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The Janet Trotter Trust Financial Statements 2019-2020

​​​​​​​Registered Charity Number:      1038551

Annual Rep​ort for the Year Ended 31 July 2020 ​


  • Trustees, Officers and Advisors​                                                                                        
  • Report of the Trustees                                                                                                  
  • Independent Auditor’s Report to the Trustees of the
  • Janet Trotter Trust                                                                                                               
  • Statement of Principal Accounting Policies                                                                    
  • Statement of Financial Activities                                                                                      
  • Balance Sheet                                                                                                                      
  • Notes to the financial statements                                                                                  
    ​​​

Trustees, Officers and Advisors for the Year Ended 31 July 2020


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

Trustees’ Report for the Year Ended 31 July 2020 ​


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:

  • select suitable accounting policies and then apply them consistently;
  • observe the methods and principles in the Charities SORP;
  • make judgements and accounting estimates that are reasonable and prudent;
  • 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 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

Independent auditor's report to the trustees of The Janet Trotter Trust


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:

  • give a true and fair view of the state of the charity's affairs as at 31 July 2020 and of its incoming resources and application of resources for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Charities Act 2011.
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 audit

Our 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:

  • the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
  • the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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:

  • the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
  • the charity has not kept sufficient accounting records; or
  • the financial statements are not in agreement with the accounting records and returns; or
  • we have not received all the information and explanations we require for our audit.
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

Statement of Principal Accounting Policies for the Year Ended 31 July 2020


  1. General
The following accounting policies have been applied consistently to items, which are considered material in relation to the financial statements.
  1. Basis of Preparation & Assessment of Going Concern
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.
  1. Income Recognition
​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.
  1. Charitable and Other Expenditure
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.
  1. Fixed Asset Investments         
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.
  1. Financial Instruments
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.
  1. Cash Flow
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.
  1. Reserves
Reserves are maintained at a level which generates income from investments sufficient to cover grants and direct expenditure.

 ​

Statement of Financial Activities for the Year Ended 31 July 2020


 

    Restricted

Funds
  Restricted

Funds
    2020  2019
 Note  £  £
Income and Endowments from:     
  Investments1              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 forward8  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.

Balance Sheet as at 31 July 2020


 

    2020 2019
 Note  £ £
Fixed assets      
  Investments4  537,099 525,566
       
       
Current assets      
  Debtors5  700 932
  Cash at bank and in hand6  35,230 27,438
    35,930 28,370
       
Creditors: amounts falling due within one year7  (6,470) (8,600)
       
Net current assets   29,460 19,770
       
       
TOTAL NET ASSETS   566,559 545,336
       
       
Funds      
  Restricted funds8  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)


Notes to the Financial Statements for the Year Ended 31 July 2020


 

   Restricted  Restricted 
   Funds Funds 
   2020 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 fundsBalance Movementin ResourcesMovement inBalance
 1 August 2019IncomingOutgoingRevaluation31 July

2020
 £££££
 The Janet Trotter Trust Fund545,33638,114(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.