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2022-08-31-accounts

REGISTERED CHARITY NUMBER: 310968

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

FOR

ELIZABETH ALLEN TRUST

Jones Hunt & Keelings Chartered Certified Accountants and Chartered Tax Advisers Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG

ELIZABETH ALLEN TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 13

ELIZABETH ALLEN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. The trustees have adopted the provisions of Accounting and 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

After the payment of certain specific expenses the Trustees are required to apply income of the Charity in one or more of the following ways:

1. a) In making payments to the Governors or Managers of any voluntary-aided school in the area of benefit to be applied
by such Governors or Managers in discharging their obligations under the Educations Acts 1944 to 1973;
b) In or towards providing special benefits of any kind not normally provided by the local education authority for any
such school;
c) In promoting the education (including social and physical training) of persons under the age of 25 years who are
resident, attend college of further education or are employed in the area of benefit and are in need of financial
assistance and, in particular, but without prejudice, to the generality of the foregoing:
(i)
in awarding to such persons scholarships, exhibitions and maintenance allowances tenable to any school,
university or other education establishment approved for the purpose by the Trustees;
(ii)
in providing financial assistance, outfits, clothing, tools, instruments or books to assist such persons to pursue
their education (including the study of music and other arts), to undertake travel in furtherance thereof, and to
prepare for and enter a profession, trade, occupation or service on leaving school, university or other
educational establishment.
Provided that in applying income as aforesaid the Trustees shall have regard to the promotion of education in
accordance with the principles of Christianity.
2. If an in so far as income in any year is not required for application in the manner aforesaid in the area of benefit the
Trustees may apply the same like manner in the London Borough of Barnet.
3. Within the limits prescribed by this scheme the Trustees shall have power to make rules for he award of
scholarships, exhibitions, maintenance allowances and other benefits, including rules as to the value and period of
tenure of the awards and the qualifications, methods of ascertainment and selection of the candidates for benefit.
Such awards may be suitably associated with the name of Elizabeth Allen, the founder of the Charity, in such a
manner as the Trustees think fit. All decisions are made by the Trustees and voting is by simple majority.

'Area of benefit' means the area of the Urban District of Barnet as constituted immediately before 1st April 1965.

Public benefit

The Trustees have given due consideration to the Charity Commissions' published guidance on the operation of the public benefit requirement. The Trustees consider the public benefit provided to be the promotion of education for persons who meet the Charity's qualifying criteria.

Page 1

ELIZABETH ALLEN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

ACHIEVEMENT AND PERFORMANCE

Charitable activities

This review covers the period from 1st September 2021 to 31st August 2022, the Trust's financial year which coincides with the academic year. At the Annual Meeting held on 21st March 2022 Mr Peter Ziman was re-elected to serve as Chairman for the coming year, while Rathbones Investment Management was re-appointed investment managers for the Trust with Mr James Pettit from Rathbones Charities Team as Investment Adviser. Mrs Helen Rook remains in her role as Clerk to the Trustees.

During the year the Trustees held four meetings to consider applications for grants. Nineteen applications for grants were received for the year 2021/22. Thirteen grants were awarded for the 2021/22 academic year. Six applications were unsuccessful.

During the year Trustees continued to give careful consideration as to the best way to promote awareness of the Charity and the availability of funds, as the Charity does not carry out fundraising activities, and to finding suitable beneficiaries for distribution of income so that unrestricted general funds are kept to a minimum. Details of the Trust and the grant application process are sent to secondary schools and colleges in the Borough annually. A web page and email contact details are available at www.elizabethallentrust.org.uk.

Since expenditure is a function on income the Trustees consider the risk factor for the integrity of the Trust is low provided that care is taken to keep within budget for the year.

During the course of the year the Trustees acted in accordance with the objectives or the Charity and they will continue to do so.

FINANCIAL REVIEW

Financial position

During the year investment income was £29,782 (2021: £27,809). The total amount awarded in grants was £15,010 (2021: £14,930) and overall expenditure was £35,622 (2021: £34,627).The net loss on investments was £120,661 (2021: £207,534 net gain) resulting in a net loss for the year of £126,541 (2021: £200,716 net gain) and the fund balances carried forward at the year end amounted to £991,219 (2021: £1,117,760). The restricted funds carried forward amounted to £905,527 (2020: £1,025,847). The Trustees consider the Trust to be in a satisfactory financial position.

Investment policy and objectives

The portfolio of investments is managed by Rathbone Investment Management Limited, Stockbrokers in an advisory capacity. This portfolio has shown a gain which compared to present economic climate is considered by the Trustees to be the best investment strategy to provide the correct balance of growth and income for the purposes of the Charity. Annual expenditure is a function of the money received from investments and the Charity does not incur expenses which would be likely to threaten its capital base.

Reserves policy

After the payment of certain specific expenses the Trustees are required to apply the income of the Charity as set out in the 'Objectives and aim' note of this report. The Trustees continue to promote awareness of the available funds so that in future unrestricted general funds will be kept to a minimum.

Unrestricted general (income) fund

The unrestricted fund is to be used in accordance with the Charity's objectives at the discretion of the Trustees. At 31st August 2022 such accumulations amounted to £85,962 (2021: £91,913).

Restricted (capital) fund

The restricted fund consists of Charity's investment portfolio held with Rathbone Investment Management Limited and with CCLA on Endowment Account. At 31st August 2022 such accumulations amounted to £905,257 (2021: £1,025,847).

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Founded as a charity known as Elizabeth Allen's School in the Urban District of Barnet as constituted immediately before 1st April 1965 in the London Borough of Barnet, regulated by a scheme made under the Endowed Schools Act 1869, on 4th August 1873 as altered by schemes made by the Board of Education on 28th August 1925 and 14th August 1931 and in the matter of the Charities Act 1960. Sealed 24th November 1976, and further amended by Order on 1st March 1979 and again on 23rd July 1999.

Organisational structure

The Trustees meet regularly and all decisions are made by the Trustees having paid due regard to the Charity Commission's published guidance on behalf on public benefit and voting by a simple majority.

Page 2

ELIZABETH ALLEN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees

The Chair of the Trustees is responsible for the induction of any new Trustees. This involves awareness of a Trustees' Responsibilities, the governing documentation, administrative procedures, the history and philosophical approach to the Founder's ideas. A new Trustee would receive copies of the previous year's report and accounts and a copy of the Charity Commission leaflet 'The Essential Trustee: What you need to know, what you need to do'.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Having given consideration to any possible risks to the viability of the Charity, the Trustees take comfort from a portfolio well managed by Rathbone Investment Management Limited, Stockbroker on a Discretionary basis. The day to day management of the Charity's affairs and of its financial procedures follows straightforward accepted procedures in such a way as to present no fundamental difficulty if the Clerk were incapacitate. In these circumstances the Trustees see no need to make any special provision either in the finance or management.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

310968

Principal address

PO Box 1180 St Albans Hertfordshire AL1 9XP

Trustees

Mr P Ziman Mrs R Dyer Mrs V F Johnston Mrs M Kirtan (resigned 21.3.2022) Mr G Nichols Mrs D Locke Mr S Smith (appointed 22.8.2022)

The body of the Trustees shall consist of six co-opted Trustees who shall be appointed for a term of five years by a resolution of the Trustees passed at a special meeting. Co-opted Trustees shall be persons who through residence, occupation or employment, or otherwise have special knowledge of th London Borough of Barnet.

Clerk to the Trustee

Mrs H Rook

Independent Examiner

Jones Hunt & Keelings Chartered Certified Accountants and Chartered Tax Advisers Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG

Page 3

ELIZABETH ALLEN TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

REFERENCE AND ADMINISTRATIVE DETAILS Stockbrokers

Rathbones Investment Management Limited 1 Curzon Street London W1J 5FB

Bankers

The Royal Bank of Scotland Plc 30/32 London Road Enfield Middlesex EN2 6DT

CCLA Investment Management Limited COIF Charity Funds 80 Cheapside London EC2V 6DZ

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.............................................................................. Mr P Ziman - Trustee

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ELIZABETH ALLEN TRUST

Independent examiner's report to the trustees of Elizabeth Allen Trust

I report to the charity trustees on my examination of the accounts of Elizabeth Allen Trust (the Trust) for the year ended 31 August 2022.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

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 cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

Alfonso Del Basso (Senior Statutory Auditor) Jones Hunt & Keelings Chartered Certified Accountants and Chartered Tax Advisers Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG Date: .............................................

Page 5

ELIZABETH ALLEN TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
Grants payable
Administration
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
13
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2022
Unrestricted
Restricted
Total
fund
fund
funds
£
£
£
29,695
87
29,782
-
7,723
7,723
15,010
-
15,010
12,929
-
12,929
27,939
7,723
35,662
-
(120,661)
(120,661)
1,756
(128,297)
(126,541)
(7,707)
7,707
-
(5,951)
(120,590)
(126,541)
91,913
1,025,847
1,117,760
85,962
905,257
991,219		 2021
Total
funds
£
27,809
7,526
14,930
12,171
34,627
207,534
200,716
-
200,716
917,044
1,117,760

The notes form part of these financial statements

Page 6

ELIZABETH ALLEN TRUST

BALANCE SHEET 31 AUGUST 2022

Notes
FIXED ASSETS
Investments
10
CURRENT ASSETS
Debtors
11
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds:
General fund
Restricted funds:
Restricted fund
TOTAL FUNDS		 Unrestricted
fund
£
45,493
480
44,499
44,979
(4,510)
40,469
85,962
85,962		 Restricted
fund
£
879,390
-
25,867
25,867
-
25,867
905,257
905,257		 2022
Total
funds
£
924,883
480
70,366
70,846
(4,510)
66,336
991,219
991,219
85,962
905,257
991,219		 2021
Total
funds
£
1,053,266
479
68,185
68,664
(4,170)
64,494
1,117,760
1,117,760
91,913
1,025,847
1,117,760

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Mr P Ziman - Trustee

The notes form part of these financial statements

Page 7

ELIZABETH ALLEN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The charity is not part of any group and therefore these financial statements cover the reporting entity only.

The presentation currency of the financial statements is the Pound Sterling (£).

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Charitable activities

The charitable activities relate to grants payable to various individuals and organisations as noted under note 4 to these financial statements.

Governance costs

Include costs of the preparation and examination of statutory accounts, the costs of Trustee meetings and costs of any legal or professional advice to Trustees on governance or constitutional matters. Expenditure is recognised when incurred and includes VAT which cannot be recovered.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Grants payable

Grants payable are made by the Charity to provide funds for financial support to students and apprentices under the age of 25 years, living and/or studying in London Borough of Barnet on the submission and approval of their applications.

Fixed Asset Investments

Investments are shown in the Balance Sheet at quoted market value at the year end.

Basic financial instruments

The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.

continued...

Page 8

ELIZABETH ALLEN TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

2. INVESTMENT INCOME

Income from investment fund
Deposit account interest
3.
RAISING FUNDS
Investment management costs
Portfolio management
4.
GRANTS PAYABLE
Grants payable to individuals
Grants payable to institutions
Total grants payable
5.
SUPPORT COSTS
Management
£
Administration
6,329		 2022
£
29,576
206
29,782
2022
£
7,723		 2022
£
29,576
206
29,782
2022
£
7,723		 2021
£
27,800
9
27,809
2021
£
7,526		 2021
£
27,800
9
27,809
2021
£
7,526
2022 2021
£ £
12,560 14,930
2,450 -
15,010 14,930
Governance
costs
£
6,600		 Totals
£
12,929

The independent examiner's fees of £2,100 (2021: £1,740) includes a fee of £990 relating to accountancy services.

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2022, nor for the year ended 31 August 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2022, nor for the year ended 31 August 2021.

7. STAFF COSTS

There were no employees during the year ended 31st August 2022, nor for the year ended 31st August 2021.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Investment income
27,809
EXPENDITURE ON
Raising funds
-
Charitable activities
Grants payable
14,930
Administration
12,171		 Restricted
fund
£
-
7,526
-
-		 Total
funds
£
27,809
7,526
14,930
12,171

continued...

Page 9

ELIZABETH ALLEN TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Total
Net gains on investments
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
9.
MATERIAL ITEMS ON SOFA
The net gains/(loss) on investments are noted as below:
Unrealised gains/(loss) on fair value changes
Realised gains/(loss) on disposals of investments
Net gain/(loss) on investments
10.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 September 2021
Additions
Disposals
Revaluations
Profit/loss on disposal
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021		 Unrestricted
fund
£
27,101
-
708
12,000
12,708
79,205
91,913		 Unrestricted
fund
£
27,101
-
708
12,000
12,708
79,205
91,913		 Unrestricted
fund
£
27,101
-
708
12,000
12,708
79,205
91,913		 Restricted
fund
£
7,526
207,534
200,008
(12,000)
188,008
837,839
1,025,847		 Restricted
fund
£
7,526
207,534
200,008
(12,000)
188,008
837,839
1,025,847		 Total
funds
£
34,627
207,534
200,716
-
200,716
917,044
1,117,760		 Total
funds
£
34,627
207,534
200,716
-
200,716
917,044
2022 2021
£ £
(151,557) 159,675
30,886 47,859
(120,671) 207,534
Fixed
interest
stocks
£
76,931
34,260
(15,206)
(12,947)
(1,932)
81,106
81,106
76,931		 Listed
equities
£
961,616
143,622
(170,388)
(137,973)
32,818
829,695
829,695
961,616		 Unit
trusts
£
14,719
-
-
(637)
-
14,082
14,082
14,719		 Totals
£
1,053,266
177,882
(185,594)
(151,557)
30,886
924,883
924,883
1,053,266

There were no investment assets outside the UK.

continued...

Page 10

ELIZABETH ALLEN TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

10. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 August 2022 is represented by:

Fixed
interest
Listed
stocks
equities
£
£
Valuation in 2022
81,106
829,695
The total cost of investments at 31st August 2022 was £669,178 (2021: £647,926).
11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
13.
MOVEMENT IN FUNDS
Net
movement
At 1.9.21
in funds
£
£
Unrestricted funds
General fund
91,913
1,756
Restricted funds
Restricted fund
1,025,847
(128,297)
TOTAL FUNDS
1,117,760
(126,541)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
29,695
(27,939)
Restricted funds
Restricted fund
87
(7,723)
TOTAL FUNDS
29,782
(35,662)		 Unit
trusts
£
14,082
2022
£
480
2022
£
4,510
Transfers
between
funds
£
(7,707)
7,707
-
Gains and
losses
£
-
(120,661)
(120,661)

continued...

Page 11

ELIZABETH ALLEN TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.9.20
£
Unrestricted funds
General fund
79,205
Restricted funds
Restricted fund
837,839
TOTAL FUNDS
917,044
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
27,809
Restricted funds
Restricted fund
-
TOTAL FUNDS
27,809
A current year 12 months and prior year 12 months combined position is as
At 1.9.20
£
Unrestricted funds
General fund
79,205
Restricted funds
Restricted fund
837,839
TOTAL FUNDS
917,044		 Net
movement
in funds
£
708
200,008
200,716
Resources
expended
£
(27,101)
(7,526)
(34,627)
follows:
Net
movement
in funds
£
2,464
71,711
74,175		 Transfers
between
funds
£
12,000
(12,000)
-
Gains and
losses
£
-
207,534
207,534
Transfers
between
funds
£
4,293
(4,293)
-		 At
31.8.21
£
91,913
1,025,847
1,117,760
Movement
in funds
£
708
200,008
200,716
At
31.8.22
£
85,962
905,257		 At
31.8.21
£
91,913
1,025,847
1,117,760
Movement
in funds
£
708
200,008
200,716
At
31.8.22
£
85,962
905,257
200,716
At
31.8.22
£
85,962
905,257
991,219

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted fund
TOTAL FUNDS		 Incoming
resources
£
57,504
87
57,591		 Resources
expended
£
(55,040)
(15,249)
(70,289)		 Gains and
Movement
losses
in funds
£
£
-
2,464
86,873
71,711
86,873
74,175		 Gains and
Movement
losses
in funds
£
£
-
2,464
86,873
71,711
86,873
74,175
74,175

continued...

Page 12

ELIZABETH ALLEN TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2022.

Page 13