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Last updated: 13 February 2021
Principal Address and Registered Office
The Park Campus
The Park
CHELTENHAM
Gloucestershire
GL50 2RH
Trustees
E Beard (resigned 18 March 2020)
S Dove
Prof D James
C Mills
A Dawson
F C Stallard (Chair)
Solicitors
Harrison Clark Rickerbys
Ellenborough House
Wellington Street
CHELTENHAM
Gloucestershire
GL50 1YD
Registered Auditors
Grant Thornton UK LLP
Seacourt Tower
Botley
OXFORD
OX2 0JJ
Bankers
HSBC
PO Box 120
49 Corn Street
BRISTOL
BS99 7PP
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 2020.
The Janet Trotter Trust is a charitable trust constituted by deed and registered under the Charities Act 2006 (Charity registration number 1038551).
Objects
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.
Trustees
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.
Powers of Investment, Policy and Performance
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 beneficial academic projects or 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 £14,266 (2019: £14,609).
Review of Development and Activities
During the year the Trust generated net incoming resources of £29,645 (2019: £6,604).
The net assets of the Trust have increased during the year to £566,559 (2019: £545,336) resulting primarily from £23,848 profits made on the sale of investments.
The Trustees met twice during the financial year under report, in November 2019 and June 2020. 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 £4,119 was awarded to five successful applicants during the year compared to £21,987 given to nineteen applicants in the financial year 2018-2019.
During the year the Trust successfully transferred its operational banking services from Natwest to HSBC.
Plan for Future Periods
The Trustees intend to continue to distribute bursaries and other grants to eligible applicants in line with the Charity’s objects.
Reserves
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.
Investments
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 2019-2020 the portfolio gave an annual return of 2.80% (2019: 2.87%). At the balance sheet date, the portfolio consisted of a combination of equities and fixed interest bonds; approximately 21% of the asset allocation is held in fixed interest and cash, 32% in UK equities 13% in alternative investments and the remaining 34% held overseas, providing a good spread of risk.
Investments disposed of throughout the year resulted in a profit of £23,848 (2019: £18,205).
Trustees
The Trustees of the Charity are listed below:
E Beard (resigned 18 March 2020)
S Dove
Prof. D James
C Mills
A Dawson
F C Stallard (Chair)
Risk Management
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.
Trustees’ Responsibilities Statement
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 elected 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.
Auditors
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
20 November 2020
Opinion
We have audited the financial statements of The Janet Trotter Trust (the ‘charity’) for the year ended 31 July 2020, which comprise The Statement of Principal Accounting Policies, The Statement of Financial Activities, The Balance Sheet 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:
Basis for opinion
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.
The impact of uncertainties arising from the UK exiting the European Union on our auditOur audit of the financial statements requires us to obtain an understanding of all relevant uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made by the trustees and the related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the charity’s future prospects and performance.
Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and at the date of this report their effects are subject to unprecedented levels of uncertainty, with the full range of possible outcomes and their impacts unknown. We applied a standardised firm-wide approach in response to these uncertainties when assessing the group’s future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a charity associated with these particular events.
Conclusions relating to going concern
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:
In our evaluation of the trustees’ conclusions, we considered the risks associated with the charity’s business, including effects arising from macro-economic uncertainties such as Covid-19 and Brexit, and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the period of at least twelve months from the date when the financial statements are authorised for issue. In accordance with the above, we have nothing to report in these respects.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor’s report is not a guarantee that the charity will continue in operation.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report, 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.
Matters on which we are required to report by exception
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:
Responsibilities of trustees for the financial statements
As explained more fully in the Trustees’ Responsibilities Statement, 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.
Auditor’s responsibilities for the audit of the financial statements
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 report 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.
Use of our report
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.
Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Oxford
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.
Basic Financial instruments are measured at amortised cost. The company has no other financial instruments. Cash and cash equivalents include cash at banks and short term deposits with an original maturity of three months or less, deposits are repayable on demand.
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 2020 (£) | Restricted Funds 2019 (£) | ||
|---|---|---|---|
| Income and Endowments from: | |||
| Investments | 1 | 14,266 | 14,609 |
| Total | 14,266 | 14,609 | |
| Expenditure on: | |||
| Charitable activities Other | 2&3 | (4,119) (4,350) | (21,987) (4,223) |
| Total | (8,469) | (26,210) | |
| Net gains on investments | 23,848 | 18,205 | |
| Net Income and Net Movement in Funds | 29,645 | 6,604 | |
| for the Year | |||
| Other Recognised (Losses) / Gains | |||
| (Loss) / Gain on revaluation of investment assets | (8,422) | 4,404 | |
| Net Movement in Funds Reconciliation of Funds Total funds brought forward | 21,223 545,336 | 11,008 534,328 | |
| Total funds carried forward | 8 | 566,559 | 545,336 |
All results in 2020 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.
| 2020 (£) | 2019 (£) | ||
|---|---|---|---|
| Fixed assets | |||
| Investments | 4 | 537,099 | 525,566 |
| Current assets | |||
| Debtors | 5 | 700 | 932 |
| Cash at bank and in hand | 6 | 35,230 | 27,438 |
| 35,930 | 28,370 | ||
| Creditors: amounts falling due within one year | 7 | (6,470) | (8,600) |
| Net current assets | 29,460 | 19,770 | |
| TOTAL NET ASSETS | 566,559 | 545,336 | |
| Funds | |||
| Restricted funds | 8 | 566,559 | 545,336 |
| TOTAL FUNDS | 566,559 | 545,336 | |
The Financial Statements on pages 10 to 13 were approved by the Trustees on 20 November 2020 and signed on its behalf by:
F C Stallard (Trustee)
| Restricted Funds 2020 (£) | Restricted Funds 2019 (£) | |
|---|---|---|
| 1 Investment Income | ||
| National Westminster bank interest | 43 | 48 |
| Central Board of Finance of Church of England deposit interest | 16 | 17 |
| Dividends | 12,628 | 12,901 |
| Interest on investments | 1,579 | 1,643 |
| 14,266 | 14,609 | |
| 2 Governance and administrative costs | ||
| Audit fees | 600 | 600 |
| 3 Investment management costs | ||
| Portfolio management costs | 3,750 | 3,623 |
| 4 Investments | ||
| As at 1 August | 502,680 | 465,720 |
| Acquisitions at cost | 74,613 | 97,128 |
| Disposals | (68,693) | (84,567) |
| Accrued interest | 15 | – |
| Revaluation | 5,487 | 24,399 |
| As at 31 July | 514,102 | 502,680 |
| Cash held by QUILTER CHEVIOT | 22,997 | 22,886 |
| Total Investments | 537,099 | 525,567 |
| 5 Debtors | ||
| Dividends receivable | 700 | 932 |
| 6 Cash at bank and in hand | ||||
| HSBC Current Account | 31,489 | – | ||
| Royal Bank of Scotland Current Account | – | 1,114 | ||
| Central Board of Finance of the Church of England | 2,514 | 2,498 | ||
| Royal Bank of Scotland Reserve Account | 1,227 | 23,826 | ||
| 35,230 | 27,438 | |||
| 7 Creditors: amounts falling due within one year | ||||
| Accruals Agreed Awards | 1,200 5,270 | 600 8,000 | ||
| 6,470 | 8,600 |
| 8 Restricted funds | Balance | Movement | in Resources | Movement in | Balance |
| 1 August 2019 | Incoming | Outgoing | Revaluation | 31 July 2020 | |
| £ | £ | £ | £ | £ | |
| The Janet Trotter Trust Fund | 545,336 | 38,114 | (8,469) | (8,422) | 566,559 |
9 Related Party Transactions
Financial Reporting Standard 102 (FRS102) ‘Related party disclosures’ requires the disclosure of material transactions between the Charity and any related parties.
For the financial year ending 31 July 2020 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.
10 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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