ILIFFE FAMILY CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
ILIFI ri AMILY CIL41UTABLL TIIUST INDEX Report of the Trustees Independent Examiner's Report Sldl¥iIi¥Iil ufFiii<uiGial Activitl¢S Balance Sheet Notc3 to tho Accounts
REPORT OF THE TRUSTEES OF THE ILIFFE FAMILY CHAIUTABLE TRUST FOR THE ITAR ENDED S APRIL 2021 I. REGULATION The Trust is governed by a Declaration of Trust dated 10 February 1977. The Charity register number is 273437. The inveslments are held in accordance with the powers sei out in the Trnsi Deed. 2. TRUSTEES, BANKERS AND ADVISERS Tlic TLuslc¢s illlULLglLuul Lli¥ yfitt W¥Lf: Lord Iliffe Lady Iliffe The Hon. E R Iliffe C E Fleming The address of tbe Chlty is Darn Clos¢ Yattendon Berkshire R(318 OUX The appointment of new trustees is at the discretion of the current trustees. Bankors of thc Trust wcrc Lloyds Bank PIC 25 Gresham Street LONDON EC?V 7HN Inveslment Advisers of the Trust tOughOut the year were Smith L williamon Investment Management LiLnited 25 Moorgate LONDON EC•R 6AY Independent Examiner of the Trust is Fiona Hawkins Jatne.s Cowper Kreston 2 Communications Road Gi'ccitham Business PEU'k Greeitham Newbury RG19 6AB
REPORT OF THE TRUSTEES OF I HL ILIFFE FAMILY CHARITABLE TRUST FOR THE YEAR II NDEI D 5 APRIL 2021 3. STRUCTURE, COVERNANCE AND MANAGEMENT There is no formal written policy for the recruitment, induction and training of new trustccs. 4. CHARITABLE OBJECTIVES AND ACTIVITIES The Charity was set up by Declaration nf Tni%t dated 111 bebruary l Y77 with the object of making distribuuons for the benefit of charitiible purpuSfb 111 Ili¥ UIiiLra Kingdom or any other part of the world. In carrying out th¢ir duties the trustees have due re£ard to ihe Auidance published by the Charities Commission on public benefit. Tn Dr2C.tice the majarity ot" d18trL' butions are made to UK Tegistered chariiies. To rediice cosls the TTU5t¥¥b r¥gi¥l Ili(Ll Ili¥y Ijv iLOt always rcply to W1511cc¢ssful applieants for grants. 5. REPORT or4 THE ACCOUNTS FOR THE YEAR Income for the }'ear atnoiinted to £28,083 (2020 - £200,853) with distributions of £89.000 (2020 - £170,700) to a nuinber of charities ds deldil¥d in iiul¥ i Iv Ili¥ accounts. Iiivcstrncnts incrcascd in valuc by £487,598 (?020 decreukped by £215,599). As at tlie yeai. end the Trustces had planned donations amoiinting to £124,500 (2020 - £156,000) which they intend to make after 5 April 2021. 6. RESF.RVES The Trust¥rs lidV¥ ia puliuy Cu iJisttibut¢ all tlic iiicoiiic arising cach year subjcct to funding application: received. Theie are no specific rescrv¢s set aside for contingencies as the total funds far outwcigh any contingcnoy that oould arise. 7. RISKS The major risks to which the trust is exposed have be.e.n rp.vip.wp.d And sy%temq are in plaee to mitigate these risks. The Trntrtee8 have considered the impact olCOVID_19 on the c.harity and An nnt consider that there is a signilicant risk to the operations of ihe charity.
REPORT OF THE TRUSTEES OF THE ILIFFE FAMILY CHAIUTABLE TRUST FOR TUE YEAR ENDED S APRIL 2021 8. INVESTMENT POLICY IrubLecb h£iVe dll POWCTS of investment, managemeni sale, exchange and all other powers of an absolute beneficial owner of the Trust Fund. Trust money ma! be invesred in the purchase of securities. other investments or property in any part of the world. 9. STATEMENT OF TRUSTEES, RESPONSIBILITIES Law applicable to chartties in England and Wales requires the trustees to prepare financial statements for each financial year which give a trne and fair view of the Lh(lIY.S financial activities durinR the year and of its financial position at the end of th¢ ycar (unlc33 thc charity is ¢ntitl¢d to prcparc accounts on thc altcrnativc rcccipts and payments b1$). preparing financial ststements giving a true and fair view, the trustees should follow best practice and: select suitable accounting policies and then apply them eonsistentty. b) make judgements and estimates that are reasonable and prudent. Idl¥ wli¥llL¢r <ippIiu<iblc Auuuunling sl(Lndia5 Statements of Reoommended Proctice hove been followed, subj¢ot to any dcparturcs disclosed and explained in the fancial statements. and d) prepare the financial statements on the going Concern basis unless it is inappropriatc to assumc that thc charity will continu¢ in busin¢ss. The trustees are Tesponsible for keeping proper accounting records which disclose. Ivith i¢asoiiablc accw"acy, tli¢ fiiiaiiknial p03itlOLi of ilir vli(uÈIy? iULLi wliiuli ¥Iicibl¥ them to both ascertain the financial position of the charity and ensur¢ that the financial statements comply with regulations. 'J'hey are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and dete¢tion of fraud and other irregularitie-. Signcd: Datc: J,nRTI TI,
INDEI PLNDII NT Ei klMINERIS REPORT FOR THE YEAR ENDED 5 APRIL 2021 Independent Examiner's Report to the Trustces of Iliffe Family Charitable Trust (the Icharity,) I report to the charity TTUStees on my examination of the accoiints of the charity for the year ended 5 AprRI 2021. 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. e.hgrity's Tnistee.% thaqe matter.% l am required to state to them in an Independent Examin¢rfs Report and for no other purpose. To the fullest extent pern]itl¥d by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Ti"UbtCC6 as a body) foi my work- QT for this rcport. Responsibilities and Basis of Report As the Tru51¢cb v£ Ili¥ Lliiuily you aL¢ L¢SPQ115iblc foi tli¢ pr¢paration of thc accowit3 iri accordance with thc rcquirements of the Charities Act 2011 ('the 2011 Act,). T r8.pnrt in re%pect nt'my examination of the charity's accounts carried out under section 145 of the 2011 Act and in canying out my examinallon I have followcd all Ili¥ appliLdblr Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Eyaminerls Statement I have completed my examiiiation. I can confirm that no matters have comc to my altention in conncclion with the cxamination giving mc caujo to believe that in any material respect: accounting records were not kept in respect of the charity as Tequired by section 130 ofj the 2UI l Act. or the dLLuunls do iLOt accord wktli tliose records. or Ihc accounts do not oomply with the applicable requirements concerning the forni and content of accounts set oiit in the charitie.s (Ae.p.niintS And ReJ)nrts) l£eglllations 2UU¥ other than any requirement tliai ihe accounts give a 'true and fair, vicw which is not a mdtteT considered as Pdrt oran independent examination.
I have no concerns and have come across no other matters in connection with the examination to which atteniion should b¢ drawn in this report in order to enable a proper undeTStanding of the accounts to be reached. Signcd.. Daied.. 1710112022 F Hawkins FCA James Cow)er Kreston 2 Communications Road C¥reellhAm Rii.%in?qq PArk Greenham Newbury RG19 6AB
ILIFFE FAMILY CHARITABLE TRUST STATELIIENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 20?1 ote 2021 2020 INCOME FROM: Investment Income Dividends Interest on Fixed Income Stock 26,743 36,826 1,910 162,081 Donation of shares Hank interest 15 36 TOTAL INCOME 28,083 200,853 EXPENDITURE ON: Charitable Activities Donations LJ¢p¢iidciit ExaLIIiJ]Cl's fcc 89,000 1,345 90,345 170,700 172,020 Raising funds Investment advice fee 4.721 4,721 5,-IV6 5,706 TOTAL EXPENDITURE 95,066 177,726 Realised gain on disposal of shares Increasel(decreaoe) in value of inveotments 158,004 3?9,594 175,421 (391,020) (215,599) IryL'I GAIIY51(LU>iSLS) ONI IIYVESTMENTS: 487,598 NET INCOMEI(EXPENSE) 420,615 (192,472) In both 2021 and 2020, of the total income and expendilure, all was to iinrestricted fwlds.
ILIFFE FAMILY CH4RtTABLE TRUST BALANCK SHEET AT 5 APRIL 2021 Note 2021 Tot 2020 Total TANGIBLE FIXED ASSETS Inv¢stm¢nts 1,723.1?1 1,476,651 CURRENT ASSETS e.ath gt baTAk in h%nd Prepaynenrs and A¢¢rued Incorne IR4 If¢4 100 184.290 I n,4fi5t 185 10,653 CURRENT LIABXLITlfS ACerl[S (2.278) (2.786) NET CITRRENT ASSETS 182,012 7,867 NET ASSETS 1,905,133 1,484,518 THE FUNDS OF THE CEL4RrrY Unrestncted funds I,yvs,iJJ 1,4¥4,)115 TOT AL FUNDS OF THE CILIIUTY 1.905.133 1.484.518 Signed: Date: Lord Ilrffe Trust¢¢ Caiherlne Flemlng Trustee
ILIFFE FIIMILY CHèUU'I'ABLL 'IKUS'I NOTEI S TO THI ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 I. ACCOUNTING POLICIES The. finane.ial stgte.me.nts hA ve. heen prepared linder the historical cost convention with items recognised at cost or trans(ILIiun Vdluc uiil¥s5 vili¥iwib¥ sidl¥a ill dlr relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Reconllnended Practice (SORP): Accounting and Reporting bv Charities preparin2 their account5 in <ILLUrd(U¥ wiLEi Ili¥ Financial Reporting Standard applicable in tbe UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 201 l and thc TISt Dccd. The trust constitutes a public benefit entkty as defined by FRS 102. Investment income is accounted for on amounts receivable during the year. EXpenditi¢ is provided on an accruals basis. In'ecoverable VAT is charged to the 8ttLtemcnt of Financial Activities all incurred. Investments are Stated at market value and both realised and unrealised gains are rcflcct¢d in thc Statcmcnt of Financial Activitios. Cash at bank and in hand includes cash and Short temi highly liquid investrneuts witli a short maturity of 3 months or Ics5 froin th¢ date of acquisition or opening of the deposit or similar account. The Trustees have assessed whether the use of going concem is appropriate in -pect of a period at leagt one year from the date of authorigation for issue of the tinanci31 statement8 and have concluded that th¢ Trust has adequate resources to uuntinu¥ in uper<ilioiial exist¥iicc for tlie foreseeable fiittire and there are no material uncertainties about the trust's ability to coiitinue as a going concern, thus the.y c.ontiniie. tn Adnpt the Ening cnncen) h&si% ot c1ccounting in preparing the financial staiemenis. CHARITY AND OBJECT,S The Charity was set up by Declaration of Trust datcd l O FebrLWry 1977 ivith the objoct ofmaking dislribulioiis for Ilie benefit of charitable purposes iii tlie United ngdoni or ]Y other part ol the world. 3. RESERVES POLICY The Trusl¥es hav¥ a puliuy Iv dibliibul¥ Lill llir iLib(iiii¢ ai"isiiig cacli ycai" subj¢¢t to funding applications received. There are no specific rcserves set aside for ontlngencies as the total funds far outweigh an! contingency that could arise.
ILIFFE FAMILY CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 THE TRUSTEES AS AT 5 APRIL 2021 IVERE: Lord Iliffe Lady Iliff¢ 'llie Hon E.R. Ilitie C E Fleming None of the tnistees received remuneration or expenses in the year to 5 April 2021 (2020: £nil). 5. DISTRIBUTIONS MADE BY THE TRUSTEES IN TIIE YEAR WERE.. CHARITY AMOUNT dueati NrwbuLy 1£] Dists"i¥i AbUiLuItLU"dl SuLi¥ly Queen Elizabeth Scholarship Trust RNI,I 1,000 5,000 I n,000 16.000 Medical Cystic Fibrosis Trust Hampshire & Isle of Wight Air Ambulance Pi"ioi"'s CouLt FvwiLiaLiull Queen Elizabeth Foundation 5,000 i.uuu 2,500 10,500 Herlta£e Bucklcbury Victory Room Development Appeal Coventry City of Culture Trust Mary Rose Trust Statioiici"s' Hall Cliatity The Waterniill Theatre 2,500 2,000 io.uoo 10,000 3,000 ?.7,$00 Reli Oll5 All Saints Parish Church St Mary's Church, East Ilsley Yattendon and Frilsham Clstian Stewardship 1,000 2,000 4,000 7,000 Conservation Red Squirrel Survival Trust Tlic Woodlaiid TiSt 2.500 2,iOO 5,000
ILIFFE FAllllLY CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR NDED 5 APRIL 2021 5. DISTRIBUTIONS MADE BY TRUSTEES IN THE YEAR (CONTINUED) Abbeyfield Society Berkshire Community Foundation F{ Afriud IC PhilanthTOPy Lord Leycester Hospital 2,000 10,000 1,000 5,000 5,000 23,000 TOTAL 89,000 6. II¥VESTMlI NTS Tlie inovenients in investments are as follows: SUla]Y 2021 2020 Market value blf Addiliuiib Gift of -hares Di8posals proceeds Casli movement Nct invc3tmcnt gainJ(lo-- Market value clf 1.476.651 1,657,816 240,392 243,108 162,081 (516,879) (336,691) 35,359 (34,064) 487,598 915,599 1.723,121 1,476.051 Income in yeir to 5 April 2021 The total is made up as follows: Fixed Interest 39,054 892 UK Ti"¢asuiy IL Stocks 47,867 432 UK Investmenttunit Trusts & Alternative 401,345 378,95? 13,582 6.394 UK Share 70,2Y/ 867,218 S&W North American Tn]st Other Securities outside the UK 'I'otal oulside the UK 88,064 721,776 278 6.4X() 809.840 Total Scourili¢s Cash 1,677,058 46,U6J 1,723 121 28,068 io
ILIFFE FAMILY CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 6. INVESTfvIENTS (continued) The Trustees consider the following inve."tment. to be tnaterial to the marlcet value ot the porttolio at 5 April 2021: mgrket value Hemies US Mid Equity SVS BambuBlack Findlay Park Funds PIC Edgewood L Select US Select (Tn)Nrt S&W North Atiierican Trust S&W Investment Funds AI Fund Z Iindimith T.F.P Syncona Lid XTrackers Gold Link Fia Solutions Ltd Blacknock European Dynamic Fund Polar Capital funds Scl]roder Asia Pacific Fund SULL B'nerEY Etticiency Investment'l rll8t Bldknkruuk Smdllvr Comp(mies Mercantile Investment Trust p.qiioia Ee.onomie. Infrastnic.tLire. Fia 96,319 93,234 90,J195 g11.IIX6 88,064 77,508 71,718 71,485 69,297 67,14? 59,752 55,475 52,740 51,200 40,198 1.201,961 7. ANALY,gIs OF FITND ASSETS AND LIABILITIKS: As at 5 April 2021 Unrestrieted funds 'I'otal 'ixed asset investments Current assets Current liobiliti¢3 1,721,121 184,290 2,278 1,905,133 1,723,121 184.290 I Q05,133 As ot 5 April 2020 Unr¢strALt¢d funds Total rixcd asset investments e.iirTtrllt asse.ts cuellt liabilities 1,476,651 10,6!3 2,786 1,484,518 1,476,651 10,653 2,786 1,484,518
ILIFFE FAMILY CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE ENDED 5 APRIL 2021 8. SUMMARY OF FUND MOVEI MENTS Fund IName Fulld Balances bi-ought fonvard 1,484,518 1,484,i18 IDcome Expenditure Gains and Fund Balances Lo33¢S earri¢d fonvard 1,905,133 1,905,133 Unrestricted Funds Total Funds 28,083 28,083 95,066 95,066 487,598 487,598 In both 2021 2nd 2020, all income, expenditure and gains and losses were to unreqtricted funds. 9. RELATED PARTY TRANSACTIONS In the prior year. Lord Iliffe gifted shares with a value of £162,081 iu lh¥ Trusl. 12