**Charity Registration No. 281986**
## **CALYPSO BROWNING TRUST**
## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2021**
## **CALYPSO BROWNING TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr J H C Saxton|
|---|---|
||Ms V Browning|
|**Charity number**|281986|
|**Principal address**|2-6 Tenter Ground|
||Spitalfields|
||London|
||E1 7NH|
|**Independent examiner**|Dale Mitchell FCCA|
||Azets|
||9 Thorney Leys Park|
||Witney|
||Oxfordshire|
||OX28 4GE|
|**Bankers**|Barclays Bank UK PLC|
||1 Churchill Place|
||London|
||E14 5HP|
|**Investment advisors**|Brewin Dolphin|
||1 Cavendish Road|
||Leicester|
||LE2 7PG|
||United Kingdom|
## **CALYPSO BROWNING TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 12|
## **CALYPSO BROWNING TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2021**_
The trustees present their report and financial statements for the year ended 5 April 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Deed of Arrangement dated 26 November 1979 which was amended on 16 June 2020, the Charities Act 2011 and “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)".
## **Objectives and activities**
The Trust is a charitable Trust established by the Will of the late Mrs Calypso Browning who died on 15 October 1978, as varied by a Deed of Arrangement dated 26 November 1979 which was amended 16 June 2020 . Trustees are required to distribute the income among charitable societies for the housing of persons in need and for animal welfare. The Trust distributes all income to those societies accordingly.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The Trustees undertake no activities to which the Charity Commission's guidance on public benefit applies.
## **Achievements and performance**
Our main activity is providing grants to animal welfare and homelessness charities. We have a number of charities that we are committed to give to because of our founding instrument – the will of Calypso Browning. We continue to give to these charities and also others that have a particularly strong case for our support. We prefer smaller charities and those who are tackl ing very tangible issues. Vicky Browning leads on homelessness grants and Joe Saxton leads on animal welfare. Distributions made in the year are detailed on page 8 .
The value of investments held by the Trust has increased in the year from £879,304 to £942,912.
Trust income and expenditure is as detailed in the statement of financial activities as detailed on page 4.
## **Financial review**
The total unrestricted funds in hand at the end of the year were £65,352 which is an increase of £33,955 this year. The total endowment funds at the end of the year were £950,223 which is an increase of £48,161 this year.
The Trust distributes all its income to the charitable societies. Undistributed income at the year end is not a reserve, but only the result of fluctuating income and timing of distributions. During this year, and in the period since then, there have been no significant changes in income of the trust or in the pattern of distribution.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The investments are managed by Brewin Dolphin Ltd with an investment objective guideline for Income and Growth Return and the risk classification is classed as 'Diversified Risk'.
- 1 -
CALYPSO BROWNING TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
Structure* governance and management
The trustees who served during the year and up lo the dale of signature of the financial ststements were..
Mr J H C Saxton
Ms V Browning
There are two trustees as detailed above. At prèsent this number satisfies the need of the Trust, however
when we need to recruit new Iruslees we will use networks and proactive recruitment approeches to find new
trustees.
e trust
' report was approved by the Board of Tnjslees.
Mr J H C Saxton
Trustee
Dated..
I:-J .
CALYPSO BROWNING TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CALYPSO BROWNING TRUST
I report lo the trustees on my examination of Ihe financlal 8tslements of Calypso Browning Tru8t (the charrtyl
for the year ended S April 2021.
Responsibilities and basis of rgport
As the frustees of the charity you are responsible for the preparation of the finandal stslements in
accoTdance with th* requirements of the chare$ Act 2011 (the 2011 Actl.
I report in respe of my examination ol the charty's financial statements carned out under seclion 145 of
the 2017 Act. In rryIng out my examination I have followed all the applicable Directions given by the
Charity Commission under section 14515llbl of the 2011 Act.
Indop•ndent oxaminerfs ststsmgnl
Your attention is drawn to the fad that the charity has prepared financial slalements in accordawe wrfh
A¢¢ounting and Reporting by Charities preparing their accounts in a¢¢ofdance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland IFRS 1021 in preferen¢& lo the Accounting and
Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in
the extant regulallons bul has now been withdrawn.
l understand that thi8 ha5 been done in order for financial statements lo provide a true and fair vi8w in
accordance with Generally Accepted Accounting Practice effective for reporting periods Winning on or
after 1 January 2015.
I have mpleted my examination. l Confimi Ihal no matters have come to my attention in Connection with
the examination giving me cause to believe that in any material respect..
accA)unting records We not kept in respect of the tharoty as required by seclion 130 of the 2011 Act.
or
the financial ststements do not accord wth those records,. or
Ihe financial stslemenls do not comply wth the applicable requirements con¢erning the forn and
content of accounts sel OLrt in the Charities {Accounl$ and Reports) Regulations 2008 other than any
requirement that the accounts give a true and fair view which 15 not a matter con$id&re¢J as part of an
independent examination.
I have no ¢on¢ems and have come across no other maiters in connection with the examination to
attenon should be drawn in this r¢port in order to enable a proper und&rstanding of the financAal $tstements
to be reached.
Dale Mrtchell FCCA
9 Thomey Leys Park
tney
Oxfordshire
OX28 4GE
Dated..
01
## **CALYPSO BROWNING TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**Unrestricted Endowment**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Investments
**2**
32,020
-
**Expenditure on:**
Raising funds
**3**
-
6,828
Charitable activities
**4**
158,065
-
**Total resources**
**expended**
158,065
6,828
Net gains/(losses) on
investments
**8**
-
214,989
**Net (outgoing)/**
**incoming resources**
**before transfers**
(126,045)
208,161
Gross transfers
between funds
160,000
(160,000)
**Net movement in funds**
33,955
48,161
Fund balances at 6
April 2020
31,397
902,062
**Fund balances at 5**
**April 2021**
65,352
950,223|**Total**Unrestricted Endowment
funds
funds
**2021**
2020
2020
**£**
**£**
**£**
32,020
40,769
-
6,828
-
9,164
158,065
48,758
-
164,893
48,758
9,164
214,989
-
(194,456)
82,116
(7,989)
(203,620)
-
-
-
82,116
(7,989)
(203,620)
933,459
39,386
1,105,682
1,015,575
31,397
902,062|Total
2020
**£**
40,769
9,164
48,758
57,922
(194,456)
(211,609)
-
(211,609)
1,145,068
933,459|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
CALYPSO BROWNING TRUST
BALANCE SHEET
AS AT 5APRIL 2021
2021
2020
Not9$
Fixed assets
Investments
Current assets
Debtors
Cash al bank and in hand
942,912
879,304
10
257
73,983
257
58,235
74,240
58,492
Credltors: arnounts falllng due wlthln
one year
11
11,5771
14,3371
Net current a$sels
72,663
54,155
Totsl assèts less current Ilabllltles
1.015.575
933,459
Capltal funds
Endowment funds- general
Income funds
Unrestricted funds
12
950.223
902,062
13
65,352
31.397
1,015,575
933,459
Th
financial
rnents were approved by the Trustees on ...
Mr J H C Saxton
Trusteg
## **CALYPSO BROWNING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **1 Accounting policies**
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the charity's Deed of Arranagement, the Charities Act 2011 and “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)”. The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.2 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.3 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
## **1.4 Resources expended**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
## **1.5 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
- 6 -
## **CALYPSO BROWNING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
|**2**
**Investment income**
Income from listed investments
**3**
**Raising funds**
Investment management
**4**
**Charitable activities**
Independent examiner fees
Bank charges
Subscriptions
Grant funding of activities (see note 5)
|**2021**
**£**
32,020
**2021**
**£**
6,828
6,828
**2021**
**£**
(1,080)
45
100
(935)
159,000
158,065|**2020**
**£**
40,769
**2020**
**£**
9,164
9,164
**2020**
**£**
2,039
44
-
2,083
46,675
48,758|
|---|---|---|
- 7 -
## **CALYPSO BROWNING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **5 Grants payable**
|Grants to institutions:
Shelter
Dogs Friends
Refugee Action
Homeless Link
PDSA
Standing Together
Compassion in World Farming
Dogs' Trust
Muslim Women's Network
RSPCA
British Horse Society
The Brooke
Southern Thailand Elephant Project
The Magpie Project
Education Tanzan
Kingfisher Café
Crossroads Derbyshire
Ferne Animal Sanctuary
Horse Sense Wirral
Spear London
The 999 Club + Lad
The Choir with No Name
Secret World Wildlife
Rushton Dog Rescue
This is Growth
RSPB Wales
Housing for Women
Whitechapel Mission
Crisis UK
West Yorkshire Dog Rescue
Emmaus UK
UK German Shepherd Rescue
Teckels Animal San
Prickles and Paws Hedgehog Rescue
Underdog International
Winter Comfort
Angels for Animals|**2021**
**£**
5,000
2,500
5,000
5,000
5,000
5,000
4,000
5,000
5,000
5,000
5,000
5,000
1,500
5,000
6,000
1,000
10,000
2,500
2,500
5,000
5,000
5,000
2,500
2,500
5,000
2,500
5,000
10,000
5,000
4,000
5,000
2,500
2,500
2,500
2,500
5,000
2,500
154,000|
|---|---|
- 8 -
## **CALYPSO BROWNING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **7 Employees**
The average monthly number of employees during the year was:
|Total
**8**
**Net gains/(losses) on investments**
Revaluation of investments
Gain/(loss) on sale of investments|**2021**
**2020**
**Number**
**Number**
-
-
**2021**
**2020**
**£**
**£**
244,266
(188,736)
(29,277)
(5,720)
214,989
(194,456)|
|---|---|
|||
- 9 -
## **CALYPSO BROWNING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **9 Fixed asset investments**
|**Fixed asset investments**||
|---|---|
||**Listed**|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 6 April 2020|879,304|
|Additions|125,779|
|Valuation changes|214,990|
|Disposals|(277,161)|
|At 5 April 2021|942,912|
|**Carrying amount**||
|At 5 April 2021|942,912|
|At 5 April 2020|879,304|
## **Fixed asset investments revalued**
All investments are carried at their fair value. The investments are managed by Brewin Dolphin who provide a valuation report at 5 April 2021. The valuations have been prepared, generally, on the basis of the middle market price at the close of business on the valuation date, and as supplied by external information providers.
## **10 Debtors**
|**10**|**Debtors**|||
|---|---|---|---|
|||**2021**|**2020**|
||**Amounts falling due within one year:**|**£**|**£**|
||Other debtors|257|257|
|**11**|**Creditors: amounts falling due within one year**|||
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2021**|**2020**|
||**£**|**£**|
|Other creditors|257|257|
|Accruals|1,320|4,080|
||1,577|4,337|
- 10 -
## **CALYPSO BROWNING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **12 Endowment funds**
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
||||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|---|
||**Balance at 6**|**Incoming**|**Resources**|**Transfers**|**Revaluations**|**Balance at 5**|
||**April 2020**|**resources**|**expended**||**gains and**|**April 2021**|
||||||**losses**||
||**£**|**£**|**£**|**£**|**£**|**£**|
|**Permanent endowments**|||||||
|Investment portfolio|
902,062|-|(36,105)|(160,000)|
244,266|950,223|
||902,062|-|(36,105)|(160,000)|
244,266|950,223|
||||**Movement in funds**||||
||**Balance at 6**|**Incoming**|**Resources**|**Transfers**|**Revaluations**|**Balance at 5**|
||**April 2019**|**resources**|**expended**||**gains and**|**April 2020**|
||||||**losses**||
||**£**|**£**|**£**|**£**|**£**|**£**|
|**Permanent**|||||||
|**endowments**|||||||
|Investment portfolio|
1,105,682|-|(9,164)||(194,456)|902,062|
||1,105,682|-|(9,164)|-|(194,456)|902,062|
## **Transfer between funds**
In July 2020 the Trust transferred £100,000 from the endowment fund to the unrestricted funds. In December 2020 the Trust transferred £60,000 from the endowment fund to the unrestricted funds. The net effect of these transfers was £160,000 for the year.
- 11 -
## **CALYPSO BROWNING TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_
## **13 Unrestricted funds**
These are unrestricted funds which are material to the charity's activities made up as follows:
|||||**Movement in funds**|**Movement in funds**|**Movement in funds**||
|---|---|---|---|---|---|---|---|
||||**Balance at**|**Incoming**|
**Resources**|**Transfers**|**Balance at**|
||||**6 April 2020**|**resources**|
**expended**||**5 April 2021**|
||||**£**|**£**|
**£**|**£**|**£**|
||Unrestricted funds||31,397|32,020|
(158,065)|
160,000|65,352|
||||31,397|32,020|
(158,065)|
160,000|65,352|
|||||**Movement in funds**||||
||||**Balance at**|**Incoming**|
**Resources**|**Transfers**|**Balance at**|
||||**6 April 2019**|**resources**|
**expended**||**5 April 2020**|
||||**£**|**£**|
**£**|**£**|**£**|
||Unrestricted funds||39,386|40,769|
(48,758)|
-|31,397|
||||39,386|40,769|
(48,758)|
-|31,397|
|**14**|**Analysis of net assets**|**between funds**||||||
|||**Unrestricted**|
**Endowment**|**Total**|Unrestricted|Endowment|Total|
|||**funds**|
**funds**||funds|funds||
|||**2021**|
**2021**|**2021**|2020|2020|2020|
|||**£**|
**£**|**£**|£|£|£|
||Fund balances at 5|||||||
||April 2021 are|||||||
||represented by:|||||||
||Investments|-|
942,912|942,912|-|879,304|879,304|
||Current assets/|||||||
||(liabilities)|65,352|
7,311|72,663|31,397|22,758|54,155|
|||65,352|
950,223|1,015,575|31,397|902,062|933,459|
## **15 Related party transactions**
There were no disclosable related party transactions during the year (2020 - none) .
- 12 -