FOR 5 2018

Chartiy Registration No. 281986

CALYPSO BROWNING TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2018


LEGAL AND ADMINISTRATIVE INFORMATION

Trustees MrJ H C SextonMs V Browning

Charity number

Principal address

281986

2-6 Tenter GroundSpitalfieldsLondon

E1 TNH

independent examiner Dale Mitchell FCGABaldwins (Witney) Limited

9 Thomey Leys ParkWitney

OxfordshireOX28 4GE


CONTENTS

Page

Trustees' report 1-2

Independent examiner's report

Statement of financial activities

Balance sheet

Notes to the financial statements 6- 10


TRUSTEES' REPORT


The trustees present their report and financial statements for the year ended 5 April 2018.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accountsand comply with the charity's Deed of Arrangement dated 26th November 1979, the Charities Act 2011 and"Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitiespreparing their accounts in accordance with the Financial Reporting Standard applicable in the UK andRepublic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016)

Objectives and activitiesThe Trust is a charitable Trust established by the Will of the late Mrs Calypso Browning who died on 15thOctober 1978, as varied by a Deed of Arrangement dated 26th November 1979. Trustees are required todistribute the income among charitable societies for the housing of persons in need and for animal welfare.The Trust distributes all income to those societies accordingly.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activitiesthe charity should undertake. The Trustees undertake no activities to which the Charity Commission'sguidance on public benefit applies.

Achievements and performanceOur main activity is providing grants to animal welfare and homelessness charities. We have a number ofcharities that we are committed to give to because of our founding instrument —the will of Calypso Browning.We continue to give to these charities and also others that have a particularly strong case for our support. Weprefer smaller charities and those who are tackling very tangible issues. Vicky Browning leads onhomelessness grants and Joe Sexton leads on animal welfare. Distributions made in the year are detailed onpage 8.

The value of investments held by the Trust has decreased in the year from 51,070,922 to 81,050,039.

Trust income and expenditure is as detailed in the statement of finandal activities as detailed on page 4.

Financial reviewThe total unrestricted funds in hand at the end of the year were 540,895 which is an increase of f3,723 thisyear. The total endowment funds at the end of the year were 21,057,584 which is a decrease of 523,734 thisyear.

The Trust distributes afi its income to the charitable societies. Undistributed income at the year end is not areserve, but only the result of fluctuating income and timing of distributions. During this year, and in the periodsince then, there have been no significant changes in income of the trust or in the pattern of distribution.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems arein place to mitigate exposure to the major risks. The investments are managed by Brewin Dolphin Ltd with aninvestment objective guideline for Income and Growth Return and the risk classification is dassed as'Diversified Risk'.


TRUSTEES' REP'ORT ICONTINUED)


Structure, governance and managementThe trustees who served during the year and up to the date of signature of the financial statements were.Mr J H C SextonMs V Browning

There are two trustees as detailed above. At present this number satisfies the need of the Trust, howeverwhen we need to recruit new trustees we will use networks and proactive recruitment approaches to find newtrustees.

hstrudge'

report was approved by the Board of Trustees.

r J H C SextonTrustee


INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CALYPSO BROWNING TRUST

I report on the financial statements of the charity for the year ended 5 April 2018, which are set out on pages 4to 10.

Respective responsibilities of trustees and examinerThe charity's trustees are responsible for the preparation of the financial statements. The charity's trusteesconsider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act)and that an independent examination is needed.

It is my responsibility to:(i) examine the iinancial statements under section 145 of the 2011 Act;

(ii) to follow the procedures laid down in the general Directions given by the Charity Commission undersection 145(5)(b) of the 2011 Act; and

(iii) to state whether particular matters have come to my attention.

Basis of independent examiner's reportMy examination was carried out in accordance with the general Directions given by the Charity Commission.An examination includes a review of the accounting records kept by the charity and a comparison of thefinancial statements presented with those records. It also includes consideration of any unusual items ordisclosures in the financial statements, and seeking explanations from you as trustees concerning any suchmatters. The procedures undertaken do not provide all the evidence that would be required in an audit andconsequently no opinion is given as to whether the financial statements present a 'true and fair view' and thereport is limited to those matters set out in the next statement.

Independent examiner's statementIn connection with my examination, no matter has come to my attention:(a) which gives me reasonable cause to believe that in any material respect the requirements:

(i) to keep accounting records in accordance with section 130 of the 2011 Act; and(ii) to prepare financial statements which accord with the accounting records and comply with the

accounting requirements of the 2011 Act;have not been met or

(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of thefinancial stateme ts to be reached.

ale Mitchell FCCAIndependent ExaminerBaldwins (Witney) Limited

9 Thorney Leys ParkWitneyOxfordshireOX28 4GE..... ZIloI1&I~


STATEMENT OF FINANCIAL ACTIVITIES


~elfin~fr IK

Unrestricted Endowmentfunds funds

Notes 5 8

Total2018

f

Total2017

5

Investments 2 40,604 40,604 41,075

Raising funds 10,149 10,149 9,602

Charitable activities

Total resources expended

4 36,881 36,881 46,597

36,881 10,149 47,030 56,199

Net gains/(losses) on investments

Net movement in funds

Fund balances at 6 April 2017

Fund balances at 5 April 2018

(13,584) (13,584) 136,518

3,723 (23,733) (20,010) 121,394

37,172 1,081,317 1,118,489 997,096

40,895 1,057,584 1,098,479 1,118,490

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.


BALANCE SHEET

AS AT 5 APRIL 2015

Notes2018

82017

8

Fixed assetsInvestmentsCurrent assetsDebtorsCash at bank and in hand

10 25750.583

1,050,039

25749,368

1,070,922

Creditors: amounts falling due withinone year

50,840

{2,400)

49,625

{2,057)

Net current assets

Total assets less current liabilities

48,440

1,098,479

47,568

1,118,490

Capital fundsEndowment funds - generalincome fundsUnrsstncted funds

12 1,057,584

40,895

1,081,318

37,172

1,098,479 1,118,490

The finan ial statements were approved by the Trustees on ...,().. .). ..~)

Mr J H C SaxtonTrustee


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5APRIL 2018

Accounting policies

Accounting conventionThe accounts have been prepared in accordance with the charity's Deed of Arranagement, the ChariTiesAct 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable tocharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UKand Republic of Ireland (FRS 102) (as amended for accounting periods commencing from 1 January2016).The charity is a Public Benefit Entity as defined by FRS 102.

The chariity has taken advantage of the provisions in the SORP for charities applying FRS 102 UpdateBulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 onlyto the extent required to provide a true and fair view. This departure has involved following the Statement ofRecommended Practice for charities applying FRS 102 rather than the version of the Statement ofRecommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetaryamounts in these financial statements are rounded to the nearest fi.

The accounts have been prepared under the historical cost convention, modified to include certain financialinstruments at fair value. The principal accounting policies adopted are set out below.

1.2 Charitable fundsUnrestricted funds are available for use at the discretion of the trustees in furtherance of their charitableobjectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposesand uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by thecharity.

1.3 Incoming resourcesIncome is recognised when the charity is legally entitled to it after any performance conditions have beenmet, the amounts can be measured reliably, and it is probable that income will be received.

1.4 Resources expendedLiabilities are recognised as soon as there is a legal or constructive obligation committing the charity to theexpenditure. All expenditure is accounted for on an accruals basis and has been classified under headingsthat aggregate all costs related to the category.

1.5 Fixed asset investmentsFixed asset investments are initially measured at transaction price excluding transaction costs, and aresubsequently measured at fair value at each reporting date. Changes in fair value are recognised in netincome/(expenditure) for the year. Transaction costs are expensed as incurred.


NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)


2 Investment income

2018 2017

Income from listed investments 40,604 41,075

3 Raising funds

2018 2017

Investment management 10,149 9,602

10,149 9,602

4 Charitable activities

20188

20178

Independent examiner feesAccounts and administrationBank charges

2,381 2,2676,300

30

Grant funding of activities (see note 5)

2,381

34,500

36,881

8,597

38,000

46,597


NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI


5 Grants payable

Grants to institutions:

ShelterDonkey SanctuaryRefugee Action

Homeless Link

PDSAThe BrookeCIWFDogs' Trust

CrisisRSPCAElimplife Church Night Shelter

20186

5,0001,0005,5003,0002,5004,0005,0001,0005,0001,0001,500

34,500

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from thecharity during the year.

7 Employees

There were no employees during the year.

8 Net gains/(losses) on investments

2018 2017

Revaluation of investmentsGain/(loss) on sale of investments

6 6

(81,921) 124,38968,337 12,129

(13,584) 136,518

-8-



FOR THE yEAR ENDED 5 APRIL 2018

9 Fixed asset investments

Cost or valuationAt 6 April 201 7Additions

Valuation changesDisposals

At 5 Ap nil 2018

Listedinvestments

8

1,070,922228,350(81,921)

(167,312)

1,050,039

Carrying amountAt 05 Apdil 2018 1,050,039

At 05 April 2017 1,070,922

Fixed asset investmenis revaluedAll investments are cerned at their fair value. The investments are managed by Brewin Dolphin whoprovide a valuation report at 5th April 2018. The valuations have been prepared, generally, on the basis ofthe middle market price at the close of business on the valuation date, and as supplied by externalinformation providers.

10 Debtors

Amounts falling due within one year:

Other debtors

20188

257

20178

257

11 Creditors: amounts falling due within one year2018

82017

8

Other creditorsAccruals and deferred income

2582,142

2571,800

2,400 2,057



FOR THE YEAR ENDED 5 APRIL 20$8

12 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on theendowment funds can be used in accordance with the objects of the charity and is included asunrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement in fundsBalance at 8 Incoming Resources Revaluations

April 2017 resources expended gains andlosses

8 8 8 8

Balance at 5April 2018

Permanent endowmentsInvestment portfolio 1,081,317

1,081,317

(10,149) (13,584) 1,057,584

10,149 (13,584) 1,057,584

13 Analysis of net assets between funds

Fund balances at 5 April 2018 are represented by:InvestmentsCurrent assets/(liabilities)

Unrestricted Endowmentfunds funds

8 8

1,050,03940,895 7,545

Total

1,050,03948,440

40,895 1,057,584 1,098,479

14 Related party transactions

There were no disdosable related party transactions during the year (2017- none).

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FOR 5 2018

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