The Cecil Charity Trustees, report and unaudited financial statements Charity number 306248 31 March 2021
The Cecd Charlry Trusiee5' rq)ort and unaudittd fircIal st*ments 31 May¢h 2021 Trustees. report and unalldited financial statements Colltents Trustees and advi$ers Trustees, report Slrltement of Trustees, responsibilities Independent examiner's report Statement of financial activities Balance sheet Notes to the finaD¢iYdl 8t2t¢ments 8-10
The Cecil Charlty Tnte¢s, r¢port and unaudiia fmancial $tstements 31 March 2021 Trustees and advisers Trustees The following were Trustees during th¢ y¢ar: LAird Rockley Lady knckley Mrs Brian Wizard Mrs Coreen McM¢eken (fornierty Mrs Coreen Barnett) Mrs Claire House-Norn)an Charity Address Lytchett Heath Poole Dors¢t BH16 6AE Chartty Reglstratioj Number 306248 IDvestEnent mxDagers Cazenove Capital l London Wall Place London EC2Y SAU llldependent examiner Mrs J A Mutton FCA Smith & Williamson LLP Accountants Old Library Chambers 21 Chipper Lane Salisbury Wiltshire SPI IBG
The Ce¢ll Charity Trustc¢s' r¢port and unalited financial statements 31 March 2021 Trustees, report The Trustees present their a[Ual report and unaudited financial statements foT the year ended 31 March 2021. The financial statements comply with the Charity's Act 2011 and Accounting and Reporting by Charities: Stsiem¢nt of Recommended Practice. applicable lo ctwities preparing their accounts in aecordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Strncture* goverllanee ADd management The operdtions of ihe charity are governed by an Indenture dated ioth May 1907 &$ varied by Schemes ded 2h September 1912, 6th January 1948 and 28th October 1971. Under the temis of the Indenture. Ihe power of app)inting new Trustees is vested in th¢ surviving or continuing Truste¢s. Objectives and #cti%ities The objective of the chaxity is to award scholarships or grants to beneficiaries under the age of 25, living within a ten mile radius of the Lyt¢hett Matraver5 Parish Chur¢h. attendin8 educational establishments. The Trustees receive numerous gran¢ application letters throughout ihe year, whi¢h are ¢onsidered by the Tnee$ at their meetiw. The Trustees discuss the merits of the applications and after tsking account of the funds available, grants are approved. The TnJs¢ees tend to make grants to appri)priate b¢n¢ficiaries of £2,970 (2020.. £2, 700). These ore paid to the benefi¢iaries over a three year period in 9 insts]m¢nts. The Trttee$ may aisomake one off grants to indivftduals in excepiionaE circumslances to enable them to further their edwalion. Public benefit The Trustees have considered the guidanc¢ provided by the Charity Commission with regard to meeting the public benefit objective. On reviewing their activities, the Trustees believe that The Cecil Clwity IS ling for the benefit of the public. Achievements and perfornian¢e During the year incorne was £31.895 (2020.. £26,386) with charitable donations lotlIng £26,282 of which £18.782 were grants mad¢ some 23 individuals (2020..£ 18.912. ofwhich £14,9J2 to 22 individuals). The Charity supports a mustc scholarship progTamme with Lyt¢hett Minster Sch] to provide up to £4,1)(K) per annum to fund 25 MLLSK lessons every year for 10 students showlng musical aptitude (or up to 20 if lessons ar¢ shared). In th¢ current year, the scheme was sigt)ificantly curtailed when th¢ county went into lockdown and th¢ school closed. Despite these restrictions some students managed to continu¢ with face to face or onlioe lessons. The Charity made a th)nation of £7,500 towards Bournemouth University's Covid-19 Emergency Fund for Students. Finallet review The Charity continues lo manage its r¢sources carefiilly. retaining a prop)rtion of its net incoming resources each year. Th¢ overall fancial position of the Charity is wured by the value of the irLvestm¢nt portfolio. There are no restrictions on the Clwity's power to invest. The overall inv¢$tm¢nt policy is io adopt a medium risk investment strnte&v based on producing a balance of in¢ome and capttal growth over the medium tern). The funds are held in the Cazenove Capital Charity Multi-Asset Fund which is a long-term investment fund with a dIveIf1¢d strategy invesiing in equities. bonds, property and alternative assets. After suffering a sigtiificant drop in vAlues for the yBar ended 31 March 2020. when the expected impact of the Covid-19 pandemic shocked market& the va]ue of the portfolio hos recovered strongly throughout the year growin8 by 20%.
The Ceefl Chortty TnJst¢es' rew)rt 8nd unaudited fmancial statements 31 March 2021 The iotsl funds held at 31 March 2021 wer¢ £843235 (2020.. £710,123J. The Trustees continue to invest the capitsl of the Charity in accordance with The Indenture. making grants out of income arising. Charity's assets Acquisitions and disposals of fixed asset investments during the year are recorded on page 9. Reserves It is the TrSlees, aim to digtribute substantially all the annual income after payment of any expenses. Surplus income is retained in cash or reinvested. The Trus review on a regular basis the level of income Teserves that they consider appropriate. Risk f8t¢ors The Trustees have &ssEssed the risk5 to the FLuJd's assets and are sIsfied that sufficient controls are in place and ihis will be Subject lo regular review. Trn8le¢s' aud emplee8, remunerntion and expe During the year the Trustees rec¢ived no remuneration (2020.. £nll). The Charity has no employees Q020.. kwnej.
The Ce¢il Charty Tnees. report snd unaudited fit)anci21 statements 31 March 2021 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statem¢Tts in e0rdance with appli¢able law and regujations. The law applicable to ctwilies in Englond and Wale5 requires the tnceS to pp financial statements for each fmancial year in accordance with United Kingdom Genera]ly Accepted A¢ww)ting Practice (United Kingdom Ac¢ounting Standards and applicable regulations). Under that law the tru5tes musl not approve the financial statements unless they are satisfied Ihatthey give a true and fair view of the stste of affairs of the chariry and of the in¢oming Rsources and application of resources of the eharity for that year. In preparing these finan¢iai 5ts1emenW the tnLslees ar¢ required to: select suitsble aOUntIng policies and then apply them consistently. observe th¢ methods and principles in the Charities SORP, make judgments and accounting estimates that are reasonable and pnent. stat¢ whether appli¢able accounting stsndards have been followed, SUbjt to any material departures dis¢105ed and explained in the financial statements. and prepare the financial statements on th¢ going concern basis unless tt is inappropriate to presume thai the charity will ¢ontinue in business. The TTuslees are responsible for keeping adequate a¢¢ounting records which are sufficient to Show and explain the charity's transactions and dis¢lose with re&sonable accuracy al any time the financial position of the chariry and enable them lo ensure that the financial Swements comply with the Chfyrities Acl 2011, th¢ Charities (Accounts and Reports) Regulations 2008 and ihe provision5 of the Indeniure dated 10 May 1907 as varied by Schemes dated 20 September 1912. 6 January 1948 and 28 October 1971. They are also responsible for safeguarding the assets of the charity and hence for taking r¢asonable steps for the prevention and d¢le¢lion of fraud and other irregularities. By order of the Trustees 16 Jul) 2021 IA)rd Rockley (Truslee)
Thg Cetil Charity Tt¢s, report and Unaudited fin&n¢ial sthtements 31 M8r¢h 2021 Independent examiner's report to the trustees of The Cecil Charity I report io ihe truste¢s on my examination of the ac¢ounts of The Ce¢il Charity for the year eTrJed 31 March 2021 which comprise the statemeni of financia] activities. the balance sIt and the notes to the accounts, including a summary of significant accounting policies. Re5pe¢tive responsibilities of trustees And tmIDer aDd basis of rep)rt As the charitys trustees, you are responsible for the preparation of the accounts in accordance with the requir¢m¢nts of the Charities Aci 2011 ('the Act,). I report in respect of my examination of the ¢harity's aoU¢S carried out under section 145 of the Act 8nd in carrying out my examination I have followed all ihe applicable Directions given by the Charity Commission under section 145(5Xb) of th¢ Act. IndtpendeJt examiner's ststemellt I have completed my examination. l Confimi that no maleriai matters have come to my attention irk connection with the examination giving me ¢ause to believe that tn any material respect: accounting records were not kept in rtspect of the Charity as required by section 130 of the Act" or 2. the a¢counts do not accord with those records,. or 3. the accounts do not comply with the applicable requ1ments concerning the form and conlent ofthe accounts set out itl the ChltieS (Accounts and Reports) Regulations 2008 otherthan any requirementthat the accounts give a true and fair view which is a matter conSided as part of arL independent examination. I have no ¢on¢erns and have come acTOSS no otheT matters in ConnelOn with the ¢xamination to which att¢nlion should be drawn in th1$ repon in order to ¢nable a proper understanding of the accounts to be T¢ached. Mrs J A Mutton Fellow of The Institute of Charter¢d Accountants in England & Wales Smith & Williamson LLP Accountsnts Old Library Chambers 21 Chipper IAne Salisbury, Wiltshire SPI IBG Date.. 22 July 2021
The Cecrl Chority TNst¢e5' rcport and utkaudited firsanci&l statements 31 Mawh 2021 Statement of fiD8ncial activities lor iheyeor ended31 March 2021 .we Unrutri¢t¢d d$ 2021 UnTestriaed funds 2020 IvestMent income from li51ed invesmJ¢nts Intest receiv8ble 3195 26,339 47 TotAI 31J9S 26,386 Rsing fuTds Chtiritable •¢tivitie5" grants ChaTithbleaaiviti¢S- costs (2,242 (263821 18191 12.7251 118,9121 {2,2901 Totsl I29) (23,927) illcomd(t4)ttyditurel befort gal1 and 10sse5 on Investhktttts 2.459 Netgain1losses) ott invrmfflts.. 20,830 (102.269) Unrealil 130J6 nb•vement th 133,112 {78,980) Fd ]E¢S brou8ht foJTrwd at l April 7111123 782103 Fllnd b#l•nees clrriwl forward •t31 Mr¢h 710.123 The notes on pages 810 10 fonn part of these flnancial statements.
The Cetil Chorlty Trues' report unaudited financial statem¢nts 31 M8r¢h 2021 Balance sheet 31 M&r¢h 2021 2021 2020 Flxed a55ets Inv¢sttnents 791,907 661.347 CurrentU9¢ts C&sh at bar 51988 49.616 Credltors: athounts fallIg duewithin oneytsr (6601 18401 Net eyrrent #sts SlJ28 48,776 Totsl *¥¥ets less ¢urreni Ilwbillties 710.123 Fyllds unre¢1&1 nd 843335 710.123 Approved by the Tru$te¢s on 16 July 2021 Lord Ro¢kley Trustee
The Cecil Ch¢Jrity TNsiees' report and unaudited fLnancial statements 31 March 2021 Notes (tormlngpart ofihejlnoncltslsiutements) l Accounting lICIeS The following accounting policies have been applied consislently in dealing with items which are nsidered material in relation to the Trusi's fman¢ial statements. (i) Bosis ofpreparation The financial statements have been prepared in accordance with Accountin8 and Reporting by Charities: Stafrment of Reeornm¢nded Practice appli¢able to charitle5 preparing their financial statements in accordance with the Financial Rew)rting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). The financtal stateMt5 have been prepared underthe historical Cost convention &s modified to include the revaluation of certain assels. The Trustees Confirm that the charity is a public benefrt entity as defined by FRS 102. The financial stat¢ments are prepared on a going GOnrn basis. The eharity is an unin¢orpornted trust, constituted under an Ind¢nture dated 10 May 1907 and its registered office is Lytchett H¢*h. Pix)le, Dors¢t BH16 6AE. The charlty is registered with the Charity Commission n En8land & Wales (No. 306248). {11) Income Inv¢stment incom¢ is crediied in the period in which it is receivable. Interest r¢¢eivable is accouni¢d for on an awn1$ basis. (iu) Expendilure Expenditur¢ is recognis¢d on an accrnaEs b8sis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as a part of the exp¢nditure to which it relates. Grants ar¢ payment5 made to third p4rti¢s in furtheranoe of the ¢haritabl¢ objectives of the Trust. The grants are account¢d for where the Trustees have agr¢¢d to pay the grant without condition and the recipTrent has a reasonable expo-wlation that they will receive th¢ grant. Oth¢rcosts consist of costs not directly attributable to direct Charitable expenditure but which are in re$p¢ct of the general administration of the charity overdll management of funds. (Iv) Jnvesfvwnls Investments are Stat at market value * th¢ balance sheet date. Realised inv¢stm¢nt gains and loss are calculaled as the difference bettveen the market value at l April 2020 or the value on the date of purchase if later and the value at which the investhient was 501d. Unrealised investment 8ains and loss¢s are calculat¢d as tbe differ¢nc¢ between the market value at 3 1st March 2021 and th¢ value at I. April 2020 or the valu¢ on the date of pur¢hase if later. (y) Funds All transactions are recorded in the unrestricted fund. All funds are availabl¢ to use at the discretton of the Trustees in furtherattc¢ of the g¢n¢rdl objects of the Charity and have not been designat for any other purposes.
ri Cec¥l Charity Trnsle¢5' report ad unaud2ted fancial statements 31 March 2021 (vi) TtLrotion The Charity is a registered charity and th¢r¢fore is not liable for in¢om¢ tsx or corporation tax on income deriv¢d from its ch8rttable activitie4 as it falls within the various exemptions available to re8iSt¢r¢d hariti¢s. 2 Expenditure 2021 2020 Rtiising funds Inv¢5tment man88¢ment¢osts Charitsble activities Grgnts to llJdividua]5 for cknational purFws Charitsbleactiviiies- supp)rt costs.. AccowJtwylIndepa]dent examilr.$ fees Igovemothce costs) Le8 fees Admini5traiion eo (22421 12.7251 {262821 118,9121 {6) 1660) 11.560) 170) {1591 Tot•1 129J43) 123,9271 3 Fixed asset investments Cost at 31 Mareh 2021 mark Value atjl Mar¢b 2021 COA at 31 March 2020 Mork¢i Yalue 31 Mar¢h 2020 Fix&1 asset 1vestments 76&616 791, 763,616 661,347 Investments were held in the Cazenove Capital Charity Multi-Asset Fund. Th¢ Charity Multi-AsS¢t Fund is a long-terni invesm]ent fund with a diversified strategy invesling in ¢quities. bonds, prop¢rty and alternative assets. 2021 2020 Masket va]u¢ at l April 661J47 720,986 Dis]M)SS opening trJok va]ue Add.. (735,9261 A¢quisitions at cost ]{108¢S) on reiduation at 31 M8r¢h 77&556 1102.2691 130 Market vajue at 31 March 791.907 661,347
The Cecll Charity True¢5' TCPOrt and unaudited fllwi¢ial stateTnent5 31 M¥trch 2021 3 Fixed a&8et investments (continued) Investments at markel value within the Cgzenove Capital Charity Multi-Asset Fund comprised.. 2021 2020 Equiiies Bonds multi-AS Funds Aliematives Cash 557191 69J41 24h26 114A49 25,41)0 434,766 35,769 42,235 110,256 38,321 Portfolio tia] at 31 Mar¢h 791A17 661.347 Material inv¢stm¢nts over 50/0 of the market value of the portfolio are: 2021 2020 Collcctivc Ftmds Caz£fjove Copitai Chgrity Mulri-knrf Futhd i( 100 4 Trustees alld related party transactions During the y¢ar none of the Trustees (nor any persons connected with ihem) received any remuneration from the Charity (2020.'£nil). During the year the Charity donated £7,500 to Bournemouth University to supp)rt the Univ¢rsity's Student Covid-19 Emergency Relief Fund. Mrs Clair¢ House-Norn)an, a Trust¢¢. is Director of Fundraising at Bournemouth Universty. S Employees The Charity has no ¢mploye¢s (2020.. none). 10