THE BUTE FAMILY CHARITABLE TRUST Charity No. : 285226
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE BUTE FAMILY CHARITABLE TRUST CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees' Report | 2 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 10 |
THE BUTE FAMILY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION
Trustees:
Registered office:
Independent examiner:
Charities Commission No.:
Anthony Crichton-Stuart Sophia Crichton-Stuart Samantha Embury 2nd Floor 146-148 Clerkenwell Road London EC1R 5DG Adam Fullerton Moore Kingston Smith LLP Chartered Accountants 6th Floor 9 Appold Street London EC2A 2AP 285226
Page 1
THE BUTE FAMILY CHARITABLE TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The trustees present their annual report and financial statements for the year ended 5 April 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust deed, 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 object of the Charitable Trust is to provide funds for charitable purposes. The income and capital of the Trust are held for the purpose of making donations to any charitable institution, or for charitable purposes generally, as the Trustees may in their absolute discretion think fit. Typically donations are made in the following areas: Community, Medical, Youth and Health and Awareness with an emphasis on charitable support within the area of Bute. There have been no changes in the Trust's objects or policies during the year. The funds of the Trust are held in a managed portfolio and monitored on a monthly basis to ensure the preservation of capital and reasonable rate of return. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
The charity's capacity remained relatively constant on the prior year with steady income levels compared to the prior year. The level of grant giving increased in response to coming out of the COVID era and the challenging economic conditions curently. A profit was made during the year of £8,434 which was planned.
Financial review
The Trustees have an absolute discretion as to the investments that may be made and are given professional advice concerning the charity's investments.
The Trustees have met each quarter throughout the year.
For the year ended 5 April 2024, the income of the Trust amounted to £37,520 (2023: £24,484), which after meeting administration and other costs of £29,086 (2023: £34,346) left a surplus of £8,434 (2023: £9,862 shortage). Donations of £26,800 were paid or payable in the year (2023: £32,951). There was unrealised losses on investments during the year of £32,190 (2023 : £88,970 loss).
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees has assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Bute Family Charitable Trust is a lasting testimony to the generosity of the donors, the Crichton-Stuart family. They plan to continue to support charitable institutions on the Isle of Bute in the coming year.
Page 2
THE BUTE FAMILY CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 trLth wtho Served durlry tho >wand up to tho date of 8lafiare of thè ftnandal statsments WOT8'. An1)nY CrSchlon-Stuart Soptti9 Crichton-sluart S8monlha Embury Th8 Tnmt is an unlnrJypoTod tnb8L cwubjtod byg tru8t deed datod 15 Septwnber 1981 arn118 a Tegk8t8TI chartty, numt)er 285226. The Trust does not activdy fvndral$e and kS to contlnue Fts Kirk thro7 the rof Btthvardship of its existing re8ourw. The tmtee8 8r8 eligltAe. In commNtg9. tK¥ appolnt addlllon81 Trust under tho tams of tho trust deed. The trust deod was am918 on 11 Jun• 2013 to InCOrpats the namo Ch¥ from Th9 8ule Chorftatlg Trust lo The Bule Fomlly Charltabl8 TnJ8L The tru8to8N' rwyt Wa8 approved by Ihe BOA olTru8t888. 8ophl• Crlchton4tuart Tru81ee Dated. 16106124 Samnth• Embury Trustee Dated.. 16106124 Page 3
THE BUTE FAMILY CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BUTE FAMILY CHARITABLE TRUST
I report to the charity trustees on my examination of the financial statements of The Bute Family Charitable Trust (the Trust) for the year ended 5 April 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of your Charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
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.
Adam Fullerton (FCA DChA)
Moore Kingston Smith LLP Chartered Accountants 6th Floor 9 Appold Street London EC2A 2AP
Date: 19/06/2024
Page 4
THE BUTE FAMILY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Investments 3 Total Expenditure on: Charitable activities 4 Total Net gains/(losses) on investments 8 Net loss Total funds brought forward Total funds carried forward |
Total 2024 £ 37,520 37,520 29,086 29,086 (32,190) (23,756) 681,558 657,802 Unrestricted |
Total 2023 £ 24,484 Funds |
|---|---|---|
| 24,484 | ||
| 34,346 | ||
| 34,346 | ||
| (88,970) | ||
| (98,832) 780,390 |
||
| 681,558 |
Page 5
THE BUTE FAMILY CHARITABLE TRUST Balance Sheet as at 5th April 2024 Not• 20 2024 2023 542.802 574,992 Curr•nt AM•t• D8blor8 Cash at bgnk oThJ In hand 10 7,069 116911 129.641 123.980 136.136 Crndltors: knwnt• l•lllnq du• wlthln on• y•ar 11 29.570 N•t Cufr•nt A•••ts 115.OCX) 106,588 N•t A•••ts 657,802 681558 Fund• Unre8tr1cted frJnd8 681.558 881.558 Total fund• 857 802 The fin8nclal gt8tsmont8 wern approved bythe Tru8* on Iblobl >< soph Crf¢htws1Uart Tru•t•• S•m8ntha E Tru•t•• Page6
THE BUTE FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting Policies
Charity Information
The Bute Family Charitable Trust is a Charity registered in England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, 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 trust is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going Concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the trust 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.
1.5 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
1.6 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.
Page 7
THE BUTE FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of ninety one days or less, and bank overdrafts.
1.8 Financial instruments
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust 's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled.
2. Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Page 8
THE BUTE FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Investments
| Income from listed investments Interest receivable 4. Expenditure on Charitable Activities Other interest payable and similar charges Grant funding of activities (see note 5) Share of governance costs 5. Grants Payable Grants to institutions: Rothesay Academy Other grants |
Unrestricted Unrestricted funds funds 2024 2023 £ £ 35,658 24,059 1,862 425 37,520 24,484 Charitable Charitable Expenditure Expenditure 2024 2023 £ £ 306 195 26,800 32,951 1,980 1,200 29,086 34,346 2024 2023 £ £ 1,250 1,650 25,550 31,301 26,800 32,951 |
Unrestricted Unrestricted funds funds 2024 2023 £ £ 35,658 24,059 1,862 425 37,520 24,484 Charitable Charitable Expenditure Expenditure 2024 2023 £ £ 306 195 26,800 32,951 1,980 1,200 29,086 34,346 2024 2023 £ £ 1,250 1,650 25,550 31,301 26,800 32,951 |
|---|---|---|
| 34,346 | ||
| 2023 £ 1,650 31,301 |
||
| 32,951 |
6. Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
7. Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
8. Net losses on investments
| Revaluation of investments | 2024 £ (32,190) |
2023 £ (88,970) |
|---|---|---|
Page 9
THE BUTE FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
9. Investments
| Market value at 5 April Net realised/unrealised losses Market value at 6 April Historical cost 10. Debtors Amounts falling due within one year Other Debtors 11. Creditors: amounts falling due within one year Grant Creditors Accruals and deferred income |
2024 £ 574,992 (32,190) 542,802 571,769 2024 £ 7,069 2024 £ 7,000 1,980 |
2023 £ 663,962 (88,970) |
|---|---|---|
| 574,992 | ||
| 571,769 2023 £ 6,495 |
||
| 2023 £ 28,370 1,200 |
||
| 8,980 | 29,570 |
12. Related party transactions
There were no disclosable related party transactions during the year (2023: none) .
Page 10