## **THE JOHN RAYNER CHARITABLE TRUST**
**Report and Financial Statements**
**Year ended 5 April 2022**
## Charity No: 802363
ANNY SHERWOOD
**Chartered Accountant and Chartered Tax Adviser**
## **THE JOHN RAYNER CHARITABLE TRUST**
## **Contents**
||**Page**|
|---|---|
|Report of the Trustees|2 - 5|
|Report of the Independent Examiner|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes forming part of the Financial Statements|9 - 13|
1
## **THE JOHN RAYNER CHARITABLE TRUST**
## **Report of the Trustees for the year ended 5 April 2022**
The trustees present their annual report and financial statements of the charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 published on 16 July 2014.
## **Objectives and activities for the public benefit**
The charity was formed to apply its income and capital in whole or in part towards the furtherance of such charitable purposes as the trustees shall from time to time think fit. The trust carries out these objects by making grants to registered charities, whose activities are carried out for the public benefit.
## **Grant making policy**
The trustees meet annually to discuss the applications for grants and decide whom the grants would most benefit. The range of charities to benefit shall be at the trustees’ discretion, with a preference for small charities in the United Kingdom to receive the largest grants. The trustees feel that the smaller charities with a lower public profile will often benefit from grants of £1,000 to £5,000 more than the larger well-known and supported charities. The trustees will divide the annual income between a small number of charities, sometimes committing funds over a period of years. The trustees make grants to be used at the discretion of the selected charity, either for special projects or for core funding.
The trust considers a wide range of charities to come under its remit, including charities for the sick and disabled, for children and the aged, for community projects, for carers, for youth work of all kinds, for medical research and development and for the arts. Grants are given to national charities and also to specific charities in Merseyside and Wiltshire. Race and creed are immaterial.
## **Achievements and Performance**
During the year, the trust has been able to continue its support of a number of charities. The grants made are summarised in the following table:
2
## **THE JOHN RAYNER CHARITABLE TRUST**
## **Report of the Trustees for the year ended 5 April 2022**
|**Charity Activity**
Disabled
Medical
Children
Arts
General
Total|**Grants**
**£**
3,000
6,000
3,000
3,000
14,000|
|---|---|
||29,000|
Further details are provided on page 11.
## **Financial Review**
The trust’s grant making is entirely reliant on income and investment returns from its investments. The value of the investments increased and showed a positive return of £81,480 in the year as a result of capital gains of £64,712 plus the income generated of £27,914 less associated costs of £11,146. The trust funded grants of £29,000.
Our investment advisors are instructed to invest to create sufficient income and capital growth to enable the charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of, and if possible, enhancement of the value of the invested funds while they are retained.
The high level of stock market volatility and the continuing uncertainty regarding world economic prospects continue to make the management of investments difficult. The charity is a long-term investor and the trustees, on professional advice, continue to hold a mixed portfolio of equities, bonds, cash and other investments designed to provide a level of stable income and the possibility of investment gains. The equity component of the investment portfolio is weighted with medium appetite for investment risk with the main exposure to investments in the leading advanced industrial economies with a history of paying dividends.
## **Structure, governance and management**
The trust is a registered charity, number 802363, and is constituted under a trust deed dated 1 November 1989. The trust was established by the late John Rayner with an initial gift made shortly before his death. The trust does not actively fundraise and seeks to continue the charitable work desired by the donor through the careful stewardship of its existing resources.
3
**THE JOHN RAYNER CHARITABLE TRUST**
## **Report of the Trustees for the year ended 5 April 2022**
The trustees meet at suitable intervals during the year to consider grant making and the performance of the investments.
The appointment of new trustees will be made by the existing/remaining trustees.
## **Key management personnel remuneration**
The trustees comprise the key management personnel of the charity. The charity has no employees. As the charity’s external activities are restricted simply to making cash grants, administrative costs are minimal.
The trustees give of their time freely and no trustee remuneration was paid in the year, nor did the trustees claim any expenses. The trustees are required to disclose all relevant interests. It is felt that as grants are often made to medical and medical research charities it is particularly beneficial to have a registered medical practitioner as one of the trustees. There is no connection with the pharmaceutical industry.
## **Reference and administrative information**
**Trustees** Mrs J Wilkinson, Chair of Trustees Dr J M H Rayner Mrs A L McNeilage **Principal Office** Manor Farmhouse Church Street Great Bedwyn Wiltshire SN8 3PE
**Charity Number** 802363 **Investment Managers** Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN **Bankers** CAF Bank Ltd 25 Kings Avenue Kings Hill West Malling Kent ME19 4JQ
4
**THE JOHN RAYNER CHARITABLE TRUST**
## **Report of the Trustees for the year ended 5 April 2022**
## **Independent Examiner**
Anny Sherwood Chartered Accountant and Chartered Tax Adviser Barnsdale Grange The Avenue Exton Rutland LE15 8AH
## **Trustees’ responsibilities in relation to the financial statements**
The charity trustees are responsible for preparing a trustees’ report and 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 and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any departures that must be disclosed and explained in the financial statements;
- 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 accounting records, which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 5 January 2023 and signed on their behalf by:
Mrs J Wilkinson, Chair of Trustees
5
**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE JOHN RAYNER CHARITABLE TRUST**
I report on the accounts of the Trust for the year ended 5 April 2022, which are set out on pages 7 to 13.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (‘the Charities Act’) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act, and
- • to state whether particular matters have come to my attention.
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with the 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 you as 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 Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act 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.
Anny Sherwood Chartered Accountant and Chartered Tax Adviser Barnsdale Grange, The Avenue, Exton, Rutland LE15 8AH
> 5 January 2023
6
## **THE JOHN RAYNER CHARITABLE TRUST**
## **Statement of Financial Activities**
## **for the year ended 5 April 2022**
|
**Note**
**Income and endowments**
Investment income
3
**Total Income**
**Expenditure**
Costs of raising funds:
Investment management costs
5
Expenditure on charitable activities
4
Management and administration
6
**Total expenditure**
**Net income/(expenditure) and net**
**movement in funds before gains**
**and losses on investments**
Net gains/(losses) on investments
7
**Net movement in funds**
Reconciliation of Funds
Total Funds brought forward
**Total Funds carried forward**|**Unrestricted Funds**
**2022**
**2021**
**£**
**£**
27,914
9,037|
|---|---|
||27,914
9,037|
||7,696
6,887
29,000
68,340
3,450
4,250|
||40,146
79,477|
||-12,232
-70,440
64,712
191,382|
||52,480
120,942|
||902,523
781,581|
||955,003
902,523|
7
## **THE JOHN RAYNER CHARITABLE TRUST**
## **Balance Sheet**
## **at 5 April 2022**
|**Note**
**Fixed Assets**
Investments
7
**Current Assets**
Cash at bank
**Current Liabilities**
Creditors
8
**Net Current Assets**
**Total Net Assets**
Represented By
**The Funds of the Charity**
9||**£**
30,005|**2022**
**£**
928,448
26,555
955,003|**£**
56,145|**2021**
**£**
854,128
48,395|
|---|---|---|---|---|---|
|||30,005||56,145||
|||-3,450||-7,750||
|||||||
||||||902,523|
||||955,003||902,523|
The financial statements on pages 7 to 14 were approved by the trustees on 5 January 2023 and signed on their behalf by:
Mrs J Wilkinson (Chair)
8
**THE JOHN RAYNER CHARITABLE TRUST**
## **Notes forming part of the Financial Statements**
**for the year ended 5 April 2022**
## **1. Accounting Policies**
## (a) **Basis of preparation and assessment of going concern**
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The 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) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. With respect to the next reporting period, 2022/23, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance section of the trustees’ annual report for more information).
## (b) **The Charitable Funds**
The charity’s funds consist of an expendable endowment. The trustees have the power to use these funds in accordance with the charitable objects.
## (c) **Income recognition**
Investment income is accounted for in the period in which the charity is entitled to receipt.
## (d) **Expenditure recognition**
Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier.
Other expenditure is accounted for on an accruals basis.
9
## **THE JOHN RAYNER CHARITABLE TRUST**
## **Notes forming part of the Financial Statements**
## **for the year ended 5 April 2022**
## (e) **Irrecoverable VAT**
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
## (f) **Costs of raising funds**
The cost of generating funds consists of investment management costs.
## (g) **Fixed asset investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
## (h) **Realised gains and losses**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## **2. Trustees’ expenses and remuneration**
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2021: £nil). No expenses were paid to the trustees in the year (2021: £nil).
10
## **THE JOHN RAYNER CHARITABLE TRUST**
## **Notes forming part of the Financial Statements**
## **for the year ended 5 April 2022**
## **3. Investment Income**
|Dividends
Interest on securities|**2022**
**2021**
**£**
**£**
26,031
7,042
1,883
1,995|
|---|---|
||27,914
18,136|
## **4. Grants**
|**Institution**
**Charity**
**Number**
The Amber Foundation
1051388
The Anti-Slavery Collective
1191923
Carer Support Wiltshire
1092762
Caritas Bakhita House
233699
Dressability
1102083
Fight For Sight
1111438
IPSEA
327691
Leadership Through Sport
1147616
Macular Society
1001198
Marie Curie Cancer Care
207994
MERU
269804
Music Connect (Wilts)
CIC
Music in Hospitals
1051659
Priority Youth
1160734
Prospect Hospice
280093
Veterans in Action
1128026
Volunteering Matters
291222
Wessex Cancer Trust
1110216
Ykids
1141530
Total|
**2022**
**£**
**2021**
**£**
-
2,000
4,000
26,340
3,000
-
4,000
4,000
3,000
3,000
-
3,000
-
3,000
-
3,000
3,000
-
-
3,000
-
3,000
3,000
3,000
-
3,000
-
3,000
-
3,000
3,000
-
-
3,000
3,000
-
3,000
3,000|
|---|---|
||29,000
68,340|
11
## **THE JOHN RAYNER CHARITABLE TRUST**
## **Notes forming part of the Financial Statements**
## **for the year ended 5 April 2022**
## **5. Costs of Generating Funds**
|Overseas taxation
Investment management fees
**6. Management and Administration**
Accountancy & Taxation fees
**7.**
**Fixed Asset Investments**
**Movement in fixed asset listed investments**
Market value at 6 April 2021
Acquisitions at cost
Sales proceeds from disposals
Gain/(loss) in the year
Market value at 5 April 2022
Investments at market value comprised:
Equities
Fixed interest securities
Alternative assets
Total|||
|---|---|---|
||||
||||
|||928,448
854,128|
|||697,595
671,920
116,216
117,509
114,637
64,699|
|||928,448
854,128|
12
## **THE JOHN RAYNER CHARITABLE TRUST**
## **Notes forming part of the Financial Statements**
## **for the year ended 5 April 2022**
All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded on a Recognised Investment Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction cost).
The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review section of the Trustees Annual Report.
## **8. Creditors: Amounts falling due within one year**
|Other creditors|**2022**
**2021**
**£**
**£**
3,450
7,750|
|---|---|
## **9. The Charitable Funds**
|Expendable endowment|**2022**
**2021**
**£**
**£**|
|---|---|
||955,003
902,523|
The trustees have the power to spend these funds in accordance with the charitable objects.
13