ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023
HENRY ROBERT BULL CHARITABLE TRUST
CHARITY REGISTRATION No: 296133
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
HENRY ROBERT BULL CHARITABLE TRUST
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Page 4 | Trustees' Report |
| Page 5 | Statement of Financial Activities |
| Page 6 | Balance Sheet |
| Pages 7 to 14 | Notes to the Financial Statements |
| Page 15 | Independent Examiner's Report |
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HENRY ROBERT BULL CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 296133 DATE OF REGISTRATION 27th January 1987 START OF FINANCIAL YEAR 1st March 2022 END OF FINANCIAL YEAR 28th February 2023 TRUSTEES AT 28TH FEBRUARY 2023 Andrew Bullock Neil Fraser Hewitt Charles Arkell LEGAL STATUS Unincorporated Charity GOVERNING INSTRUMENT Trust Deed Dated 26th January 1987
OBJECTS
To such exclusively Charitable bodies and institutions or for such exclusively Charitable objects as the Trustees in the obsolute discretion from time to time select.
CORRESPONDENCE ADDRESS Kendall & Davies Station Road Bourton-On-The-Water Cheltenham GL54 2AA PRIMARY BANKERS Chelsea Building Society Yorkshire House Yorkshire Drive Bradford BD5 8LJ INVESTMENT MANAGERS J.M Finn & Co Ltd 25 Copthall Avenue London EC2R 7AH Brewin Dolphin Limited 12 Smithfield Street London EC1A 9BD INDEPENDENT EXAMINERS Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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HENRY ROBERT BULL CHARITABLE TRUST TrUSTEEY ANNUAL IIEPORT Th•Tru w(ty•. AlflL hwiTT
HENRY ROBERT BULL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28TH FEBRUARY 2023
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Activities for Generating Funds 3a Investment Income 3b Other Incoming Resources 3c TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward Fixed Asset Investments 17 Land & Buildings 18 Gains/(Losses on Investments 6 & 17 TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted Endowment TOTAL TOTAL Funds Funds Funds 2022/23 2021/22 £ £ £ £ £ 28,900 - - 28,900 28,900 39,553 - - 39,553 30,449 935 - - 935 878 69,388 - - 69,388 60,227 11,245 - - 11,245 55,812 5,928 - - 5,928 5,700 17,173 - - 17,173 61,512 52,215 - - 52,215 (1,285) 165,774 - 182 165,956 167,241 1,755,004 - - 1,755,004 - 619,012 - - 619,012 (93,859) - - (93,859) - 2,498,146 - 182 2,498,328 165,956 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 7 to 14 form part of these financial statements.
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HENRY ROBEKf BULL CHARITABLE TRUST ASAT 2¥TM FEBI¢IARY Z971 TrAlll Tot•1 SI912 1.661,145 22M157 619,012 1.661,145 12W157 In¥eblm•rrt5 Cagh aThJ 218MB9 182 219,071 21*0n 165.956 10S.gSI 247.ml 192 94•.471 186.•56 NET A88ETS 146 142 G8n8rql FLmd• R••lrtty¢d PutKsb Fd I4.14• 181774 183 321 I• IEIL PIT
HENRY ROBERT BULL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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HENRY ROBERT BULL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 28TH FEBRUARY 2023
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Unrestricted funds
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Land and Buildings
Freehold Land and Buildings have been valued and included in the accounts at cost value as per the conveyance dated the 28th July 2000 and the 17th July 2008.
Amortisation
No amortisation is charged to freehold property as the Land and Buildings are maintained to such a standard it is considered the residual value will not be less than cost.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Equipment Cost 25% - Reducing Balance
Changes in Accounting Policies and Methods of Accounting
There has been a change to the accounting policies (variation rules and methods of accounting) since last year. The accounts for the previous financial period were prepared on a Receipts & Payments Basis and the accounts for the year ended 28th February 2023 have been prepared under the Accruals Basis including the cost value of Fixed Assets Investment and Tangible Fixed Assets held by the Charity presenting a true and fair view of the Charity financial position as at 28th February 2023.
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HENRY ROBERT BULL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 28TH FEBRUARY 2023
2. TANGIBLE FIXED ASSETS
| Cost 01-Mar-22 Additions Revaluation Net Book Value at 28-Feb-23 Depreciation 01-Mar-22 Charge Depreciation at 28-Feb-23 Net Book Value 28-Feb-23 Net Book Value 28-Feb-22 |
Bould Land at Nether Equipment Total Farm Westcote Cost 2022/23 £ £ £ £ - - - - 537,012 82,000 - 619,012 - - - - 537,012 82,000 - 619,012 - - - - - - - - - - - - 537,012 82,000 - 619,012 - - - - |
|---|---|
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 28th February 2023: None 28th February 2022: None
Specified Trust Property
Bould Farm
The Freehold Land and Building at Bould Farm, Bould, Chipping Norton, OX7 6RT, being comprised in a conveyance of the land registered under Title Number ON277934 are held in Trust for the Henry Robert Bull Charitable Trust (Registered Charity Number 296133) in the convenance dated 17th July 2008.
The Trustees of Henry Robert Bull Charitable Trust (Registered Charity Number 296133) have agreed to include the Land & Buildings at cost value as per the conveyance dated the 17th July 2008.
Land at Nether, Westcote
The Freehold Land shown edged with red on the plan of the Title filed at the Registry and being Land at Nether Westcote, being comprised in a conveyance of the land registered under Title Number GR20184 are held in Trust for the Henry Robert Bull Charitable Trust (Registered Charity Number 296133) in the convenance dated 28th July 2000.
The Trustees of Henry Robert Bull Charitable Trust (Registered Charity Number 296133) have agreed to include the Land & Buildings at cost value as per the conveyance dated the 28th July 2000.
| Freehold Land at Nether, Westcote The Freehold Land and Buildings at Bould Farm, Bould, Chipping Norton, OX7 6RT |
28-Jul-00 £ 82,000 82,000 17-Jul-08 £ 537,012 537,012 |
|---|---|
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HENRY ROBERT BULL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 28TH FEBRUARY 2023
3. INCOMING RESOURCES
| a) Activities for Generating Funds Rental Income b) Investment Income Bank Interest Investment Income c) Other Incoming Resources Water Rates & Supply Wayleave 4. RESOURCES EXPENDED a) Cost of Charitable Activities Charitable Grants Insurance Costs Property Management Charges Repairs & Maintenance Water Treatment & Testing Costs b) Governance Costs Independent Examiners Fees 9 Accountancy Fees Legal & Professional Fees |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2022/23 2021/22 £ £ £ £ 28,900 - 28,900 28,900 28,900 - 28,900 28,900 1,957 - 1,957 229 37,596 - 37,596 30,220 39,553 - 39,553 30,449 872 - 872 813 63 - 63 65 935 - 935 878 Unrestricted Restricted TOTAL TOTAL Funds Funds 2022/23 2021/22 £ £ £ £ - - - 41,250 1,376 - 1,376 1,258 2,301 - 2,301 2,363 6,949 - 6,949 9,261 619 - 619 1,680 11,245 - 11,245 55,812 900 - 900 - 900 - 900 900 4,128 - 4,128 4,800 5,928 - 5,928 5,700 |
|---|---|
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HENRY ROBERT BULL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 28TH FEBRUARY 2023
5. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| Endowment Fund PREVIOUS FINANCIAL YEAR Endowment Fund |
Balance Balance 01-Mar-22 Income Expenditure Transfers 28-Feb-23 £ £ £ £ £ 182 - - - 182 182 - - - 182 Balance Balance 01-Mar-21 Income Expenditure Transfers 28-Feb-22 £ £ £ £ £ 182 - - - 182 182 - - - 182 |
|---|---|
Restricted funds are wholly represented by the Charity's cash reserves and are to be expended as specified above.
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HENRY ROBERT BULL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 28TH FEBRUARY 2023
6. INVESTMENTS
| JM Finn Investment Portfolio Brewin Dolphin Portfolio Sanlam Investment Portfolio Cost Value 01-Mar-22 Additions Disposals Profit/(Loss) on Investments Market Value 28-Feb-23 |
J.M Finn & Co Investment Portfolio £ 767,682 - - (58,179) 709,503 |
Balance Transfer Profit/(Loss) Additions/ Balance 01-Mar-22 of Funds On Investment (Disposals) 28-Feb-23 £ £ £ £ 767,682 - (58,179) - 709,503 987,322 - (35,680) - 951,642 13,347 - - (13,347) - 1,768,351 - (93,859) (13,347) 1,661,145 Brewin Dolphin Sanlam Investment Investment Unrestricted Restricted Total Portfolio Portfolio Fund Fund 28-Feb-23 £ £ £ £ £ 987,322 13,347 1,768,351 - 1,768,351 - - - - - - (13,347) (13,347) - (13,347) (35,680) - (93,859) - (93,859) 951,642 - 1,661,145 - 1,661,145 |
|---|---|---|
J.M Finn & Co Investment Portfolio
The Charity holds investments with J.M Finn & Co Ltd and the original indexed book investment as at the 1st March 2022 was £767,682.. The investment was provided to the Charity as an Unrestricted Endowment and Total Return Investment. The capital and the income and realised gains derived from the Endowment can be used by the Charity for general charitable purposes. The market value of the investment funds held stood at £709,502.91 as at 28th February 2023.
Brewin Dolphin Investment Portfolio
The Charity holds investments with Brewin Dolphin Ltd and the original indexed book investment as at the 1st March 2022 was £987,322. The investment was provided to the Charity as an Unrestricted Endowment and Total Return Investment. The capital and the income and realised gains derived from the Endowment can be used by the Charity for general charitable purposes. The market value of the investment funds held stood at £951,642.41 as at 28th February 2023.
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HENRY ROBERT BULL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 28TH FEBRUARY 2023
7. CASH AT BANK AND IN HAND
| Cash at Bank & in Hand 8. DEBTORS AND PREPAYMENTS Sundry Debtors |
Unrestricted Restricted Total Total Fund Fund 28-Feb-23 28-Feb-22 £ £ £ £ 218,889 182 219,071 165,956 218,889 182 219,071 165,956 Unrestricted Restricted Total Total Fund Fund 28-Feb-23 28-Feb-22 £ £ £ £ - - - - - - - - |
|---|---|
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiners Fees | Unrestricted Restricted Total Total Fund Fund 28-Feb-23 28-Feb-22 £ £ £ £ 900 - 900 - 900 - 900 - |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The Charity held no long term liabilities during this or the previous financial year.
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed Assets Net Current Assets Long Term Liabilities TOTAL FUNDS |
Unrestricted Restricted Total Total Fund Fund 28-Feb-23 28-Feb-22 £ £ £ £ 2,280,157 - 2,280,157 - 217,989 182 218,171 165,956 - - - - 2,498,146 182 2,498,328 165,956 |
|---|---|
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HENRY ROBERT BULL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 28TH FEBRUARY 2023
12. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this or the previous financial year.
13. PAYMENTS TO TRUSTEES AND OTHER RELATED PARTIES
No payments were made to the Trustees or any persons connected with them during this financial year. No material transaction took place between the organisation and a Trustee or any person connected with them (2021/22:None).
14. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the Charity's needs. This is based on the Charity's size and the level of financial commitments held. The Trustees aim to ensure the Charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the Charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the Charity should undertake
17. INTRODUCTION OF FIXED ASSET INVESTMENTS
The Charity holds investments with J.M Finn & Co Ltd and the original indexed book investment as at the 1st March 2022 was £767,682. The investments was provided to the Charity as an Unrestricted Endowment and Total Return Investment. The capital and the income and realised gains derived from the Endowment can be used by the Charity for general charitable purposes. The market value of the investment funds held stood at £709,502.91 as at 28th February 2023.
The Charity holds investments with Brewin Dolphin Ltd and the original indexed book investment as at the 1st March 2022 was £987,322. The investment was provided to the Charity as an Unrestricted Endowment and Total Return Investment. The capital and the income and realised gains derived from the Endowment can be used by the Charity for general charitable purposes. The market value of the investment funds held stood at £951,642.41 as at 28th February 2023.
The Fixed Asset Investments have been introduced in to the accounts to reflect a true and fair view of the Charity's financial position as at 28th February 2023.
18. INTRODUCTION OF LAND AND BUILDINGS
The Trustees of the Robert Bull Charitable Trust hold in Trust the specified property and the Land and Buildings have been introduced in to the account to reflect a true and fair view of the Charity's financial position as at 28th February 2023.
The Freehold Land and Building at Bould Farm, Bould, Chipping Norton, OX7 6RT, being comprised in a conveyance of the land registered under Title Number ON277934 are held in Trust for the Henry Robert Bull Charitable Trust (Registered Charity Number 296133) in the convenance dated 17th July 2008.
The Freehold land shown edged with red on the plan of the Title filed at the Registry and being Land at Nether Westcote, being comprised in a conveyance of the land registered under Title Number GR20184 are held in Trust for the Henry Robert Bull Charitable Trust (Registered Charity Number 296133) in the convenance dated 28th July 2000.
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HENRY ROBERT BULL CHARITABLE TRUST (Charitable IncorwKated Organisatwl INOEPENDENT EXAMINER'S REPORT ON THE AGGOUNTS Report to the trueesl rremtrm of tl Henry Rot%rt B[ Charrtable Tn•t on the nIS for the year eThded 28th February 2023 (Mtl yii Ili¥ w11[lY wyub. R•8F)•ctfv• r••poniibllitiM oltrurt86 and ex•min•r The charitys trustees are resF)n'tAe for the preparaticm of the acctyJnt& The charrty's trust tSider that an audit ij not required this year uThJor s•ction 144 of th• charit Acl X111 Ilh• Ch¥rit Act) ¥t)d th ail inLI•pondgnt oxgmingtion is n98(ed. It i& ffly rosp0nbi1ty to". examina thtr accwnt5 uTrJ8r sec1 145 01 ts Charl1 ACL follow Ihe procedures ¢JM in the gtrnèrnl 're¢t by the Charity COMMIG (under s8Ction 14515llbl of the charit Acl. and State whether partur matt•rs ha¥• cern to my atlorti 8••h of Ind•p•nd•nt •x•mln•r'• •tsi•m•nt My examination was caffied (Art in ateordan¢¢ with gerra1 Direct# given by the Charity Commisslon. An examination includ8s a rgviw of the xcounting f8cor¢Js kept by charrty a ccffjparison ol the a¢counls presented with those recorcls. 11 alw inGlvrJeè bu11111 vf lY uiiu¥udl iltsiii¥ ur ¢j1my1¥y iii ilw ¥iKJ MIllY emyloiwiK frvm ih¥ irusie¥B eoneerning any matter& The prOlUreS und8rtaken do wtsvbJe all evidence that would be required in an audit. and e¢)fis•quently ro opinion 1$ given as to whelhef the accounts #'truè and fair. view the roFYt 1$ limitgd to tho rnatter8 set out in the ststement telN. Ind•p•nd•nt •x•mln•r'• •t•t•ffl•nt In rnnnftrtinn with my p.xamintir)n. M mAllr th rny AIl•Dlir. l. which gives mo re8sonae to bel1• th•¢ in any rnater r8SFrt thg wuir¢mwts'. to keep acwJntiNJ records in acC(da with 8g¢ticffi of the Chorities Act., and to prgpofg a¢¢oiint$ arxord wrfh the arlnting records and COrnFty th the 8crAyJntlng requlr8rnentB olthe Chanllfrs Act have not been mei,. or to whiGh. in my ryxnTh, att•nticfj shrthj th•n to enat4• • kyowr understsThJing ofthe attwnts to be rea¢heil. Collaku MAAT Castle Vw knntiJ Lt¢J New Barn Mudberry Lane Bosham Chichester West Suwx P018 8TS Date.. 2nd DecemL*r 2023 18