The Peter Kershaw Trust
Annual Report
31 March 2022
UNAUDITED
Registered Charity Number: 268934
CONTENTS
| STRUCTURE, GOVERNANCE AND MANAGEMENT | 2 |
|---|---|
| KEY MANAGEMENT PERSONNEL REMUNERATION | 2 |
| RISK MANAGEMENT | 2 |
| OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT | 3 |
| GRANT MAKING POLICY | 3 |
| ACHIEVEMENTS AND PERFORMANCE | 4 |
| FINANCIAL REVIEW | 4 |
| INVESTMENT POLICY AND PERFORMANCE | 4 |
| RESERVES POLICY | 5 |
| PLANS FOR THE FUTURE | 5 |
| IMPACT OF COVID-19 | 5 |
| INDEPENDENT EXAMINERS | 6 |
| TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS | 7 |
| INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE PETER KERSHAW | |
| TRUST | 8 |
| STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 | 9 |
| BALANCE SHEET AT 31 MARCH 2022 | 10 |
| ACCOUNTING POLICIES | 11 |
| NOTES TO THE ACCOUNTS | 13 |
The Peter Kershaw Trust
LEGAL AND ADMINISTRATIVE INFORMATION
| TRUSTEES | Mr R P Kershaw (Chairman) |
|---|---|
| Mrs M L Rushbrooke (Resigned 2 June 2021) | |
| Mrs R S Adams | |
| Mr T Page | |
| Ms J Kershaw | |
| Mr A Kershaw (Appointed 10 November 2021) | |
| Mr B Lever | |
| SECRETARY | Mrs E Willder, Beyond Profit Ltd |
| REGISTERED ADDRESS | G104 Bolton Arena |
| Arena Approach | |
| Horwich | |
| Bolton | |
| BL6 6LB | |
| CHARITY NUMBER | 268934 |
| INDEPENDENT EXAMINERS | It Doesn’t Have to Cost the Earth |
| 47 St Dunstans Close | |
| Worcester | |
| WR5 2AJ | |
| BANKERS | The Royal Bank of Scotland plc |
| St Ann Street | |
| Manchester | |
| M60 2SS | |
| Bank of Scotland Treasury | |
| 33 Old Broad Street | |
| London | |
| EC2N 1HZ | |
| SOLICITORS | Addleshaw Goddard |
| One St Peters Square | |
| Manchester | |
| M2 3DE | |
| Butcher and Barlow | |
| 3 Royal Mews | |
| Gadbrook Park | |
| Northwich | |
| Cheshire | |
| CW9 7UD | |
| GOVERNING INSTRUMENT | Trust Deed dated 25 February 1974 |
| Trustees ‘Indemnity Insurance Order dated 12 June 2003 |
Page | 1
Trustees’ Report
The Trustees present their annual report and financial statements of the charity for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 and 12 and comply with the charity’s Trust deed, the Charities Act 2011 and 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 published on 16 July 2014.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is an unincorporated Trust, constituted under a Trust deed dated 25 February 1974 and is a registered charity, number 268934. The Trust was established by a gift from Peter Kershaw in 1974, following the philanthropic tradition of the Holt family. The Trust does not actively fundraise and seeks to continue the work desired by the donor through the careful stewardship of its existing resources.
The Trustees are appointed by the Board of Trustees and serve for five years after which period they may put themselves forward for re-appointment. There are no restrictions on the number of Trustees, although it has been determined that six Trustees will serve, with one Trustee retiring each year on a rolling cycle.
At the half-yearly Trustees’ meetings, the Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day-to-day administration of grants and the processing and handling of applications prior to consideration by the Trustees is delegated to the Secretary.
The Board keeps the skill requirements for the Trustee body under review and in the event that a Trustee permanently retires, or additional new Trustees are required, the Board recruit the new Trustee(s). New Trustees are normally sought through existing contacts, relationships within the Holt family.
The induction process for any newly appointed Trustee comprises an initial meeting with the Chairman and the Board. The welcome pack includes a brief history of the Trust, a copy of Board minutes, a copy of the last three years’ annual reports and financial statements, a copy of the governing Trust deed and a copy of the Charity Commission’s guidance ‘The Essential Trustee: What You Need to Know’. Trustees are offered additional training in specific area if they require this.
The names of the present Trustees and Secretary are set out on page 1.
KEY MANAGEMENT PERSONNEL REMUNERATION
The Trustees consider the board of Trustees and the Chairman as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All Trustees give their time freely and no Trustee remuneration was paid in the year. Details of related party transactions are disclosed in note 14 to the accounts.
Trustees are required to disclose all relevant interests and register them with the Chairman and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.
RISK MANAGEMENT
During the year, the Trustees reviewed their Risk Management Framework, including the policy and the risk register.
The Trustees have considered in detail the risks facing the Charity, the controls in place to mitigate those risks and action plans to deal with those areas where controls could be enhanced, particularly concerning grant giving. The Trustees believe that they have appropriate controls in place, commensurate with the size of the organisation and their cost effectiveness, to mitigate the risks identified.
Page | 2
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The main object of the Trust is to ensure that funds received are used as quickly as possible in the furtherance of charitable support. Normally, the whole of the net income accumulated in the year will be disbursed, having made allowances for a reasonable level of reserves to be maintained.
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 the grant making policy for the year.
The objectives of the Trust are defined as follows:
-
To provide grants for registered social welfare charitable institutions. These can be of any nature but should chiefly be for the benefit of disadvantaged people in the Greater Manchester and North Cheshire region.
-
To provide school bursaries for children attending educational institutions in the Greater Manchester and North Cheshire region. These are mainly given for the continued attendance of existing pupils where family circumstances have changed e.g. the death of the main household income provider.
-
To make an annual award ‘The Peter Kershaw Memorial Bursary of £50,000 spread over three years and specifically targeted at innovative youth work. This award is given in memory of Peter Kershaw, and is open to charitable organisations in Greater Manchester.
The objectives for the year are shaped by these strategic aims.
GRANT MAKING POLICY
The Trust invites applications for the memorial bursary by advertising in the specialist press, and for general grants through the Charity directory and by word of mouth within the local voluntary sector. Second- and third-year grant applications are subject to a review before being agreed.
Applications for social welfare grants are received by the Secretary on the Trusts Grant Application Form. These must give an outline of the organisation and the project for which financial assistance is being sought, together with budgetary forecasts and a copy of the latest financial accounts.
Applications for school bursaries are usually made by the relevant educational establishment on behalf of the pupil. These must give the background to the family circumstances of the pupil together with a financial statement and a justification for why the Trust should continue to support the pupil.
In addition, the Chairman has a delegated authority to agree small grants, up to a total budget of £3,000 per annum, subject to confirmation and agreement from one other Trustee.
Payments are not made to individuals nor are loans normally given.
Grants are not normally made for new building work but payments for fitting out of specialist premises may be made. Long term commitments are not usually made but an indication that a grant may be paid, subject to conditions and annual review, for up to three years may be given.
The Trustees will normally meet twice a year in May and November to consider recommendations for grants which will be disbursed in June and December respectively.
In the reporting year, due to the impact of COVID-19 on some of our investments, the Trustees decided to have one grant application window for ordinary grants. This was due to the reduced income the Trust expected to receive in respect of its investments.
Page | 3
ACHIEVEMENTS AND PERFORMANCE
The Trustees consider that the grants given during the year were in accordance with the grant giving policy. All second- and third-year grants were subject to a formal review before being agreed. All school bursaries were given a formal review before being agreed.
Ordinarily there will be three projects receiving money from the memorial bursary on a three-year rolling cycle.
During the year the Trust supported 17 charities, excluding school bursaries with grants totalling £84,745 Of these, £50,000 related to the Peter Kershaw Memorial bursary.
FINANCIAL REVIEW
The Trust is reliant on the income from its investments, the income from which was £105,573 (2021: £101,712).
The balance sheet shown on page 10 shows that at 31 March 2022 the total funds of the Charity were £7,660,617 (2021: £7,382,398). This is made up of investments of £7,602,286 (2020: £7,297,857), and other net current assets of £58,331 (2021: £84,541).
Set out below is a summary of the year’s income and expenditure, together with that of the previous three years:
| Investment income Other income - gross bank interest Total income Grants: School bursaries Social welfare institutions Memorial bursary Administration expenses Total expenditure Surplus/(deficit) prior to revaluation of investments |
2022 2021 2020 2019 £ £ £ £ 105,746 101,237 232,032 220,430 7 475 2,059 1,157 |
|---|---|
| 105,753 101,712 234,091 **221,587 ** |
|
| 27,332 33,715 32,605 31,741 34,745 29,750 134,064 113,421 50,000 50,000 50,000 47,500 |
|
| 112,077 113,465 216,669 **192,662 ** |
|
| 19,886 19,466 37,608 14,502 |
|
| (131,963) (132,931) (254,277) (207,165) |
|
| (26,210) (31,219) (20,186) 14,422 |
The details of specific grants awarded during the year are presented in note 3.
INVESTMENT POLICY AND PERFORMANCE
In the 2019/2020 financial year the Trustees sold some of their shares in Joseph Holt Group Limited back to the company. This sale took place in February 2020 following a process of due diligence which was led by the two independent Trustees, Mr T Page and Mr B Lever. The independent Trustees sought advice from both legal and accountancy professionals and were then satisfied that the offer received from Joseph Holt Group Limited was in the best interests of the charity.
The Trust Deed provides that investment changes can be made only with the consent of Mr RP Kershaw, the son of the settlor, which was given.
On 31 March 2022 the investments comprise 231,720 ordinary shares of 25p each in Joseph Holt Group Limited which is an unquoted company, along with investments managed by CCLA.
Having taken advice, the Trustees estimate the value of investments in Joseph Holt Group Limited as at 31 March 2022 to be £3,770,416 (2021: £3,770,416) This is substantially in excess of the book value of £711,196 (2021: £711,196). Annual variations are dealt with in the Statement of Financial Activities.
Page | 4
The value of the investments held by CCLA at the end of the period was £3,831,871 (2021: £3,527,442). This is an increase of £304,429 from the prior year. In addition, the funds held with CCLA have generated £105,746 (2021: £101,237) of investment income. Further details can be found in note 8 of the accounts
RESERVES POLICY
During the year the Trustees reviewed their Reserves Policy to ensure that it was fit for purpose. At their meeting in May 2019 they agreed the following policy. The reserves figure was updated in November 2021 as part of the budget processes.
It is the policy of the Trustees to undertake financial commitments to some of the organisations it supports for extended periods of up to three years, or in the case of school bursaries, until the recipient has completed their education in year 13.
Commitments relating to a period over one year are agreements in principle only and are granted on the condition that sufficient funds are available.
Having reviewed its future funding commitments and taking into account any costs that would be incurred should the Trust cease to exist; the Trustees have determined that the minimum level of reserves held should be £99,400.
This level will be reviewed on an annual basis to ensure that this remains an appropriate minimum level.
Any surplus funds above this minimum level will be utilised for the Trust’s long-term charitable grants and projects.
At the end of March 2022, the free reserves of the charity, i.e. unrestricted funds less any fixed assets, were £58,331. This is below the level of the reserves policy due to the impact of COVID 19 on the income of the Trust. However the Trustees intend to gradually return to their normal minimum level of reserves once the impact of Covid has disappeared.
PLANS FOR THE FUTURE
The Peter Kershaw Trust is a lasting testimony to the generosity and philanthropic concerns of the donor, Peter Kershaw.
The Trust will continue to support the disadvantaged section of the community in the local area.
IMPACT OF COVID-19
COVID-19 continued to impact on the Trust’s investments. Namely that the Joseph Holt Group Ltd did not declare a dividend for the financial year ended 31 December 2020. This, in turn, has meant that the Trust has had less funds to distribute.
The Trustees made the decision that they would honour all current funding commitments including multiyear grants, school bursaries all in place and the Peter Kershaw Memorial Bursary. In turn this has led to a reduction in amount available to distribute as ordinary grants in the 2021/22 financial year. In line with the previous financial year, the Trustees decided to only have one grant application window.
Page | 5
INDEPENDENT EXAMINERS
It Doesn’t Have to Cost the Earth Ltd were appointed as independent examiners by the charity as at 17 May 2022.
For and on behalf of the Trustees
RP Kershaw Chairman of the Trustees
4 November 2022
Page | 6
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 (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 these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; and
-
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 to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 4 November 2022 and signed on their behalf by:
RP Kershaw
Chairman of the Trustees
Page | 7
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE PETER KERSHAW TRUST
I report to the trustees on my examination of the accounts of The Peter Kershaw Trust (‘the charity’) for the period ended 31 March 2022, which are set out on pages 9 to 21.
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 all the applicable directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable 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 2011 Act; or
-
the accounts do not accord with those records; or
-
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.
Teresa Fennell
ACMA CGMA, Chartered Institute of Management Accountants
It Doesn’t Have to Cost the Earth Ltd 47 St Dunstans Close Worcester, WR5 2AJ
Date: 8 November 2022
Page | 8
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Notes INCOME AND ENDOWMENTS Investment income 1 TOTAL INCOME EXPENDITURE Expenditure on charitable activities: 2 School bursaries Social welfare institutions Memorial bursary TOTAL EXPENDITURE Net (expense)/income and net movement in funds before losses on investments Net gains/(losses) on investments Net movement in funds Total funds brought forward 13 Total funds carried forward 13 |
Total funds Total funds 31-Mar-22 31-Mar-21 £ £ £ £ £ £ - 105,753 105,753 - 101,712 101,712 - 105,753 105,753 - 101,712 101,712 - 33,140 33,140 - 35,913 35,913 - 46,360 46,360 - 46,076 46,076 - 52,489 52,489 - 50,942 50,942 - 131,989 131,989 - 132,931 132,931 - (26,236) (26,236) - (31,218) (31,219) 304,429 - 304,429 297,442 - 297,442 304,429 (26,236) 278,193 297,442 (31,218) 266,223 7,315,979 66,420 7,382,398 7,018,537 97,638 7,116,175 7,620,408 40,184 7,660,591 7,315,979 66,420 7,382,398 Capital General Capital General |
|---|---|
Page | 9
BALANCE SHEET AT 31 MARCH 2022
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors 9 Cash at bank 10 LIABILITIES Creditors: Amounts falling due within one year 11 NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY Unrestricted income funds: Capital fund General fund TOTAL FUNDS 13 |
31-Mar-22 31-Mar-21 £ £ 7,602,286 7,297,857 |
|---|---|
| 7,602,286 7,297,857 |
|
| 35,208 34,479 30,650 58,940 |
|
| 65,858 93,419 |
|
| (7,553) (8,877) |
|
| 58,305 84,542 |
|
| 7,660,591 7,382,399 |
|
| 7,620,408 7,315,979 40,183 66,420 |
|
| 7,660,591 7,382,399 |
The notes on pages 11 to 21 form an integral part of the financial statements.
The financial statements were approved by the Board on DATE and were signed on its behalf by:
Mr Richard Kershaw Chair of Trustees
Page | 10
ACCOUNTING POLICIES
BASIS OF PREPARATION
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts.
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice: Accounting and Reporting by Charities: preparing their accounts in accordance with the Financial Reporting Standard application in the UK and Republic of Ireland (FRS102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102.
GOING CONCERN
The Trustees believe there are adequate resources which will enable the Trust to meet its liabilities for the foreseeable future as the investments held by the Trustees with CCLA are liquid and, at the end of the report period, were valued at £3,831,871. For this reason, the Trustees have adopted the going concern basis in preparing the financial statements.
INVESTMENTS
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date at the Trustees’ estimated market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
FUND ACCOUNTING
The capital fund represents those assets which are currently held by the charity as investments. Any capital gains or losses arising on the investments form part of the capital fund. Investment management charges and legal advice relating to the fund are charged against the general fund.
The general fund comprises those funds which the Trustees currently use in accordance with the charitable objectives.
INCOME RECOGNITION
All income is recognised once the charity has entitlement to the income, it is certain that the income will be received, and the amount of income receivable can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Page | 11
EXPENDITURE RECOGNITION
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Grants payable are payments made 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 the control of the Trust.
ALLOCATION OF SUPPORT AND GOVERNANCE COSTS
Support costs have been differentiated between governance costs and other support 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 related to independent examination together with an apportionment of overhead and support costs related to secretarial activities.
Governance costs and support costs relating to charitable activities have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing school bursaries, social welfare institution grants and memorial bursary grants are broadly equivalent. The allocation of support and governance costs is analysed in note 4.
CHARITABLE ACTIVITIES
Costs of charitable activities include grants made, governance costs and an apportionment of support costs which are shown in note 3 and 4.
IRRECOVERABLE VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
REALISED GAINS AND LOSSES
All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains are calculated as the difference between the market value at the year end and opening market value.
Page | 12
NOTES TO THE ACCOUNTS
1) INVESTMENT INCOME
| Dividends - equities: Joseph Holt Group Limited – 231,720 ordinary shares of 57p (2020: 57p) None received CCLA Interest on cash deposits: Money market account Deposit account |
Unrestricted Unrestricted 31 March 2022 31 March 2021 £ £ - - 105,746 101,237 1 4 6 471 |
|---|---|
| 105,753 101,712 |
2) EXPENDITURE ON CHARITABLE ACTIVITIES
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.
The total support cost attributable to charitable activities is apportioned pro rata to the number of grants awarded as shown in the table below:
| School bursaries Social welfare institutions Memorial bursary |
Grant funded activity Support and governance costs Total £ £ £ 27,332 5,808 33,140 34,745 11,615 46,360 50,000 2,489 52,489 112,077 19,912 131,989 31 March 2022 |
Grant funded activity Support and governance costs Total £ £ £ 33,715 2,198 35,913 29,750 16,326 46,076 50,000 942 50,942 31 March 2021 |
|---|---|---|
| 113,465 19,466 132,931 |
Page | 13
3) ANALYSIS OF GRANTS
| Direct charitable expenditure: School bursaries: Bolton School Bury Grammar Schools Cheadle Hulme School Manchester Grammar School Manchester High School for Girls St Bedes Withington Girls’ School Social welfare institutions: Azamrah Youth Club Christian Restoration Manchester Creative Living Centre Cyril Flint Befrienders Emmaus South Manchester Gateway M40 Good Companions Bolton Growing Together Levenshulme Jigsaw (Bury) Jump Space Limited Langworthy Cornerstone Association Ltd Levenshulme Good Neighbours Limbless Association Making Space Manchester Action on Street Health Sub total |
31 March 2022 31 March 2021 £ £ Social welfare institutions: 5,998 5,995 Sub total carried forward 1,667 4,167 Mothers Against Violence 4,000 5,667 N-gage 4,000 2,667 Octagon Theatre 5,667 6,000 Olive Community Project 1,667 5,000 Reach Family Project 4,3334,220 Riverside 27,332 33,716 Special Educational Needs Family St Johns Ambulance - 2,000 St Peter's House Chaplaincy - 2,500 The Brain Tumor Charity - 1,500 The Centre for Specialist Educational Assistance 2,000 - United Estates of Wythenshawe 3,000 - Walking with the Wounded 2,000 2,000 - 2,000 Memorial bursary: 2,000 - Redeeming Our Communties 2,000 - The Running Charity - 2,000 Access Sport - 1,000 Hebron Social Concern - 2,000 - 1,000 2,745 - - 2,000 13,745 18,000 |
31 March 2022 31 March 2021 £ £ 13,745 18,000 - 2,000 10,000 - - 2,000 - 2,000 2,000 - 250 250 3,000 - 500 - 2,000 2,000 250 - - 1500 3,000 - - 2,000 |
|---|---|---|
| 34,745 29,750 | ||
| - 10,000 10,000 15,000 15,000 25,000 25,000- |
||
| 50,00050,000 | ||
| 112,077 113,466 | ||
Page | 14
4) ALLOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS
The breakdown of support costs and how these were allocated between charitable activities and governance is shown in the table below:
| Charitable activities £ Secretarial charges 10,907 Indemnity insurance - Audit and accountancy charges - 10,907 GOVERNANCE COSTS Independent Examination and accountancy fees Secretarial charges Indeminty Insurance Trustee training Legal fees Other Professional Fees |
Charitable activities £ 10,907 - - |
Governance related Total allocated £ £ 4,674 15,581 Staff time 3,374 3,374 Directly attributable 817 817 Directly attributable 8,865 19,772 31 March 2022 31 March 2021 £ 817 2,006 4,674 3,649 3,374 3,000 139 - - 14,130 - 6,270 9,004 29,055 Basis of apportionment |
|---|---|---|
| 10,907 |
The total support cost attributable to charitable activities is then apportioned pro rata to the number of grants awarded as shown in the table below.
ALLOCATION OF GOVERNANCE COSTS
| ALLOCATION OF GOVERNANCE COSTS | |
|---|---|
| School bursaries Social welfare institutions Memorial bursary |
31 March 2022 31 March 2021 £ £ 2,626 1,091 5,253 8,102 1,125 467 |
| 9,004 9,660 |
Page | 15
5) INDEPENDENT EXAMINATION AND ACCOUNTANCY FEES
Accountancy fees include an independent examination fee of £675 (2021: £2,006).
6) PAYMENTS TO TRUSTEES
No remuneration was paid (2021:£nil) with £139 expenses for a meal were reimbursed to the Trustees during the period (2021: nil)
These unaudited financial statements have been subjected to independent examination. See report on page 8
7) INDEMNITY INSURANCE
During the year, indemnity insurance was paid in respect of the Trustees in the sum of £3,374 (2021: £3,000)
Page | 16
8) FIXED ASSET INVESTMENTS
| Unquoted investment: Estimated market value as at March 2022: Joseph Holt Group Limited - 231,720 ordinary shares of £16.27 (2021: £16.27) CCLA Historical cost at March |
31 March 2022 31 March 2021 £ £ 3,770,415 3,770,415 3,831,871 3,527,442 7,602,286 7,297,857 3,941,196 3,941,196 |
|---|---|
In accordance with charity accounting reporting requirements, the investment held by the Trust is stated at the Trustees’ estimated market value at the balance sheet date. In the opinion of the trustees the investment is worth at least the amount in which it is stated. Annual variations are dealt with in the statement of financial activities.
The details of the company in which the charity’s interest is more than 20% is as follows:
| Associated undertaking |
Principal Activity | Class and percentage of shares held |
|---|---|---|
| Joseph Holt Group Limited |
Brewing, retailing and wholesaling of beers, wines, spirits and tobacco products, provision of restaurant services and the ownership of public houses, off licences and hotels. |
Ordinary 20.1% |
Page | 17
8) FIXED ASSET INVESTMENTS (continued)
The Trust’s share of the following assets and profits of the company at 31 December 2020 were:
| Turnover Profit before tax Taxation Profit after tax Fixed assets Current assets Liabilities due within one year Liabilities due after more than one year Provision for liabilities Net assets CCLA 01 April 2021 Additions Investment gain The geographical analysis of the investment assets is as follows: Within the United Kingdom 31 March 2022 |
£000's 6,886 (226) (43) (269) 20,253 1,147 (1,557) (3,465) (796) 15,583 31 March 2022 31 March 2021 £ £ 3,527,442 3,230,000 - - 304,429 297,442 3,831,871 3,527,442 31 March 2022 31 March 2021 £ £ 7,602,286 7,297,857 |
|---|---|
Page | 18
9) DEBTORS
31 March 2022 31 March 2021 £ £ Income due from the capital fund 6,878 6,878 Accrued Income 26,604 25,954 Prepayments 1,727 1,647 35,208 34,479
10) CASH AT BANK
| The Royal Bank of Scotland Plc: Current and ordinary deposit Bank of Scotland Treasury: Money Market |
31 March 2022 £ 20,649 10,001 30,650 |
31 March 2021 £ 30,993 27,947 |
|---|---|---|
| 58,940 |
11) CREDITORS: Amounts falling due within one year
| Accruals: Accountancy and Independent Examination Fees Professional Fees Capital due to the general fund |
31 March 2022 31 March 2021 £ £ 675 2,000 - - 6,878 6,878 7,553 8,878 |
|---|---|
Page | 19
12) ANALYSIS OF FUNDS
| 12) ANALYSIS OF FUNDS | |
|---|---|
| Fixed assets: Investments Current assets: Debtors Cash at bank Creditors: Amounts falling due within one year Net current assets Total net assets at 31 March 2022 Total net assets at 31 March 2021 |
Capital Fund General Fund Total £ £ £ 7,602,286 - 7,602,286 Unrestricted Funds |
| - 35,208 35,208 25,000 5,650 30,650 |
|
| 25,000 40,858 65,858 (6,878) (675) (7,553) |
|
| 18,122 40,183 58,305 |
|
| 7,620,408 40,183 7,660,591 |
|
| 7,315,978 66,419 7,382,398 |
The capital fund represents those assets which are currently held by the charity as investments. Income arising on the capital fund can be used in accordance with the objects of the charity. Any capital gains or losses arising on the investments form part of the capital fund. Investment management charges and legal advice relating to the fund are charged against the general fund.
The general fund comprises those funds which the Trustees currently use in accordance with the charitable objectives.
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13) MOVEMENT IN FUNDS
| At 31 March 2021 |
Incoming Resources |
Resources expended |
Revaluation of investments |
At 31 March 2022 |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Unrestricted Funds: | |||||
| Captial Fund | 7,315,979 | - | - | 304,429 | 7,620,408 |
| General Fund | 66,419 | 105,753 | (131,989) | - | 40,183 |
| 7,382,398 | 105,753 | (131,989) | 304,429 | 7,660,591 | |
| Prior year comparative | |||||
| At 31 March 2020 |
Incoming Resources |
Resources expended |
Revaluation of investments |
At 31 March 2021 |
|
| £ | £ | £ | £ | £ | |
| Unrestricted Funds: | |||||
| Captial Fund | 7,018,537 | - | - | 297,442 | 7,315,979 |
| General Fund | 97,638 | 101,712 | (132,931) | - | 66,419 |
| 7,116,175 | 101,712 | (132,931) | 297,442 | 7,382,398 |
14) RELATED PARTY TRANSACTIONS
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2021: £nil).
Both Mr RP Kershaw and Miss JM Kershaw are directors of Joseph Holt Group Limited. During the period the Trust received no dividends from Joseph Holt Group Limited (2021: £nil). No amounts were due to or from the company at the period end (2021: nil).
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