Draft financial statements at 28 January 2025 at 17:25:02
Charity registration number 1074447
The Edward Rose Charitable Trust
Annual Report and unaudited Financial Statements For the year ended 31 March 2024
Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Legal and administrative information
Trustees
Mr D Feltham Mr M Feltham Mr S J Feltham Ms J E Feltham
Charity number 1074447 Principal address 20 Aldwych Avenue Rusholme Manchester M14 5NL Independent examiner DJH Bury Limited The Exchange 5 Bank Street Bury Lancashire BL9 0DN
Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Contents
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 14 |
Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Trustees' report
For the year ended 31 March 2024
The Trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and "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).
Objectives and activities
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.
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.
Achievements and performance
Significant activities and achievements against objectives
Recently 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.
Financial review
The charity received donations in the year totalling £9,200 (2023: £8,550) and made donations to institutions of £10,100 (2023: £1,700).
Investment income of £37,704 remained similar to that of £38,329 in 2023, being rents received.
Expenditure increased during the year to £28,959 from £15,037, mainly due to repairs.
Overall net income for the year was £17,945 compared to £31,842 in 2023.
Unrestricted funds at the year end were £1,062,430 (2023: £1,044,485).
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.
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.
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Draft financial statements at 28 January 2025 at 17:25:02
The Edward Rose Charitable Trust
Trustees' report (continued)
For the year ended 31 March 2024
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 £1,062,430 (2023: £1,044,485), of which the total represents unrestricted funds which is for the support of the charity objectives. Free reserves are £496,210 (2023: £473,175).
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 advanced monies totalling £347,622 to a trust with the same charitable objectives.
Plans for future periods
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
The charity is controlled by its governing document, a trust deed dated 1 August 1997, as amended by supplemental deed on 3 June 1999.
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr D Feltham
Mr M Feltham Mr S J Feltham Ms J E Feltham
Recruitment and appointment of trustees
The Trustees are appointed to ensure that the relevant skills and experience are in place to execute the charity's 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.
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The Edward Rose Charitable Trust Trustees, report (continued) For the year ended 31 March 2024 The Trustees, report was approved by the Board of Trustees. Mr D Feltham Trustee Date: 2.1-Q/- 2025
Draft financial statements at 28 January 2025 at 17:25:02
The Edward Rose Charitable Trust
Independent examiner's report
To the Trustees of The Edward Rose Charitable Trust
I report to the Trustees on my examination of the financial statements of The Edward Rose Charitable Trust (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all 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 financial statements in accordance with Accounting and Reporting by 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 now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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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1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
Richard Askey
DJH Bury Limited
The Exchange 5 Bank Street Bury Lancashire BL9 0DN
Dated: .........................29 January 2025
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Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Statement of financial activities Including income and expenditure account
For the year ended 31 March 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 9,200 | 8,550 |
| Investments | 4 | 37,704 | 38,329 |
| Total income | 46,904 | 46,879 | |
| Expenditure on: | |||
| Charitable activities | 5 | 28,959 | 15,037 |
| Total expenditure | 28,959 | 15,037 | |
| Net income and movement in funds | 17,945 | 31,842 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2023 | 1,044,485 | 1,012,643 | |
| Fund balances at 31 March 2024 | 1,062,430 | 1,044,485 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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The Edward Rose Charitable Trust Statement of financial position As at 31 March 2024 2024 2023 Notes Flxed assets Investment property Investments io li 566,309 566,309 566,310 566,310 Current assets Trade and other recelvables Cash at bank and In hand 12 498,871 396 478,888 4,853 499,267 {3,147) 483,741 (5,566) Current Ilabllltles 13 Net current assets 496,120 478,175 Total assets less current Ilabllltlo 1,062,430 1,044,485 The fund5 of the Trust Unrestrlcted funds 14 1,062,430 1.044,485 1,062,430 1.044,485 The flnanclal statements were approved by the Trustees on ..21.•1-2025 Mr D Feltham Trustee
Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Notes to the financial statements
For the year ended 31 March 2024
1 Accounting policies
Charity information
The Edward Rose Charitable Trust is a charity regulated by the charity commission since its registration on 1 March 1999.
1.1 Accounting convention
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.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.
1.4 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.
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Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Notes to the financial statements (continued) For the year ended 31 March 2024
1 Accounting policies
(Continued)
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 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.
1.6 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.
1.7 Non-current investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
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.
1.8 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.
1.9 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.
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Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Notes to the financial statements (continued) For the year ended 31 March 2024
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
2 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:-
Determining the value of investment property is considered to be a key judgement, making allowances for impairment where necessary.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 9,200 | 8,550 |
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Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Notes to the financial statements (continued)
For the year ended 31 March 2024
4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Rental income | 37,636 | 38,329 |
| Interest receivable | 68 | - |
| 37,704 | 38,329 |
5 Expenditure on charitable activities
| Total Funds | Total Funds | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Rates and water | 3 | 3 | |
| Insurance | 900 | 460 | |
| Management charges | 600 | 3,066 | |
| Legal fees | 3,556 | - | |
| Donations | 10,100 | 1,700 | |
| Property repairs | 10,962 | 6,786 | |
| 26,121 | 12,015 | ||
| Share of support and governance costs (see note 6) | |||
| Governance | 2,838 | 3,022 | |
| 28,959 | 15,037 | ||
| Analysis by fund | |||
| Unrestricted funds | 28,959 | 15,037 | |
| 6 | Support costs allocated to activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Governance costs | 2,838 | 3,022 | |
| Analysed between: | |||
| Total Funds | 2,838 | 3,022 |
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Draft financial statements at 28 January 2025 at 17:25:02
The Edward Rose Charitable Trust
Notes to the financial statements (continued)
For the year ended 31 March 2024
| 6 Support costs allocated to activities Governance costs comprise: Accountancy |
(Continued) 2024 2023 £ £ 2,838 3,022 2,838 3,022 |
(Continued) 2024 2023 £ £ 2,838 3,022 2,838 3,022 |
|---|---|---|
| 3,022 |
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
8 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 |
|---|---|
| Number | Number |
| 4 | 4 |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Investment property
| Investment property | |
|---|---|
| 2024 | |
| £ | |
| Fair value | |
| At 1 April 2023 and 31 March 2024 | 566,309 |
In the opinion of the trustees the fair value of investment property is equal to historic cost.
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Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Notes to the financial statements (continued)
For the year ended 31 March 2024
11 Fixed asset investments
| Other | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2023 & 31 March 2024 | 1 |
| Carrying amount | |
| At 31 March 2024 | 1 |
| At 31 March 2023 | 1 |
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.
| Other investments comprise: Notes Investments in subsidiaries 12 Trade and other receivables Amounts falling due within one year: Amounts owed by subsidiary undertakings Other receivables Amounts falling due after more than one year: Other receivables Total debtors |
2024 £ 1 2024 £ 150,737 512 151,249 2024 £ 347,622 498,871 |
2023 £ 1 |
|---|---|---|
| 2023 £ 147,736 512 |
||
| 148,248 | ||
| 2023 £ 330,640 |
||
| 478,888 |
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Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Notes to the financial statements (continued)
For the year ended 31 March 2024
13 Current liabilities
| Current liabilities | ||
|---|---|---|
| Trade payables Other payables Accruals and deferred income |
2024 £ 600 47 2,500 3,147 |
2023 £ 3,019 47 2,500 |
| 5,566 |
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| General funds Previous year: General fund |
At 1 April 2023 £ 1,044,485 At 1 April 2022 £ 1,012,643 |
Incoming resources Resources expended At £ £ 46,904 (28,959) Incoming resources Resources expended At £ £ 46,879 (15,037) |
31 March 2024 £ 1,062,430 |
|---|---|---|---|
| 31 March 2023 £ 1,044,485 |
15 Related party transactions
During the year the trust received a donation of £9,200 from Eden Hope Limited (2023: £8,500), 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 £150,737 (2023: £147,686) 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 (2023: £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 (2023: £600) and £nil (2023: £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 (2023: £3,066) for management costs from Feltham Management Limited in respect of managing the properties of the trust and was charged £9,814(2023: £5,776) from B Feltham (Maintenance) Limited in respect of property repairs and accountancy support.
The above balances are interest free and repayable on demand.
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Draft financial statements at 28 January 2025 at 17:25:02 The Edward Rose Charitable Trust
Notes to the financial statements (continued) For the year ended 31 March 2024
16 Ulitmate Controlling Party
The charity is jointly controlled by the trustees.
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