REPORT AND FINANCIAL STATEMENTS 31 March 2012 Registered Charity No: 287719
REPORT AND FINANCIAL STATEMENTS 2012 CONTENTS Page Information Sheet 1 Report of the Trustees 2-3 Trustees' Responsibilities 4 Statement of Financial Activities 5 Balance sheet 6 Notes to the financial statements 7-8
INFORMATION SHEET TRUSTEES The Trustees are the Master, Wardens and Freemen and CommonaHty of the Mystery of Vintners' of the City of London, who are represented by the Master and Wardens committee of The Vintners' Company from time to time. ADMINISTRATIVE ADDRESS Vintners' Hall Upper Thames Street London EC4V 3BG ACCOUNTANTS Baker Tilly Tax and Accounting Limited Chartered Accountants Springpark House Basing View Basingstoke RG21 4HG SOLICITORS Farrer & Co 66 Lincoln's Irm Fields London WC2A 3LH BANKERS National Westminster Bank Pic Juxon House 98, St Paul's Churchyard London EC4M 8BU INVESTMENT ADVISERS CCLA Investment Managers Ltd 80 Cheapside London EC2V 6DZ CHARITY NUMBER 287719 Page 1
REPORT OF THE TRUSTEES INTRODUCTION The Trustees present their report together with the accounts of Save Our Swans for the year ended 31 March 2012. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2005. STRUCTURE GOVERNANCE AND MANAGEMENT Save Our Swans is an unincorporated trust, constituted under a Declaration of Trust dated 1 August 1983 as amended by a Deed of Variation on 1 March 1993. Trustees The Trustees are the Master, Wardens and Freemen and Commonalty of the Mystery of Vintners' of the City of London, who are represented by the Master and Wardens committee of The Vintners' Company from time to time. They receive no remuneration or reimbursement of expenses from the Charity. The trustees meet at regular intervals during the year to make decisions on the charity's operations. At these meetings consideration is given by the trustees to grant making, investment, reserves and risk management policies and performance. The day to day administration is delegated to the Clerk and Stavesman of The Vintners' Company. RISK MANAGEMENT The Trustees recognise that risk assessment is an important element of good practice in all organisations and have considered the matter during the year. The Trustees are satisfied that the current levels of internal financial controls mitigate the risk of error and fi^aud. Consideration of investment risks has been an important change of the recent tender process for an investment manager. Finally, the wider concepts of strategic and business risk were considered during the financial year and have been updated. The Trustees aim to continue monitoring risk as an ongoing process that is part of the normal daily management of the charity. It is felt that this method is proportionate to the level of income and expenditure typical of this charity. OBJECTIVES, ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE Principal objects The principal activity of the Trust is to promote the well being and protection of swans. Grant making policy Grants are made to provide financial support for the two main Swan Sanctuaries on the Thames: Swan Lifeline at Eton and the Swan Sanctuary at Shepperton. Review of activities During the year the Charity made a donation of 4,000 to Swan Lifeline. Future developments and plans The Trustees do not anticipate any material changes in the charity's operations in the foreseeable future. Pagel
REPORT OF THE TRUSTEES PUBLIC BENEFIT Save Our Swans exists for public benefit, for the benefit of the protection of wildlife. The Charity's objects are achieved as above. The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the future activities of the charity. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. RESERVES AND INVESTMENT POLICY The investments are held by CCLA Investment Managers Limited to be invested in specific charity fiands as this is considered by the trustees to be the most beneficial in meeting the charity's long term aims. Reserves are considered sufficient to meet ongoing commitments with one-off annual grants being met from donations and investment income. No new ongoing commitments will be undertaken unless reserves allow. Approved on behalf of the Trustees on...by The Master of The Vintners' Company J M G COX Page 3
TRUSTEES" RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS 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 charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and; a. select suitable accounting policies and then apply them consistently; b. make judgements and estimates that are reasonable and prudent; c. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activity. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which 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. The trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2012 Unrestricted fund 2012 2011 Notes Incoming resources Incoming resources from generated funds: Voluntary income: Donations 2,710 2,800 Investment income 2 1,255 1,240 Total incoming resources 3,965 4,040 Resources expended: Charitable activities - Grant making Swan Lifeline Sundry expenses 4,000 4,000 30 4,000 4,030 Net incoming resources Other recognised gains and losses Unrealised gains on investment assets Net movement in funds (35) 10 62 571 27 581 Total Funds brought forward Total Funds carried forward 27,020 26,439 27,047 27,020 All the above results derive from continuing activities of the charity. Pages
BALANCE SHEET 31 March 2012 Notes 2012 2011 FIXED ASSETS Investments 1 26,785 27,968 CURRENT ASSETS Debtors 260 260 Cash at bank 2 2 262 262 LIABILITIES Creditors: Amounts falling due within one year 3-1,210 Net current (liabilities)/assets 262 (948) TOTAL ASSETS LESS CURRENT LIABILITIES 27,047 27,020 The funds of the charity: Unrestricted fund 27,047 27,020 The notes at pages 7 and 8 form part of these accounts. The financial statements on pages 5 to 8 were approved and authorised for issue by the Trustees on...qcjto. Wc....2oV..3?... and signed on their behalf by: J M G COX Page 6
ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements have been prepared under the historical cost convention with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued in March 2005 and applicable UK Accounting Standards and the Charities Act 2011. INCOMING RESOURCES All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. RESOURCES EXPENDED Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. CHARITABLE ACTIVITIES Costs of charitable activities represent grants made. SUPPORT AND GOVERNANCE COSTS The Vintners" Company provides administrative support to the charity. No charge is made for these services. FIXED ASSET INVESTMENTS Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. 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 opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities. Pagel
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2012 1 FIXED ASSET INVESTMENTS 2012 2011 Quoted investments: Market value 1 April 27,968 26,157 Additions - 1,240 Unrealised gains / (losses) 62 571 Proceeds of disposal (1,245) Market value 31 March 26,785 27,968 Cost 22,260 22,260 Being: COIF Charities Investment Fund 21,568 21,761 COIF Charities Fixed Interest Fund 5,181 4,927 COIF Charities Deposit Fund 36 1,280 26,785 27,968 2 INVESTMENT INCOME 2012 2011 Dividend and Interest Income 1,255 1,240 3 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEARS 2012 2011 Amounts due to The Vintners'Company. - 1,210 4 RELATED PARTY TRANSACTIONS The Vintners' Company pays for all governance costs. Page 8