## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **FOR** ## **THE EDWARD ROSE CHARITABLE TRUST** DTE Business Advisers Limited Chartered Accountants The Exchange 5 Bank Street Bury BL9 0DN **THE EDWARD ROSE CHARITABLE TRUST** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Independent Examiner's Report**||4|| |**Statement of Financial Activities**||5|| |**Statement of Financial Position**||6|| |**Notes to the Financial Statements**|7|to|12| **THE EDWARD ROSE CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 1 October 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The main aim of the charity is to provide practical assistance to disadvantaged young people through bringing people together, living and working in a close community network. The trust hopes to do this through obtaining a number properties in close access to each other with supported living settings and by issuing grants to other local institutions with the same objects. It is thought this will help assist easier integration with the wider neighbourhood and therefore create and maintain important links with individuals and groups. ## **Significant activities** During the year under works were completed to bring the newest property into use. This has now been let to disadvantaged young people, where they can live and work together. ## **Public benefit** The Trust was established for the benefit of young disadvantaged people in the Greater Manchester area with the objective to provide them assistance and support to live and be integrated within the wider community. ## **Donations** The trustees consider making donations an effective means of providing practical assistance to disadvantaged young people though the facilities provided from the receiving institutions. Donations in the year totalled £1,700 (2022: £5,000). ## **FINANCIAL REVIEW** ## **Financial position, achievements and performance** The charity received donations in the year totalling £8,550 (2022: £9,800) and made donations to institutions of £1,700 (2022: £5,000). Investment income of £38,329 remained similar to that of £37,915 in 2022, being rents received. Expenditure decreased during the year to £15,037 from £28,651, mainly due to repairs required on the properties in the previous year. Overall net income for the year was £31,842 compared to £19,064 in 2022. Unrestricted funds at the year end were £1,044,485 (2022: £1,012,643). The Trustees are satisfied that all of the charity's assets are stated in the statement of financial position in accordance with the charity's accounting policies as stated on page 7. In line with good practice the Trustees continue to develop internal systems, support tenants, implement, review and amend policies in order to improve services and ensure that the charitable objectives continue to be met. ## **Investment policy** The trustee's policy for monies not immediately required for the day to day operation of the trust may be held in investments, securities or property. Funds may also be loaned to other trusts to be used in line with the charitable objectives where these are considered to be the same. As at the year end the charity has monies held in a deposit account and had loaned monies totalling £330,640 to a trust with the same charitable objectives. 1 **THE EDWARD ROSE CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** ## **FINANCIAL REVIEW** ## **Reserves policy** The trustees have examined the need for free reserves and consider that, given the nature of the charity's work and its commitment, the level of free reserves should be such as will enable the charity to meet its commitments for the foreseeable future. The level of reserves considered to be required at any one time is £3,500. The charity continues to use the properties to generate rental income for the charity to use and create free reserves and enable it to meet its commitments going forward. The statement of financial position shows total reserves of £1,044,485 (2022: £1,012,643), of which the total represents unrestricted funds which is for the support of the charity objectives. ## **Going concern** After considering the role of the trust within the wider community and risk management, the trustees have reasonable expectation that the trust have adequate resources and cash flows to meet their spending commitments for the foreseeable future. The trustees have considered the impact of the current economic outlook on the trust and recognise that the future cannot be predicted with certainty. The trustees expect the trust to continue receiving investment income during this time and will continue to monitor and where possible reduce costs. The trustees believe that the trust is well placed to face the risks at these challenging times and therefore continues to adopt a going concern basis in preparing these financial statements. ## **FUTURE PLANS** The charity is considering acquiring additional properties in the forthcoming years, with a view to create a community network for providing assistance to disadvantage young people in a supported environment. The trust will continue to make grants and donations to similar institutions as and when donations are received to make this possible to provide further assistance. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by it's governing document, a trust deed dated 1 August 1997, as amended by supplemental deed on 3 June 1999. The Trustees are appointed to ensure that the relevant skills and experience are in place to execute the Charities aims and objectives. They are ultimately responsible for the policies, activities and assets of the charity and they meet frequently to review developments of the charity's activities and make any important decisions. When necessary, the Trustees seek advice and support from the charity's professional advisers including property consultants, investment managers, solicitors and accountants. The day to day management of the charity's activities, and the implementation of policies, is delegated to the appropriate members of the Trust. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have examined the operational and business risks which the charity faces and confirm that they have established systems to mitigate the significant risks. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1074447 2 THE EDWARD ROSE CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 FrAnd￿l addreas 20 Aldwy¢h Av¢nue Rusholme Man¢h¢sler M145NL TruBte D Feltham M Feltham S J Feltham J E F¢ltham Jndcpendent Exlmlner Fiona Olou¥hlin FCA DTE Business Advisers Lirnit¢d Chart¢r¢d A¢wunt&nts The Exchan8e 5 Bank Stsret Bury BL9 ODN Bfinkerj Lloyds Bank plc 4246 Market Street m￿Lhe$lcr Ml IPW Approved by orderof the iKJard of trustees on d s18r￿d OD its behalf by: D Felth8m- TNsl¢e **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EDWARD ROSE CHARITABLE TRUST** ## **Independent examiner's report to the trustees of The Edward Rose Charitable Trust** I report to the charity trustees on my examination of the accounts of The Edward Rose Charitable Trust (the Trust) for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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. Fiona O'Loughlin FCA DTE Business Advisers Limited Chartered Accountants The Exchange 5 Bank Street Bury BL9 0DN Date: ............................................. 26 February 2024 4 ## **THE EDWARD ROSE CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
Donations to institutions
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**2023**
**Unrestricted**
**fund**
**£**
**8,550**
**38,329**
**46,879**
**10,315**
**1,700**
**3,022**
**15,037**
**31,842**
**1,012,643**
**1,044,485**|2022
Total
funds
£
9,800
37,915| |---|---|---| |||47,715| |||14,371
5,000
9,280| |||28,651| |||19,064
993,579| |||1,012,643| The notes form part of these financial statements 5 TH& kDWARD ROSF CHARITABLF TRUST STATEMENT OF FINANCIAL POSITION 31 MARCH 2023 2023 Unrestrieted fund 2022 Total funds Notes FIXED ASSETS Inveslrnents Investmcnts Invesiment property 566J09 566,309 566JlO 566,310 CURRENT ASSETS Deb￿rS Cash at b4nk 478J88 449.223 5,608 4B3,741 454.831 CREDITORS Amounts falling du¢ withirt orte year io {SJ66) (8.498) NET CURRENT ASSETS 47&175 446,333 T(yfAI. ASSETS I.Tr;SS CURRENI. LIABILITIE¢ I,OM,48J 1,012,643 NET ASSETS 1,044.483 1,012,643 FUNDS Urhrestridcd funds 1,044,485 1.012,643 Tffl'AI. VUNDS 11144,485 1,012.643 Inan¢ial %tatementg were approved by the B(th of Trustees and authorised for issue d wer¢ si8ned on its behalf by.. on D Frltham- Tnjstee The notes forni p&rt of thue financial statements **THE EDWARD ROSE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **1. LEGAL STATUS** The Edward Rose Charitable trust is a charity regulated by the charity commission since its registration on 1 March 1999. ## **2. ACCOUNTING POLICIES** ## **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. The trust meets the definition of a Public Benefit Entity ("PBE") as set out in FRS 100, and therefore apply the PBE prefixed paragraphs in FRS 102. The financial statements contain information about The Edward Rose Charitable Trust as an individual charity and do not contain consolidated financial information as the parent of a group. The company has taken the option under section 139(2) of the Charities Act 2011 not to prepare consolidated financial statements. After considering the role of Edward Rose Charitable trust within the wider community (described on pages 1-3 of the annual report) and risk management, the trustees have reasonable expectation that the trust has adequate resources and cash flows to meet it's spending commitments for the foreseeable future. The trustees have considered the impact of the current economic outlook on the trust and recognise that the future cannot be predicted with certainty. The trustees expect the trust to continue receiving investment income during this time and will continue to monitor and where possible reduce costs. The trustees believe that the trust is well placed to face the risks at these challenging times and therefore continues to adopt a going concern basis in preparing these financial statements. ## **Income** All income 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 charitycharity 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. ## **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 Restricted funds can only be used for particular restricted purposes within the objects of the charity.Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. continued... 7 **THE EDWARD ROSE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **2. ACCOUNTING POLICIES - continued** ## **Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less. ## **Financial instruments** The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. Section PBE34.90 to PBE34.97 of FRS 102 allows PBE to recognise concessionary loans at the amount paid/received with subsequent measurements being the carrying amount adjusted for any accrued interest receivable or payable. Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. ## **Critical accounting estimates and judgements** In the application of the charity's accounting policies, the trustees are required to make estimates and judgements. The estimates are based on historical experiences and other relevant factors. Actual results may differ from these estimates. The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:- Estimating the value of investment property is considered to be a key judgement, making allowances for impairment where necessary. ## **Investments in subsidiaries** Investments in subsidiary undertakings are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses should there be any diminuation in value in the opinion of the trustees. ## **Investment property** Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income and expenditure. continued... 8 **THE EDWARD ROSE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **3. INVESTMENT INCOME** |Rents received
**RAISING FUNDS**
**Investment management costs**
Property repairs
Insurance
Management charges|**2023**
**£**
**38,329**
**2023**
**£**
**6,786**
**460**
**3,066**
**10,312**|2022
£
37,915| |---|---|---| |||2022
£
11,157
370
2,844| |||14,371| ## **4. RAISING FUNDS** ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Donations to institutions
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward|Unrestricted
fund
£
9,800
37,915| |---|---| ||47,715| ||14,371
5,000
9,280| ||28,651| ||19,064
993,579| continued... 9 **THE EDWARD ROSE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** |**TOTAL FUNDS CARRIED FORWARD**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 April 2022 and 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
At 31 March 2022|Unrestricted
fund
£
1,012,643
Shares in
group
undertakings
£
**1**
**1**
1| |---|---| ## **7. FIXED ASSET INVESTMENTS** There were no investment assets outside the UK. Fixed asset investments represent a 100% shareholding in Eden Hope Limited, a company registered in England and Wales. The company's principal activity was that of an investment and property holding company. ## **8. INVESTMENT PROPERTY** |**INVESTMENT PROPERTY**|| |---|---| |**FAIR VALUE**
At 1 April 2022
and 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
At 31 March 2022|**£**
**566,309**| ||**566,309**| ||566,309| In the opinion of the trustees the fair value of investment property is equal to historic cost. ## **9. DEBTORS** |**DEBTORS**||| |---|---|---| ||**2023**|2022| ||**£**|£| |Amounts falling due within one year:||| |Other debtors|**148,248**|142,583| continued... 10 **THE EDWARD ROSE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** |**9.**
**DEBTORS - continued**
Amounts falling due after more than one year:
Other debtors
Aggregate amounts
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
**11.**
**MOVEMENT IN FUNDS**
At 1.4.22
£
**Unrestricted funds**
General fund
**1,012,643**
**TOTAL FUNDS**
**1,012,643**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**46,879**
**TOTAL FUNDS**
**46,879**
**Comparatives for movement in funds**
At 1.4.21
£
**Unrestricted funds**
General fund
993,579
**TOTAL FUNDS**
993,579||**2023**
**£**
**330,640**
**478,888**
**2023**
**£**
**3,019**
**2,547**
**5,566**
Net
movement
in funds
£
**31,842**
**31,842**
Resources
expended
£
**(15,037)**
**(15,037)**
Net
movement
in funds
£
19,064
19,064|2022
£
306,640
449,223
2022
£
1,531
6,967
8,498
At
31.3.23
£
**1,044,485**
**1,044,485**
Movement
in funds
£
**31,842**
**31,842**
At
31.3.22
£
1,012,643
1,012,643| |---|---|---|---| ||||| ||||| continued... 11 **THE EDWARD ROSE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **11. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|47,715|(28,651)|19,064| |**TOTAL FUNDS**|47,715|(28,651)|19,064| ## **12. RELATED PARTY DISCLOSURES** During the year the trust received a donation of £8,500 from Aldwych Homes Limited (2022: £9,800), a company in which trustee D Feltham is materially interested as a director. Included within other debtors at the statement of financial position date is an amount of £147,686 (2022: £141,851) due from Eden Hope Limited, a company in which the trust owns the entire share capital. Also included within other debtors at the statement of financial position date is an amount of £500 (2022: £500) due from Norton Place Limited, a company in which the B Feltham Retirement Benefit Scheme owns the entire share capital. The trustees of the trust are also trustees and beneficiaries of the B Feltham Retirement Benefit Scheme. Included in trade creditors falling due within one year are amounts of £600 (2022: £nil) and £750 (2022: £750) to Feltham Manchester Lettings Limited and Feltham Management Limited respectively, companies in which trustee D Feltham is materially interested as a director. During the year the trust was charged £600 (2022: £2,844) for management costs from Feltham Management Limited in respect of managing the properties of the trust and was charged £5,776 (2022: £13,767) from B Feltham (Maintenance) Limited in respect of property repairs and accountancy support. The above balances are interest free and repayable on demand. ## **13. ULTIMATE CONTROLLING PARTY** The charity is jointly controlled by the trustees. 12