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2021-03-31-accounts

REGISTERED CHARITY NUMBER: 269109

Report of the Trustees and Unaudited Financial Statements

for the Year Ended 31 March 2021 for The Ropner Centenary Trust

The Ropner Centenary Trust

Contents of the Financial Statements for the Year Ended 31 March 2021 Page Report of the Trustees 1 to 2 Independent Examiner's Report 3 Statement of Financial Activities 4 Balance Sheet 5 Notes to the Financial Statements 6 to 11 Detailed Statement of Financial Activities 12

The Ropner Centenary Trust

Report of the Trustees for the Year Ended 31 March 2021

The Trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The Trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are the relief of those persons considered to be in a condition of poverty or distress or in need of education.

Public benefit

The charity’s aims and achievements are set out within this report. The activities set out in this report have been undertaken to further the charity's charitable purposes for the public benefit. The Trustees have complied with the duty under Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission and the Trustees have paid due regard to this guidance in deciding what activities the charity should undertake.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year the charity paid out 16 grants to individuals and made donations of £1,000 to St Aidans Church and £1,000 to Mr D Allison.

FINANCIAL REVIEW

Investment policy and objectives

The investment strategy is set by the Trustees and takes account of recent demand for funds. The Trustees consider the income requirements, the risk profile and the market prospects in the medium term. The funds may be invested in any type of investment. Our strategy is reviewed annually.

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which allows maximum flexibility in determining investment policy. The current level of free reserves is £54,542 (2020: £49,119). This provides sufficient funds to cover governance and support costs and to respond to emergency applications for grants which may arise from time to time.

The charity has no restricted funds and there are no restrictions on the charity's power to invest.

COVID-19

The Trust has not been greatly affected by the COVID-19 situation. It has significant reserves and income arises solely out of investment income and interest and does not rely on fundraising events etc. The future impact on investments will largely depend on the duration of this crisis and therefore the Trustees will closely monitor the ongoing situation.

The main impact may be on the numbers of beneficiaries, the majority of whom are over the age of 75.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The Ropner Centenary Trust is constituted under a trust deed dated 2 January 1975 and deed of variation dated 10 March 1983. It is a registered charity number 269109.

Recruitment and appointment of new trustees

Trustees are appointed by the Board of Trustees. New Trustees are given appropriate induction to allow them to perform their duties effectively.

Organisation

The Trustees meet annually to assess grant applications and to consider the investment performance of the assets available to the organisation.

Page 1

The Ropner Centenary Trust

Report of the Trustees for the Year Ended 31 March 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that the systems have been established to enable regular reports to be produced, so that the necessary steps can be taken to lessen these risks.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

269109

Principal address

15 The Green High Coniscliffe DARLINGTON Co Durham DL2 2LJ

Trustees

A P Theakston R J B Ropner Sir Henry John William Ropner

Independent Examiner

A W Luckett FCA DChA BFP Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT

Solicitors

Tilly Bailey & Irvine LLP York Chambers York Road Hartlepool TS26 9DP

Bankers

NatWest Bank Plc 25 High Row Darlington Co Durham DL3 7QP

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................

A P Theakston - Trustee

Page 2

Independent Examiner's Report to the Trustees of The Ropner Centenary Trust

Independent examiner's report to the trustees of The Ropner Centenary Trust

I report to the charity trustees on my examination of the accounts of The Ropner Centenary Trust (the Trust) for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 cause to believe that in any material respect:

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.

A W Luckett FCA DChA BFP Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT

Date: .............................................

Page 3

The Ropner Centenary Trust

Statement of Financial Activities for the Year Ended 31 March 2021

DRAFT
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Charitable activities
4
Donations
Grants payable
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2021
Unrestricted
fund
£
500
38,956
39,456
2,000
20,924
22,924
173,747
190,279
1,035,703
1,225,982		 2020
Total
funds
£
-
45,071
45,071
3,000
22,690
25,690
(170,374)
(150,993)
1,186,696
1,035,703

The notes form part of these financial statements

Page 4

The Ropner Centenary Trust

Balance Sheet 31 March 2021

DRAFT
Notes
FIXED ASSETS
Investments
9
CURRENT ASSETS
Prepayments and accrued income
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
11
Unrestricted funds
TOTAL FUNDS
The
financial
statements
were
approved
by
the
Board
of
Trustees
and
............................................. and were signed on its behalf by:
.............................................
A P Theakston - Trustee		 2021
2020
Unrestricted
Total
fund
funds
£
£
1,171,440
986,584
20,874
4,596
35,952
46,223
56,826
50,819
(2,284)
(1,700)
54,542
49,119
1,225,982
1,035,703
1,225,982
1,035,703
1,225,982
1,035,703
1,225,982
1,035,703
authorised
for
issue
on

The notes form part of these financial statements

Page 5

The Ropner Centenary Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued 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 financial statements are prepared on a going concern basis.

following the Accounting and Reporting by Charities Reporting Standard applicable in the UK and Republic rather than the Accounting and Reporting by Charities: 2005 which has since been withdrawn. The financial of the following disclosure exemptions in preparing be applied for the charity's general purposes are treated as to 'Unrestricted Funds'. Where income is required to be used for on an accruals basis and has been classified under Where costs cannot be directly attributed to particular

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Incoming resources

Incoming resources that may be applied for the charity's general purposes are treated as 'unrestricted' incoming resources and are credited to 'Unrestricted Funds'. Where income is required to be used for a specific purpose, the amount is treated as 'restricted' incoming resources and is credited to the appropriate 'restricted fund'.

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

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis considered appropriate by the Trustees.

Support costs have been allocated against the costs of the charitable activities of the Trust.

Governance costs are included within support costs, they are the costs of providing the governance infrastructure to the charity.

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Returned grants are set against grants payable in the year the grant is returned.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Ttrustees.

There are no restricted funds.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 6

continued...

The Ropner Centenary Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES - continued

Investments

Investments are stated at their mid-market value at the balance sheet date. Any realised or unrealised gains or losses are shown in the Statement of Financial Activities.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies the Trustees are required to make judgements, estimates and assumptions about the carrying amount of certain assets and liabilities. The estimated and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in expenditure.

DRAFT
2.
DONATIONS AND LEGACIES
2021
£
Donations
500
3.
INVESTMENT INCOME
2021
£
Dividends receivable
31,983
Interest receivable
6,973
38,956
4.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
Support
(see note
costs (see
5)
note 6)
£
£
Donations
2,000
-
Grants payable
19,200
1,724
21,200
1,724
5.
GRANTS PAYABLE
2021
£
Donations
2,000
Grants payable
19,200
21,200		 2020
£
-
2020
£
35,237
9,834
45,071
Totals
£
2,000
20,924
22,924
2020
£
3,000
21,000
24,000

continued...

Page 7

The Ropner Centenary Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

5. GRANTS PAYABLE - continued

The total grants paid to institutions during the year was as follows:

2021 2020 £ £ - Claro Enterprises 2,000 - Scuba Diving For All 1,000 St Aidans Church 1,000 - 1,000 3,000 Total number of grants paid to individuals 16 21 6. SUPPORT COSTS Governance Management costs Totals £ £ £ Grants payable 550 1,174 1,724 Support costs, included in the above, are as follows: Management 2021 2020 Grants Total payable activities £ £ Administration of the charity 550 550 Governance costs 2021 2020 Grants Total payable activities £ £ Independent examiner fee 1,174 1,140 7. TRUSTEES' REMUNERATION AND BENEFITS

7. TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

Expenses of £100 (2020: £100) have been reimbursed to Mr A P Theakson, a Trustee. During the year a payment of £450 (2020: £450) was made to Mr A P Theakston, a Trustee, for the administration of the charity.

continued...

Page 8

The Ropner Centenary Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

DRAFT
INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Charitable activities
Donations
Grants payable
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
9.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2020
Additions
Revaluations
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020		 Unrestricted
fund
£
45,071
3,000
22,690
25,690
(170,374)
(150,993)
1,186,696
1,035,703
Listed
investments
£
986,584
11,109
173,747
1,171,440
1,171,440
986,584

The investments comprise £936,446 (2020: £769,432) invested in UK investment funds, and £234,994 (2020: £217,152) invested in a corporate bond. The historic cost of the investments is £824,529 (2020: £813,420). All investments are held primarily for an investment return.

Cost or valuation at 31 March 2021 is represented by:

Listed
investments
£
Valuation in 2021 1,171,440

continued...

Page 9

The Ropner Centenary Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DRAFT
Accruals and deferred income
11.
MOVEMENT IN FUNDS
At 1.4.20
£
Unrestricted funds
General fund
1,035,703
TOTAL FUNDS
1,035,703
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
39,456
(22,924)
TOTAL FUNDS
39,456
(22,924)
Comparatives for movement in funds
At 1.4.19
£
Unrestricted funds
General fund
1,186,696
TOTAL FUNDS
1,186,696
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
45,071
(25,690)
TOTAL FUNDS
45,071
(25,690)		 2021
£
2,284
Net
movement
in funds
£
190,279
190,279
Gains and
losses
£
173,747
173,747
Net
movement
in funds
£
(150,993)
(150,993)
Gains and
losses
£
(170,374)
(170,374)		 2020
£
1,700
At
31.3.21
£
1,225,982
1,225,982
Movement
in funds
£
190,279
190,279
At
31.3.20
£
1,035,703
1,035,703
Movement
in funds
£
(150,993)
(150,993)

continued...

Page 10

The Ropner Centenary Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.4.19
in funds		 31.3.21
£
£		 £
Unrestricted funds
General fund
1,186,696
39,286		 1,225,982
TOTAL FUNDS
1,186,696
39,286		 1,225,982
DRAFT
A current year 12 months and prior year 12 months combined net movement in funds, included in the above
as follows:
Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
Unrestricted funds
General fund
84,527
(48,614)
3,373
39,286
TOTAL FUNDS
84,527
(48,614)
3,373
39,286
General Fund - This fund represents unrestricted resources available for the general work of the charity.
RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

General Fund - This fund represents unrestricted resources available for the general work of the charity. 12. RELATED PARTY DISCLOSURES

Page 11

The Ropner Centenary Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2021

2021 2020
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 500 -
Investment income
Dividends receivable 31,983 35,237
Interest receivable 6,973 9,834
38,956 45,071
Total incoming resources 39,456 45,071
DRAFT
EXPENDITURE
Charitable activities
Grants payable to institutions
2,000
Grants to individuals
19,200
21,200
Support costs
Management
Administration of the charity
550
Governance costs
Independent examiner fee
1,174
Total resources expended
22,924
Net income before gains and losses
16,532
Realised recognised gains and losses
Net gains/(losses) ob investments
173,747
Net income/(expenditure)
190,279		 3,000
21,000
24,000
550
1,140
25,690
19,381
(170,374)
(150,993)

This page does not form part of the statutory financial statements

Page 12