Financial Statements The Janet Trotter Trust 2015-2016
The Janet Trotter Trust Financial Statements for year ended 31...
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Last updated: 9 February 2021
Principal Address and Registered Office
The Park Campus
The Park
CHELTENHAM
Gloucestershire
GL50 2RH
Trustees
E Beard
S Dove
Prof D James C Mills
A Dawson
F C Stallard (Chair)
Solicitors
Harrison Clark Rickerbys
Ellenborough House Wellington Street
CHELTENHAM
Gloucestershire
GL50 IYD
Registered Auditors
Grant Thornton UK LLP
3140 Rowan Place
John Smith Drive
Oxford Business Park South
OXFORD
OX4 2WB
Bankers
Royal Bank of Scotland plc
PO Box 9
31 The Promenade
CHELTENHAM
Gloucestershire
GL50 lLH
Investment Advisers
Quilter Cheviot Asset Management
90 Long Acre
LONDON WC2E
9RA
The Trustees have pleasure in presenting their report and accounts for the year ended 31 July 2017.
The Janet Trotter Trust is a charitable trust constituted by deed and registered under the Charities Act 2006 (Charity registration number 1038551).
The objects of the Charity are the advancement of education of the public and in particular (but not so as to limit the generality of the foregoing) the provision of scholarships, exhibitions, bursaries or benefits to enable individuals to pursue their education at the University of Gloucestershire or at such other college or university as the Trustees may from time to time decide.
The body of Trustees consists of at least four people, including a majority of University of Gloucestershire nominated Trustees.
The Chair of the board is appointed by the Vice Chancellor of the University of Gloucestershire from the University nominated Trustees.
In accordance with the Trust Deed, the Trustees have unlimited powers of investment subject to law and the conditions imposed by donors.
The Trustees have continued to maintain the strategy of creating a substantial capital fund through investing in bank deposits and a share portfolio, independently managed by Quilter Cheviot Asset Management. The Trustees are only using the investment income earned to help students with severe hardship. Wide publicity of the facility has continued, with the assistance of the University of Gloucestershire Students’ Union. The investment income earned in the year was £13,119 (2016: £14,186).
During the year the Trust generated net incoming resources of £29,976 (2016: £2,591).
The net assets of the Trust have increased during the year to £520,130 (2016: £438,441) resulting from a £51,713 increase in the market value of the trust’s investments combined with the net incoming resources of £29,976.
The Trustees met three times in the financial year under report, in November 2016 and January and May 2017. The Board considered applications, in the context of other bursary and access funds available, to ensure, as far as possible, equitable treatment for those seeking assistance.
In summary. £8,372 was granted to nine successful applicants during the year compared to £15,528 given to nine applicants in the financial year 2015-2016.
The Trustees intend to continue to distribute bursaries and other grants to eligible applicants in line with the charity’s objects.
The Charity’s policy on restricted funds is to separately record donations, grants and other sources of fundraising where restrictions are imposed that are narrower than the Charity’s overall objectives.
The Trustees have established a policy whereby the unrestricted funds not committed or designated for specific purposes (“the free reserves”) held by the Charity should be maintained at a level which generates income from investments sufficient to cover grants and expenditure.
The Charity manages its investment portfolio through Quilter Cheviot Investment Management. Its investment objectives are to obtain a balance of capital growth and income; an ethical investment policy has also been adopted.
The portfolio performance is reported to the Trustees on a regular basis. During 2016-2017 the portfolio gave an annual return of 11.3%. At the balance sheet date, the portfolio consisted of a combination of equities and fixed interest bonds; approximately 24% of the asset allocation is held in fixed interest and cash, 35% in UK equities 13% in alternative investments and the remaining 28% held overseas, providing a good spread of risk.
Investments disposed of throughout the year resulted in a profit of £10,913 (2016: Nil).
The Trustees of the Charity are listed below:
E Beard
S Dove
Prof. D James
S Harvey (resigned 31 August 2016)
S Ollin (resigned 3l August 2016)
C Mills (appointed 1 September 2016)
A Dawson (appointed 1 September 2016)
F C Stallard (Chair)
In the light of the Corporate Governance Guidance contained within the Charities Statement of Recommended Practice 2015, the Trustees have continued to review the major strategic business and operational risks to which the Charity has been exposed. Systems have been established to mitigate these risks and procedures are being implemented to minimise any potential impact on the Charity should any of these risks materialise.
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the Trustees to prepare financial statements for each financial year. The Trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The Trustees must not approve the financial statements unless they are 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 resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the Trustees are required to:
The Trustees are 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, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are 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.
A resolution to reappoint Grant Thornton UK LLP as auditors to the trust will be proposed at the annual general meeting.
By Order of the Trustees
F C Stallard
15 November 2017
We have audited the financial statements of The Janet Trotter Trust (the ‘charity’) for the year ended 31 July 2017 which comprise the statement of financial position, the statement of financial activities, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
This report is made solely to the charity’s trustees, as a body, in accordance with Section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by. law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report, set out on pages 3 to 5 other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
As explained more fully in the Trustees’ Responsibilities Statement set out on page 5, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s rep01t that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Mark Bishop ACA
Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants Oxford
Date: 29 November 2017
Grant Thornton UK LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
The following accounting policies have been applied consistently to items, which are considered material in relation to the financial statements.
The financial statements have been prepared in accordance with the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS102) and applicable Accounting and Financial Reporting Standards.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
Income received that is earmarked either by the donor or by the terms of appeal for particular projects will be shown under Restricted Funds. All income from legacies, gifts, donations, and grants is credited to the Statement of Financial Activities when it is recognised that the charity has entitlement to the funds, when any performance conditions attached to the item have been met, it is probable that the income will be received and the amount can reliably be measured.
Expenditure incurred by the Trust is allocated between Direct Charitable Expenditure and Other Expenditure. Direct Charitable Expenditure comprises all expenditure relating to the objectives of the Trust. Other Expenditure is analysed between expenditure on the management and administration of the Trust and expenditure on management of the investment portfolio.
Investments 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 revaluation and disposals throughout the year.
Cash includes cash in hand and deposits repayable on demand. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.
The Charity qualifies as a small Charity under the terms of the Charities Act 2011. As a consequence it is exempt from the requirement to publish a cash flow statement.
Reserves are maintained at a level which generates income from investments sufficient to cover grants and direct expenditure.
| Restricted Funds 2017 | Restricted Funds 2016 | ||
| Note | £ | £ | |
| Income and Endowments from: | |||
| Donations and legacies | 1 | 18,705 | 8,968 |
| Investments | 2 | 13,119 | 14,186 |
| Total | 31,824 | 23,154 | |
| Expenditure on: | |||
| Charitable activities | (8,372) | (15,528) | |
| Other | 3 and 4 | (4,389) | (5,035) |
| Total | (12,761) | (20,563) | |
| Net gains and losses on investments | 10,913 | ||
| Net Income and Net Movements in Funds for the Year | 29,976 | 2,591 | |
| Other recognised Gains/(Losses) | |||
| Gain/ (Loss) on revaluation of investment assets | 51,713 | 21,578 | |
| Net movement in funds | 81,689 | 24,169 | |
| Reconciliation of funds | |||
| Total funds brought forward | 438,441 | 414,272 | |
| Total funds carried forward | 9 | 520,130 | 438,441 |
All results in 2017 are attributable to continuing activities.
The Charity has no recognised gains or losses other than surpluses and deficits above and therefore no separate statement of total recognised gains or losses has been presented.
There is no difference between the net incoming resources for the year stated above and their historical equivalents.
| 2017 | 2016 | ||
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 5 | 486,386 | 390,440 |
| Current assets | |||
| Debtors | 6 | 874 | 1,613 |
| Cash at bank and in hand | 7 | 34,071 | 46,989 |
| Total | 34,945 | 48,601 | |
| Creditors: amounts falling due within one year | 8 | (1,200) | (600) |
| Net current assets | 33,745 | 48,001 | |
| Total Net assets | 520,130 | 438,441 | |
| Funds | |||
| Restricted funds | 520,130 | 438,441 | |
| Total funds | 520,130 | 438,441 |
The Financial Statements on pages 8 to 12 were approved by the Trustees on 15 November 2017 and signed on its behalf by:
F C Stallard (Trustee)
| Restricted funds 2017 | Restricted funds 2016 | |
| £ | £ | |
| 1 Donations | ||
| Gifts | 18,705 | 8,968 |
| 2 Investment income | ||
| National Westminster bank interest | 7 | 11 |
| Central Board of Finance of Church of England deposit interest | 54 | 101 |
| Dividends | 9,288 | 12,224 |
| Interest on investments | 3,770 | 14,186 |
| Total | 13,119 | 14,186 |
| 3 Governance and administrative costs | ||
| Audit fees | 600 | 600 |
| Marketing design | 50 | |
| Total | 600 | 650 |
| 4 Investment management costs | ||
| Portfolio management costs | 3,789 | 4,385 |
| 5 Investments | ||
| As at 1 August | 388,415 | 365,923 |
| Acquisitions at cost | 125,784 | |
| Disposals | (102,602) | |
| Accrued interest | 179 | 761 |
| Revaluation | 55,946 | 21,731 |
| As at 31 July | 467,722 | 388,415 |
| Cash held by Quilter Cheviot | 18,663 | 2,025 |
| Total investments | 486,385 | 390,440 |
| 6 Debtors | ||
| Interest receivable | 9 | |
| Dividends receivable | 874 | 1,603 |
| Total | 874 | 1,612 |
| 7 Cash at bank and in hand | ||
| National Westminster Current Account | 368 | 18 |
| Central Board of Finance of the Church of England | 2,473 | 20,411 |
| National Westminster Reserve Account | 31,230 | 26,560 |
| Total | 34,071 | 46,989 |
| 8 Creditors: amounts falling due within one year | ||
| Audit fees | 600 | 600 |
| 9 Restricted funds | Balance 1 August 2016 | Movement in incoming | Resources outgoing | Movements in revaluation | Balance 31 July 2017 |
| £ | £ | £ | £ | £ | |
| The Janet Trotter Trust Fund | 438,441 | 42,737 | (12,761) | 51,713 | 520,130 |
10 Related Party Transactions
Financial Reporting Standard No 8 ‘Related party disclosures’ requires the disclosure of material transactions between the Charity and any related parties.
For the financial year ending 31 July 2017 all expenditure on charitable activities related to bursaries made to students of the University of Gloucestershire, in accordance with the statement of principal activities of the Charity as set out in the Report of the Trustees.
11 Ultimate Parent Company
The Trustees regard the University of Gloucestershire as the ultimate holding company by virtue of its controlling interest in the board of Trustees of the Charity. Copies of the parent’s consolidated financial statements may be obtained from the Company Secretary, University of Gloucestershire, The Park Campus, The Park, Cheltenham, Gloucestershire GL50 2RH.
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