The Jonathan Towler Foundation
(registered charity number 278033)
Financial Statements Year ended 5th April 2022
The Jonathan Towler Foundation Financial statements for the year ended 05 April 2022 Contents
| Page | |
|---|---|
| Reference and administrative details | 1 |
| Trustees' report | 2 |
| Independent examiners report | 3 |
| Statement of assets and liabilities | 4 |
| Receipts and payments account | 5 |
| Notes to the accounts | 6-7 |
The Jonathan Towler Foundation Financial statements for the year ended 05 April 2022 Reference and administrative details
Charity registration number 278033 Registered office address Hill Farm Halse Brackley Northamptonshire NN13 6DY Accountants WR Partners Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers HSBC 55 Corporation Street Coventry West mIdlands CV1 1GX Trustees Mrs M R Power Mrs J E Robinson
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The Jonathan Towler Foundation Trustee's Report For the year ended 05 April 2022
The trustees have pleasure in presenting their report and accounts of the Foundation for the year ended 5 April 2022.
Structure, Governance and Management
The Foundation was founded by Mr EJH Towler on 16 December 1978 by a Deed of Trust, which was amended by a further Deed of Trust dated 24 August 1981. The settlor transferred £100 to the Foundation on 16 December 1978 and transferred additional property, together with Mrs MM Towler, by Deed of Variation dated 22 December 1978.
The Foundation is a registered charity and it's charity registration number is 278033.
The Trustees of the Foundation who served during the year are shown on page 1 of the accounts.
The Foundation is administered and managed by the Trustees. The power to appoint new Trustees vests in the patron, or with the existing Trustees if the office of Patron is vacant.
Objective and Activities of the Foundation
The objective of the Foundation is to pay its income to or for such charitable institutions or purposes as the Trustees think fit. In planning the Foundations activities for the year in line with it's objectives, the Trustees have kept in mind the Charity Commission's revised guidance on public benefit. The focus of the Foundation's activities remains the payments of donations to other charitable institutions or organisations. In the Trustees views, these donations enable these charitable institutions or organisations to continue to provide the services and resources they provide to certain sections of the public, which in itself, represents a public benefit, in line with Charity Comission guidance.
Development of the Foundation
The Foundation derives its income from its investments assets, including cash deposits and bank accounts. The Trustees have adjusted the investments to provide a stream of income available for potential distribution to charitable institutions or other purposes and so as to provide a sound capital base for the long term future of the charity.
Financial Review of the Foundation
The Foundation's income for the year, before receipts from it's investment portfolio, was £53,316 (2021: £79,573). The Trustees have made grants for charitable purposes amounting to £49,321 (2021: £46,315) during the year, as shown in the receipts and payments account, with other payments made during the year, excluding investment income reinvested into its investment portfolio, of £28,786 (2021: £24,615) representing administrative costs related to running the Foundation. The net assets of the Foundation at the year end were £2,494,838 (2021: £2,382,262).
Reserves Policy
The Trustees policy is to apply the income year on year as it is received, so that expenditure broadly matches the income received. Where there is a surplus of income over expenditure this amount is reinvested for future income growth which will enable the Foundation to potentially make greater donations in the future.
Free reserves at 5 April 2022 are £2,746 (2021: £6,012).
Risks Review
The major risk to which the Foundation is exposed is as a result of it's investments being subject to the fluctuations in the Stock Market as it has a significant portfolio of shares. This risk is mitigated by the appointment of a professional investment manager to manage the investments and by maintaining a broad range of investments at all times.
Approved by the Trustees on …....………………and signed by:
Mrs MR Power Trustee
Mrs JE Robinson Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JONATHAN TOWLER FOUNDATION
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2022 which are set out on pages 4 to 7.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
This report is made solely to the charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in an Independent Examiner’s Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for my work in this report.
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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records.
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.
Signed:
Dated: 22/12/2022
Tim Lunt
BA FCCA MIRPM
WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG
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The Jonathan Towler Foundation Statement of Assets and Liabilities Year ended 05 April 2022
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Monetary Assets 2022 2021
£ £
Bank and Cash Balances
Bank current account 2,323 6,484
Credit card (250) (1,120)
2,073 5,364
Debtors 1,729 648
1,729 648
Investment assets
Managed investment portfolio - at market value Note 1 2,492,092 2,376,250
Other creditors (1,056) -
Net assets 2,494,838 2,382,262
11/12/2022
The accounts were approved by the Trustees on........................................and signed on their behalf by:
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Mrs M R Power Trustee
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Mrs J E Robinson
Trustee
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The Jonathan Towler Foundation Receipts and Payments Account Year ended 05 April 2022
| Receipts Income receipts Income from investments Other receipts Receipts from managed investment portfolio Total receipts Payments Expenditure payments Charitable expenditure Investment management fees Bank charges Prior year Accountancy and independent examination fees Accountancy and independent examination fees Governance and secretarial expenses Other expenditure Other administration expenditure Other payments Reinvestment of investment income Total payments Net receipts / (payments) for the year Cash and bank balances brought forward Cash and bank balances carried forward |
2022 £ 53,316 53,316 56,000 56,000 109,316 49,321 24,530 88 1,178 1,056 5,669 1,550 179 83,571 28,786 28,786 112,357 (3,041) 5,364 2,323 |
2021 £ 79,573 79,573 52,000 52,000 131,573 46,315 17,092 66 - 1,236 6,221 - - 70,930 62,481 62,481 133,411 (1,838) 7,202 5,364 |
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