Ethel James Trust Fund
Report and Financial Statements.
Year Ended 5 April 2021
Charity No: 527190
Ethel James Trust Fund
Contents
| Legal and Administrative Information Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes forming part of the financial statements |
Page |
|---|---|
| 2 3 4 5 6 7 - 10 |
Ethel James Trust Fund
Reference and Administrative Information
Trustees
CA Holden PJ Taylor N Barnes
Principal Office Riverside House Kings Reach Business Park Stockport SK4 2HD
Investment Managers
Arnold Stansby & Co Limited 3rd Floor Alexandra Buildings 28 Queen Street Manchester M2 5JJ
Independent Examiner Hallidays Group Riverside House Kings Reach Business Park Yew Street Stockport SK4 2HD
Bankers
The Royal Bank of Scotland 50 Bramhall Lane South Bramhall Stockport SK7 1AJ
Solicitors
Cooper Sons Hartley and Williams 25 Market Street Chapel en le Frith High Peak Derbyshire SK23 0HS
2
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
Ethel James Trust Fund
The trustees present their annual report and independently examined accounts for the year ended 5 April 2021 The trustees have adopted the provisions of the statement of recommended practice (SORP) "Charities SORP (FRS102) (second edition-October 2019)" and also considered with section 4 of the Charity Act 2011 "to have due regard to guidance by the Charity Commission including public benefit guidance."
Trustees
Of the Trustees named on page 2 CA Holden, PJ Taylor, and N Barnes have served during the year and to the date of the report.
Appointment of trustees
There are no restrictions on the appointment of new trustees and the current trustees look from time to time to introduce new trustees as they see as appropriate.
Investment Power
There are no restrictions as to investment powers and the trustees engage Arnold Stansby & Co Limited to administer the investments. Investments purchased/sold are discussed between the trustees and Arnold Stansby & Co Limited.
Constitution and objects
The Charity was set up by declaration of trust on 25 October 1973 and its aims are advancement of education of the public, granting assistance to present or past members of the Normanton School in necessitous circumstances in the provision of scholarships, prize exhibitions or awards, and giving assistance to existing charitable institutions associated with Normanton School.
Two of the aims of the Trust relate directly to Normanton School, .i.e. granting of assistance to present or past members of Normanton School in necessitous circumstances, and giving assistance to existing charitable institutions associated with Normanton School.
Following the closure of the school in 1998 and the subsequent cessation of activity of the school's former pupils association, the trustees faced problems in maintaining contact with former members of Normanton School. During 2016 the Trust was contacted by representatives of former pupils who were re-establishing a former pupils association and who wished to begin a process of engagement with the Trust. The trustees understand that a new former pupils association has now been established.
The Charity will review application for awards/grants and consider each one on its own merits.
Developments, activities and achievement,
The trust has continued to act in the public benefit by gift funding to local charitable organisations whose objectives are in line with those of the Trust, i.e. supporting activities which meet the social, educational, and cultural needs of young people. The trustees continue to keep their policies and procedures under review.
Future Risks
The trustees are aware that with generally low interest rates, it would be difficult to generate enough funds to fund its activities and meet its aims. Accordingly investments are made in deemed safe corporate bonds paying interest above the bank base rate.
Financial Review & Reserves
The charity retained net incoming resources of £33,940 which together with revaluation gains of £110,842 have led to total unrestricted funds of £794,100 being carried forward.
The trustees have a policy that the reserves of the charity be kept at a sufficient level to generate enough income to cover proposed charitable donations.
P. J. Taylor
27/01/2022
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Ethel James Trust Fund
Independent examiner’s report to the Trustees of Ethel James Trust Fund
I report to the trustees on my examination of the accounts of Ethel James Trust Fund for the year ended 5 April 2021 which are set out on pages 1 to 10.
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 Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Charities 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.
Anna Bennett Chartered Accountant
ICAEW Riverside House, Kings Reach Business Park, Yew Street, Stockport, SK4 2HDE
Date 03/02/2022
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Ethel James Trust Fund
Statement of Financial Activities For The Year Ended 5 April 2021
| Incoming Resources Notes Incoming Reserve Activities for Generating Funds Investment Income 3 Total Income Reserve Resource Expenditure Costs of Generating Funds Investment Management Costs 4 Charitable Activities 4 Governance Costs 4 Other Resources Expended 4 Total Resources Expended Net Incoming Resources Before Investment Gains Other Recognised Gains/Loss (Loss)/Profit on Sale of Investments Net Incoming Reserves (Loss)/Gains on Revaluation of Investments Net Movement of Funds Total Funds Brought Forward Total Funds Carried Forward |
Unrestricted Funds 05/04/2021 £ - - 37,507 37,507 98 2,000 2,107 13 4,218 33,289 651 33,940 110,842 144,782 649,318 794,100 |
Unrestricted | |
|---|---|---|---|
| Funds 05/04/2020 £ - - 40,367 |
|||
| 40,367 23 5,200 2,494 60 |
|||
| 7,777 | |||
| 32,590 (357) |
|||
| 32,233 | |||
| (116,001) | |||
| (83,768) | |||
| 733,086 | |||
| 649,318 |
5
The Ethel James Trust Fund
Balance Sheet As At 5 April 2021
| Fixed Assets Investments Current Assets Debtors Cash in bank and in hand Creditors Amounts falling due within one year Net Current Assets Debtors Amounts falling due after one year Net Assets Funds of the Charity Unrestricted income funds Total Charity Funds |
Notes 6 8 9 8 |
Unrestricted Funds 05/04/2021 £ 703,540 6 92,696 92,702 2,142 90,560 - 794,100 794,100 794,100 |
Unrestricted Funds 05/04/2020 £ 588,399 3,996 59,005 |
Unrestricted Funds 05/04/2020 £ 588,399 3,996 59,005 |
|---|---|---|---|---|
| 63,001 | ||||
| 2,082 | ||||
| 60,919 | ||||
| - | ||||
| 649,318 | ||||
| 649,318 | ||||
| 649,318 |
Approved by the Trustees on 27/01/2022 and signed on their behalf
P. J. Taylor
CA Holden
Registered Charity No 527190
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Ethel James Trust Fund
Notes to the Accounts
1 Basis of Preparation
These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with Accounting and Reporting by Charities (Statement Of Recommended Practice (2005) and Financial Reporting Standards for Smaller Enterprises (FRSSE).
2 Accounting Policies
Incoming Resources
Investment Income - This is included when receivable and a deduction made for interest charge on purchase of investments.
Investment Gains and Losses on Sales of Investments
This includes any gains or losses on the sale of investments.
Investment Gains and Losses on Holdings on Investments
This includes and gains or losses resulting from revaluing investments to market value at the end of the year.
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal constructive obligation committing the Charity to pay out resources.
Governance Costs
Includes the cost of the preparation of statutory accounts.
Grants with Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remains in the control of the Charity.
Assets
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investments assets are included at the trustees' best estimate of the market value assisted by the investment manager.
7
Ethel James Trust Fund
Notes to the Accounts - continued
| 3 4 |
Analysis of Incoming Resources Investment Income Preference Shares Bond and Dividend Income Bank Interest Analysis or Resources Expenditure Investment Management Cost Investment Management fees Charitable Activities Donations Governance Cost Legal fees Independent Examiner/Audit Fees Bank Charges |
05/04/2021 £ 2,498 34,982 27 37,507 98 2,000 - 2,107 2,107 14 |
05/04/2020 £ 2,498 37,773 96 |
|
|---|---|---|---|---|
| 40,367 | ||||
| 23 | ||||
| 5,200 | ||||
| 429 2,065 |
||||
| 2,494 | ||||
| 60 |
5 Trustees Remuneration and Expenses
There was no trustees remuneration (2020: nil) nor have there been any reimbursed expenses (2020: nil).
This reflects the policy adopted by the Trustees to take no remuneration or expenses.
6 Investment Assets
Fixed Asset Investment
| Market Value as at 06/04/2020 Acquisitions at Cost Disposals at Market Value Net Gain on the portfolio Movement on Current Account Market Value as at 05/04/2021 Net Proceeds of Investment Disposal Market Value of Investments Disposal Net Profit |
588,399 - (52,600) 111,493 56,248 |
|---|---|
| 703,540 | |
| 52,600 51,949 |
|
| 651 |
8
Ethel James Trust Fund
Notes to the Accounts - continued
| 8 Debtors and Payment Amounts Falling Due Within One Year Accrued Income Income Tax Amounts Falling Due After One Year 9 Creditors and Accruals Accruals and Deferred Income |
05/04/2021 £ - 6 6 - 05/04/2021 £ 2,142 |
05/04/2020 £ 3,990 6 |
|
|---|---|---|---|
| 3,996 | |||
| - | |||
| 05/04/2020 £ 2,082 |
10 Transactions with Related Parties
There were no transactions with related parties during the year.
Members of the trustees P.J Taylor and CA Holden's family belong to Whaley Bridge Cricket Club. They receive no special privileges and are ranked pari passu with other members of the Whaley Bridge Cricket Club. (2020- Cricket club loan repaid).
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