## **THE PAIN TRUST**
## **ANNUAL REPORT AND ACCOUNTS**
**1 SEPTEMBER 2020 TO 31 AUGUST 2021**
**Charity Commission Reference Number: 276670**
Page 1
## **THE PAIN TRUST**
## **SIGNIFICANT INFORMATION**
The Association was established under a trust deed dated 31 August 1978 in order to provide facilities for assistance in travel or adventure to further physical development, character training, leadership training and the fostering of a team spirit for boys who have reached the age of ten but have not exceeded the age of twenty one.
## **Officers:**
**Chairman:** Howard Mallett Geotechnical Engineer **Secretary:** Esther Workman Project Manager **Treasurer:** Andrew Hart Finance Director **Trustees:** Howard Mallett Geotechnical Engineer Esther Workman Project Manager Andrew Hart Finance Director Iain Todd Works Surveyor Ian Jay Retired Peter Wilson Retired Douglas John Upton Retired Stuart Wilson Head of Development James Kelly Teacher
**Registered Address:** 10 Springfield Road, Exmouth, Devon.
## **Trustees' responsibility for the accounts**
Accounting and reporting responsibilities
The Charities Act 2011 requires the Governors as the Trustees of the Charity to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year.
In preparing the financial statements the Governors should follow best practice and
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation.
The Governors are responsible for keeping accounting records which are such as to disclose, with reasonable accuracy, the financial position of the Charity at any time, and to enable them as Trustees to ensure that the financial statements comply with the Charity Law. The Governors are also responsible for safeguarding the charity's assets, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 2
## **THE PAIN TRUST**
## **TRUSTEES' REPORT**
||**TRUSTEES' REPORT**|
|---|---|
|CharityRegistered Number|276670|
|GoverningDocument|Trust Deed dated 31 August 1978|
|Objects of the Charity|Subject to payment of expenses upon trust to apply the income of The Pain
Trust in the provision of facilities for assistance in travel or adventure to further
physical development, character training, leadership training and the fostering
of a team spirit for boys who have reached the age of ten but have not
exceeded the age of twenty one, resident within eight miles of the Town Hall
at Exmouth or in East Devon in the County of Devon, but excluding the area to
the west of the estuary of the River Exe so that they may grow to full maturity
as individuals and members of society and that their conditions of life may be
improved Provided (1) That such income shall only be used for the provision of
such facilities as do not come within the responsibility of the Government or
Local Authorities and (2) That such income shall be used only for Charitable
purposes.|
|Specific Investment Powers|The Charity's investment powers are now conferred by the Trustee's Act
2000.|
|Trustees Selection Method|Trustees are appointed by a resolution of the Trustees, passed at a meeting of
Trustees of which not less than twenty one days’ notice has been given.
The Trustees held 7 meetings duringtheyear.|
|Charity's activities and
achievements during the
year|Progress and Achievements
The Trust made grants to one individual and to one group.
The total amount given out in grants amounted to £320.
The market value of its COIF investments increased by £254,155 during the
year to £2,157,511 (2020 - £1,843,355), of which £2,137,556 is held as capital
and is not available for distribution.
The Trust holds funds (including cash at bank) of £100,129 for distribution.
Financial Activities and Affairs
Grants for 13 boys were made during the year.
The total amount given in grants since the Trust was set up is £935,829.
Due to the global pandemic, the trust has only given out a small amount of
money during the year. The trust did make a number of other awards for
adventures that subsequently did not go ahead and therefore the monies were
returned.|
|Public Benefit|The Trustees have had due regard to the guidance published by the Charity
Commission on Public Benefit.|
Approved by the trustees on and signed on their behalf by:
(Signature) .................................................. (Name) ..................................................
Page 3
## **INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS**
## **TO THE TRUSTEES OF**
## **THE PAIN TRUST**
I report on the accounts of the Trust for the year ended 31 August 2021 which are set out on pages 5 and 6.
|Respective
responsibilities of
trustees and examiner|The charity s trustees are responsible for the preparation of the accounts. The
charity s trustees consider that an audit is not required for this year under
section 144 of the Charities Act 2011 (The Charities Act) and that an independent
examination is needed.
It is my responsibility to:
•
examine the accounts under section 145 of the Charities Act,
•
to follow the procedures laid down in the general Directions given by the
Charity Commission (under section 145(5)(b) of the Charities Act), and
•
to state whetherparticular matters have come to myattention.|
|---|---|
|Basis of independent
examiner’s statement|My examination was carried out in accordance with general Directions given by
the Charity Commission. An examination includes a review of the accounting
records kept by the charity and a comparison of the accounts presented with
those records. It also includes consideration of any unusual items or disclosures
in the accounts and seeking explanations from the trustees concerning any such
matters. The procedures undertaken do not provide all the evidence that would
be required in an audit, and consequently no opinion is given as to whether the
accounts present a true and fair view and the report is limited to those matters
set out in the statement below.|
|Independent examiner’s
statement|In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in, any material respect, the
requirements:
•
to keep accounting records in accordance with section 130 of the
Charities Act;
•
to prepare accounts which accord with the accounting records and
comply with the accounting requirements of the Charities Act have not
been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a
proper understandingof the accounts to be reached.|
|Signed|...............................................................................................|
|Name|J E D RIPPON|
|Relevant professional
qualifications or body|Member of the Association of Chartered Certified Accountants|
|Address|Southon & Co
Chartered Certified Accountants
6-12 The Parade
Exmouth
EX8 1RL|
Page 4
## **THE PAIN TRUST**
## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED**
## **31 AUGUST 2021**
|Notes
RECEIPTS
Donations, Legacies and Similar Receipts
Investment Income
3
Total Receipts
PAYMENTS
Charitable payments:
Grants Paid
Governance Costs
5
Total Expenditure
Net Incoming Resources for the Year
OTHER PAYMENTS (NOT COUNTING AS
"EXPENDITURE")
Transfer to COIF Investments
Fixed Assets
Net Movement in Funds
Cash and Bank Balances Brought Forward
**CASH AND BANK BALANCES CARRIED FORWARD**|General
Fund
£
-
56,418
56,418
320
3,377
3,697
52,721
60,000
-
-7,279
87,453
80,174|Restricted
Fund
£
-
-
-
-
-
-
-
-
-
-
-
-|Total
Funds
£
-
56,418
56,418
320
3,377
3,697
52,721
60,000
-
-7,279
87,453
80,174|2020
£
-
55,716|
|---|---|---|---|---|
|||||55,716|
|||||4,100
4,287|
|||||8,387|
|||||47,329
40,000
-|
|||||7,329
80,124|
|||||87,453|
Page 5
## **THE PAIN TRUST**
## **STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED**
## **31 AUGUST 2021**
|||||Total||
|---|---|---|---|---|---|
||Notes|Capital|Income|Funds|2020|
|||£|£|£|£|
|CASH FUNDS||||||
|Cash||-|-|-|6|
|Bank Account|||20,349|20,349|24,041|
|COIF Deposit Account||-|59,825|59,825|63,406|
|Total Cash and Bank Balances||-|80,174|80,174|87,453|
|INVESTMENTS||||||
|COIF Investment Fund|6/7|1,794,699|-|1,794,699|1,468,631|
|COIF Fixed Interest Fund|6/7|342,856|19,955|362,811|374,724|
|Total Investments||2,137,556|19,955|2,157,511|1,843,355|
|ASSETS RETAINED FOR THE CHARITY'S OWN USE||||Cost|Cost|
|Office Furniture (disposed of in year)||||-|923|
|Computer||||1,160|1,160|
|Photocopier (disposed of in year)||||-|660|
|LIABILITIES||||-|684|
Page 6
## **THE PAIN TRUST**
## NOTES TO THE ACCOUNTS
## YEAR ENDED 31 AUGUST 2021
## 1. ACCOUNTING POLICIES
In preparing the accounts the following policies have been complied with:
- a) The accounts have been prepared on the Historic cost convention. The accounts are in accordance with applicable accounting standards, the Charities SORP 2005 (Accounting and Reporting by Charities) and comply with the Charities (Accounts and Reports) Regulations 2011 issued under the Charities Act 2011.
- b) Investment income is recorded when received.
- c) Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier.
- d) Other expenditure is included in the accounts when it is paid.
## 2. TAXATION
The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
## 3. RELATED PARTY TRANSACTIONS
None of the Trustees were paid remuneration or expenses by the charity during the year (2020 - NIL).
|4.
5.|INVESTMENT INCOME
has arisen as follows:
Listed Investments
Cash
GOVERNANCE COSTS
Rent
Insurance
Independent Examiner's Fee
Office Costs|2021
£
56,410
8
56,418
1,540
168
1,368
301
3,377|2020
£
55,454
262|
|---|---|---|---|
||||55,716|
||||2,640
189
684
774|
||||4,287|
Page 7
## **THE PAIN TRUST**
## NOTES TO THE ACCOUNTS
## YEAR ENDED 31 AUGUST 2021
|6.|INVESTMENT ACCOUNTS (Capital)
Brought forward
Transfers In/(out)
Movement in Value
Carried forward|Investment
Fund
£
1,468,631
60,000
266,069
1,794,699|Fixed
Interest
Fund
£
374,724
-20,000
-11,868
342,856|Total
£
1,843,355
40,000
254,200
2,137,556|2020
£
1,762,059
40,000
41,296|
|---|---|---|---|---|---|
||||||1,843,355|
Amounts held in Capital funds are not available for distribution. During the year, £20,000 was moved from the Fixed Interest Fund to the Investment Fund.
7. INVESTMENT ACCOUNTS (Income)
|INVESTMENT ACCOUNTS (Income)|||||
|---|---|---|---|---|
|Brought forward
Transfers In/(out)
Movement in Value
Carried forward|Investment
Fund
£
0
0
0
0|Fixed
Interest
Fund
£
0
20,000
-45
19,955|Total
£
0
20,000
-45
19,955|2020
£
0
0
0|
|||||0|
Amounts held in Income funds are available for distribution. During the year, £20,000 was invested in the Fixed Interest Fund to improve returns on income not immediately required for grant payments.
Page 8