyndham Green to preserve Godinton House, its grounds, surrounding parkland and contents for public benefit. M F Jennings, Hon J D Leigh-Pemberton and the Hon W G Plumptre are trustees of this charity. During the year the charity incurred a management charge for administration work of £6,600 (2019: £6,600).
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