Brissenden Trust Limited - Charities report - 21.1
Brissenden Trust Limited - Charities report - 21.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| FOR |
| BRISSENDEN TRUST LIMITED |
| BRISSENDEN TRUST LIMITED |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| Page |
| Report of the Trustees | 1 | to | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 | to | 10 |
| BRISSENDEN TRUST LIMITED (REGISTERED NUMBER: 00908335) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019). |
| OBJECTIVES AND ACTIVITIES |
| The company is a non profit making organisation and registered charity. Its main objective is to provide financial help in the form of grants or donations to the residents of Tenterden and St Michael's. |
| The company is run by the trustees/directors who consider the progress, activities and achievements during the year to be satisfactory. |
| When planning its activities the charity keeps in mind the Charity Commission's guidance on public benefit. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| The charity sold its property in September 2017 in line with the Cy-Press order of August 2016 from the Charity Commission. The funds were placed initially into the charities main bank account. However, the charity became unhappy with their bankers assistance and new banking arrangements were made with Metro Bank with the funds being both on current and also on an interest bearing deposit. |
| It was decided that the bulk of the funds be invested for capital appreciation with an investment management company, see further details in the financial review below. |
| Our prime objective was to establish a website giving details of our mission statement and to provide a point of contact for either individuals or other not for profit making organisations to apply for donations or grants for the benefit of Tenterden and St Michaels. This was achieved with the assistance and advice of Alpha CC Ltd. |
| The trustees are pleased to have been able to support other local charities and not for profit organisations during the last twelve months, in spite of the effects of the COVID-19 pandemic. The recovering world wide economic markets has contributed to the growth in the charity net worth which will enable the trustees activities to continue in the future. |
| BRISSENDEN TRUST LIMITED (REGISTERED NUMBER: 00908335) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| FINANCIAL REVIEW |
| The attached accounts set out |
| a) How the funds have been applied |
| b) Material movements in the statement of financial activities |
| c) Financial position at the year end |
| The charities main financial asset is invested in a very wide diversity of unit trusts investments via St James Place Asset Management Services for which a fee was paid and detailed in the accounts. |
| The monies are invested on a medium to long term basis to maximise capital appreciation. In this way the charity anticipates preserving funds to meet their objectives in the future years. The trustees believe that they are well set for the future. |
| Currently reserves are held in cash, mainly earning interest at a sufficient level to meet any grant / donation requests for the next four to five years. It may, however be that higher than anticipated funds are needed which would result in withdrawal of funds from the investment detailed above. |
| The charity is prepared to use both capital and interest if the right requests are received over the coming years. |
| 2020 proved to be a good year for the trusts invested asset, as markets both in the UK and abroad recovered from the pandemic. The trustees are happy with their investment portfolio. |
| The trust also has funds at Metro Bank and the Nationwide Building Society to enable the trust to take advantage of the Governments bank guarantee scheme should this ever prove necessary. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its Memorandum and Articles of Association dated 13 June 1967 when incorporated as The Abbeyfield Tenterden Society Limited. These were amended in 2004 and again in 2016 when the charity changed its name to Brissenden Trust Limited. |
| Recruitment and appointment of new trustees |
| Trustees are recruited and appointed from members of the local community who wish to assist the charity. Care is taken to ensure that an appropriate range of skills is represented. |
| Induction and training of new trustees |
| New trustees undergo a short induction programme and training is made available dependant of the needs of the trustee. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| BRISSENDEN TRUST LIMITED (REGISTERED NUMBER: 00908335) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| Trustees |
| Company Secretary |
| Directors Guarantees |
| The trustees being directors of the company have each guaranteed to be liable to the sum of £1 should the company be wound up. |
| Approved by order of the board of trustees on |
| BRISSENDEN TRUST LIMITED |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 2020 | 2019 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Investment income | 2 |
| EXPENDITURE ON |
| Raising funds | 3 |
| Charitable activities |
| Governance costs | 960 | 1,158 |
| Grants | 7,239 | 22,120 |
| Total |
| Net gains on investments |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 681,297 |
| BRISSENDEN TRUST LIMITED (REGISTERED NUMBER: 00908335) |
| BALANCE SHEET |
| 31 DECEMBER 2020 |
| 2020 | 2019 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Investments | 7 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 9 |
| Unrestricted funds | 698,241 | 681,297 |
| TOTAL FUNDS | 681,297 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| BRISSENDEN TRUST LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| 2. | INVESTMENT INCOME |
| 2020 | 2019 |
| £ | £ |
| Other fixed asset invest - FII | 6,067 | 7,519 |
| Deposit account interest |
| BRISSENDEN TRUST LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 3. | RAISING FUNDS |
| Investment management costs |
| 2020 | 2019 |
| £ | £ |
| Portfolio management | 10,960 | 10,603 |
| 4. | GRANTS PAYABLE |
| 2020 | 2019 |
| £ | £ |
| Grants | 6,795 | 21,859 |
| The total grants paid to institutions during the year was as | follows: |
| 2020 | 2019 |
| £ | £ |
| Homestart | 2,500 | - |
| Alpha CC Limited | - | 8,000 |
| Tenterden Hub | - | 5,503 |
| Tenterden Volunteers | - | 1,000 |
| Tenterden Tigers FC | 2,295 | 2,356 |
| Tenterden Members Shed | - | 1,000 |
| Homewood School | - | 4,000 |
| Tenterden Food Bank | 1,000 | - |
| Old School House Larderr | 1,000 | - |
| 5. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019. |
| Trustees' expenses |
| £nil was paid to trustees for expenses in the year ended 31 December 2020 (2019: £nil). |
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricte |
| fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Investment income |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Governance costs | 1,158 |
| Grants | 22,120 |
| Total |
| BRISSENDEN TRUST LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
| Unrestricte |
| fund |
| £ |
| Net gains on investments |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 681,297 |
| 7. | FIXED ASSET INVESTMENTS |
| Listed |
| investment |
| £ |
| MARKET VALUE |
| At 1 January 2020 |
| Revaluations |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 | 590,098 |
| At 31 December 2019 | 565,376 |
| There were no investment assets outside the UK. |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Accrued expenses |
| 9. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1/1/20 | in funds | 31/12/20 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 681,297 | 16,944 | 698,241 |
| TOTAL FUNDS | 16,944 | 698,241 |
| BRISSENDEN TRUST LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 9. | MOVEMENT IN FUNDS - continued |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 6,489 | (19,159 | ) | 29,614 | 16,944 |
| TOTAL FUNDS | ( |
) | 16,944 |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1/1/19 | in funds | 31/12/19 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 626,121 | 55,176 | 681,297 |
| TOTAL FUNDS | 626,121 | 55,176 | 681,297 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 7,931 | (33,881 | ) | 81,126 | 55,176 |
| TOTAL FUNDS | 7,931 | (33,881 | ) | 81,126 | 55,176 |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1/1/19 | in funds | 31/12/20 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 626,121 | 72,120 | 698,241 |
| TOTAL FUNDS | 626,121 | 72,120 | 698,241 |
| BRISSENDEN TRUST LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 9. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 14,420 | (53,040 | ) | 110,740 | 72,120 |
| TOTAL FUNDS | 14,420 | (53,040 | ) | 110,740 | 72,120 |
| 10. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 31 December 2020. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by the board of trustees / directors as a group. |