THE J A SHONE MEMORIAL TRUST ANNUAL REPORT FOR THE YEAR ENDED 5- APRIL 2021
THE J A SHONE MEMORIAL TRUST TH TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2021 The financial statements have been prepared in accordance with tha Statement of Recommended Practice.. Accounting and Reporting by Charities {SORP 2015) preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS102) update bulletin 2 (effective 1 January 2019) and Charities Acl 2011. OBJECTIVES AND ACTIVITIES The Trust has been established to make grants for charitable purposes. Grants are m8de only to registered charities known lo tlie Trustees and unsolicited applications are thorefore not considered. The Trust is administered by its corporate Trustee, Liverpool Charity and Voluntary S8rvices. Public Benefit: In planning the Trust's grant making activities the Trustees have given consideration to the Charity Commission's guidance on public benefit. ACHIEVEMENTS AND PERFORMANCE The investments have been monitored throughout the year by the Investment Managers, with performan being reviewed by the Trustees at regular intervals. FINANCIAL REVIEW Investment income totalling £36,330 {2020- £40.581) was received in the year. This funded grants of £32,000 (2020.. £37.500) lo charitable organisations. At 31. March 2021 capital investments were valued at £938,592 {2020: £818,689). Reserves Policy: The Trustees are managing the reserves to balance th8 needs of current and future beneficiaries. It is not anlicipated thal the needs of beneficiaries wlll dlminlsh over time. Risk Management: The main risks, to which the charity is exposed, as identified by the Trustees, have been considered and systems have been established to mitigate those risks. Investment Policy and Powers: The trustees have the power of inveslment as cOnferd by Ihe Truslee Act 2000. The investment strategy is sel by the trustees and takes account of recent demands for funds and an assessment of expected fulure needs (see Reserves Policy). The investment policy and slrategy are reviewed with the investment managers at regular inlervals. The investment objective is to maintain, overall, the real value of capital and income. Plans for the Future: The objectives of the trust remain unchanged for the future. the Intention Is to contlnue managing the funds on a consistent basis and distributing income as grants to those organisations in financial need.
THE J A SHONE MEMORIAL TRUST TH TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2021 Covid 19 Granls are made from the investment income received in the year. The impact of Covid 19 has meant that the level of investment income received in the year has reduced consequently, the Trustees have revised their granl making programme. STRUCTURE, GOVERNANCE AND MANAGEMENT The J A Shone Memorial Trust is a registered charity, number 270104. It was established by a Trust Deed datod 25 ' March 1974. Oryanisation, Management and Delegation. The Trust Deed permits the spending of capital., the Trustees have, however, agreed to retain th6 capital for the time being and lo invest it lo produce income to make grants. Recruitment and Appointment of New Trustees: New Trustees are selected, by the existing Board of Trustees, in accordan wth their skills and axperience. The Board is also responsible for the induction and Iraining of the new Truslees. RELATED PARTIES During the year the Trust's coworata Trustee, Liverpool Charity and Voluntary SeNices, received £750 <2020.. £750) for Ihe provision of administration services and preparation of annual accounts,. this was authorised by the Trustees in accordance with the trust deed. REFERENCE AND ADMINISTRATIVE DETAILS Princlpal Office: 151 Dale Street, Liverpool L2 2AH Trustees: The Trustees during the year wgre.. Mr A. W. Shone Mr J. D. W. Stileman Mrs E. J. Crowe Liverpool Charity and Voluntary servIs The charity's corporate Trustee, Liverpool Charity and Voluntary Services (LCVS), 151 Dale Streat, Llverpool L2 2AH, is incorporated under the Companies Act as a company limited by guarantee without share capital as company numbor 181759. IÉ is also a registered charily, number 223485, and a charilable Trust Corporation. The Truslees of LCVS, who are also Its Directors. were as follows during the year= Heather Akehurst, Dorcas Akeju, Duncan Brookes (resigned 14 December 2020), Jonathan Heskelh, Michael James (resigned 27, April 20211. Steven Long (resigned 29 January 2021), Andrew Lovelady (resigned 1 December 20201, Kenneth Perry, John Price, Michael Salla, Louise Scholes, James Sloan, Michael Thomas and Susan Williams.The following Irustees were appointed 20 May 2021.. Sonia Bassey MBE, Maxine Ennis, Neil John Sturmey and Henry Terefenko.
THE J A SHONE MEMORIAL TRUST TH TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2021 Professional Advisers: Independent Exarniner Anna Spencer-Gray RSM UK Tax and Accounting Limited 20 Chapel Street. Liverpool L3 9AG Inveslec Wealth & Investment 100 Old Hall Street Liverpool L3 9AB Investment Managers TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The charity's trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)- The13w applicable to charities in England and Wales requires the charity trustee lo prepare financial statements for each year which give a Irue 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 Ihe financial statements, Ihe trustee is required to.. select suitable accounting policies and then apply them consistèntly, obseNe 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 slatemenls- prepare the financial statements on the going concern basis unless it is inappropriate to presume that Ihe charity will continue in business. The Irustees are rosponsible 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 ihe financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, 2nd the provisions of Ihe Trusl 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 Irregularitles. Approved by the Trustees and signed on their behalf by A W Shone
Independent Examinerfs Report to the Trustees of The J A Shone Memorial Trust I report to the trustees on my examination of the accounts of The J A Shone Memorial Trust ('the charily.) for the year ended 5 April 2021. whiGh are sel out on pages 6 to 12. Responsibllitles and basis of report As the trustees of Ihe charily you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ('Ihe 2011 Acl.). I report in respect of my examination of the charily's accounts carrted out under section 145 of the 201 q Act and in carrying out my examination I have followed all the applicable Directions given by tlie Charity Commission under section 145 {5)(b) of the 2011 Act. An independent examination does not involve gathering all the eviden that would be required in an audit and consequently does not cover all the matters thal an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently. l express no opinion as to whether the accounts present a Irue and fair and my report is limited to those specific matters set out in Ihe independent examiner's statement. Independent examinerfs statement I have completed my examination. I confimi that no material matters have come to my attention in connection wlh the examination giving Tne reasonable cause lo believe that in any material respect: 1. accounting records were not kept in respecl of the charity as reqUId by section 130 of the 2011 Act- or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements conceming the fomi and content of accounts set OLrt in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounls 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 wtth the examination to which attention should be drawn in this rewrt in order to enable a proper understanding of the accounts to be reached. 1cw Name.. Anna SpencerraY Name of applicable listed body: The Institute of Chartered Accountants in England and Wales Relevant professional qualification or body.. Chartered Accountant ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants 14 Floor 20 Chapel Street Liverpool L3 9AG Date: 25 October 2021
THE J A SHONE MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5- APRIL 2021 -UNRESTRICTED FUNDS------------ Ih Yearto 5 A ril 2021 Income Capilal Notes Funds Funds Year lo 5 April 2020 Total Total Income from: Investment income- quoted investments Investment income- unquoted investments 17,470 18,860 17,470 18.860 21,926 18,655 Total income 36,330 36,330 40,581 Expenditur8: Charitable activities 33,002 33,002 38,490 Total expenditure 33,002 33,002 38,490 Net income before gains and losses gains on Investments 3,328 3,328 2,091 Nel unrealised gainsl(losses) on investment assets 119,903 119,903 (89,0921 Nel Movement in Funds Reconciliation of Funds.. Total funds brought fOard 3,328 119,903 123,231 (87,001) 4,215 818,689 822,904 909,905 TOTAL FUNDS CARRIED FORWARD 7,543 938,592 946,135 822,904 Tha notes on pages 8 to 12 form part of these accounts. The net movement in funds in the year was derived from the continuing actlvity af the charlty. These unaudited flnancial staleinenls have been subjected lo independent examination. See report on page 5.
THE J A SHONE NIEMORIAL TRUST BALANCE SHEET AS AT 5- APRIL 2021 .-UNRESTRICTED FUNDS-- At 5 April 2021 At 5 Aprll 2020 Notes th th FIXED ASSETS Quoted inveslments (at market value) Unquoted investments 733.592 205,000 613,689 205,000 938,592 818.689 CURRENT ASSETS Cash balance 8.539 5,205 CURRENT LIABILITIES Creditors (996) 1990) 7.543 4.215 NET ASSETS 946,135 822,904 THE FUNDS OF THE CHARITY: Capital Funds Incorne Funds 938,592 7,543 818,689 4,215 946,135 822,904 Approved and authorised for issue by the Trust88s and slgned on their behalf by A W Shone Dated: sq These unsudlted financial slalemenls have b¢en subjecled lo indepgnd£nt èxsminalion. See report on page 5.
THE J A SHONE MEMORIAL TRUST TH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 ACCOUNTING POLICIES Basis of Accounting The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise slated in the relevant nole(s) to these accounts. The financial statements have been prepared in accordan with the Statement of Recommended Practice: Accounting and Reporling by Charities (SORP2015) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and Charities Act 2011. The trust constitutes a public benefit entiiy as defined by FRS 102. The accounts are prepared in sterling, which is the funclional currency of the charity. Monetary amounts in theso financial statements are rounded to the nearest £. The Charity has taken advantsge of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Golng concern At the time of approving the accounts, given the Coronavirus pandemic, the trustees have a reasonable expectalion that the charity has adequate resources to continue in operational existence for the foreseeable future. ThLts the truslees continue to adopt the going concem basls of accounting In preparing the accounts. Fund accountin9 Unrestricted funds are considered 'free' resetves and are expendable at the discretion of the Trustees in furtherance of the general objectives of the Trust. Investments Investments held as fixed assets, in accordance with SORP (FRS 102) are stated and included in the balance sheet at their market value at the year end or the valuation dale nearest to the year end. Investment in private companies, h81d as fixed assets, are slated trustees, valuation subject to impaimient review. Realised gains and losses are dealt with as movements on the Capital Fund. Investments are valued at the mid-market prits on the valuation date. The main form of financial risk faced by the charity Is that of votatility in equity markets and investment markets du8 to wider economic condilions. The Trustees conduct a thorough risk analysis in conjunction with thelr Investment managers at each of their Inveslment Committee meelings. Income recognition Incom6 from investments comprises dividend income and interest and are acGounted for when received in the financial y8ar. Donations are recognised at the earlier of nolrficalion or date of receipt, in the c8se of the third party donations and legacy income when received by the organisation. Thesé unaudi18d linancizl stat8mÈnts have béen subjected lo independent exaininalion, Se¢ report on page J.
THE J A SHONE MEMORIAL TRUST TH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expendilure, il is probable that settlement rill be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, induding support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in Ihe Statement of Financial Activities. Charilable activities includes grant funding, along with associated support costs, to beneficiaries. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity. Support costs relate to Complian with constitutional and statutory requirements and specifically include all costs incurred by the ¢harity in producing the Annual Report. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financlal Instruments, and Soction 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheel when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amoLJnls and there is an intention to settle on a net basis or lo realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assels, which include debtors and cash and bank balances, are initially measured at transaction price including transaction cosls and are subsequently carried at amortised cost u.sing the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of Ihe future receipts discounted at a market rate of interest. Financial assels classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, includlng creditors and bank loans are initially recognised al transaction price unless the arrangemènt constitutes a financing transaction, where the debt inslrument is measured at the presenl value of the futu receipts discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rate method. Tbese unaLidited financial $181emenls 1i8ve been subjèctèd lo Independent examination. See report on pagg 5.
THE J A SHONE MEMORIAL TRUST TH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Taxation The Gharity benefits from various exemptions from taxation afforded by tax legislation and is nol liable to corporation tax on income or gains falling within those exemptions. The charity is not able to recover Value Added Tax. Expendilure is recorded in the accounls inclusive of VAT. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the trustees are required to make judgements, estimales and assumptions about the carrying amount of assets and liabilities that are not readily apparÈnt from othèr sources. The estimates and associalad assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in Ih@ period of th8 rèvision and future periods where the revision affecls both current and future periods. CHARITABLE ACTIVITIES 2021 2020 Direct charitable acliviti8s.- grant funding Grant funding Grant-making adminislration costs - LCVS 32,000 500 37,500 500 32,500 250 252 38,000 250 240 Support costs." LGVS administration Independent examination fee 33,Q02 38,490 All expenditure is unrestricted. These unaudited financial statements have bèen subjected to independet)t ex&minglion. See IEPOrt on page 5. io
THE J A SHONE MEMORIAL TRUST TH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 During the year the following grants were made.. Grants £1000 and over Anglican International Development Aid Friends of Mengo Hospital ICanandlAm Mission Aviation Fellowship Nouro Therapy Centre St James Youth st Luke's Health Care The Whitechapel Centre Wirral Ark 2,000 1,000 5,000 4,000 2,500 5,000 2,500 5,000 5,000 32,000 FIXED ASSET INVESTMENTS 2020 2020 Quoted and Un uoted Investments: Market value at 6 April 2020 Unrealised gainslllosses) on investment assets 818,689 119,903 907,781 {89,092) Market Value at 5 April 2021 938,592 818,689 th Book Value at 5 April 2021 619,491 619,491 The Trust holds 78.16°/0 {2020= 74.96 /4)) of its fixed asset investments in a Charily Commission approved pooling scheme, tho Sottlors, Trust Fund (STF), administered by Liverpool Charity and Voluntary Services and Investec Wealth and Investment. At 31. March 2021. Ihe assets ofthe STF fund had a tolal market value of £31,103,291 (2020: £25,593,350) of which £733,592 (2020.. £613,689) Is an asset of the trust. The remaining 21.84/. (2020.. 25.04 % ) of fixed ass@t investments comprises 2,050 shares in W.0 & J Wilson Limited a private limited company. The shares are stated at trustees. valuation subject lo impairment review of £205,000 {2020.' £205,000). These unaudited financial statements have been subjected to indepeiident examination. See report on page 5
THE J A SHONE MEMORIAL TRUST TH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 CREDITORS 2021 2020 Financial administration - LCVS Independent examination fee 750 246 750 240 996 990 UNRESTRICTED FUNDS Incom8 Fund.. Investment income received for distribution as grants to registéred charities. Capital Fund.. Funds held provide income for the ongoing activities of the trust. RELATED PARTY TRANSACTIONS Chantable Activities.. include £500 (2020.- £500) grant making adrninistralion costs and £250 (2020: £250) in respect of accountancy and trust administration payable lo LCVS. At 5 April 2021, creditors included an accrual of £750 {2020'. £750) to LCVS. LCVS is related to the Trust by virtue of LCVS belng the Trust's corporate trustee. ThÈse unaudEted linandal statements have been subjected lo indepeiidenl examination. See report on page 5 12