REGISTERED CHARITY NUMBER: 269109
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2022
for
The Ropner Centenary Trust
The Ropner Centenary Trust
Contents of the Financial Statements for the Year Ended 31 March 2022
| 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 | 12 |
The Ropner Centenary Trust
Report of the Trustees for the Year Ended 31 March 2022
The Trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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 14 grants to individuals.
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 £60,587 (2021: £54,542). 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.
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.
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
Page 1
The Ropner Centenary Trust
Report of the Trustees for the Year Ended 31 March 2022
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 16 November 2022 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 2022.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the 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.
A W Luckett FCA DChA BFP Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT
16 November 2022
Page 3
The Ropner Centenary Trust
Statement of Financial Activities for the Year Ended 31 March 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Other income 4 Total EXPENDITURE ON Charitable activities 5 Donations Grants payable Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ - 39,749 300 40,049 - 21,566 8 21,574 35,108 53,583 1,225,982 1,279,565 |
2021 Total funds £ 500 38,956 - |
|---|---|---|
| 39,456 | ||
| 2,000 20,924 - |
||
| 22,924 | ||
| 173,747 | ||
| 190,279 1,035,703 |
||
| 1,225,982 |
The notes form part of these financial statements
Page 4
The Ropner Centenary Trust
Balance Sheet 31 March 2022
| Notes FIXED ASSETS Investments 10 CURRENT ASSETS Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund £ 1,218,978 10,441 51,962 62,403 (1,816) 60,587 1,279,565 1,279,565 1,279,565 1,279,565 |
2021 Total funds £ 1,171,440 20,874 35,952 56,826 (2,284) 54,542 1,225,982 1,225,982 1,225,982 1,225,982 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 16 November 2022 and were signed on its behalf by:
A P Theakston - Trustee
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 2022
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', and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, 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) (effective 1 January 2019) 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.
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':
- the requirements of Section 7 Statement of Cash Flows.
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 trustees.
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 2022
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.
2. DONATIONS AND LEGACIES
| 2022 £ Donations - 3. INVESTMENT INCOME 2022 £ Dividends receivable 34,134 Interest receivable 5,615 39,749 4. OTHER INCOME 2022 £ Sundry compensation 300 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Grants payable 19,600 1,966 |
2021 £ 500 2021 £ 31,983 6,973 |
|---|---|
| 38,956 | |
| 2021 £ - Totals £ 21,566 |
continued...
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The Ropner Centenary Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
6. GRANTS PAYABLE
| 2022 £ Donations - Grants payable 19,600 19,600 The total grants paid to institutions during the year was as follows: 2022 £ St Aidans Church - Total number of grants paid to individuals 14 7. SUPPORT COSTS Governance Management costs £ £ Grants payable 550 1,416 Support costs, included in the above, are as follows: Management 2022 £ Administration of the charity 550 Governance costs 2022 £ Professional fees 128 Independent examiner fee 1,288 1,416 |
2021 £ 2,000 19,200 21,200 2021 £ 1,000 16 Totals £ 1,966 2021 £ 550 2021 £ - 1,174 1,174 |
|---|---|
continued...
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The Ropner Centenary Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
Expenses of £100 ((2021: £100) have been reimbursed to Mr A P Theakston, a Trustee. During the year a payment of £450 (2021: £450) was made to Mr A P Theakston, a Trustee, for the administration of the charity.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Donations Grants payable Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 500 38,956 39,456 2,000 20,924 22,924 173,747 190,279 1,035,703 1,225,982 |
|---|---|
continued...
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The Ropner Centenary Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
10. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2021 Additions Revaluations At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
Listed investments £ 1,171,440 12,430 35,108 1,218,978 1,218,978 1,171,440 |
|---|---|
The investments comprise £1,003,246 (2021: £936,446) invested in UK investment funds, and £215,732 (2021: £234,994) invested in a corporate bond. The historic cost of the investments is £836,959 (2021: £824,529). All investments are held primarily for an investment return.
Cost or valuation at 31 March 2022 is represented by:
| Valuation in 2022 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 12. MOVEMENT IN FUNDS At 1.4.21 £ Unrestricted funds General fund 1,225,982 TOTAL FUNDS 1,225,982 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 40,049 (21,574) TOTAL FUNDS 40,049 (21,574) |
2022 £ 1,816 Net movement in funds £ 53,583 53,583 Gains and losses £ 35,108 35,108 |
Listed investments £ 1,218,978 2021 £ 2,284 At 31.3.22 £ 1,279,565 1,279,565 Movement in funds £ 53,583 53,583 |
|---|---|---|
continued...
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The Ropner Centenary Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.20 £ 1,035,703 1,035,703 |
Net movement in funds £ 190,279 190,279 |
At 31.3.21 £ 1,225,982 |
|---|---|---|---|
| 1,225,982 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 39,456 39,456 |
Resources expended £ (22,924) (22,924) |
Gains and Movemen losses in funds £ £ 173,747 190,279 173,747 190,279 |
Gains and Movemen losses in funds £ £ 173,747 190,279 173,747 190,279 |
|---|---|---|---|---|
| 190,279 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.20 £ 1,035,703 1,035,703 |
Net movement in funds £ 243,862 243,862 |
At 31.3.22 £ 1,279,565 |
|---|---|---|---|
| 1,279,565 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 79,505 | (44,498) | 208,855 | 243,862 |
| TOTAL FUNDS | 79,505 | (44,498) | 208,855 | 243,862 |
General Fund - This fund represents unrestricted resources available for the general work of the charity.
continued...
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The Ropner Centenary Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
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