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THE VICKERS STAFF CHARITABLE FUND
ANNUAL REPORT
FOR THE YEAR ENDED
31 OCTOBER 2020
Registered charity: 512770
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THE VICKERS STAFF CHARITABLE FUND
ANNUAL REPORT
For the year ended 31 October 2020
| INDEX | PAGE |
|---|---|
| Legal and administrative details | 1 |
| Trustee's report | 2 - 3 |
| Independent examiner's report | 4 - 5 |
| Principal accounting policies | 6 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the accounts | 10 -11 |
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THE VICKERS STAFF CHARITABLE FUND
LEGAL AND ADMINISTRATIVE DETAILS
| Charity registration number: | 512770 |
|---|---|
| Trustee: | Maryland Trust Company (Leeds) Limited |
| Secretary: | S Emsley |
| Registered office: | Airedale Mills |
| 6 Clarence Road | |
| Leeds | |
| LS10 1ND | |
| Bankers: | National Westminster Bank plc |
| 8 Park Row | |
| Leeds | |
| LS10 1ND | |
| Independent examiner: | Peter Edwards FCA |
| Grant Thornton UK LLP | |
| Chartered Accountants | |
| No 1 Whitehall Riverside | |
| Leeds | |
| LS1 4BN |
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THE VICKERS STAFF CHARITABLE FUND
TRUSTEE'S REPORT
Structure, Governance & Management
The Vickers Staff Charitable Fund (VSCF) is a registered charity (No. 512770), and is constituted by Deed of Trust dated 14 May 1982. Its address is Airedale Mills, 6 Clarence Road, Leeds, LS10 1ND. The charity is administered by Maryland Trust Company (Leeds) Limited, a trust company formed for this purpose and which is the corporate trustee of The Vickers Staff Charitable Fund. The Directors of the trust company (commonly referred to as the “Trustees” of the VSCF) throughout the year were:
Directors
Mrs F A Maclean Mrs V M Wigan Mrs S M Dobson Mrs P R Spencer Mr S G Glynn (appointed 21 August 2019) Mr M Krause (appointed 21 August 2019)
Mr P J F Vickers resigned as director on 21 January 2021.
Secretary
Mrs S Emsley
All Trustees give of their time freely and no Trustee remuneration was paid in the year.
All Trustees have made a written declaration of conflicts of interest and each Trustee meeting agenda includes an update of any new conflicts of interest. If a specific case arises where an individual Trustee has a conflict of interest, s/he withdraws from the particular decision.
Objectives and Activities for the Public Benefit
The Trustees confirm that they have studied and paid regard to the guidance on public benefit published by the Charity Commission.
The VSCF has two charitable purposes:
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a. “For the relief of needy employees and ex-employees of Benjn.R.Vickers & Sons Limited and their dependents in such manner as the Trustee shall in its absolute discretion from time to time determine”.
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Under this purpose, the VSCF provides assistance to needy employees and ex-employees of Benjn.R. Vickers & Sons Limited and their dependents under the charitable heading of “relief of poverty”.
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The Trustees recognise that, under this heading, the VSCF is an example of “relief of poverty” charities which define beneficiaries by reference to employment with a named employer and therefore have a restricted beneficiary class.
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Grants are made from time to time, in response to special needs, after evaluating the circumstances of individual potential beneficiaries. Once again, this year the Trustees paid winter fuel grants, to some pensioners and their surviving dependents in light of increasing home fuel costs
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b. “For such other exclusively charitable purposes that the Trustee shall in its absolute discretion from time to time determine”.
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Under this purpose, the VSCF undertakes a programme of support, usually by grants, for charitable purposes including (among others) education, medical research, and peacemaking & the advancement of religion. Some of the charities we support are smaller ones, local to Leeds and the surrounding area.
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THE VICKERS STAFF CHARITABLE FUND
TRUSTEE'S REPORT
Reserves policy
The Trustee maintains a level of reserves sufficient to provide investment income to fund its charitable donations and administrative costs. At the year end the reserves were £352,531 (2019: £144,915).
Investment policy
The Trustee manages the charity's funds in order to balance income on its investments with the requirement to assist the potential beneficiaries of the fund.
Risk management
The Trustee keeps the major risks to which it is exposed under review in order to satisfy itself that these risks are mitigated where possible.
Trustee's responsibilities statement
The Trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 and regulations made thereunder requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’. The Trustee must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of the resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS102);
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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 Trustee is 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 and regulations made thereunder and the provisions of the trust deed. The Trustee is 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.
ON BEHALF OF THE TRUSTEE
Director
Maryland Trust Company (Leeds) Limited
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE VICKERS STAFF CHARITABLE FUND
I report on the accounts of the Vickers Staff Charitable Fund for the year ended 31 October 2020, which are set out on pages 6 to 8.
Your attention is drawn to the fact that the charity's trustees have prepared the charity's accounts in accordance with the Statement of Recommended Practice 'Accounting and Reporting by 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) issued in October 2019 in preference to the Statement of Recommended Practice 'Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005)' issued in April 2005 which is referred to in the Charities (Accounts and Reports) Regulations 2008 but has been withdrawn. I understand that the charity's Trustee has done this in order for the charity's accounts to give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
This report is made solely to the charity’s Trustee, as a body, in accordance with the regulations made under Section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's Trustee those matters I am required to state to it in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustee, as a body, for my work, for this report, or for the opinions I have formed.
RESPECTIVE RESPONSIBILITIES OF TRUSTEE AND EXAMINER
The charity's Trustee is responsible for the preparation of the accounts. The charity’s Trustee considers that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of ICAEW.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act 2011;
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follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011; and
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to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S REPORT
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a comparison of the accounts with the accounting records kept by the charity. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustee 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.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE VICKERS STAFF CHARITABLE FUND
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
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i. which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act 2011;
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to prepare accounts which accord with the accounting records;
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to comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008
have not been met; or
- ii. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Peter Edwards FCA Grant Thornton UK LLP Chartered Accountants Leeds
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THE VICKERS STAFF CHARITABLE FUND
PRINCIPAL ACCOUNTING POLICIES
CHARITY INFORMATION
The Vickers Staff Charitable Fund is an unincorporated charity registered with the Charity Commission (number 512770). Its registered address is Airedale Mills, 6, Clarence Road, Leeds, LS10 1ND.
BASIS OF PREPARATION
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The accounts (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 Accounting and Reporting by 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Vickers Staff Charitable Fund 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 notes.
The principal accounting policies of the Charity have remained unchanged from the previous year and are set out below.
The accounts are presented in sterling (£).
GOING CONCERN
The objective of the charity is to make donations as set out in the Trustee Report. The donations are funded using the dividends received from Mary Randall Vickers & Co Limited. The Trustee takes into account the dividends received and the level of cash reserves when determining whether donations can be approved. The Trustee, having considered expected incoming resources and commitments for the 12 months from the date of signing of these financial statements, including the impact of the outbreak of Covid-19 considers that it is appropriate for the accounts to be prepared on a going concern basis.
INVESTMENT INCOME
Dividends and covenanted donations are included where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Bank, building society and loan interest is included on an accruals basis.
EXPENDITURE
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are the costs associated with attracting voluntary income.
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THE VICKERS STAFF CHARITABLE FUND
PRINCIPAL ACCOUNTING POLICIES
All grants are made in accordance with clause 3 of the trust deed dated 14 May 1982.
INVESTMENTS
Investments are included at cost.
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THE VICKERS STAFF CHARITABLE FUND
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 October 2020
| Income Dividends and interest: Ordinary dividends - Mary Randall Vickers & Co Limited - BT Group plc Bank interest Expenditure Grants and donations Miscellaneous expenses Total expenditure Net movement in funds Total funds brought forward at 1 November 2019 Total funds carried forward at 31 October 2020 |
Unrestricted funds 2020 2019 £ £ 393,443 93,677 37 123 211 358 393,691 94,158 186,000 94,680 75 2,149 186,075 96,829 207,616 (2,671) 144,915 147,586 352,531 144,915 |
Unrestricted funds 2020 2019 £ £ 393,443 93,677 37 123 211 358 393,691 94,158 186,000 94,680 75 2,149 186,075 96,829 207,616 (2,671) 144,915 147,586 352,531 144,915 |
|---|---|---|
| 393,691 | 94,158 | |
| 186,000 75 |
94,680 2,149 |
|
| 186,075 | 96,829 | |
| 207,616 144,915 |
(2,671) 147,586 |
|
| 352,531 | 144,915 |
All activities are continuing activities.
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THE VICKERS STAFF CHARITABLE FUND
BALANCE SHEET
As at 31 October 2020
| Note Investments Listed 3 Unlisted 3 Current assets Cash at bank and in hand Total fund assets |
Unrestricted funds 2020 2019 £ £ 520 520 28,648 28,648 29,168 29,168 323,363 115,747 |
Unrestricted funds 2020 2019 £ £ 520 520 28,648 28,648 29,168 29,168 323,363 115,747 |
|---|---|---|
| 29,168 | ||
| 323,363 | ||
| 323,363 | 115,747 | |
| 352,531 | 144,915 |
The financial statements were approved on behalf of the Trustee on.
Director
Maryland Trust Company (Leeds) Limited
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THE VICKERS STAFF CHARITABLE FUND
NOTES TO THE ACCOUNTS
For the year ended 31 October 2020
1 EMPLOYEES
The Trust had 7 Trustee directors during the year. There were no other employees.
2 TRUSTEE DIRECTORS’ REMUNERATION AND EXPENSES
No Trustee Directors received any remuneration or expenses during the year
3 INVESTMENTS HELD AS FIXED ASSETS
| Investments held at cost As at 31 October 2019 As at 31 October 2020 All investments are held in the UK. |
Unlisted investments £ 28,648 |
Listed investments £ 520 |
|---|---|---|
| 28,648 | 520 | |
The Charity holds more than 20% of the share capital of the following company:
| Associated holdings | Country of | |||||
|---|---|---|---|---|---|---|
| incorporation | Principal activity | Class | % | Period end | ||
| Holding company for | ||||||
| group involved in | ||||||
| development, | ||||||
| manufacture and | ||||||
| Mary Randall Vickers | marketing of | 31 October | ||||
| & Co Limited | England and Wales | specialised lubricants |
Ordinary | 22.79 | 2020 | |
| Capital and | ||||||
| reserves at | Profit for the | |||||
| 31 October | year to 31 | |||||
| 2020 | October 2020 | |||||
| £ | £ | |||||
| Mary Randall Vickers | ||||||
| & Co Limited | 31,317,018 | 1,180,098 |
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THE VICKERS STAFF CHARITABLE FUND
BALANCE SHEET AT 31 OCTOBER 2020
4 RELATED PARTY TRANSACTIONS
Controlling entity
The Charity is controlled by the trustees.
Related party transactions
During the year dividends of £393,443 (2019: £93,677) were received from Mary Randall Vickers and Co Limited.
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