Charity number: 1003312
Jack Foat's Trust
Unaudited
Trustees' report and financial statements
for the year ended 5 April 2022
Jack Foat's Trust
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
Jack Foat's Trust
Reference and administrative details of the Charity, its Trustees and advisers for the year ended 5 April 2022
Trustees
Ian S Chandler Janine M Vallack Andrew Wilkinson Gary Laslett
Charity registered number
1003312
Accountants
Kreston Reeves LLP Independent Examiner's 37 St Margaret's Street Canterbury Kent CT1 2TU
Bankers
CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JD
Solicitors
Williamson & Barnes 12-14 Queen Street Deal Kent CT14 6EU
Managing Agent
N Rooke BA, MSc, MRICS Amos Dawton & Finn 1 King Street Sandwich Kent CT13 9BY
Page 1
Jack Foat's Trust
Trustees' report for the year ended 5 April 2022
The Trustees present their annual report together with the financial statements of the Charity for the year from 6 April 2021 to 5 April 2022.
Objectives and activities
a. Activities undertaken to achieve objectives
The first form Annual report, for 1996-97, summarised the story of the Trust since its inception in 1989. This year, as in previous years, this report deals primary with the Trust's activities during the year, but also includes a summary record of what it has done since 1990.
Achievements and performance
a. Review of activities
Covid-19 has continued to impact the activities of the Trust. Village organisations are only just beginning to operate on a more normal footing. The Trust has continued their plan to update kitchens and bathrooms as well as heating systems in the various properties, as well as maintaining the boundaries of the fields to the south of the village.
b. Investment policy and performance
The Trustees investment policy is to keep enough in cash to meet their present and anticipated commitments and, subject to that, to invest their endowment to produce a regular and increasing income-stream.
The Trustees have reviewed the historic cost values of the freehold and investment properties and these are included within these financial statements.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Trustees have reviewed the Trust's needs for reserves in line with the guidance issued by the Charity Commission, and against the Trust's present and likely future income, net of expenditure on it's fixed functional assets and administrative expenses.
Page 2
Jack Foat's Trust
Trustees' report (continued) for the year ended 5 April 2022
Structure, governance and management
a. Constitution
The objects of the Trust are such charitable purposes for the benefit of the parish of Ash as the trustees in their absolute discretion think fit.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
To support, within reason, any suitable project for the benefit of the Parish that is properly presented to the Trust.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its income and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 2008 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.
Approved by order of the members of the Board of Trustees and signed on their behalf by:
Ian S Chandler Trustee Date:
Page 3
Jack Foat's Trust
Independent examiner's report for the year ended 5 April 2022
Independent examiner's report to the Trustees of Jack Foat's Trust ('the Charity')
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2022.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 2 November 2022
M K R Dyer ACA MAAT
Kreston Reeves LLP Canterbury
Page 4
Jack Foat's Trust
Statement of financial activities for the year ended 5 April 2022
| Note Income from: Investments 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 60,427 60,427 41,248 41,248 19,179 69,954 89,133 2,627,546 89,133 2,716,679 |
Total funds 2022 £ 60,427 60,427 41,248 41,248 19,179 69,954 89,133 2,627,546 89,133 2,716,679 |
Total funds 2021 £ 60,981 |
|---|---|---|---|
| 60,981 | |||
| 35,182 | |||
| 35,182 | |||
| 25,799 142,901 |
|||
| 168,700 | |||
| 2,458,846 168,700 |
|||
| 2,627,546 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
Page 5
Jack Foat's Trust
Balance sheet as at 5 April 2022
| Note Fixed assets Tangible assets 6 Investments 8 Investment property 7 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Unrestricted funds 11 Total funds |
- 514,828 514,828 (2,006) |
2022 £ 391,755 1,014,357 797,745 2,203,857 512,822 2,716,679 2,716,679 2,716,679 |
7,033 490,142 497,175 (3,532) |
2021 £ 391,755 944,403 797,745 |
|---|---|---|---|---|
| 2,133,903 493,643 |
||||
| 2,627,546 | ||||
| 2,627,546 | ||||
| 2,627,546 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Ian S Chandler Trustee Date: Complete 'ACCOUNTS COMPLETION' section
Janine M Vallack Trustee
The notes on pages 7 to 15 form part of these financial statements.
Page 6
Jack Foat's Trust
Notes to the financial statements for the year ended 5 April 2022
1. General information
The Charity is an unincorporated charity, registered in England and Wales, with the charity number 1003312. The Charity's registered office is The Poplars, Lower Goldstone, Ash, Canterbury, CT3 2DT. The principal objectives of the Charity areas set out in the Trustees Report on page 2.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Jack Foat's Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 7
Jack Foat's Trust
Notes to the financial statements for the year ended 5 April 2022
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold property | - | The properties are not depreciated as the |
|---|---|---|
| Trustees believe the value of the property is | ||
| worth significantly more than is stated in the | ||
| accounts |
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 8
Jack Foat's Trust
Notes to the financial statements for the year ended 5 April 2022
2. Accounting policies (continued)
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
2.11 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Investment income
| Income from investment properties Dividends receivable Interest receivable Total 2021 |
Unrestricted funds 2022 £ 32,764 27,578 85 60,427 60,981 |
Total funds 2022 £ 32,764 27,578 85 60,427 60,981 |
Total funds 2021 £ 32,873 27,942 166 |
|---|---|---|---|
| 60,981 | |||
Page 9
Jack Foat's Trust
Notes to the financial statements for the year ended 5 April 2022
4. Charitable activities
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Grants for charitable projects | 13,311 | 13,311 | 18,333 |
| Total 2021 | 18,333 | 18,333 | |
| Other expenditure - management and administration of investment properties | |||
| Unrestricted | Total | Total | |
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Maintenance | 18,450 | 18,450 | 6,525 |
| Agents commission and fees | 5,557 | 5,557 | 5,463 |
| Insurance | 1,465 | 1,465 | 1,399 |
| Bank charges | 101 | 101 | 71 |
| Accountancy and independent examination fees | 2,006 | 2,006 | 1,824 |
| Rent and rates | 358 | 358 | 1,567 |
| 27,937 | 27,937 | 16,849 | |
| Total 2021 | 16,849 | 16,849 |
Page 10
Jack Foat's Trust
Notes to the financial statements for the year ended 5 April 2022
5. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 5 April 2022, no Trustee expenses have been incurred (2021 - £NIL).
6. Tangible fixed assets
| Cost or valuation At 6 April 2021 At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 |
Freehold property £ 391,755 |
|---|---|
| 391,755 | |
| 391,755 | |
| 391,755 |
Page 11
Jack Foat's Trust
Notes to the financial statements for the year ended 5 April 2022
7. Investment property
| Valuation At 6 April 2021 At 5 April 2022 |
Short term leasehold investment property £ 797,745 |
|---|---|
| 797,745 |
The short-term leasehold investment property was valued by the Trustees, on an open market value for existing use basis.
8. Fixed asset investments
| Cost or valuation At 6 April 2021 Revaluations At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 |
Listed investments £ 944,403 69,954 |
|---|---|
| 1,014,357 1,014,357 |
|
| 944,403 |
Page 12
Jack Foat's Trust
Notes to the financial statements for the year ended 5 April 2022
| (Decrease) / | ||||||
|---|---|---|---|---|---|---|
| Market price | Market value | Market price | Market value | Increase in | ||
| 05.04.22 | 05.04.22 | 05.04.21 | 05.04.21 | value during | Dividends in | |
| Pence | £ | Pence | £ | the year | the year | |
| Relx plx Ord 14 | ||||||
| 51/116p | ||||||
| shares - | ||||||
| 4,986.00 | 2,445 | 121,908 | 1,835 | 91,943 | 29,965 | 2,378 |
| Unliever ord | ||||||
| 3.11p shares | ||||||
| 3,535.00 | 3,536 | 124,998 | 4,022 | 142,178 | (17,180) | 5,162 |
| FP CAF UK | ||||||
| equity B | ||||||
| income - | ||||||
| £58,659.70 | 163 | 95,856 | 154 | 90,101 | 5,755 | 1,300 |
| FP CAF fixed | ||||||
| interest B | ||||||
| income - | ||||||
| 27,538.91 | 93 | 25,724 | 100 | 27,613 | (1,889) | 798 |
| Blackrock | ||||||
| charishare | ||||||
| common inv | ||||||
| fund - | ||||||
| 14,484.35 | 716 | 103,757 | 665 | 96,350 | 7,407 | 2,985 |
| Blackrock | ||||||
| charinco | ||||||
| common inv | ||||||
| fund - | ||||||
| 14,898.69 | 173 | 25,725 | 187 | 27,890 | (2,165) | 894 |
| COIF charities | ||||||
| investment | ||||||
| fund income | ||||||
| shares - | ||||||
| 26,201.16 | 1,971 | 516,390 | 1,789 | 468,778 | 47,612 | 13,994 |
| Total | 1,014,357 | 944,403 | 69,505 | 27,511 |
Page 13
Jack Foat's Trust
Notes to the financial statements for the year ended 5 April 2022
9. Debtors
| Trade debtors 10. Creditors: Amounts falling due within one year Accruals and deferred income 11. Statement of funds Statement of funds - current year Balance at 6 April 2021 £ Income £ Unrestricted funds General Funds 2,627,546 60,427 Statement of funds - prior year Balance at 6 April 2020 £ Income £ Unrestricted funds General Funds 2,458,846 60,981 |
Expenditure £ (41,248) Expenditure £ (35,182) |
2022 £ - 2022 £ 2,006 Gains/ (Losses) £ 69,954 Gains/ (Losses) £ 142,901 |
2021 £ 7,033 |
|---|---|---|---|
| 2021 £ 3,532 |
|||
| Balance at 5 April 2022 £ 2,716,679 |
|||
| Balance at 5 April 2021 £ 2,627,546 |
Page 14
Jack Foat's Trust
Notes to the financial statements for the year ended 5 April 2022
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 391,755 1,014,357 797,745 514,828 (2,006) 2,716,679 |
Total funds 2022 £ 391,755 1,014,357 797,745 514,828 (2,006) |
|---|---|---|
| 2,716,679 |
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 391,755 944,403 797,745 497,175 (3,532) 2,627,546 |
Total funds 2021 £ 391,755 944,403 797,745 497,175 (3,532) |
|---|---|---|
| 2,627,546 |
13. Related party transactions
The Charity has not undertaken any related party transactions during the financial year (2021: £Nil) and at the Balance sheet date there are no balances outstanding with them (2021: £Nil).
Page 15