The Helen Roll Charity
Accounts
for the year ended 30th September 2022
Wenn Townsend
Chartered Accountants
Oxford
The Helen Roll Charity
Index to the Accounts for the year ended 30th September 2022
Page
1 Details of Charity’s Advisors 2-3 Trustees’ Report
4 Independent Examiner’s report 5 Statement of Financial Activities 6 Balance Sheet 7 Statement of Cash Flows 8-11 Notes to the Financial Statements 12 Schedule of Investments
The Helen Roll Charity
Charity Number 299108
Address: The Helen Roll Charity Wenn Townsend 30 St Giles’ Oxford OX1 3LE Bankers and Stockbrokers: Rathbones 8 Finsbury Circus London EC2M 7AZ Independent Examiner: Mr B Hayes Wenn Townsend Chartered Accountants 30 St Giles’ Oxford OX1 3LE
1
The Helen Roll Charity
Trustees’ Report for the year ended 30th September 2022
The trustees present their report and the financial statements of the charity for the year ended 30th September 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
Structure, governance and management
The Trust is a Registered Charity (No. 299108) established by a Declaration of Trust on 12th April 1988.
Under a deed of variation dated 26th April 1988, the Charity became entitled to a 2/5th’s share of the Residuary Estate of Mrs Enid Helen Watts who died on 23rd October 1987.
Distributions from the Estate of Mrs Joyce Eluned Tudge who died on 19th January 2018 have been added to the fund and a final distribution was received this year. Mr Frank Richard Williamson made donations of cash and investments in 2021.
The Trustees are directed to hold the trust fund as capital and income for such charitable purposes as the Trustees at their total discretion think fit.
The power to appoint new Trustees is vested in the Trustees for the time being. The number of Trustees shall not be allowed to fall below three nor made to exceed twelve.
During the year the Trustees were as follows:
Frank Richard Williamson (died 24th May 2022) Paul Strang Christine Reid Patrick John Richard Stopford Stephen George Williamson Jessica Mannix Fiona Weiss Sarah Gunn (appointed 8th November 2021)
Catherine Staples (appointed 8th November 2021)
New Trustees are briefed on the history and objectives of the Trust and Trustee responsibilities and duties in general.
Key management personnel and their remuneration
The trustees consider the Board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of trustee expenses are disclosed in note 2.2 to the accounts.
Public benefit statement
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
Objectives and activities
The Helen Roll Charity aims to distribute between £150,000 and £200,000 each year through working charities. It operates through registered (or exempt) charities and no donations are made directly to individuals.
One of the Trustees’ aims is to support work for which charities find it difficult or impossible to obtain funds from other sources.
Some projects are supported on a ‘start up’ basis; others involve funding over a longer term.
2
The Helen Roll Charity
Trustees’ Report (continued) for the year ended 30th September 2022
Risk management
The Trustees have examined the principal areas of the Fund’s operation and considered the major risks faced in each of these areas. In the opinion of the Trustees the charity has established systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day to day operations.
Achievements and performance
The Trustees have the power to distribute capital and have used this power to maintain annual distributions.
As can be seen from the distributions made this time and in previous years, a wide range of charitable causes is included in the Trust’s work. The detailed donations are shown in note 7 to the accounts.
Financial review, investment policy and reserves
The Trustees’ investment policy is to provide long term income and capital growth. This is reviewed at least twice a year.
Investment decisions are made by the Trustees in conjunction with the investment advisors and the intention is to maximise income and capital returns on investments from a mixed risk portfolio.
This year £201,360 (2021: £159,980) was distributed. Ordinarily, the Trustees do not intend to distribute the original capital (as increased by inflation), although they have power to do so. The Trustees aim to only designate funds representing the original capital plus reserves reflecting inflationary increases. However, in order to maintain distributions during a period of inflation running at 8.3% coupled with a market decline of 7.1%, the designated inflation reserve has now fallen to £189,565. The Trustees have thus dipped into capital in real terms having power to do so, preferring to maintain distributions to beneficiaries in difficult times.
At 30th September 2022 the Trustees have left £239,964 as available for distribution and running costs (2021: £188,314). As at the year end date free reserves totalled £143,165, being the net current assets and cash held with the investment fund. The Trustees are satisfied that this position is in line with the above reserves policy and provides sufficient funding for 2022/23.
At the year end there were no individually material investments, with a market value of more than 5% of the Trust Fund.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, including a revision of expectations for the potential impact of COVID-19 on the charity. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Approved on behalf of the Trustees on 14th November 2022 and signed on their behalf by:-
…………………………………..
S G Williamson Trustee
3
The Helen Roll Charity
Independent Examiner’s Report to the Trustees of The Helen Roll Charity
I report to the charity trustees on my examination of the accounts of the charity for the year ended 30th September 2022 which are set out on pages 5 to 11.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me 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 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out 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 examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Benjamin Hayes BSc FCA Responsible Individual Wenn Townsend Chartered Accountants Oxford
14th November 2022
4
The Helen Roll Charity
Statement of Financial Activities for the year ended 30th September 2022
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Capital Fund|Total|Capital Fund|Total|
|Unrestricted Designated|Original|Funds|Unrestricted Designated|Original|Funds|
|Funds|Inflation|Capital|2022|Funds|Inflation|Capital|2021|
|Note|Reserve|Reserve|
|Income|
|Investment income|6|62,009|-|-|62,009|56,755|-|-|56,755|
|Donation|-|-|-|-|-|-|981,113|981,113|
|Legacy|-|-|28,144|28,144|-|-|-|-|
|─────── ───────|─────── ───────|───────|───────|───────|───────|
|62,009|-|28,144|90,153|56,755|-|981,113|1,037,868|
|─────── ───────|─────── ───────|───────|───────|───────|───────|
|Expenditure|
|Charitable activities|7|(206,595)|-|-|(206,595)|(164,180)|-|-|(164,180)|
|Cost of raising funds:|
|Investment management costs|(23,440)|-|-|(23,440)|(19,365)|-|-|(19,365)|
|─────── ───────|─────── ───────|───────|───────|───────|───────|
|Total expenditure|(230,035)|-|-|(230,035)|(183,545)|-|-|(183,545)|
|─────── ───────|─────── ───────|───────|───────|───────|───────|
|Net (expenditure)/income before gains|
|on investments|(168,026)|-|28,144|(139,882)|(126,790)|-|981,113|854,323|
|Other recognised gains and losses|
|(Losses)/gains on investments|3|(230,324)|-|-|(230,324)|293,108|-|-|293,108|
|─────── ───────|─────── ───────|───────|───────|───────|───────|
|Net movement in funds before transfers|(398,350)|-|28,144|(370,206)|166,318|-|981,113|1,147,431|
|Transfer of annual capital inflation to|
|Designated Inflation Reserve|450,000|(450,000)|-|-|(69,777)|69,777|-|-|
|Return of capital to Designated Inflation Reserve|-|-|-|-|(50,000)|50,000|-|-|
|─────── ───────|─────── ───────|───────|───────|───────|───────|
|Net movement in funds|51,650|(450,000)|28,144|(370,206)|46,541|119,777|981,113|1,147,431|
|Reconciliation of funds|
|Total funds|at 1st October 2021|188,314|639,565|2,555,966|3,383,845|141,773|519,788|1,574,853|2,236,414|
|─────── ───────|─────── ───────|───────|───────|───────|───────|
|Total funds|at 30th September 2022|£ 239,964 £ 189,565|£2,584,110 £3,013,639|£ 188,314|£ 639,565|£2,555,966|£3,383,845|
|═══════ ═══════|═══════ ═══════|═══════|═══════|═══════|═══════|
----- End of picture text -----
The notes on pages 8 to 11 form part of these accounts.
5
The Helen Roll Charity
Balance Sheet
as at 30th September 2022
| Note | Note | ||||
|---|---|---|---|---|---|
| 2021 | |||||
| Fixed assets | |||||
| Listed investments at fair value | 3 | 2,870,474 | 3,254,576 | ||
| Cash held pending investment | 113,169 | 113,167 | |||
| ─────── | ─────── | ||||
| 2,983,643 | 3,367,743 | ||||
| Current assets | |||||
| Accrued income | 1,107 | 740 | |||
| Cash held | 4 | 38,879 | 25,624 | ||
| ─────── | ─────── | ||||
| 39,986 | 26,364 | ||||
| Creditors:Amounts falling due | |||||
| within one year | 5 | (9,990) | (10,262) | ||
| ─────── | ─────── | ||||
| Net current assets | 29,996 | 16,102 | |||
| ─────── | ─────── | ||||
| Net assets | £3,013,639 | £3,383,845 | |||
| ═══════ | ═══════ | ||||
| Represented by: | |||||
| Unrestricted funds: | |||||
| Designated funds: | Dates | ||||
| Original capital | 706,447 | 706,447 | |||
| Capital addition (Estate of Mrs E H Watts) | 1988 | 94,811 | 94,811 | ||
| Capital addition (Estate of Mrs J E Tudge) | 2018-23 | 801,739 | 773,595 | ||
| Capital addition (Mr F R Williamson) | 2021 | 981,113 | 981,113 | ||
| ─────── | ─────── | ||||
| 2,584,110 | 2,555,966 | ||||
| Designated Inflation Reserve | 189,565 | 639,565 | |||
| ─────── | ─────── | ||||
| 2,773,675 | 3,195,531 | ||||
| Undesignated funds | 239,964 | 188,314 | |||
| ─────── | ─────── | ||||
| Total funds | £3,013,639 | £3,383,845 | |||
| ═══════ | ═══════ |
Approved for and on behalf of the Trustees on 14th November 2022 and signed on their behalf by
S G Williamson Trustee
The notes on pages 8 to 11 form part of these accounts.
6
The Helen Roll Charity
Statement of Cash Flows for the year ended 30th September 2022
| 2022 | 2021 | |
|---|---|---|
| Reconciliation of net (expenditure)/income to net cash flow from | operating activities | |
| Net (expenditure)/income for the year | (370,206) | 1,147,431 |
| Dividends received | (61,433) | (56,755) |
| Interest receivable | (576) | - |
| Losses/(gains) on investments | 230,324 | (293,108) |
| (Increase)/decrease in debtors | (367) | 657 |
| (Decrease)/increase in creditors | (272) | 2,524 |
| ─────── | ─────── | |
| Net cash flow from operating activities | (202,530) | 800,749 |
| ─────── | ─────── | |
| Cash flow from investing activities | ||
| Payments to acquire investments | (261,040) | (1,333,451) |
| Receipts from sales of investments | 414,818 | 506,165 |
| Increase in cash pending investment | (2) | (51,752) |
| Interest received | 576 | - |
| Dividends received | 61,433 | 56,755 |
| ─────── | ─────── | |
| Net cash flow from investing activities | 215,785 | (822,283) |
| ─────── | ─────── | |
| Net increase/(decrease) in cash and cash equivalents | 13,255 | (21,534) |
| Cash and cash equivalents at 1st October 2021 | 25,624 | 47,158 |
| ─────── | ─────── | |
| Cash and cash equivalents at 30th September 2022 | £ 38,879 | £ 25,624 |
| ═══════ | ═══════ |
7
The Helen Roll Charity
Notes to the Financial Statements for the year ended 30th September 2022
1. Accounting policies
1.1 General information and basis of preparation
The Helen Roll Charity is a charitable trust in England.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Investments
Investments are stated at fair value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.
1.3
Income recognition
All incoming resources are included in the SOFA when the charity is legally entitled to the income, the amount can be quantified with reasonable accuracy, and it is probable that the income will be received.
1.4 Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
1.5
Taxation
The Charity is not liable to Capital Gains or Inheritance Taxes. The Charity is able to recover UK Tax deducted from interest. The Charity is not registered for Value Added Tax.
1.6 Funds
Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the charity’s objects. Designated funds represent funds which have been set aside by the Trustees for particular purposes in the future. The designated fund is represented by fixed asset investments.
8
The Helen Roll Charity
Notes to the Financial Statements for the year ended 30th September 2022
1. Accounting policies (continued)
1.7 Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, including a revision of expectations for the potential impact of COVID-19 on the charity. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. General
2.1 Administration expenses
Professional charges, where not already approved, are provided subject to Trustees’ approval.
2.2 Trustees’ expenses and interests
No remuneration was paid to the Trustees during the year ended 30th September 2022 (2021: Nil). Trustees were associated with charities to which donations were made as follows:-
| Frank Richard Williamson (deceased) | None |
|---|---|
| Paul Strang | Trustee of The Museum of Music History |
| (until December 2021) | |
| Trustee of The Gerald Moore Award | |
| (until January 2022) | |
| Christine Reid | None |
| Patrick John Richard Stopford | None |
| Stephen George Williamson | None |
| Jessica Mannix | None |
| Fiona Weiss | None |
Expenses for travel amounted to £Nil (2021: £Nil).
There were no other related party transactions in the period.
2.3 Investments – geographical division
The fair value of the listed investments is divided between United Kingdom and Overseas as shown below. The division is in accordance with the stockbrokers’ valuation.
| 2022 | 2021 | |
|---|---|---|
| United Kingdom Investments 57% (2021: 61% of Portfolio) | 1,619,791 | 1,996,375 |
| Overseas Investments 43% (2021: 29% of Portfolio) | 1,250,683 | 1,258,200 |
| ─────── | ─────── | |
| £2,870,474 | £3,254,575 | |
| ═══════ | ═══════ |
9
The Helen Roll Charity
Notes to the Financial Statements for the year ended 30th September 2022
| 2022 | 2021 | ||
|---|---|---|---|
| 3. | Listed investments – reconciliation | ||
| Fair value at 1st October 2021 | 3,254,576 | 2,134,182 | |
| Add: Purchases during the year |
261,040 | 1,333,451 | |
| Less: Disposals at opening book value | |||
| (proceeds £414,818; gain £90,621) | (324,197) | (388,285) | |
| Add: Year end (losses)/gains on revaluation |
(320,945) | 175,228 | |
| ────── | ────── | ||
| Fair value at 30th September 2022 | £2,870,474 | £3,254,576 | |
| ══════ | ══════ | ||
| 4. | Cash held | ||
| Brokers’ deposit account | 37,590 | 24,469 | |
| Brokers’ income account | 1,289 | 1,155 | |
| ────── | ────── | ||
| Total cash held at 30th September 2022 | £ 38,879 | £ 25,624 | |
| ══════ | ══════ | ||
| 5. | Creditors: Amounts falling due within one year | ||
| Independent Examiner’s remuneration | 4,260 | 4,200 | |
| Brokers’ fees | 5,730 | 6,062 | |
| ────── | ────── | ||
| Total creditors at 30th September 2022 | £ 9,990 | £ 10,262 | |
| ══════ | ══════ | ||
| 6. | Investment income | ||
| Dividends | 61,433 | 56,755 | |
| Interest | 576 | - | |
| ────── | ────── | ||
| Total other income | £ 62,009 | £ 56,755 | |
| ══════ | ══════ |
10
The Helen Roll Charity
Notes to the Financial Statements for the year ended 30th September 2022
7. Charitable activities
| 2022 | 2021 | |
|---|---|---|
| Grants | ||
| Animal Antics | 3,000 | - |
| At the Bus | 5,000 | 10,000 |
| Brandon Trust | 1,000 | - |
| British Tinnitus | - | 2,000 |
| British Wheelchair Sports | 3,000 | 2,000 |
| Canine Partners | 5,000 | 5,000 |
| Carers UK | 10,000 | 7,000 |
| Carousel | 1,000 | - |
| Cervical Cancer Trust | 1,600 | - |
| Compassionate Friends | 2,000 | 2,000 |
| Deafblind UK | 2,500 | 2,500 |
| Dream Holidays | - | 3,500 |
| Emmaus | 7,000 | 4,000 |
| Gerald Moore Award | 1,000 | - |
| Home Farm Trust | 6,000 | 5,500 |
| Museum of Music History | 10,000 | 10,000 |
| National Eye Research Centre | - | 2,000 |
| North Wall Trust | 3,000 | - |
| NW Live | 10,000 | 5,000 |
| Our Special Friends | 5,000 | 5,000 |
| Oxford Concert Party | 2,160 | - |
| Oxford Food Hub | 10,000 | 10,000 |
| Oxford Samaritans | - | 5,000 |
| Oxford University Ashmolean Museum | 10,000 | - |
| Oxford University Bodleian Library | - | 6,980 |
| Oxford University Botanic Garden | 11,100 | 6,500 |
| Oxfordshire Association for the Blind | 4,000 | 4,000 |
| Pembroke College Oxford | 7,000 | - |
| Pitt Rivers | - | 5,500 |
| Purcell Trust | - | 6,000 |
| Quest for Learning | - | 1,500 |
| React | 2,000 | 2,000 |
| Read Easy | 1,000 | - |
| Read for Good | 3,000 | - |
| Reducing Risk of Domestic Abuse | - | 2,000 |
| Relate, Chesterfield | 1,000 | - |
| Revitalise | 5,000 | 5,000 |
| Root & Branch | 2,000 | 2,000 |
| RSPB | 10,000 | - |
| Saffron Hall Trust | 5,000 | 5,000 |
| Seesaw | - | 2,000 |
| Sick Children’s Trust Cambridge | 6,000 | 6,000 |
| Snowden Award Scheme | 2,000 | 2,000 |
| St Mungo’s | 3,000 | - |
| St Nicholas Hospice, Bury St Edmunds | 5,000 | 5,000 |
| The Mint House | 3,000 | - |
| The Porch | - | 2,000 |
| Trinity Laban Conservatoire of Music & Dance | 6,000 | 6,000 |
| Viva | 2,000 | - |
| West Oxfordshire Community Tran | 15,000 | - |
| West Oxfordshire’s Citizens Advice Bureau | 10,000 | 10,000 |
| ───── | ───── | |
| Total grants | 201,360 | 159,980 |
| Governance costs | ||
| Examiner/Auditor fees | 4,980 | 4,200 |
| Secretarial expenses | 255 | - |
| ───── | ───── | |
| Total charitable activities | £206,595 | £164,180 |
| ═════ | ═════ | |
| Investment manager fees | £ 23,440 | £ 19,365 |
| ═════ | ═════ |
11