The Rehoboth Trust
Charity registered in England and Wales
Charity number 516295
Trustees’ Annual Report and Accounts for 2022
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THE REHOBOTH TRUST
TRUSTEES' ANNUAL REPORT Year ending 31 December 2022
| CONTENTS | Page | |
|---|---|---|
| Part One: | Reference and Administrative Details of the Charity, | |
| its Trustees and Advisers | 3 | |
| Part Two: | Structure and Governance | 4 |
| Part Three: | Objectives and Activities | 4 |
| Part Four: | Financial Review | 4 |
| Accounts | 6 | |
| Independent Examiner’s report | 7 |
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Part One: Reference and Administrative Details of the Charity, its Trustees and Advisers
| Charity Name: | The Rehoboth Trust |
|---|---|
| Charity Registration Number: | 516295 |
| Address of Principal Office: | The Rehoboth Trust |
| 9 Arlington Close | |
| The Woodlands | |
| Newport NP20 6QF | |
| Trustees: | Nigel Dando |
| Jayne Dando | |
| David Harris | |
| Joanne O’Dwyer (Secretary) | |
| Amanda Petersen | |
| Stuart Powell | |
| Edward Swires-Hennessy (Treasurer) | |
| Roy Williams | |
| Investment sub-committee | Edward Swires-Hennessy (Treasurer) |
| David Harris | |
| Roy Williams | |
| Bankers: | CAF Bank Ltd |
| 25 Kings Hill Avenue | |
| West Malling | |
| Kent, ME19 4JQ | |
| Solicitors: | Everett, Tomlin, Lloyd and Pratt |
| Pendragon House | |
| General Rees Square | |
| Cwmbran NP44 1AJ |
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Part Two: Structure and Governance
The Rehoboth Trust was set up to govern the running of a Christian Residential Home for the Elderly called Rehoboth. The Trust sold the Home in June 2008. Since the sale, the Trust has operated as a grant making trust and continued to be governed by Trustees, functioning according to an amended Trust Deed.
The Trust Deed states that there should be a minimum of four and a maximum of nine Trustees on the Board at any one time. Currently eight trustees serve the Trust. No changes of Trustees were made during 2022.
New Trustees are appointed when a space becomes available on the board if the remaining Trustees deem this necessary. Should the remaining Trustees deem it necessary to supplement the Trustees, the new appointment is made by a resolution at a meeting of the Board of Trustees, followed by a memorandum executed and appended to the Trust Deed. The process by which this occurs is that:
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suitable candidates are suggested and considered by the Board;
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a shortlist of potential Trustees is drawn up and
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these are voted on by the Board.
A Trustee appointed by the Board approaches the candidate with the most votes inviting them to consider joining the Board of Trustees. In order to inform their decision, they are given a copy of the Trust Deed, an outline of the role of Trustee as published by the Charity Commission, an indication of the time commitment required and an explanation of the working of the Trust. If this person declines the invitation, the candidate with the next highest number of votes is approached.
Four Trustees’ meetings were held during the year to deal with grant applications.
Part Three: Objectives and Activities
The objectives of the Trust, as agreed with the Charity Commission, are:
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a) the advancement of the Christian religion;
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b) the relief of financial hardship, sickness or old age of people who are Christians or have dedicated their life to Christianity through missionary work in particular by the provision of financial assistance or accommodation.
Part Four: Financial Review
Gerald Thomas Wealth Management Ltd are the investment advisers to the Trust. The three members of the Investment sub-committee of the Trustees are Authorised Signatories for the investments. Instructions to the Financial Advisors must be signed by two of the Authorised Signatories.
The investment aim is to generate an average return, in the long term, of around 8 per cent per annum with around sixty per cent of the return being disbursed through standard grants. In addition major grants are given for building works or other major projects.
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The opening value of the invested funds of the Trust in 2022 was £945 thousand. £65 thousand was withdrawn to provide funds for grants. The closing balance was £659 thousand.
The Trustees assessed the charity’s position as a going concern and confirmed this was the case.
Overview of applications and grants for 2022
Grant criteria.
| A | Advancement of the gospel |
|---|---|
| B | Financial hardship |
During 2022 Rehoboth trust considered thirty-three applications, twenty-five applications were new and eight were further payments on grants sanctioned in previous years. Twentynine applications met the criteria and received grants amounting to £74,250.
Four applications were ineligible/rejected and declined. Below is a summary of the grants awarded.
| Grants approved and paid in 2022 | No | Amount granted (£) |
Criteria |
|---|---|---|---|
| 24 | 48,250 | A | |
| 1 | 2,500 | B | |
| Grants approved in 2022 but not yet paid | 9,000 | ||
| Grants approved in previous years paid in 2022 |
23,500 | ||
| Total grants paid in 2022 | 65,250 |
The Trustees approved the report and accounts for 2022 on 7 March 2023.
E Swires-Hennessy, Treasurer, 7 March 2023
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The Rehoboth Trust Charity Number 516295 Income and Expenditure Accounts, 2022 Income Interest Investments redeemed Total ndlture Grants MIlIaneouS 10.83 65,000.01 6S.010.84 65,250.00 368.01 65,618.01 -607.17 66,010.84 Total Excess of expenditure Total Investment Account 2022 Investment valuats'on 31.12.21 Investmeni gainlloss Investmenls redeemed Investment valuation 31.12.22 959,338.17 -249,273.03 -65,000.01 645,065.13 Reconcillatlon Account 2022 Bank Accounts at 01.012022 CAF Cash Investment holding - Investment gain Inveslments Tedeemed Totsl Bank Accounts at 31.12.2022 CAF Cash Investment holding - Total 14,621.64 959,338.17 -249,273.03 -65,000.01 659.686.77 -607.17 659.079.60 15,264.47 645,065.13 660.329.60 1,250.00 659.079.60 Undrawn cheques Total Excess of expenditure Total Investments held by Quilter Prepared by Ed Swe>lIenry. Treasurer of Rehoboth on 8 January >)23 Indewndentty Examiwd by RA Gro¥8 on )bifF•bnJ8ry 2023
Independent examinerfs report on the accounts Section A Independent Examiner's Report Report to the trusleesl Mornr5 01 The RehobJth Trust On accounts for the year 31 Deeember 2022 gnded Charity no lif any) 516295 Set out on pages Respective The eharivs trustees are responsible for Ihe preparation of the accounts. responsibilities of The charity's trustees consider that an audit is not required for this year trustees and examiTr•r under section 144 of the Chartties Act 2011 (the Charrties Act) and that an independent examination is needed. It is my responsibilty to.. examine the accounts under section 145 of the Charities Act, to follow the procedures laid d¢)wn in the general Diredions given by the Charity Commission {undef section 14515}Ibl of the Charities Act, and to state whether pa"CUlar matters have come to my attention. Basis of independent My examination was carried out in accordan with general Directions given examiners ststement by Ihe Ghariiy Commission. An examinatson includes a review of Ihe accounting records kept by the charty and a comparison of the accounts presented wrth those rerds. It also includes consideration of any unusual lems or disclosures in the accounts. and seeking explanations from the Irustees concerning any suth matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and onsequentiy no opinion is given as to whether the account$ present a Irue and fair. view and the report is limrted to those matters sel out in the statement telow. Independent In connedion wth my examination. no matter has corne to my attention examinerfs ststement 1. which grves me reasonable Cause to believe that in. any material respect, the requirements". lo keep accounting records in aCanCe with section 130 of the CharrtEs Ad", and lo wepare aount$ which accord with the accounting records and comply vthh the accounb.ng requirements of the Chanties Act have not been met", or 2. to which. in my OFMnion, attention should be drawn in order to enat4e a proper UnderstarIng of the 3£counts to be reached. Signed- b brFebruary 2023 Name: Ronald Allen Grove Addrnss: 6 Laurel Dmte, Southmc4)r. Oxfordshire, OX13 5DG