The Pitt-Rivers Charitable Trust Charity registration No: 283839 Trustees' report and unaudited accounts For the year ended 5 April 2022
The Pitt-Rivers Charitable Trust
Legal and administrative information
| Settlor | George Anthony Lane Fox Pitt-Rivers OBE |
|---|---|
| Trustees | George Anthony Lane Fox Pitt-Rivers OBE |
| Valerie Lane Fox Pitt-Rivers CVO | |
| Simon Neil Fowler (appointed 26 May 2023) | |
| Charity number | 283839 |
| Principal address | Estate Ofce |
| Hinton St Mary | |
| Sturminster Newton | |
| Dorset | |
| DT10 1NA | |
| Accountants | Evelyn Partners LLP |
| Accountants | |
| Old Library Chambers | |
| 21 Chipper Lane | |
| Salisbury | |
| Wiltshire | |
| SP1 1BG | |
| Independent examiner | Julie Mutton FCA |
| Evelyn Partners LLP | |
| 4th foor, Cumberland House | |
| 15-17 Cumberland Place | |
| Southampton | |
| Hampshire | |
| SO15 2BG | |
| Bankers | Royal Bank of Scotland |
| London Drummonds Branch | |
| 49 Charing Cross | |
| London | |
| SW1A 2DX | |
| Investment advisors | Sarasin & Partners LLP |
| 100 St Paul's Churchyard | |
| London | |
| EC4M 8BU |
The Pitt-Rivers Charitable Trust
Contents
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of fnancial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 11 |
The Pitt-Rivers Charitable Trust
Trustees' report for the year ended 5 April 2022
The trustees present their report and accounts for the year ended 5 April 2022.
The accounts have been prepared in accordance with the accounting policies set out on pages 7 and 8 and the recommendations of the 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) (effective 1 January 2019).
Activities, specific objects and relevant policies
Objects and activities
The trust is an unincorporated trust, constituted under a trust deed dated 16 October 1981. Under the terms of the Deed, the trustees are given absolute discretion to apply the whole or any part of the income and capital of the trust fund to or for any charitable institutions or charitable purposes or other objects as the trustees deem fit.
The trustees' general policy is to aim to distribute each year the income as it arises but from time to time they may also distribute capital. Whilst no capital has been distributed to date, the trustees retain the right to do so and may consider capital distributions in the future. However, the trustees do occasionally accumulate income over two or three years if they have a specific purpose in mind.
The trustees receive applications for grants and consider each one of the applications at their formal/ informal meetings. This includes grants to individuals. The trustees do occasionally award grants to individuals who are local residents either to relieve hardship, or to assist with education or training.
In applying such income and capital, the trustees are supportive of such charitable causes that are for the public benefit. Each year the trustees review their objectives to ensure their aims are being met.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and, when reviewing the trust's aims and objects, managing the trust's assets and considering any applications for financial assistance.
Investment policy
The investment advisors manage the trust's investments on a discretionary basis. The investment objective is to generate the optimum amount of income for distribution whilst at the same time investing for capital growth of the portfolio. The trustees consider the reports produced by the investment advisors and comment if necessary.
Achievements and performance
Grants
During the year ended 5 April 2022 the trustees made grants totalling £27,500 (2021: £41,000), which are detailed in note 4 to the accounts. All grants were paid to institutions within the scope of the charitable objects.
Investments
During the year the main sources of funding were donations and investment income, arising from the portfolio of investments held at Sarasin & Partners LLP.
For the year ended 5 April 2022, the trustees were satisfied with the performance of the portfolio.
Related parties
During the year, the trustees made donations of £28,500 (2021: £27,000) to the trust.
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The Pitt-Rivers Charitable Trust
Trustees' report for the year ended 5 April 2022
Financial review
Results for the year
Income amounted to £38,369 (2021: £41,228) arising from investment income, donations and gift aid. After expenditure of £2,914 (2021: £4,207) on support costs, £27,500 (2021: £41,000) on donations and gains on investments amounting to £6,498 (2021: £47,306), there was an increase in funds of £14,453 (2021: £43,327).
Reserves policy
The policy of the trustees is to aim to distribute all the income as it arises and not to accumulate reserves. However, the trustees do occasionally accumulate income over two or three years if they have a specific purpose in mind.
The level of free reserves at 5 April 2022 was £274,569 (2021 - £260,116). The trustees consider this level of free reserves satisfactory to meet annual donations to charities.
Plans for the future
The trustees' plan for the future is to continue their grant making policy thus assisting the charities in fulfilling their objectives.
Governance, structure and management
Governance
The charity was established by a Declaration of Trust dated 16 October 1981 and is registered with the Charity Commission, Charity Registration Number 283839.
The trustees who served during the year were: George Anthony Lane Fox Pitt-Rivers OBE Valerie Lane Fox Pitt-Rivers CVO
Subsequent to the year end, on 26 May 2023, Simon Neil Fowler was appointed as a trustee.
When appointing new trustees, the settlor will give full consideration to the trust's purpose and aims to ensure that they appoint individuals who understand the duties expected of them, and who will act in the best interests of the trust.
The trustees feel that their combined skill set is sufficient to ensure the efficient performance of the trust at this time and feel that, given the size and nature of the trust, a formal programme of training is not currently necessary, but they will continue to monitor the situation and will provide suitable training where circumstances arise.
All decisions affecting the management of the trust and its assets are taken by the trustees.
Structure and management reporting
The trustees are ultimately responsible for the policies, activities and assets of the charity. They are in regular and frequent contact to review the developments with regard to the charity, its activities and to make any important decisions. The trustees review the proposals for grants to be made and approve such grants as appropriate. When necessary, the trustees seek advice and support from the charity's professional advisors including investment managers and accountants.
Risk factors
The trustees have examined risks which the trust could face and confirm that systems have been established to enable steps to be taken to lessen these risks.
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The Pitt-Rivers Charitable Trust
Trustees' report for the year ended 5 April 2022
Trustees' responsibilities
The trustees are responsible for preparing the Trustees' report and the accounts in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board of trustees
G A L F Pitt-Rivers
G A L F Pitt-Rivers
Trustee
Date: 7 August 2023
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The Pitt-Rivers Charitable Trust
Independent examiner's report
I report to the trustees on my examination of the accounts of The Pitt-Rivers Charitable Trust the year ended 5 April 2022 which comprise the Statement of financial activities, the Balance sheet and the notes to the accounts, including a summary of significant accounting policies.
Respective responsibilities of trustees and examiner 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').
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 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 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.
Julie Mutton
Julie Mutton FCA
Fellow of The Institute of Chartered Accountants in England and Wales Evelyn Partners LLP
4th Floor, Cumberland House
15-17 Cumberland Place Southampton Hampshire SO15 2BG
Date: 7 August 2023
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The Pitt-Rivers Charitable Trust
Statement of financial activities for the year ended 5 April 2022
| Unrestricted funds Note £ Income Investment income and interest receivable 2 6,619 Donations receivable 28,500 Market tolls - Gift aid recoverable 3,250 Income tax repayment supplement - Total income 38,369 Expenditure Charitable activities - grants 4 27,500 Charitable activities - support costs 5 2,914 Total expenditure 30,414 Net surplus/(defcit) before gains and losses on investments 7,955 Gains on investments 8 - Net movement in funds 7,955 Fund balances at 6 April 2021 17,660 Fund balances at 5 April 2022 25,615 |
Capital funds £ - - - - - - - - - 6,498 6,498 242,456 248,954 |
2022 Total £ 6,619 28,500 - 3,250 - 38,369 27,500 2,914 30,414 7,955 6,498 14,453 260,116 274,569 |
2021 Total £ 7,168 27,000 309 6,750 1 |
|---|---|---|---|
| 41,228 | |||
| 41,000 4,207 |
|||
| 45,207 | |||
| (3,979) 47,306 |
|||
| 43,327 216,789 |
|||
| 260,116 |
All income and expenditure derives from continuing activities.
The notes on pages 7 to 11 form part of the accounts.
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The Pitt-Rivers Charitable Trust
Balance sheet as at 5 April 2022
| Notes Fixed assets Investments 8 Current assets Gift aid recoverable Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Net assets The funds of the charity: Capital funds Unrestricted income funds |
£ 10,000 18,495 28,495 (2,880) |
2022 £ 248,954 25,615 274,569 248,954 25,615 274,569 |
£ 6,750 17,580 24,330 (6,670) |
2021 £ 242,456 17,660 |
|---|---|---|---|---|
| 260,116 | ||||
| 242,456 17,660 |
||||
| 260,116 |
The accounts were approved by the Trustees, authorised for issue and signed on its behalf by:
G A L F Pitt-Rivers
............................
G A L F Pitt-Rivers
Trustee
Date: 7 August 2023
The notes on pages 7 to 11 form part of the accounts.
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The Pitt-Rivers Charitable Trust
Notes to the accounts for the year ended 5 April 2022
1 Accounting policies
1.1 General information
The Pitt-Rivers Charitable Trust is an unincorporated trust, registered with the Charity Commission in England and Wales (No. 283839). The address of the registered office is The Manor House, Hinton St Mary, Sturminster Newton, Dorset, DT10 1NA.
1.2 Basis of preparation
The accounts have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") and with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 issued in 2019. The accounts are also prepared in accordance with the Charities Act 2011.
The trustees confirm that the charity is a public benefit entity as defined by FRS 102.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value.
The accounts are prepared on a going concern basis; there are no material uncertainties about the charity's ability to continue as a going concern.
1.3 Fund accounting
Both funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity and which have not been designated for other purposes.
1.4 Functional currency
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these accounts are rounded to the nearest £1.
1.5 Income
All incoming resources are included in the Statement of financial activities when the trust is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.6 Expenditure
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
1.7 Investments
Investments are stated at market value at the balance sheet date. Realised gains and losses on investments, calculated on the difference between the sale proceeds and their cost, are credited or charged to the Statement of financial activities in the year of gain or loss.
Unrealised gains and losses representing the movement in the market values during the year are credited or charged to the Statement of financial activities in the year of the gain or loss.
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The Pitt-Rivers Charitable Trust
Notes to the accounts for the year ended 5 April 2022
1 Accounting policies
(Continued)
1.8 Grants paid
Donations granted are recognised in the year in which the award is formally approved, irrespective of the period covered by the donation.
1.9 Liabilities
Liabilities are recognised on the balance sheet as soon as a constructive obligation resulting from a past event can be reliably measured. Current liabilities represent those liabilities which are expected to be settled within the next 12 months from the balance sheet date.
2 Investment income
| Investment income | ||
|---|---|---|
| Dividend income Bank interest Expenditure Charitable activities Grants payable (note 4) Support costs (note 5) |
2022 £ 6,615 4 6,619 2022 £ 27,500 2,914 30,414 |
2021 £ 7,153 15 |
| 7,168 | ||
| 2021 £ 41,000 4,207 |
||
| 45,207 |
3 Expenditure
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The Pitt-Rivers Charitable Trust
Notes to the accounts for the year ended 5 April 2022
| 4 Grants payable Grants to institutions: (38 grants (2021: 49)) Ashmolean Museum Bournemouth Choir (archealogical appeal) Bournemouth Symphony Orchestra Schools Concert Project Bournemouth University BusStop Club Classical Opera Dorset Community Foundation Garsington Opera Home Start North Dorset Medecines Sans Frontieres Opera Prelude Pitt-Rivers Museum Oxford RNIB Royal Academy of Music Salisbury Museum Shelter Sturminster Youth Club Welsh National Opera Yeovil Hospital Charity Donations below £500 (27 grants (2021: 33)) Summary: Animals Arts, Culture and Humanities Community Development Education Environment Health Human Services Religion |
2022 £ 1,000 - 2,000 - 1,500 1,000 - 2,500 - 1,000 1,000 - 1,000 - 1,000 1,000 - 1,000 - 13,500 27,500 2,000 9,500 4,500 1,000 - 4,000 6,000 500 27,500 |
2021 £ 1,000 1,000 2,000 2,000 1,000 1,000 2,000 - 1,500 1,000 1,000 5,000 - 1,000 2,000 1,000 1,500 - 1,000 16,000 |
|---|---|---|
| 41,000 | ||
| 1,500 16,000 10,500 4,000 500 6,500 1,500 500 |
||
| 41,000 |
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The Pitt-Rivers Charitable Trust
Notes to the accounts for the year ended 5 April 2022
5 Support costs
| Accountancy fees Independent examiner's fees (governance costs) Bank charges |
2022 2021 £ £ 1,800 3,570 1,080 600 34 37 2,914 4,207 |
|---|---|
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year (2021 - none).
7 Employees
There were no employees during the year (2021 - none).
8 Fixed asset investments
| Fixed asset investments | |||
|---|---|---|---|
| Market value at 6 April 2021 Net investment gains Market value at 5 April 2022 |
Listed Unlisted 2022 2022 £ £ 242,455 1 6,498 - 248,953 1 |
Total 2022 £ 242,456 6,498 248,954 |
Total 2021 £ 195,150 47,306 |
| 242,456 |
The unlisted investments consist of market rights at Sturminster Newton which have been included at a nominal value.
9 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Grants payable Accountancy fees Independent examiner's fees |
2022 £ - 1,800 1,080 2,880 |
2021 £ 2,500 3,570 600 |
| 6,670 |
10 Related parties
During the year, the trustees made donations of £28,500 (2021: £27,000) to the trust.
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The Pitt-Rivers Charitable Trust
Notes to the accounts for the year ended 5 April 2022
| 11 Analysis of net assets between funds Unrestricted funds £ Investment assets - Net current assets 25,615 25,615 Prior year: Investment assets - Net current assets 17,660 17,660 |
Capital funds £ 248,954 - 248,954 242,456 - 242,456 |
Total £ 248,954 25,615 |
|---|---|---|
| 274,569 | ||
| 242,456 17,660 |
||
| 260,116 |
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