REGISTERED CHARITY NUMBER: 1016701
Report of the Trustees and Audited Financial Statements for the Year Ended 5 April 2025 for The Skerritt Trust
Clayton & Brewill Statutory Auditors and Chartered Accountants Cawley House 149-155 Canal Street Nottingham Nottinghamshire NGi 7HR
The Skerritt Trust
Contents of the Financial Statements for the year ended 5 April 2025
| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 4 |
| Report ofthe Independent Auditors | 5 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Notes to the Financial Statements | 10 | to | i4 |
| DetailedStatementofFinancialActivities | 15 |
The Skerritt Trust
Report of the Trustees for the year ended 5 April 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of 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 i January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The aims and objects of the Charity are to support the housing needs of the elderly in the Nottingham area within a ten-mile radius from the Nottingham Market Square. The Charity carries out these objects by providing grants to projects and organisations that seek to assist the elderly in maintaining their independence by being able to stay in their own homes and also to provide additional facilities and comfort to the elderly in community housing and associate amenities.
Grantmaking
The Charity has established its grant making policy to achieve its objectives for the public benefit to improve the lives of the elderly. The Trustees review the grant making policy annually to ensure that it reflects the Charity’s objectives and thereby advances public benefit. The beneficiaries of the grants are elderly persons living in the Nottingham area within a ten-mile radius from the Nottingham Market Square, as set out in the Trust Deed. Such persons either live in their own homes or community housing. Any benefit received by the organisations applying for funding is purely incidental to the objectives of the Charity.
The Charity invites applications for funding items and facilities from organisations who assist in the housing needs of the elderly either in community housing or in their own homes. Applications are to be made in writing with supporting annual accounts and details of the cost of items or facilities needed.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Grants awarded totalled £41,254 (2024: £58,000).
The Trustees decided to continue the grants to Age UK and Joint Homes Committee since they have direct contact with the elderly and can more easily identify their housing needs. The grant to Age UK amounted to £7,000 which helps funds repairs and maintenance to homes, as well as mobility assistance items such as grab rails, stair rails and chair lifts. The grant to Joint Homes Committee amounted to £20,000 for the year and the funds were used to cover the cost of items for residents in the various housing associations for the elderly such as stair lifts, flooring, decorating, bedding and furniture. Grants to both Age UK and Joint Homes have been paid quarterly. The Trustees were pleased to receive the reports from both organisations, which set out clearly how the funds have assisted the housing needs of the elderly.
Grants totalling £10,254 were paid to Radford Care Group to fund 5 higher rate placements, and finally a grant of £4,000 was paid to The Helpful Bureau to assist with home support for the elderly.
Page 1
The Skerritt Trust
Report of the Trustees for the year ended 5 April 2025
ACHIEVEMENT AND PERFORMANCE
Investment performance
The trustees have wide investment powers afforded to them by the Trust Instrument and power to apply the annual income of the Charity for its charitable purposes. The trustees have not adopted an ethical investment policy. The trustees also have power to accumulate any income, which is not so used, and to add it to the capital of the Trust Fund. They also have power to use the accumulated fund as though it was income arising during the then current year. The Charity’s investments are held in safe custody by Freeths LLP and are registered in their Nominee Company Willoughby Corporate Trustee Limited for ease of administration by the Charity. Brewin Dolphin Limited and Sarasin & Partners provides investment advice.
The Charity is reliant on its income from its investments. The gross income earned for the year ended 5 April 2025 amounted to £83,816 (2024: £83,912).
The total grants awarded by the Trustees amounted to £41,254 (2024: £58,000) and the cost of administrating the charity amounted to £24,437 (2024: £17,441), The Charity's total income exceeded its expenses, before deducting grants, by £56,390. The market value of the Charity’s investments has decreased in value by 1.7% to £2,680,889.
FINANCIAL REVIEW
Reserves policy
It is the policy of the Charity to always maintain funds, which provide sufficient funds, to cover management, administration and support costs for one year. The Trustees consider that £40,000 should be retained for this purpose. The Charity's total financial reserves as at 5th April 2025 are £2,739,403 which represents accumulated income which may change from time to time.
FUTURE PLANS
It is hoped that a more favourable investment climate will provide higher levels of income to enable the trustees to increase the level of grants in the forthcoming year.
The trustees would also hope to receive applications from a wider source within their geographical remit so as to prevent repetitive grants.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Skerritt Trust is an unincorporated trust constituted under a Trust Deed dated 24th November 1992 by the then Chairman and Director of the Nottingham Council for Voluntary Service, following the bequest to the Council by the late Gertrude Annie Skerritt of her residuary estate following her death on the 20th January 1970. It was Miss Skerritt's wish that her residuary estate be used for the housing needs of the elderly.
Recruitment and appointment of new trustees
The power to appoint new trustees vests in the trustees from time to time appointed, there being a maximum of twelve but no less than eight. At the time of trustees meeting, four trustees form a quorum with questions being decided by a majority vote, the Chairman having a second or casting vote in the case of an equality of votes.
Organisational structure
At the trustee's quarterly meetings, the trustees consider applications for grants, review investments and financial reserves.There can also be special meetings, if a particular topic is needed to be discussed.
The trustees keep the skill requirements for the Trustee Body under review and in the event of there being a vacancy for a new trustee, recommendations are received from existing trustees of members of the community with skills and an in depth knowledge of the housing needs of the elderly.
Related parties
Some of the trustees of Skerritt Trust are also trustees of the recipients of the grants paid. All grants are awarded through the correct procedures with no reflection on the trustees involvement. Details of such related party transactions during the year can be found in the notes to the accounts.
Page 2
The Skerritt Trust
Report of the Trustees for the year ended 5 April 2025
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1016701
Principal address PO Box 11228 Nottingham Nottinghamshire NG14 6YY
Trustees
D Lowe
R Taylor S Warzynska Mrs A Davies Mrs T Clayton Ms R Harvie R Turner (resigned 23.5.2025) N Cullen
J Hartstone (appointed 18.8.2025)
Auditors
Clayton & Brewill
Statutory Auditors and Chartered Accountants Cawley House 149-155 Canal Street Nottingham Nottinghamshire NG1 7HR
Solicitors
Freeths LLP, Cumberland Court, 80 Mount Street, Nottingham NG1i 6HH
Advisers
Brewin Dolphin, 1st Floor Waterfront House, Waterfront Plaza, 35 Station Street, Nottingham NG2 3DQ Sarasin & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London EC4M 8BU
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which 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 those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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~ observe the methods and principles in the Charity SORP; - make judgements and 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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.
Page 3
The Skerritt Trust Chair: Mr Nigel Cullen Registered Charity Number: 1016701
Clayton & Brewill; Cawley House 149-155 Canal Street Nottingham Nottinghamshire NG1 7HR
All correspondence to the Clerk to the Trustees:
Ms Anna Chandler PO Box 11228 Nottingham NG14 6YY Email: anna@chandler-cc.co.uk Telephone: 07534 875035
Your Ref: DP/SKO3
Management Representation Letter
Dear Sirs,
We confirm to the best of our knowledge and belief and having made appropriate enquiries of other trustees and officials of the charity, the following representations given to you in connection with your audit of the charity’s financial statements for the year ended 5th April 2025 are accurate.
General
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Weacknowledge as trustees our responsibility under the Charities Act 2011 for the financial statements to give a true and fair view and for making accurate representations to you. All the accounting records have been made available to you for the purpose of your audit and all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all trustee meetings, have been made available to you.
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The financial statements are free of material misstatements, including omissions.
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We believe that the effect of uncorrected misstatement is immaterial both individually and in total.
Internal Control
- We acknowledge our responsibility for the design and implementation of internal control systems to prevent and detect fraud. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud. There have been no irregularities involving management, employees who havea significant role in internal control or others that could have a material effect on the financial statements.
Assets and Liabilities
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The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed in the notes to the financial statements.
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We have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed in the notes to the financial statements all guarantees that we have given to third parties.
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We have no plans or intentions that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements.
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Wecan confirm that the investment properties held by the charity are valued at market value of £550,000.
The Skerritt Trust
Report of the Trustees for the year ended 5 April 2025
Approved by order of the board of trustees on IUMN Nreetey, V2Ty, and signed on its behalf by:
Z,N Cullen - Trustee
Page 4
Report of the Independent Auditors to the Trustees of
The Skerritt Trust
Opinion We have audited the financial statements of The Skerritt Trust (the ‘charity') for the year ended 5 April 2025 which comprise 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 (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 5 April 2025 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 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 Auditors’ 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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 (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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- 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.
Page 5
Report of the Independent Auditors to the Trustees of
The Skerritt Trust
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities, 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.
Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Enquiry of management and those charged with governance around actual and potential litigation and claims;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Report of the Independent Auditors.
Page 6
Report of the Independent Auditors to the Trustees of The Skerritt Trust
Use of our report
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. 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 auditors’ 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 the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. rl
oh Clayton & Brewill yr Statutory Auditors and : . Chartered Accountants Cawley House 149-155 Canal Street Nottingham Nottinghamshire NGi 7HR Date: Leh De cortec 7 US 7
Page 7
The Skerritt Trust
Statement of Financial Activities for the year ended 5 April 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Investment income | 2 | 83,815 | 83,912 |
| EXPENDITURE ON | |||
| Raising funds | 3 | 24,437 | 17,441 |
| Charitable activities | |||
| Grants | 41,254 | 58,000 | |
| Other | 2,988 | 8,008 | |
| Total | 68,679 | 83,449 | |
| Net gains/(losses) on investments | (49,371) | 82,837 | |
| NET INCOME/(EXPENDITURE) | (34,235) | 83,300 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 2,773,638 | 2,690,338 | |
| TOTALFUNDSCARRIEDFORWARD | 2,739,403 | 2,773,638 |
The notes form part of these financial statements
Page 8
The Skerritt Trust
Balance Sheet
5 April 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | |||
| Investments | 6 | 2,130,889 | 2,052,653 |
| Investment property | 7 | 550,000 | 674,000 |
| 2,680,889 | 2,726,653 | ||
| CURRENT ASSETS | |||
| Cash at bank | 66,025 | 68,399 | |
| CREDITORS | |||
| Amounts falling due within one year | 8 | (7,511) | (21,414) |
| NET CURRENT ASSETS | 58,514 | 46,985 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 2,739,403 | 2,773,638 | |
| NET ASSETS | 2,739,403 | 2,773,638 | |
| FUNDS | 9 | ||
| Unrestricted funds | 2,739,403 | 2,773,638 | |
| TOTALFUNDS | 2,739,403 | 2,773,638 |
The, financial statements_were approved by the Board of Trustees and authorised for issue on AN MO Kos-en dase Zars” and were signed on its behalf by: .N Cullenm>- Trustee
The notes form part of these financial statements
Page 9
The Skerritt Trust
- ACCOUNTING POLICIES
Notes to the Financial Statements for the year ended 5 April 2025
Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, 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)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are presented in sterling, which is the functional currency of the charity and rounded to the nearest pound.
Going concern
The trustees have considered the financial position and projections of the trust, and have a reasonable expectation that it has adequate resources to support its activities for the foreseeable future. The trust therefore continues to adopt the going concern basis in preparing the financial statements.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Raising funds
The costs of generating funds consist of investment management fees
Charitable activities
Costs of charitable activities consist of grants made per note 5.
Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and solicitors management fees. 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.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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continued...
The Skerritt Trust
Notes to the Financial Statements - continued for the year ended 5 April 2025
ACCOUNTING POLICIES - continued
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.
INVESTMENT INCOME
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Rents received | 24,360 | 29,028 | |
| Fixed interest securities | 11,029 | 9,483 | |
| Dividends | 48,426 | 45,401 | |
| 83,815 | 83,912 | ||
| 3. | RAISING FUNDS | ||
| Investment management costs | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Portfolio management | 10,176 | 8,209 | |
| Support costs | 14,261 | 9,232 | |
| 24,437 | 17,441 |
- 4, TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 83,912 |
| EXPENDITURE ON | |
| Raising funds | 17,441 |
| Charitable activities | |
| Grants | 58,000 |
| Other | 8,008 |
| Total | 83,449 |
| Net gains on investments | 82,837 |
| NETINCOME | 83,300 |
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The Skerritt Trust
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Notes to the Financial Statements - continued for the year ended 5 April 2025
==> picture [166 x 52] intentionally omitted <==
----- Start of picture text -----
|||||
|---|---|---|---|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|
|TOTAL|FUNDS|CARRIED|FORWARD|
----- End of picture text -----
Unrestricted fund £ 2,690,338 2,773,638
- FIXED ASSET INVESTMENTS
==> picture [435 x 156] intentionally omitted <==
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Listed|
|investments|
|£|
|MARKET|VALUE|
|At|6|April|2024|2,052,653|
|Additions|513,510|
|Disposals|(389,861)|
|Revaluations|(45,413)|
|At|5|April|2025|2,130,889|
|NET|BOOK|VALUE|
|At|5|April|2025|2,130,889|
|At|5|April|2024|2,052,653|
----- End of picture text -----
The investments consist of the following;
UK Listed investments £1,052,750 (2024: £1,106,889) Global Listed investments £1,078,139 (2024: £945,764)
Cost or valuation at 5 April 2025 is represented by:
==> picture [435 x 220] intentionally omitted <==
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Listed|
|investments|
|E|
|Valuation|in|2024|2,052,653|
|Valuation|in|2025|78,236|
|2,130,889|
|INVESTMENT|PROPERTY|
|£|
|FAIR VALUE|
|At|6|April|2024|674,000|
|Disposals|(124,000)|
|At|5|April|2025|550,000|
|NET|BOOK|VALUE|
|At|5|April|2025|550,000|
|At|5|April|2024|674,000|
----- End of picture text -----
- INVESTMENT PROPERTY
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continued...
The Skerritt Trust
Notes to the Financial Statements - continued for the year ended 5 April 2025
7. INVESTMENT PROPERTY - continued
Fair value at 5 April 2025 is represented by:
| £ | |||
|---|---|---|---|
| Valuation | in | 2023 | 835,000 |
| Valuation | in | 2024 | (161,000) |
| Valuation | in | 2025 | (124,000) |
| 550,000 |
The fair value of the investment properties were valued at the year end date by the trustees with the assistance of a reputable property valuation website.
- CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 8. | CREDITORS: AMOUNTS FALLING DUE | WITHIN ONE YEAR | ||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Other creditors | 7,511 | 21,414 | ||
| 9. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 6.4.24 | in funds | 5.4.25 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 2,773,638 | (34,235) | 2,739,403 | |
| TOTALFUNDS | 2,773,638 | (34,235) | 2,739,403 |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| E | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 83,815 | (68,679) | (49,371) | (34,235) |
| TOTALFUNDS | 83,815 | (68,679) | (49,371) | (34,235) |
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 6.4.23 | in funds | 5.4.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 2,690,338 | 83,300 | 2,773,638 |
| TOTALFUNDS | 2,690,338 | 83,300 | 2,773,638 |
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continued...
The Skerritt Trust
Notes to the Financial Statements - continued for the year ended 5 April 2025
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | E | |
| Unrestricted funds | ||||
| General fund | 83,912 | (83,449) | 82,837 | 83,300 |
| TOTALFUNDS | 83,912 | (83,449) | 82,837 | 83,300 |
TOTAL FUNDS
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 6.4.23 | in funds | 5.4.25 | |
| £ | E | £ | |
| Unrestricted funds | |||
| General fund | 2,690,338 | 49,065 | 2,739,403 |
| TOTALFUNDS | 2,690,338 | 49,065 | 2,739,403 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 167,727 | (152,128) | 33,466 | 49,065 |
| TOTALFUNDS | 167,727 | (152,128) | 33,466 | 49,065 |
10. RELATED PARTY DISCLOSURES
Teresa Clayton is a trustee of the Joint Homes Committee who received total grants of £20,000 during the year.
Sandra Warzynska is a trustee of Age UK Nottm and Notts and also a trustee of Radford Care Group who received total grants of £7,000 and £10,254 during the year respectively.
The grants were awarded through the correct procedure with no reflection on the trustees involvement.
Page 14
The Skerritt Trust
Detailed Statement of Financial Activities for the year ended 5 April 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents received | 24,360 | 29,028 |
| Fixed interest securities | 11,029 | 9,483 |
| Dividends | 48,426 | 45,401 |
| 83,815 | 83,912 | |
| Total incoming resources | 83,815 | 83,912 |
| EXPENDITURE | ||
| Investment management costs Portfolio management |
10,176 | 8,209 |
| Charitable activities | ||
| Grants to institutions | 41,254 | 58,000 |
| Other | ||
| Investment property costs | 2,988 | 8,008 |
| Support costs | ||
| Management Management fee |
12,157 | 6,949 |
| Finance | ||
| Bank charges | - | 2 |
| Governance costs | ||
| Auditors’ remuneration | 2,104 | 2,281 |
| Total resources expended | 68,679 | 83,449 |
| Net income before gainsand losses | 15,136 | 463 |
| Realised recognised gains and losses Gains/losses f a inve Gains/losses inv prop |
(45,413) (3,958) |
121,780 (38,943) |
| Net(expenditure)/income | (34,235) | 83,300 |
This page does not form part of the statutory financial statements
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