## **THE IAIN GRANT TRUST**
**ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2021**
**CHARITY NO 327181**
**Harrison Latham & Company, Chartered Accountants & Registered Auditors 97, Tulketh Street, Southport, PR8 1AW**
**THE IAIN GRANT TRUST**
## **YEAR ENDED 5TH APRIL 2021**
## **CONTENTS**
||**Page No**|
|---|---|
|Details|1.|
|Trustees annual report|2/3.|
|Independent examiners report|4.|
|Statement of financial activites|5.|
|Balance sheet|6.|
|Notes|7/8.|
## **THE IAIN GRANT TRUST**
## **ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2021**
## **DETAILS**
|Charity Number|327181|
|---|---|
|Principal Address|97, Tulketh Street|
||Southport,|
||PR8 1AW|
|Stockbroker|Christopher Clay|
||Investec,|
||100, Old Hall Street,|
||Liverpool,|
||L3 9AB|
|Accountants|Harrison Latham & Co|
||97, Tulketh Street,|
||Southport,|
||PR8 1AW|
- 1 -
## **THE IAIN GRANT TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5TH APRIL 2020**
The Trustees present their annual report for the year ended 5th April 2020, together with the financial statements.
## **Governing Document**
The Iain Grant Trust is governed by the settlement dated 16th June 1986 and is managed by three trustees.
## **Trustees**
The trustees who served during the period:
- A.M. Latham N.A. Latham
V.A. Hulton
The settlor of the trust stated that there should be three trustees, one from the field of commerce, one from the field of accountancy and one from the field of teaching. On a current trustee wishing to resign searches are made in the relevant field to find a replacement.
## **Reserves Policy**
The trustees have no formal reserves policy in place. It is their intention to grant the whole income of the trust to applicants.
## **Aims and Objectives**
The object of the organisation is to provide grants to provide assistance in the field of education as follows:
1. To assist working teachers of children under the age of 13 to travel abroad to study teaching methods.
2. To assist the advancement of education by the headmaster of Woodchurch C of E Controlled Primary School by providing £1,000 per annum.
3. To provide scholarships to practising teachers from any country to spend a period of up to 6 weeks in another country to study teaching methods.
In applying the aims and objectives of the trust, the trustees have given careful consideration to the charity commission's general guidance on public benefit. While the trust aims are very specific, they believe that the public benefit is achieved as no school teacher of relevant school children is precluded and therefore all children can benefit from the teaching ideas obtained from the visits assisted by the grants.
-2-
## **THE IAIN GRANT TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5TH APRIL 2021**
A number of the grants have been paid to teachers travelling abroad to study teaching methods and this should assist in improving their students learning experience
## **Excerpts from reports**
## **No new reports have been received and therefore we have left in the old reports for interest.**
## **Visit to India, Singapore and New Zealand**
"In all three countries, it was the similarites in how we educate - more than the differences - which struck me most during the trip. In hindsight I should have expected these similarites, for we as teachers are all charged with the same task: to facilitate learning (and instil a love of learning?)".
## **Visit to Shanghia**
"This entire experience has really helped me to consider best practise in schools, how It can develop my own and staff support, and consider how certain adaptions may enhance the opportunities and learning styles for all children in my school. Thank you for the unforgettable, professional development opportunity this visit has afforded me. It really has revolutionised aspects of what I consider to be most effective teaching strategies".
## **Designated Fund**
A designated fund has been created by the trustees to honour the wishes of I.C.S. Grant, whose intention was that his residuary estate would be added to the restricted funds of the trust. The funds received following the death of Mrs June Grant from her residuary estate and the Iain Grant settlement for her have been added to this fund.
## **Fundraising**
The trust does not fundraise, relying on its investments for income. These investments are actively managed by stockbrokers to balance any risk.
## **N.A. Latham**
## **Trustee**
14th July 2021
-3-
## **THE IAIN GRANT TRUST**
## **INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 5TH APRIL 2021**
I report on the accounts of The Iain Grant Trust for the year ended 5th April 2020, which are set out on pages 5 - 8.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, 'it is my responsibility to:
- examine the accounts under section 145 of the Act
- follow procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and
- state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures 'in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Act and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act and with the methods and principles of the Statement of Recommended Practice Accounting and Reporting by Charities
have not been met or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **M.Billington**
## **19th July 2021**
- 4 -
## **THE IAIN GRANT TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2021**
|**Notes**
**Income:**
Investment income
2
**Total Income**
**Expenditure on:**
Cost of raising funds
Investment management costs
Charitable activities
Governance costs
**Total Expenditure**
**Gains/(losses) on**
**investment assets**
**Net Income/(expenditure)**
Transfer between funds
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**Total**
**2021**
**Total**
**2020**
**£**
**£**
**£**
**£**
**£**
29,833
-
-
29,833
34,533|
|---|---|
||29,833
-
-
29,833
34,533
-
18,534
-
18,534
18,281
1,000
-
-
1,000
2,790
1,338
1,338
-
2,676
3,984|
||2,338
19,872
-
22,210
25,055|
||-
324,735
-
324,735
(198,895)|
||27,495
304,863
-
332,358
(189,417)
-
-
-
-
-|
||27,495
304,863
-
332,358
(189,417)
279,667
788,261
941
1,068,869
1,258,286|
||307,162
1,093,124
941
1,401,227
1,068,869|
- 5 -
## **THE IAIN GRANT TRUST**
|**BALANCE SHEET AS**|**AT 5TH APRIL 2021**|**AT 5TH APRIL 2021**|||||
|---|---|---|---|---|---|---|
|||**Unrestricted**|**Designated**|
**Restricted**|**Total**|**Total**|
||**Notes**|**Funds**|**Funds**|**Funds**|**2021**|**2020**|
|**Fixed Assets**||**£**|**£**|**£**|**£**|**£**|
|Investments|3|282,202|1,081,462|-|1,363,664|1,038,137|
|**Current Assets**|||||||
|Debtors|4|-|-|-|-|177|
|Cash at bank and in hand||26,298|13,000|941|40,239|34,539|
|**Total Current Assets**||26,298|13,000|941|40,239|34,716|
|**Creditors amounts falling due**|||||||
|**within one year**|5|1,338|1,338|-|2,676|3,984|
|**Net Current Assets**||24,960|11,662|941|37,563|30,732|
|**Total assets less current**|**liabilit**|307,162|1,093,124|941|1,401,227|1,068,869|
|**Funds**|||||||
|Unrestricted funds||307,162|-|-|307,162|279,667|
|Designated funds||-|1,093,124|-|1,093,124|788,261|
|Restricted funds||-|-|941|941|941|
|||307,162|1,093,124|941|1,401,227|1,068,869|
These financial statements were approved by the trustees on 14th July 2021 and were signed on its behalf by:
## **N.A. Latham - Trustee**
- 6 -
## **THE IAIN GRANT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021**
|2.
**Analysis of Incoming Resources**
Bank and H M Revenue and Customs interest
Investments held on a stock exchange
Tax refund
3.
**Investments**
Carrying market value at the start of the year
Add: additions to investments at cost
Less: disposals at carrying value
Add:(loss)/gain on revaluation
Carrying market value at the end of the year
Investments listed on recognised stock exchange
4.
**Debtors**
Other debtors
5.
**Creditors: Amounts falling due within one year**
Accruals and deferred income
6.
**Funds**|**2021**
**£**
-
29,833
-
29,833
**2021**
**£**
1,038,137
178,372
(149,339)
296,494
1,363,664
**Market**
**Value at the**
**Year End**
**£**
1,363,664
**2021**
**£**
-
**2021**
**£**
2,676|**2020**
**£**
106
34,428
-|
|---|---|---|
|||34,534|
|||**2020**
**£**
1,175,256
289,486
(228,104)
(198,501)|
|||1,038,137|
|||**Market**
**Value at**
**the Year**
**End**
**£**
1,038,137|
|||**2020**
**£**
177|
|||**2020**
**£**
3,984|
||||
The restricted fund represents the original settlement.
The designated fund represents the funds from Iain Grant's Estate. In order to comply with his expressed wishes to hold the monies as capital and to use the income in accordance with the charities objectives.
- 8 -
**THE IAIN GRANT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021**
## 1. **Accounting Policies**
## 1.1 **Basis of accounting**
The accounts have been prepared in accordance with 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) which became effective 1 January 2015.
## 1.2 **Incoming resources**
These are included in the Statement of Financial Activities (SoFA) when:
- The organisation becomes entitled to the resources;
- The committee members are virtually certain they will receive the resources; and
- The monetary value can be measured with sufficient reliability.
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA.
## **Grant and donations**
Are only included in the SoFA when the charity has unconditional entitlement to the resources.
## **Investment income**
Is included in the accounts when receivable.
## **Investment gains and losses**
Are included on the sale of investments and includes any gain or loss resulting from revaluing the investments to market value at the end of the year.
## 1.3 **Expenditure and liabilities**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the organisation to pay out resources.
Governance costs include costs of the preparation and examination of statutory accounts, the costs of committee meetings and cost of any legal advice to committee members on governance or constitutional matters.
## 1.4 **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.
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