ALFRED CHARLES cufHBERT PARKER WILL TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 Charlty Number 290030
ALFRED CHARLES CLFfHBERT PARKER WILL TRUST CONTENTS PAGE Pages Reference and Administration Detsils Report of the Trustee Independent Examiner's Report ReiptS and Payments Accounl statement of Assets and Liabilrties Appendix 1
ALFRED CHARLES CUTHBERT PARKER WILL TRUST REFERENCE AND ADMINISTRATION DEfAILS Corporate Trustee HSBC Trust Company (UK) Limited Current Directors of Corporate Trustee J Coyle P M Spencer J Hewitson Trust Manager A Mellish Principal Offl¢e Forum 1 The Forum Parkway hiteley Fareham Hampshire P015 7PA Independent Examiner Frances Millar ACA RSM UK Tax and AGcounting Limited Highfield Court Tollgate Chandlers Ford Eastleigh Hampshiie S053 3TY Bankers HSBC Bank plc Forum 1 The Foium Parkway Whiteley Fareham Hampshire P015 7PA Investment Managers HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ
ALFRED CHARLES CUTHBERT PARKER WILL TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2022 The Trustee presents its report together wrth the financial statements of the charity for the year ended 5 April 2022. which have been prepared on a receipts and payments basis. The financial statements have been prepared in accordance with the trust's constitution and applicable law. The purchase and sale of investments results from the day to day management of the investment portfolio by the inveslTnent managers. In 3ccordance with the Charrties 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 assets. Structure. government and management The Alfred Charles Culhbert Parker Will Trust is an unincorporated trust ar)d is oonstituted under the terms of the Will dated 11 August 1958 of the late Mr Parker. The trust is a regislered charity Ino. 2900301. The Corporate Trustee has appointed a designated trust manager lo look after Ihe charrty. The Investment Manager reviews the performance and provides recommendations on the strEJCture of the investment portfolitss. The power to appoint additional Trustees is vested in the current Trustee, and is exercisable in wrrting. Should new Truslees be appointed, the existing Trustee would take responsibility of their induction. The Trustee has examined the major strategic, business and operational risks which the charity faces and confirms that system5 have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks. The main risk in the year was Gonsidered to be the variability of the investment returns. Objective$ and a¢tlvities Follgwing the closure of the Ranyard Charitable Trust. the Trustee has examined altemative use5 for the income generated. They have identrfied Mefchant Taylors as an appropriate recipient. Achlevements and performance During the year, 4 grants lotalling £25,158 (2021.. 3 grants lotalling £88,041) were awarded lo one haritable institution under the terms of the governing document. During the current and prior year no grants were reluriied. Nf) gidiils were awarded to individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements. Finan¢lal revlew The charity received funds from the estate of Mr Parker under Ihe terms of the trust deed. The fund generated investment income of £29,201 {2021.' £33,469) in the year lo fund its charitable activities. The expenditure on charitable activities was £25,458 12021.. £88,041) of which £25,158 <2021.. £88,041) was charitable expenditure in the form of grants to charitable institutsons. Investment policy In a¢cordanGe with the governing document, the Trustee has the power to invest in such stocks, shares, investments and property as they see fil. The Trustee engaged HSBC UK Bank plc as Investment Manager. The policy 15 to adopt a low to medium risk investment strategy to protect, 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.
ALFRED CHARLES CUTHBERT PARKER WILL TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED S APRIL 2022 Reserves pollcy The unrestricted funds, which are the free reserves of the charity, and which are represented by the income arising, are paid over to beneficiaries throughout the year. It is not the policy of the charity to maintain specific reseThes. The expendable endowment funds represent those assets which are held permanently by the charity and are principally investments. Income arising on the endowment fund can be used in accordance with the objectives of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments fomi part of the fund. The Trustee has the power to convert this fund into income. Public benefit We have referred to the guidance contained in the Chaiity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustee considers how planned activities will contribute lo the aims and Dbjeclives they have set. Plans for the future The Trustee intends to continue providing grants in a similar way to the recent past whi15t retaining Ilexibility as lo the timing and scale of grant making. Related partles The Corporate Trustee and the Investment Manager are both wholly owned subsidiaries of HSBC Holdings plc. In addition to the fees shown on page 6, as a result of the acquisition and disposal of investments, the trust pays transaction charges to HSBC Bank plc. The charges are calculated on a sliding scale at a percentage of the transactions value plus VAT and are added lo or deducted from the cosl of the investments or the disposal proceeds in accordance with UK standard accounling practice.
ALFRED CHARLES CUTHBERT PARKER WILL TRUST 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 statements for each financial year which give a true and fair view of the chaiity's financial activities during the yeaf and of it's financial position at the end of the yeaT. 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 consistenlly., make judgements and estimate5 that are reasonable and prudent; slate whether applicable accounting standards and statements of recommended pracli¢e have been followed, subject to any departures disclosed and explained in the financial statements., and prepare the financial statement5 on the going concern basis unless il is inappropriate to presume that the charity will eonlinue in operation. The Trustees are responsible for keeping accounting records thich 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 Charfties Act 2011, the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed. The Trustee is responsible for safeguarding the asset5 of the charty and hence for taking reasonable steps for the pievention and detection of fraud and other irregularities. Approved by the Trustee and signed on its behalt: HSBC Trust Company (UK) Limited
ALFRED CHARLES CUTHBERT PARKER WILL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF ALFRED CHARLES CUTHBERT PARKER WILL TRUST I report to the Truslee on my examination of the financial statemenls of the Alfred Charles Cuthbert Parker Will 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 Truslee of the charity 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 the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all Ihe applicable directions given by the Charity Commission under section 145 (5)Ib) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the financial statements 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 statement 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 lo 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 statements do not comply with the applicable requiren7ents concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a knie and fair view, which is not a matter considered as part of an independent examination. I have no concern5 and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the financial statements lo be 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 Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY 11-Jan-2023 Date..
ALFRED CHARLES CUTHBERT PARKER WILL TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2022 Unrestrictsd funds Endowment funds Total 2022 Total 2021 Receipts Investment income 29,201 29,201 33,469 29,201 29,201 33,469 Investment ¥4le proceed$ Proceeds from the sale of investmen15 1,120.408 1.120.408 1.417,238 Total recolpts 29,201 1,120,408 1,149,609 1.450,707 Payments Cost of g¢ngrating funds Investment service clBrge 37.385 37,385 6,5 Charft4bl& activittOS Grants Other alk)cated c051$ 25.158 300 25,158 300 88.041 Gov•mance costs Indepeent exami s fee 1,248 1.212 25.458 38,633 64,091 95,809 Investmont PUTch4$ès Payments for pchase5 of investments 1,107,673 1,107,673 1,402.348 Totsl payments 25,458 1,146,306 1 171,764 1,498.157 Net receiptsiipaymentsl 3.743 125,8981 (22.1551 147.4501 Transfers between fLnds 13,0561 3056 Cash inve51ed at 6 April 2021 1,990 38,416 40.406 87,856 Cash invested al 5 April 2022 2.677 15,574 18.251 40.4[ These unaudited financial statements have been Subjected to independent examination. See report on page 5.
ALFRED CHARLES CUTHBERT PARKER WILL TRUST STATEMENT OF AssEfs AND LIABILITIES AS AT 5 APRIL 2022 Unrestricted funds Endowment funds Total 2022 Total 2021 Investments UK equities UK fixed interest securities Overseas fixed interest secullties Overseas eqimlies a1 unit trusts Ot[ ITUSt assets Cash 28,580 59,418 1.432,500 393,686 28,265 1.484,462 513.178 28,265 1,484.462 513.178 2,677 15,574 18,251 40.406 Total assets 2,677 2,041,480 2.044.157 1,954,591 Liabilities Professional fees payable 1,315 1,315 1,250 Approved by the Trustee and aLrthorised for issue on.. ..J/:Izo.Z&.... and signed on its behalf-. HSBC Trust Company (UK) Limited These unaudited financial statements have been subjected to independent examination. See report on page 5.
ALFRED CHARLES CUTHBERT PARKER WILL TRUST APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS Number of grants Amount Instltution Merchant Taylors, Cortsolidated Charities for the Poor 25,158 25.158