The Mike Collingwood Memorial Fund
Trustees’ Report and Financial Statements
For the year ended
30 June 2024
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The Mike Collingwood Memorial Fund
Index
General Information …………………………………………. 3 Trustees Certificate …………………………………………… 5 Trustees Report ………………………………………………… 6 Receipts and Payments Accounts ………………………... 7 Notes……………………………………………………………..10 Independent Examiners Report…………………………….11
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The Mike Collingwood Memorial Fund
GENERAL INFORMATION
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1) The Fund was established by means of a Trust Deed dated 13 February 1984
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2) The sponsoring settlor was the Rotary Club of the Weald of Kent (‘the Club’)
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3) The purpose of the Fund is to make Awards to suitable candidates residing within 20 miles of the ‘Who’d a thought it’ at Grafty Green, Kent.
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4) Suitable candidates comprise young persons who, in the opinion of the Award Committee, could benefit from the additional resources thereby provided, either:
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a) Because the Award will provide further experience in or facilities for the education or vocational training or physical, mental or spiritual capacities of the Candidate. Or
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b) Because the Candidate has satisfied the Award Committee that the use he or she proposes to make of the Award is likely to develop the Candidate’s physical, mental or spiritual capacities so that he or she may grow to a fuller maturity and his or her condition of life may be improved.
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5) The Trustees and the date of their appointment are:
| Appointed | Resigned | |
|---|---|---|
| Geoffrey Charles Copeland Haffenden | 18thMay 2022 | |
| Mark Keen Evans | 18thMay 2022 | |
| Jean Margaret Shrubb | 3rdJanuary 2023 | |
| Peter John Wilford | 20thSeptember 2023 |
|
| Neil Denbow | 18thMay 2022 | 2ndAugust 2023 |
The Trustees are appointed for a 3-year term but can be re-appointed
- 6) The Fund is a registered charity no. 288806
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7) Awards are decided upon by an Award Committee comprising the President of the Rotary Club of the Weald of Kent and the Past Presidents, for the four years preceding the year in which an Award is made. At 30[th] June 2024, the Committee comprised:
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Mark Evans
Christopher Jesson Duncan Payne Geoffrey Haffenden
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8) The policy of the Awards Committee is to distribute the normal recurring income for each year but awards can be made for greater aggregate sums. The Trust Deed allows the expenditure from capital providing a reserve is maintained. To date the Trustees have not spent any capital.
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9) An award may be made, although the Candidate will not require the sum awarded, or part of it, until after the 30[th] June in the year the Award is made. Any interest on the Award between the date it is made and the date it is paid to the Candidate accrues to the Fund.
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The Mike Collingwood Memorial Fund
Trustees’ Report for the year ended 30 June 2024
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1) The Trustees have historically sought to achieve a 4% dividend yield from their holding in investment trusts. This income has been used to provide grants for young persons whose applications met the requirements of the Trust Deed.
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2) The Trustees reviewed their investment strategy in 2023 and have continued with the same this year. There is a 5-year bond with Union Bank of India entering its second year at 4.25% pa A 5-year bond with Cambridge and Counties Bank entering its second year at 4% pa and a 2-year bond with Hampshire Trust Bank entering its second year at 4.2 % pa. There is still a holding of c. £10k with IG
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3) This year dividends of £477 have been received and interest of £12558
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4) Details of cash accounts and investments held at 30 June 2024 are set out in note 1 to the accounts
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5) A donation of £5,000 was received during the year and used to enhance the awards total.
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6) A final payment of £20,553.45 was received from the estate of Mrs Stella Jane Smith and deposited into a current account with Santander paying 4.0% annually.
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7) The nature of the Trust is such that the Receipts and Payments method of preparing annual accounts is deemed appropriate. Essentially the Trustees maintain investments to fund the payment of award to applicants. There are no other fixed assets or employees.
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8) All Trustees have received training in regard to the Charity Commission guidance which has been followed accordingly.
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9) The Trustees have no uncertainties due to long term fixed bonds.
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Charity Name Mike Collingwood Memorial Fund
288806
Receipts and payments accounts
1st July 2023 30th June To 2024
For the period from
CC16
a
Section A Receipts and payments
| A1 Receipts | Unrestricted funds to the nearest £ 5,000 20,553 12,558 477 - - - - 38,588 |
Restricted funds to the nearest £ - - - - - - - - - |
Endowment funds to the nearest £ - - - - - - - - - |
Total funds to the nearest £ 5,000 20,553 12,558 477 - - - - 38,588 |
Last year to the nearest £ |
|---|---|---|---|---|---|
| Donations /Receipts | 5,000 | - | - | 5,000 | 8,000 |
| Legacy SJ Smith | 20,553 | - | - | 20,553 | 125,000 |
| Interest received | 12,558 | - | - | 12,558 | 493 |
| Dividends received | 477 | - | - | 477 | 5,322 |
| Profit from sale of Investments | - | - | - | - | 3,701 |
| - | - | - | - | - | |
| - | - | - | - | - | |
| - | - | - | - | - | |
| Sub total(Gross income for AR) |
38,588 | - | - | 38,588 | 142,516 |
| A2 Asset and investment sales, (see table). |
|
|---|---|
| Sub total | |
| Total receipts A3 Payments |
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| Accountancy and Audit fee | 90 |
| Postage | - |
| LEI renewal fee | 60 |
| IG Custody Charge | 96 |
| Trustee Expenses | - |
| Awards made | 10,610 |
| Marketing | 290 |
| Transfer to Santander investment | 20,553 |
| - | |
| Sub total | 31,699 |
| - | 38,588 | 142,516 | |||
| 90 | 275 | ||||
| - | 8 | ||||
| 60 | 60 | ||||
| 96 | 48 | ||||
| - | 47 | ||||
| 10,610 | 8,950 | ||||
| 290 | - | ||||
| 20,553 | - | ||||
| - | - | ||||
| 31,699 | 9,388 |
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| A4 Asset and investment | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| purchases,(see table) | |||||||||
| Sub total | |||||||||
| Total payments | 31,699 | - | - | 31,699 | 9,388 | ||||
| Net of receipts/(payments) | 6,889 | 6,889 | 133,128 | ||||||
| A5 Transfers between funds | |||||||||
| A6 Cash funds last year end | 12,714 | 12,714 | |||||||
| Cash funds this year end | 19,603 | 19,603 | 133,128 |
Section B Statement of assets and liabilities at the end of the period Unrestricted Restricted Endowment funds funds funds Categories Details to nearest to nearest to nearest £ £ £ B1 Cash funds Cash Santander 18,453 IG Cash 1,150 - Total cash funds 19,603 (agree balances with receipts and payments account(s)) OK OK OK Unrestricted Restricted Endowment funds funds funds to nearest to nearest to nearest Details £ £ £ B2 Other monetary assets Union Bank of India 80,000 Cambridge and Counties 55,000 Hampshire Trust Bank 80,000 Santander 65,553 Fund to Current which Cost value asset (optional) (optional) Details belongs B3 Investment assets Merchants Trust MCMF Murray International MCMF
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Notes on the accounts
1. Investments
| 1. Investments | ||||
|---|---|---|---|---|
| Investment/Assets | Holding units |
Cost | Opening | Jun |
| 01/07/2023 | 30/06/2024 | |||
| Merchants Trust Murray International Trust Union Bank of India(UK) Cambridge and Counties Bank Hampshire Trust Bank Santander Current a/c Investments |
905 1915 Bond Bond Bond Bond |
£4,228.45 £4,340.13 £80,000.00 £55,000.00 £80,000.00 £45,000.00 |
£4,797 £4,864 £80,000 £55,000 £80,000 £45,000 |
£5,050 £4,835 £80,000 £55,000 £80,000 £65,553 |
| Grand Total | £268,569 | £269,661 | £290,438 |
2. Donations received
The legacy from Mrs SJ Smith is a one-off and there is no expectation from the Trustees similar donations will be received in subsequent years.
3. Trustees Expenses
A total of £150 was paid out; £90 to Geoffrey Haffenden for expenses in relation to the Auditors gift and £60 to Jean Shrubb for the LEI fee.
4. Awards 2023 - 2024
17 awards totalling £10,610 were paid out in the year 23 – 24 of which: 1 award determined in 22-23 for £200 has still not been paid out
6 awards totalling £4125.00 to be carried over to 24 -25
5. Awards made during the year
None of the recipients of awards were related to or connected with the Trustees or the Awards Committee. There were no conflicts of interest.
To conform with the General Data Protection Regulation (GDPR) details of individual awards are not published.
Any person having the appropriate interest and authority may apply to the Secretary of the Trustees for information. In support of the application, written permission from the person in respect of whom the information is requested is required and must be provided.
The decision as to whether or not information is released is at the discretion of the Trustees.
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CHARITY COMMISSION FOR ENGLAND AND WALES, Indepondont examiner's report on the accounts Section A Indepgndent Examiner's Report Report to the trusteesl members of l The Mike Collingwood Memorial Fund On accounts for the year É)ndÉthd 30" June 2024 Charity no 1Sf any) 288806 Set out on pagè$ IC) I report to the trustees on my examination ol the accounts of the above charrty (Yhe Trust I for the year ended Responsibilities and As the charty trLTrStees of the Trust, you are responsible for the preparation ba5[5 Qf report uf the acGOUiitb ill <lGGvidiSnGe wilh the requllerRetb of the Chdiilieb AGI 2011 I'lhe Acf'l. I report in respect of my examination of the Trust's accounts carrted out under section 145 of the 201 1 Act and in carrying out my examination, I have followed the applicable Diredions given by the Charity Commission und•r soetion 1451Sllbl of th• Act. I have completed my examination. I confirm that no material matters have cvnie Iv rTly allerilioii l iri GoiineGliuii the examination which gives me cause lo believe that In, any material retspect." accounting records were not kepl in a¢c0r¢Jare with $tion 130 of the Aet or the accoLFnls do not accord with the accounting records Independent examinerfs statement I have no concerns and have come across no other matters in connection with the examinglion lo which attention should be drawn in order to enable proper understanding of the accounts lo be reached. ' Ple8se delete the words the brackets rfthey do not apply. Signed: Date.. Name: Rp.Ipvxnt prrtrfp4*lnnAI qualificationlsl or body {If any}: Address: Section B Disclosure Only complclc if Ihc cxamincr nccds to highlight matters of concern Isee CC32, Independent examination of chanty accounts.. directions and guidance for examinefsl. li
Give here brief details of any items that the examiner wishes to disclose .
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