Financial Statements The Eric Stanton Northampton Trust
For the year ended 31 March 2024
Registered Charity No. 1069761
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Reference and administrative information
| Charity registration number: | 1069761 |
|---|---|
| Address: | 5 Lady Winefrides Walk |
| Great Billing | |
| Northampton | |
| NN3 9EE | |
| Trustees: | Rev A M March (Chairman) |
| A Newton | |
| J C Fazackerley | |
| J Randell | |
| Bankers: | Barclays Bank Plc |
| Wellingborough Road | |
| Northampton | |
| NN1 4YD | |
| Independent Financial Advisers | Telford Mann |
| Ironstone Place | |
| Kettering | |
| NN14 1FN | |
| Independent Examiner: | Brenda Peers-Ross |
| 29 Drift Road, | |
| Selsey, | |
| Chichester, | |
| West Sussex. | |
| PO20 0PW |
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Index to the financial statements
| Page | |
|---|---|
| Report of the Trustees | 3 |
| Independent examiner’s report | 6 |
| Principal accounting policies | 7 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 |
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Report of the Trustees
The Trustees present their report together with financial statements for the year ended 31 March 2023.
Structure, governance and management
Structure
The Eric Stanton Northampton Trust (“the Trust”) is established for charitable purposes and is governed by a Trust Deed dated 19th April 1996 as amended by a Deed of Variation and Change of Name dated 11th December 1996. The Trust was registered as a charity on 28th May 1998.
During the year, no capital assets were appointed to the Trust.
The Trustees' role is to hold the Trust funds upon trust and to apply the capital and income thereon for the benefit of charitable institutions and purposes.
.
Recruitment and appointment of Trustees
Details of trustees are set out on page 1. Trustees can only be appointed by the current Trustees for the time being.
Training of Trustees
The Charity has produced an induction pack for new Trustees and arranges appropriate in-house or external training courses to meet other Trustees' needs.
Organisational structure
The Trustees meet regularly and are responsible for the strategic direction and policy of the Trust.
Objectives and activities
The Trustees' objectives are to invest the Trust's funds to produce a return which enables the Trustees to make grants under the terms of the Trust Deed and its activities are focussed on achieving those objectives.
Public benefit
The Trustees are cognisant of their obligation to provide public benefit.
The Trustees confirm that they have referred to the guidance in the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.
Achievements and performance
During the year, the Trust made grants of £73,500 (2023: £80,250) to Charities in line with the objectives set out in the Trust Deed. The Trustees believe that these grants meet the stated aims of the Trust and the Charity Commission’s guidance in respect of public benefit.
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Report of the Trustees (continued)
Financial review
The Trustees have maintained the Charity's policy in applying funds for the benefit of charitable institutions in accordance with its objectives.
The income for the year amounted to £31,760 and expenses to £87,507. There was a net gain on investments of £26,844 resulting in a net deficit of £28,903.
The assets are held in pursuance of the Charity's objectives. The net assets of restricted funds amounted to £892,635.
Principal funding sources
The Trustees are satisfied that the Charity's assets are available and adequate to fulfil its obligations.
Risk management
The main risk to the Charity is in respect of financial instruments ie the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as the Charity’s investments are mainly traded in markets with good liquidity and high trading volumes. The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and similar complex financial instruments.
Investment policy, objectives, and performance
The Charity seeks to produce the best financial return within an acceptable level of risk. The investment objective is to generate a return in excess of inflation over the long term whilst generating an income to support the ongoing activities of the Charity. The Trustees rely on the investment managers in selecting the individual investments held but the results are monitored by the trustees.
Reserves policy
All of the funds of the Charity are restricted and therefore there are no 'free' reserves. However, the Trustees have the power to pay management and administration expenses though do not consider it necessary to allocate reserves for future expenditure of this nature as it is unlikely to reach a level to affect the Charity's resources and activities.
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Report of the Trustees (continued)
Statement of Trustees’ responsibilities
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year.
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 the Charity to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ON BEHALF OF THE TRUSTEES
J C Fazackerley Trustee 15 July 2024
6
29 Drift Road, Selsey, Chichester West Sussex PO20 0PW
Independent Examiner’s Report to the Trustees of Eric Stanton Northampton Trust
I report on the accounts of the charity for the year ended 31st March 2024, which are set out on pages 7 to 13 of the financial report.
This report is made solely to the Trustees in accordance with Section 43(3) of the Charities Act 2011. My work has been undertaken so that I might state to the Trustees those matters which I am required to state to them in an independent examiner’s report and for no other purpose. To fullest extent permitted by law; I do not accept responsibility to anyone other than the Trustees for my work, for this report, or for the opinions I have formed.
Respective responsibilities of the Trustees and examiner
As described on page 5 the Charity’s Trustees are responsible for the preparation of accounts; you consider that the audit requirements of Section 144 (2) of the Charities Act 2011 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commission under section 156 of the Act, whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts, presented with those records. It also includes consideration of any unusual items or disclosures of the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view,” and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to our attention:
-
which gives me reasonable cause to believe that in any material respect the requirements: • to keep accounting records in accordance with Section 130 of the Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met;
-
or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Brenda Peers-Ross
Brenda Peers-Ross FMAAT, ACIE 9th August 2024
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Principal accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Basis of preparation
The financial statements of the Charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and the Recommended Practice SORP (FRS 102) issued on 1st October 2019, applicable UK Accounting Standards and the Charities Act 2011.
They have been prepared under the historical cost convention except that investments are valued at market value (see below).
Income
All income is recognised once the Charity has entitlement to the income, it is probable that income will be received, and the amount of the income receivable can be measured reliably.
Investment income
Investment income is recognised when receivable. Dividends are recognised once the income has been declared and notification has been received of the dividend due.
Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to the expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Classification of expenditure
Expenditure, which is charged on an accruals basis, is allocated between:
-
expenditure incurred directly in the effort to raise voluntary contributions if applicable (raising funds);
-
expenditure incurred directly for the furtherance of the Charity's objectives including support, governance, management and administration costs of the Charity.
All expenditure is shown gross, inclusive of unrecoverable VAT, and has been classified under headings that aggregate all costs related to the specific activity.
Grants/donations payable
Grants and donations payable are accounted for as they fall due.
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Principal accounting policies (continued)
Investments
Investments are a form of basic financial instrument and 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.
The Charity does not acquire put options, derivatives or other complex financial instruments.
Fund accounting
Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund.
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Statement of Financial Activities
| Note Income and endowments from: Other Investments 1 Total income Expenditure on: Raising funds Charitable activities Total expenditure 2 Net gains/(losses) on investments Net income/ (expenditure) Reconciliation of funds Total funds brought forward Total funds carried forward |
Restricted Funds 2024 2023 £ £ 50 - 31,710 30,895 31,760 30,895 13,029 11,004 74,478 81,238 87,507 92,242 26,844 (55,844) (28,903) (117,191) 921,538 1,038,729 892,635 921,538 |
|---|---|
| 892,635 |
All the above amounts are derived from continuing activities.
The accompanying accounting policies and notes form part of these financial statements.
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Balance sheet
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 4 | 872,109 | 888,736 | ||
| 872,109 | 888,736 | ||||
| Current assets | |||||
| Debtors | 5 | - | - | ||
| Cash at bank and in hand | 20,926 | 33,302 | |||
| 20,926 | 33,302 | ||||
| Creditors: amounts falling due | |||||
| within one year | 6 | (400) | (400) | ||
| Net current assets | 20,526 | 32,902 | |||
| Total net assets | 892,635 | 921,538 | |||
| Funds | |||||
| Restricted funds | 892,635 | 921,538 | |||
| 892,635 | 921,538 |
The financial statements were approved by the Board of Trustees on 15 July 2024 and signed on their behalf by
J C Fazackerley Trustee
The accompanying accounting policies and notes form part of these financial statements.
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Notes to the financial statements
1. Investment income
| Listed investments Bank and other deposits |
2024 £ 31,710 - 31,710 |
2023 £ 30,895 - |
|---|---|---|
| 30,895 |
2. Analysis of total expenditure
| Grants/donations Professional fees Secretarial fees Total 2023 |
Investment income £ - 13,029 - 13,029 11,004 |
Grants/ donations £ 73,500 - - 73,500 80,250 |
Support costs £ - - 600 600 600 |
Governance £ - 378 - 378 388 |
Total 2024 £ 73,500 13,407 600 87,507 92,242 |
Total 2023 £ 80,250 11,392 600 |
|---|---|---|---|---|---|---|
| 92,242 | ||||||
The Charity Trustees were not paid or received any other benefits from employment with the Charity in the year (2023: £nil) neither were they reimbursed expenses during the year (2023: £nil).
Mrs A Newton was paid fees of £600 (2023: £600) for secretarial services. No other Charity Trustee received payment for professional or other services supplied to the Charity (2023: £nil).
The Eric Stanton Northampton Trust Financial statements for the year ended 31 March 2024
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Notes to the financial statements (continued)
3. Details of grants/donations
| Animals in Need Blind Veterans UK Broadmead Community Church Care & Repair Northamptonshire Child Brain Injury Trust Daventry Area Community Transport Daventry Contact Delapre Abbey Preservation Trust Encompass Guide Dogs Impact-Now Macular Society MND Association Nene Valley Care Trust Newlife Northampton Health Charity Northampton Music & Performing Arts Trust Oakfield (Easton Maudit) Ltd SERVE South Northants Volunteer Bureau SSAFA Stand Out Support Dogs The Crysalys Foundation |
2024 £ 5,000 1,000 3,000 5,000 2,000 2,000 2,000 12,500 3,000 2,000 2,000 1,000 1,000 2,000 1,000 2,000 10,000 5,000 3,000 2,000 2,000 2,000 1,000 2,000 73,500 Asthma Relief Blind Veterans UK Child Brain Injury Trust Cruse Bereavement Support Northamptonshire Branch Daventry Area Community Transport Daylight Centre Fellowship Encompass Life 2009 MacMillan Cancer Support Macular Society Maggie Keswick Jenck Cancer Caring Centres Trust Marie Curie Mears Ashby Village Hall Northampton and Lamport Railway CIO Parkinsons UK Sarah Agnes Foundation Spencer Contact Voluntary Impact Northamptonshire (Transport) Warwickshire & Northamptonshire Air Ambulance Weston Favell Centre Foodbank |
2023 £ 2,000 2,000 1,000 1,000 5,000 5,000 5,000 3,000 3,500 2,000 25,000 2,000 1,500 4,250 3,000 2,000 3,000 1,600 3,400 5,000 |
|---|---|---|
| 80,250 | ||
In addition the Trust has committed to a further grant of £12,500 to Delapre Abbey Preservation Trust payable in January 2025.
The Eric Stanton Northampton Trust
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Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
4. Investments
Fixed asset investments
| Fixed asset investments | ||
|---|---|---|
| Cost or valuation At 1 April 2023 Additions less disposals Surplus/(Deficit) on revaluation At 31 March 2024 |
2024 £ 888,736 (43,471) 26,844 872,109 |
2023 £ 1,013,273 (68,693) (55,844) |
| 888,736 |
All listed investments are stated at their mid-market value as at the balance sheet date.
If the investments had not been revalued, they would have been included on the historical cost basis at the following amounts:
| At 31 March 2024 At 31 March 2023 |
£ 840,355 |
|---|---|
| 898,223 |
The Trustees consider that there are no individually significant holdings.
5. Debtors
| Prepayments Creditors: amounts falling due within one year Grants/donations payable Trade creditors and accruals |
2024 £ - - 2024 £ - 400 400 |
2023 £ - |
|---|---|---|
| - | ||
| 2023 £ - 400 |
||
| 390 |