EDUCATIONAL TRUST NO.1 1982 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 Charity Number 286516
EDUCATIONAL TRUST NO.11982 CONTENTS PAGE Pages Reference and Administration Details Report of the Trustee Independent Examiner's Report Receipts and Payments Account Statement of Assets and Liabilities Appendix 1
EDUCATIONAL TRUST NO.11982 REFERENCE AND ADMINISTRATION DETAILS Corporate Trustee HSBC Trust Company (UK} Limited Current D1CtorS of Corporate Trustee J Hewilson J Coyle P M Spencer Trust Manager S Hill Prin¢lpal Office Forum 1 The Forum Parkway Whiteley Fareham Hampshire P015 7PA Independent Examiner Frances Millar ACA RSM UK Tax and Accounting Limited Highfield Court Tollgate Chandlers Ford Easlleigh Hampshire S053 3TY Bankers HSBC Bank plc Forum 1 The Forum Parkway Whiteley Fareham Hampshire P015 7PA Investment Managers HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ
EDUCATIONAL TRUST NO.1 1982 REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2022 The Trustee presents ils report together with the financial statements of the trust for the year ended 5 April 2022, which have been prepared on a receipts and payments basis. The financial slalements have been prepared in accordance wtlh the trust's constitution and applicable law. The purchase and sale of investments results from the day to day management of the investment portrolio by the investment managers. In accordance with the Charities Act, the financial statements have been prepared on the receipts and payments basis given that the definition of gross income exclude5 the receipt of any endowment. loans and proceeds from the sale of investments or fixed 2g5els. Structure. government and management Educational Trust No.1 1982 is an unincorporated trust and is consliluted under the Declaration ot Trust dated 6 January 1983. The trust is a registered charity Ino.2865161. The Declaration of Trust created a trust fund, now known as the 1982 fund, whereby the income is to be paid or applied for the education of boys and girls at such schools as the Trustee in its absolute discretion thinks fit. A Deed of Agreement dated 9 July 1985 created a second trust fund for the trust, known as the 1985 fund, whereby the income is to be paid or applied, as the Trustee in its absolute discretion thinks fil, for the benefit of the Pestalozzi Chiklren's Village Trust. The corporate Trustee has appointed a designated trust manager to look after the affairs of the trust. The investment manager reviews the performance and provides recommendations on the structure of the investment portfolio. The power to appoint additional Trustees is vested in the current Trustee and 15 exercisable in writing., Should new Trustees be appointed, the existing Trustee would take responsibility for their induction. The Trustee has examined the major strategic, busines5 and operational risks which the trust faces and confirms thal systems have been established lo enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The main risk in the year was considered to be the variability of investment returns. Objective$ and activities The objectives of the trust are to pay or apply the income of the fund for the benefit of individuals and charitable organisations in accordance with the Declaration of Trust. Charitable payments may also be made out of the capital fund al the discretion of the Trustee. This is performed through the awarding of grants, as the Truslee considers grant makir¢g an effects've method of delivering these objectives. The trust manager reviews applications for grants when received. Grants are awarded at the discretion of the Trustee. Achievements and perfonnance During the year 12 grants tolalling £54,733 12021.. 16 grants lotalling £81,794) were awarded to individuals and charrtable institutions under the terms of the goveming document. The beneficiaries are disclosed in Appendix 1 of the accounts.
EDUCATIONAL TRUST NO.11982 REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2022 Financial review The trust reiVed donations under the terms of the Declaration of Trust. The Trust is relianl on the investment incomegeneraled bythesefvnds. The fund generated income of£46,911 (2021.. £59,090) in the year. which facilitated the expenditure on charitable activities of £76,10612021.. £104,415) of which £54,733 {2021.' £81,794) was direct charitable expenditure in the form of grants to charitable inslilutions. Investment policy In accordance with the governing document, the Trustee has the power to invest in such stocks, shares, investments and propety as il sees fil. The Truslee engaged HSBC UK Bank plc as investment managers. The policy is to adopt a low to medium risk investment strategy to proteot. in absolute terms, the capital value of the fund whilst producing a sustainable and growing level of income. and also providing the potential for longer term growth of capital in real terms. Reserves policy The unrestricted funds, which are the free reseTves of the trust, and which are represented by the income arising are paid over to beneficiaries throughout the year. It is not the policy of the trust to maintain specific reserves. The expendable endowment funds represent those assets, which are held permanently by the trust and are principally investments. Income arising on the endowment fund can be Ltsed in accordance with the objectives of the trust and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. The Trustee has the power lo convert this fund into income. Public benefit We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the Trustee considers how planned activities will contribute to Ihe aims and objective5 they have set. Plans for the future The Trustee intend5 to continue providing grants in a similar way to the recent past whilst relaining flexibilty Bs to the timing and scale of grant making. Related parties The Corporate Trustee and the Investment Manager are both wttolly owned subsidiaries of HSBC Holdings plc. In addition to those fees shown on page 6. as a result of the acqui51tion and disposal of investments, the trust pays transact0 charges to HSBC Bank plc. The charges are calculated on a sliding scale at a percentage of the transactions value plus VAT arjd are added to or deducted from the cost of the investments or the disposal proceeds in accordance with UK stand8rd accounting practice.
EDUCATIONAL TRUST NO.1 1982 REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2022 Statement of Trustee's responsibilities in relation to the financial statements The law applicable lo charities in England and Wales requires the Trustee to prepare financial slalements for each financial year which give a true and fair view of the trust's financial activities during the year and of it's financial position 31 the end of the year. In preparing those financial statements, giving a true and fair view. the Trustee should follow best practice and.. select suitable accounting policies and then apply them consIStent-, make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concern basis unless tt is inappropriate to presume that the trust will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity. This enables them lo ascertain the financial position of the charity and enables them to ensure the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed. The Trustee is responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustee and signed on their behalf.. HSBC Trus Co pany {UK} Limited Dale.
EDUCATIONAL TRUST NO.1 1982 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE EDUCATIONAL TRUST NO.11982 I report to the Trustee on my examination of the financial statements of the Educational Trust No.1 1982 Charitable Trust for the year ended 5 April 2022, which are set out on pages 6 to 7. Responsibilities and basis of report As the Trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20111'lhe 2011 Act'i. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 14515)Ibl of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and eonsequently does not cover all the matters that an auditor considers in giving their opinion on the financial statemenls. The planning and conduct of an audit go beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as lo whether the financial slalements present a 'true and fair view, and my report is limited to those specific matters set out in the independent examiner's statement. Independent examiner's staternent I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me reasonable cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or 2. the financial statements do not accord with those records., or 3. the financial 51alements do not comply with the applicable requirements conceming the form and content of accounts sel OLrt 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 examinalion to which attention should be drawn in this report in order lo enable a proper understanding of the lo be financial statements reached. Frances Millar ACA Chartered Accountant The Institute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounting Limited Chartered Accounlanls Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY Date.. 27-Jan-2023
EDUCATIONAL TrUST 140.1 1982 RECEIPTS ANIJ PAYMENTS ACCOUNY FOR THE YEAR ENDED 5 APRIL 2022 R•c•W Sp.u 1.316015 185.C•1 1JT1.1 1527 142)3 Jn T441& t27Q 2.455¢45 These unaudited financ&a4 $lalemenis have been subiect$d lo Sndependenl ex8minalb)n. See report on p&oe S.
EDLICATrONAL TRUST NO.1 1982 STATEMENT OF ASSETS ANO LIABILmgs AS AT 5 APRIL 2022 1982 FU1 Endcywmpnt 1985 Frt Unreyttktsd End(Mm?rrt Unrnstrkt Tca12Q22 Total 2021 hvBstments UK fixed irteFpsl securities Overseas Iixad InierEsisecwtiÈS 33.026 1.722.452 16.564 68.984 49,590 1601.436 104.741 2.522.970 50.226 692.994 Qveiseas eqLqliè¥ otr IrLtsI 8ssets 601,026 301,380 902,386 29,068 14,448 51.291 58.257 TDtsIAsuts 2.395.573 1.20f.355 3,604,7Q6 3.429.200 PfessOr*I fets payab 3.860 3.670 Approv by Ih&TnJsiee and a0se& for sUe on 26111?, . and Sign on it5 behall by.. HSB omp3Ny {LIKI Lirniled Se unaLYiitad fillanrAal sklement5 ha¥e been suiieGlqil lo independenl ex3minalh)n. See wort on page 5.
EDUCATIONAL TRUST NO.11982 APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS Nunkner of grants ArUnt Institution Gordonstoun School Pestalozzi Childrens lIage Trust Sherborne School for Girls 33,000 15.270 6,463 12 54,733