2023-04-05-accounts - Alfred Charles Cuthbert Parker Will Trust

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ALFRED CHARLES CUTHBERT PARKER WILL TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

Charity Number 290030

ALFRED CHARLES CUTHBERT PARKER WILL TRUST

CONTENTS PAGE

	Pages
Reference and Administration Details	1
Report of the Trustee	2 - 4
Independent Examiner’s Report	5
Receipts and Payments Account	6
Statement of Assets and Liabilities	7
Appendix 1	8

ALFRED CHARLES CUTHBERT PARKER WILL TRUST

REFERENCE AND ADMINISTRATION DETAILS

Corporate Trustee	HSBC Trust Company (UK) Limited
Current Directors of Corporate Trustee	J Coyle
	P M Spencer
	J Hewitson
Trust Manager	A Mellish
Principal Office	Forum 1
	The Forum Parkway
	Whiteley
	Fareham
	Hampshire
	PO15 7PA
Independent Examiner	Frances Millar ACA
	RSM UK Tax and Accounting Limited
	Highfield Court
	Tollgate
	Chandlers Ford
	Eastleigh
	Hampshire
	SO53 3TY
Bankers	HSBC Bank plc
	Forum 1
	The Forum Parkway
	Whiteley
	Fareham
	Hampshire
	PO15 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 2023

The Trustee presents its report together with the financial statements of the charity for the year ended 5 April 2023, 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 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 excludes the receipt of any endowment, loans and proceeds from the sale of investments or fixed assets.

Structure, government and management

The Alfred Charles Cuthbert Parker Will Trust is an unincorporated trust and is constituted under the terms of the Will dated 11 August 1958 of the late Mr Parker. The trust is a registered charity (no. 290030).

The Corporate Trustee has appointed a designated trust manager to look after the charity. The Investment Manager reviews the performance and provides recommendations on the structure of the investment portfolios.

The power to appoint additional Trustees is vested in the current Trustee and is exercisable in writing. Should new Trustees 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 systems 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 considered to be the variability of the investment returns.

Objectives and activities

Following the closure of the Ranyard Charitable Trust, the Trustee has examined alternative uses for the income generated. They have identified Merchant Taylors as an appropriate recipient for all current and future grants.

Achievements and performance

During the year, 4 grants totalling £34,564 (2022: 4 grants totalling £25,158) were awarded to one charitable institution under the terms of the governing document. During the current and prior year no grants were returned. No grants were awarded to individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements.

Financial review

The charity received funds from the estate of Mr Parker under the terms of the trust deed. The fund generated investment income of £40,776 (2022: £29,201) in the year to fund its charitable activities. The expenditure on charitable activities was £50,918 (2022: £25,458) of which £34,564 (2022: £25,158) was charitable expenditure in the form of grants to charitable institutions.

Investment policy

In accordance with the governing document, the Trustee has the power to invest in such stocks, shares, investments and property as they see fit. The Trustee engaged HSBC UK Bank plc as Investment Manager. The policy is 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 5 APRIL 2023

Reserves policy

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 reserves.

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 form 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 Charity 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 to the aims and objectives they have set.

Plans for the future

The Trustee intends to continue providing grants in a similar way to the recent past whilst retaining flexibility as to the timing and scale of grant making.

Related parties

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 to or deducted from the cost of the investments or the disposal proceeds in accordance with UK standard accounting practice.

ALFRED CHARLES CUTHBERT PARKER WILL TRUST

REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2023

Statement of Trustee’s responsibilities in relation to the financial statements

The law applicable to 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 charity's financial activities during the year and of it’s financial position at 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 consistently;
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 it is inappropriate to presume that the charity 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 to 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustee and signed on its behalf:

………………………………………..

HSBC Trust Company (UK) Limited

Date:………………………………….

ALFRED CHARLES CUTHBERT PARKER WILL TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF ALFRED CHARLES CUTHBERT PARKER WILL TRUST

I report to the Trustee on my examination of the financial statements of the Alfred Charles Cuthbert Parker Will charitable trust for the year ended 5 April 2023, 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 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 the applicable directions given by the Charity Commission under section 145 (5)(b) 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, I 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 to 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
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements 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 ‘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 financial statements to be reached.

Frances Millar

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 SO53 3TY

02-Jan-2024 Date:………………………………..

ALFRED CHARLES CUTHBERT PARKER WILL TRUST

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023

Unrestricted Endowment funds funds £ £ Receipts	Unrestricted Endowment funds funds £ £ Receipts	Unrestricted Endowment funds funds £ £ Receipts	Total Total 2023 2022 £ £
Investment income	40,776	-	40,776 29,201
Investment sale proceeds	40,776	-	40,776 29,201
Proceeds from the sale of investments	-	736,327	736,327 1,120,408
Total receipts Payments Cost of generating funds	40,776	736,327	777,103 1,149,609
Investment service charge	-	2,513	2,513 37,385
Charitable activities Grants Other allocated costs Governance costs	34,564 16,354	- -	34,564 25,158 16,354 300
Independent examiner's fee	-	2,460	2,460 1,248
Investment purchases	50,918	4,973	55,891 64,091
Payments for purchases of investments	-	709,033	709,033 1,107,673
Total payments Net receipts/(payments) Transfers between funds Cash invested at 6 April 2022 Cash invested at 5 April 2023	50,918 (10,142) 10,151 2,677 2,686	714,006 22,321 (10,151) 15,574 27,744	764,924 1,171,764 12,179 (22,155) - - 18,251 40,406 30,430 18,251

These unaudited financial statements have been subjected to independent examination. See report ddonfpage 5.

ALFRED CHARLES CUTHBERT PARKER WILL TRUST

STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2023

	Unrestricted funds	Endowment funds	Total 2023 Total 2022
Investments	£	£	£ £
UK fixed interest securities Overseas fixed interest securities Overseas equities and unit trusts Alternative investment	- - - -	27,834 1,400,840 223,624 208,081	27,834 28,265 1,400,840 1,484,462 223,624 513,178 208,081 -
Other trust assets	-	1	1 1
Cash	2,686	27,744	30,430 18,251
Total assets Liabilities	2,686	1,888,124	1,890,810 2,044,157
Professional fees payable	1,381	-	1,381 1,315

Approved by the Trustee and authorised for issue on ......................................... and signed on its behalf:

………………………………………..

ffHSBC Trust Company (UK) Limited

These unaudited financial statements have been subjected to independent examination. See report ddon page 5.

ALFRED CHARLES CUTHBERT PARKER WILL TRUST

APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS

Institution Merchant Taylors' Consolidated Charities for the Poor	Number of grants 4 4	Amount £ 34,564 34,564

These unaudited financial statements have been subjected to independent examination. See report fffon page 5.