Charity number: 328022
THE WILLIAM DELAFIELD CHARITABLE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
THE WILLIAM DELAFIELD CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent auditors' report on the financial statements | 7 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 22 |
THE WILLIAM DELAFIELD CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
| Trustees | Christopher John Gee |
|---|---|
| Bianca Kamala Silva | |
| Thomas Edward Gilman | |
| Charity registered number 328022 Principal office RWK Goodman Godstow Court, Minns Business Park 5 West Way Oxford OX2 0JB Independent auditors Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford WD17 1HP Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors RWK Goodman Godstow Court, Minns Business Park 5 West Way Oxford OX2 0JB Investment Managers Charles Stanley Stockbrokers Willow Court, Minns Business Park 7 West Way, Botley Oxford OX2 0JB Investment Managers Rathbones 1 Curzon Street London W1J 5FB Named Charity Correspondent Tom Gilman RWK Goodman Godstow Court, Minns Business Park 5 West Way Oxford OX2 0JB |
Page 1
THE WILLIAM DELAFIELD CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the audited financial statements of the charity for the 1 April 2021 to 31 March 2022.
Objectives and activities
Policies and objectives
The objectives of the charity are to apply the income of the Trust (and also capital) for the benefit of any charity the Trustees select but usually within the areas of restoration of records or archives of historical societies / bodies or for the restoration of the fabric of churches and as such, all in the area of public benefit.
Recipients of such grants, however, are usually restricted to charitable bodies within the counties of Bedfordshire, Buckinghamshire or Oxfordshire and of known interest to the Trustees. By a letter of wishes, the Settlor explained how he wished the majority of the trust income to be distributed, subject to review by the Trustees.
In planning the grants policy the Trustees have had regard to the Charity Commission's summary guidance on public benefit.
Research into potential areas of grant is carried out by one of the Trustees and any necessary administration is completed by the professionals listed on page one as required. The Settlor had indicated how he wished future allocations of grants to be made and the Trustees take this into account in their decision making. During the year Trustees liaised with the main beneficiaries to discuss use of the possible grant to be received.
Achievements and performance
Key performance indicators
As the grants awarded by the Trust each year are dependent upon the investment income received, the income return on investment is considered to be a key performance indicator. A minimum of two Trustees meet with the investment managers annually to review the performance of the investments. For the year ended 31 March 2022 the income return on investments was 2.54% (2021: 2.77%), which is considered to be satisfactory.
Page 2
THE WILLIAM DELAFIELD CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
Review of activities
The Trust achieved its objective of identifying appropriate beneficiaries and the grants payable to them for the year, totaling £547,781 (2021: £515,064) was as follows:-
Winchcombe PCC - St Michael's £5,000 Stevington PCC - St Mary's £5,000 Bletchley Park £10,000 Spelsbury Fund - church roof £10,000 Falkland Hall -Burford Community Archive £7,500 Jericho Living Heritage £5,000 Westminster Abbey - archive project £7,500 Melchbourne Church restoration £5,000 Victoria History of Oxfordshire Trust £64,904 (2021: £60,000) Ashmolean Museum £113,582 (2021: £105,000) Bodleian Library £113,582 (2021: £105,000) Brasenose College £54,087 (2021 : £50,000) Oxford Preservation Trust £48,678 (2021: £45,000) Pitt Rivers Museum £91,948 (2021: £85,000) Sundry donations £6,000
Investment policy and performance
The Trustees’ investment policy is governed by the Trust Deed, which permits their absolute discretion subject to the directions of the Charity Commission and charity law. The powers of investment are delegated to investment managers, to operate on a discretionary basis in line with the investment policy. The Trustees meet six monthly to review the portfolio and annually with the investment managers.
The Trustees’ policy is to ensure a balance between capital growth and income, such that there is capital growth of at least the rate of inflation and the income is maximised to generate funding for beneficiaries while aiming to preserve the real value of the investments.
The Trust adopts a total return approach generating investment return from income and capital gains or losses, within an acceptable level of risk.
Sufficient sums are held in cash deposits in order that any fluctuations in income do not deter the Trustees from supporting ongoing projects and any other special projects that they might wish to support which might otherwise exceed the income of the Trust for that year.
The value of the investment portfolio increased by 5.07% (2021: 24.9%) from £24,687,080 to £25,938,968. Investment income of £670,980 (2021: £569,279) was generated being an income return of approximately 2.54% (2021: 2.77%). The Trustees consider the performance to be satisfactory.
Page 3
THE WILLIAM DELAFIELD CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
The continued impact of the COVID-19 pandemic has been to generally make the investment market more volatile, which in turn will impact on portfolio values and investment income generated. Investment income increased in the year to 31 March 2022 compared to 2021, and whilst there were net realised and unrealised investment gains in the year to 31 March 2022 of £1.2m, these were substantially less than 2021 when there were exceptional gains on investments of £4.8m. The Trust policy is to hold investments for the long term, and uses two investment managers to adjust portfolios accordingly, to continue to generate future income within reasonable levels and maintain capital within an acceptable level of risk.
Reserves policy
The Trustees’ policy is to maintain the capital fund reserve to generate future income. At 31 March 2022 capital funds carried forward were £27,395,918 (2021: £26,140,449), an increase in line with the net gains on investments in the year.
General funds represent surpluses that are available for distribution to future grant applicants. General funds at 31 March 2022 were £39,859 (2021: £46,772), a decrease of £6,913 representing the grant payments made in the year from reserves brought forward rather than from generated surpluses in the year.
Principal funding
The Trust’s total income was £670,980 compared to £569,488 in 2021. The principal funding source is investment income from share portfolios, and therefore income levels are dependent on investment performance. The Trust aims to distribute at least 90% of the surplus generated each year before investment gains or losses.
After expenses of administering the Trust there was a deficit of £6,913 in the accumulated unrestricted general fund (2021: £55,154 deficit) after grant payments.
In the unrestricted capital fund there were actual and unrealised net investment gains amounting to £1,255,469 (2021 gains of £4,865,254) giving an overall surplus for the year of £1,248,556 (2021: surplus £4,810,100).
Structure, governance and management
Constitution
The William Delafield Charitable Trust is a registered charity, number 328022, and is constituted under a Trust deed.
Page 4
THE WILLIAM DELAFIELD CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management (continued)
Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Organisational structure and decision-making policies
The governing document is the Trust Deed dated 29 November 1988.
Death of Settlor
Under the terms of his Will, Mr Delafield very generously left the bulk of his net estate to the Trust, which will enable it to continue the policy of grants in the areas of his own life and the Trust's established interests, in much larger amounts.
Organisation
The charity is an unincorporated Trust, with three Trustees and no employees. All decisions are made by the Trustees at their meetings held three times a year. Decisions made between meetings are ratified at the following meeting.
The power of appointing new Trustees rests with existing Trustees, and the total number should not exceed six or fall below three. New Trustees are provided with information on the Trust by existing Trustees.
Risk management
The principal risk affecting the Trust is stock market fluctuations as all income is generated from investments. The Trustees manage this risk by having two separate fund managers with diversified portfolios. The Trustees also meet annually with the fund managers to review the performance and policies for the investments.
Plans for future periods
The Trustees continue to liaise with main beneficiaries of the Trust, and will continue to seek the appointment of a fourth trustee. No major changes in policy or activities are planned.
Page 5
THE WILLIAM DELAFIELD CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
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Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Hillier Hopkins LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on _______ and signed on their behalf by:
C J Gee Trustee
Page 6
THE WILLIAM DELAFIELD CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM DELAFIELD CHARITABLE TRUST
Opinion
We have audited the financial statements of The William Delafield Charitable Trust (the 'charity') for the year ended 31 March 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 7
THE WILLIAM DELAFIELD CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM DELAFIELD CHARITABLE TRUST (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 8
THE WILLIAM DELAFIELD CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM DELAFIELD CHARITABLE TRUST (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• the control environment and performance of the Charitable Trust, including the remuneration incentives and pressures of key management;
• the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the Charitable Trust’s documentation of their policies and procedures relating to:
o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Charitable Trust operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities SORP 2019, and relevant tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 9
THE WILLIAM DELAFIELD CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLIAM DELAFIELD CHARITABLE TRUST (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Hillier Hopkins LLP Chartered Accountants Statutory Auditors Radius House 51 Clarendon Road Watford WD17 1HP
Date:
Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 10
THE WILLIAM DELAFIELD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Investments 2 Total income Expenditure on: Raising funds 3 Charitable activities Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 670,980 670,980 107,414 570,479 677,893 (6,913) 1,255,469 1,248,556 26,187,221 1,248,556 27,435,777 |
Total funds 2022 £ 670,980 670,980 107,414 570,479 677,893 (6,913) 1,255,469 1,248,556 26,187,221 1,248,556 27,435,777 |
Total funds 2021 £ 569,488 569,488 90,275 534,367 624,642 (55,154) 4,865,254 4,810,100 21,377,121 4,810,100 26,187,221 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 22 form part of these financial statements.
Page 11
THE WILLIAM DELAFIELD CHARITABLE TRUST
BALANCE SHEET AS AT 31 MARCH 2022
| 2022 Note £ Fixed assets Investments 9 25,938,968 25,938,968 Current assets Cash at bank and in hand 1,648,491 1,699,728 1,648,491 1,699,728 Creditors: amounts falling due within one year 10 (151,682) (199,587) Net current assets 1,496,809 Total assets less current liabilities 27,435,777 Total net assets 27,435,777 Charity funds Restricted funds 11 - Unrestricted funds 11 27,435,777 Total funds 27,435,777 The financial statements were approved and authorised for issue by the _______and signed on their behalf by: |
2021 £ 24,687,080 24,687,080 1,500,141 26,187,221 26,187,221 - 26,187,221 26,187,221 Trustees on |
|---|---|
C J Gee Trustee
The notes on pages 14 to 22 form part of these financial statements.
Page 12
THE WILLIAM DELAFIELD CHARITABLE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| Cash flows from operating activities Note Net cash used in operating activities 14 Cash flows from investing activities Proceeds from sale of investments Purchase of investments Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 15 |
2022 £ (54,818) 5,036,585 (5,033,004) 3,581 - (51,237) 1,699,728 1,648,491 |
2021 £ 16,439 3,015,765 (3,076,950) (61,185) - (44,746) 1,744,474 1,699,728 |
|---|---|---|
The notes on pages 14 to 22 form part of these financial statements
Page 13
THE WILLIAM DELAFIELD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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), and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102)
The William Delafield Charitable TrustThe Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the trust to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements, having taken into account potential impacts of COVID-19 on portfolio performance.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of direct costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made, and in accordance with the Trust deed terms.
All expenditure is inclusive of irrecoverable VAT.
Page 14
THE WILLIAM DELAFIELD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting policies (continued)
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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THE WILLIAM DELAFIELD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Investment income
| Unrestricted funds 2022 £ Deposit account interest 108 Investment income 670,872 Total 2022 670,980 Total 2021 569,488 |
Total funds 2022 £ 108 670,872 670,980 569,488 |
Total funds 2021 £ 209 569,279 569,488 |
|---|---|---|
3. Investment management costs
| Unrestricted funds 2022 £ Portfolio management costs 107,309 Other costs 105 Total 2022 107,414 Total 2021 90,275 |
Total funds 2022 £ 107,309 105 107,414 90,275 |
Total funds 2021 £ 90,204 71 90,275 |
|---|---|---|
4. Analysis of grants
| Grants to | Total | |
|---|---|---|
| Institutions | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Grants payable | 547,781 | 547,781 |
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THE WILLIAM DELAFIELD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
4. Analysis of grants (continued)
| Grants to | Total | |
|---|---|---|
| Institutions | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Grants payable | 515,064 | 515,064 |
5. List of institutional grants payable
| 1. Victoria History of Oxfordshire Trust 2. Ashmolean Museum 3. Bodleian Library 4. Brasenose College 5. Oxford Preservation Trust 6. Pitt Rivers Museum Other grants to institutions |
2022 £ 64,904 113,582 113,582 54,087 48,678 91,948 61,000 547,781 |
2021 £ 60,000 105,000 105,000 50,000 45,000 85,000 65,064 515,064 |
|---|---|---|
6. Analysis of expenditure by activities
| Support costs Direct charitable activity |
Grant funding of activities 2022 £ - 547,781 547,781 |
Support costs 2022 £ 22,698 - 22,698 |
Total funds 2022 £ 22,698 547,781 570,479 |
|---|---|---|---|
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THE WILLIAM DELAFIELD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6. Analysis of expenditure by activities (continued)
| Support costs Direct charitable activity |
Grant funding of activities 2021 £ - 515,064 515,064 |
Support costs 2021 £ 19,303 - 19,303 |
Total funds 2021 £ 19,303 515,064 534,367 |
|---|---|---|---|
Analysis of support costs
| Unrestricted funds 2022 £ Legal fees 6,456 Accountancy 11,262 Governance costs 4,980 Total 2022 22,698 Total 2021 19,303 |
Total funds 2022 £ 6,456 11,262 4,980 22,698 19,303 |
Total funds 2021 £ 6,043 8,640 4,620 19,303 |
|---|---|---|
Page 18
THE WILLIAM DELAFIELD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Auditors' remuneration
The auditors' remuneration amounts to an auditor fee of £4,980 ( 2021 - £4,620 ).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 March 2022, expenses totalling £nil were reimbursed or paid directly to no Trustee (2021 - £0) in respect of travel expenses.
The Trust had no employees during the year (2021 - nil).
9. Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Disposals Revaluations At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Listed investments £ 24,687,080 5,033,004 (5,036,585) 1,255,469 |
|---|---|
| 25,938,968 | |
| 25,938,968 | |
| 24,687,080 |
Listed investments comprise £9,518,030 (2021: £8,987,303) of UK investments and £16,420,938 (2021: £15,699,777) of overseas investments.
There are no individual investments with a holding of more than 5%.
10. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 151,682 | 199,587 |
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THE WILLIAM DELAFIELD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. Statement of funds
| Statement of funds - current year Balance at 1 April 2021 £ Unrestricted funds Designated funds Capital funds 26,140,449 General funds General Funds - all funds 46,772 Total Unrestricted funds 26,187,221 Statement of funds - prior year Balance at 1 April 2020 £ Unrestricted funds Designated funds Capital funds 21,275,195 General funds General funds 101,926 Total Unrestricted funds 21,377,121 |
Income £ - 670,980 670,980 Income £ - 569,488 569,488 |
Expenditure £ - (677,893) (677,893) Expenditure £ - (624,642) (624,642) |
Gains/ (Losses) £ 1,255,469 - 1,255,469 Gains/ (Losses) £ 4,865,254 - 4,865,254 |
Balance at 31 March 2022 £ 27,395,918 |
|---|---|---|---|---|
| 39,859 | ||||
| 27,435,777 | ||||
| Balance at 31 March 2021 £ 26,140,449 |
||||
| Unrestricted funds Designated funds Capital funds General funds General funds Total Unrestricted funds |
||||
| 46,772 | ||||
| 26,187,221 |
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THE WILLIAM DELAFIELD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Fixed asset investments 25,938,968 Current assets 1,648,491 Creditors due within one year (151,682) Total 27,435,777 Analysis of net assets between funds - prior year Unrestricted funds 2021 £ Fixed asset investments 24,687,080 Current assets 1,699,728 Creditors due within one year (199,587) Total 26,187,221 13. Reconciliation of net movement in funds to net cash flow from operating activities 2022 £ Net income for the year (as per Statement of Financial Activities) 1,248,556 Adjustments for: (Gains)/losses on investments (1,255,469) Increase/(decrease) in creditors (47,905) Net cash provided by/(used in) operating activities (54,818) |
Total funds 2022 £ 25,938,968 1,648,491 (151,682) 27,435,777 Total funds 2021 £ 24,687,080 1,699,728 (199,587) 26,187,221 2021 £ 4,810,100 (4,865,254) 71,593 16,439 |
|---|---|
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THE WILLIAM DELAFIELD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
14. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents Analysis of changes in net debt Cash at bank and in hand |
At 1 April 2021 £ 1,699,728 1,699,728 |
2022 £ 1,648,491 1,648,491 Cash flows £ (51,237) (51,237) |
2021 £ 1,699,728 |
|---|---|---|---|
| 1,699,728 | |||
| At 31 March 2022 £ 1,648,491 1,648,491 |
15. Analysis of changes in net debt
16. Related party transactions
An accountancy practice in which one trustee, B. K. Silva, is a partner, received £11,262 gross including VAT (2021: £8,640) for accountancy and taxation services during the year, and solicitors of which one trustee, T. E. Gilman, is a partner, received £6,456 gross including VAT (2021: £6,043) for legal services.
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