## **THE RIMSHOT CHARITABLE TRUST** Charity Number: 1087073
# **TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022**
## **THE RIMSHOT CHARITABLE TRUST**
## **CONTENTS FOR THE YEAR ENDED 28 FEBRUARY 2022**
||Page|
|---|---|
|Legal and administrative information|1|
|Trustees Annual Report|2 - 3|
|Independent Examiners Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Statement of Cash Flow|7|
|Notes to the financial statements|8 - 10|
## **THE RIMSHOT CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 28 FEBRUARY 2022**
|**Charity number**|1087073|
|---|---|
|**Registered office**|Wood End Farm|
||London Road|
||Witham|
||CM8 1EH|
|**Trustees**|Julia Rees|
||Neil Loxley|
||Grant Smith|
||Andrew Wood|
|**Independent examiners**|Community360|
||Winsleys House|
||High Street|
||Colchester|
||Essex|
||CO1 1UG|
|**Bankers**|Lloyds TSB|
||3 King Street|
||Saffron Walden|
||Essex|
||CB10 1HF|
|**Solicitors**|Birketts llp|
||Paston House|
||11-13 Princes Street|
||Norwich|
||NR3 1AZ|
**1**
## **THE RIMSHOT CHARITABLE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022**
The Rimshot charitable trust has continued to realise its objectives by developing the following projects.
## **Josephs Barn**
Income from the let offices accrues in the ‘Admin’ account, where service costs and other repairs and expenses are administered. Once expenses have been deducted the barn income, makes gifts to Christian charitable organisation both in the UK and overseas. Now all tenants in the barn are charitable organisations and are charged 50% rent. This equates to £34,561 in the period
We have commenced the conversion of the adjacent cart lodges into an extension to Josephs Barn to create additional office space. Having commenced this project we were approached by Reach Essex to take over the whole extension to be a special needs school for primary school children. This is now progressing through planning application. Whilst the planning is pending the construction has commenced.
## **Worldwide**
During the year gifts were made to various organisations seeking to bring help and hope to situations around the globe. Grant, our trustee, continues his development work in Kenya, visiting every two months to oversee operations and the many projects sponsored by the charity Hand in Hand.
## **Reserves policy.**
The reserves of the trust are maintained at a level which will support the continued activities of the trust.
## **Administration**
We are grateful to Sue Nurcombe who gives her skills freely for the collation and presentation of the ‘Admin Accounts’ to detail income and expenditure relating to the letting of facilities in the barn in lieu of a gift to Hand in Hand.
Repayment of electricity used as metered continued along with a contribution towards internet provision.
During the period a significant gift was received from the farm of £850,000. This money will partly finance the conversion of the cartlodges. A loan was also made to Kingsland Church to facilitate the purchase of the groundfloor of their current building in Lexden. This is an interest
**2**
## **THE RIMSHOT CHARITABLE TRUST**
## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022**
The trustees met formally on three occasions during the year.
## **Summary of Trust Objectives**
- 1 To promote and advance the Christian faith
- 2 To provide practical help and encouragement especially for the less privileged in society
- 3 To provide resources for individuals and organisations involved in demonstrating, promoting and advancing the Christian faith
This report has been approved by the trustees and signed on their by:
Signed Date: 15/11/2022 Grant Smith
**3**
## **THE RIMSHOT CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022** DRAFT AS AT 31ST AUGUST 2016
I report on the accounts of The Rimshot Charitable Trust for the year ended 28 February 2022 which are set out on pages five to ten.
## **Respective responsibilities of trustees and examiner**
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2011 (The Act) but that an independent examination is needed. The charities gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of Association of Accounting Technicians. It is my responsibility to:
- Examine the accounts under section 145 of the Charities Act,
- To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Charities Act, and
- To state whether particular matters have come to my attention.
## **Basis of independent examiner’s Statement**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. 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 considerations of any unusual items or disclosures in 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 I do not express an audit opinion on the view given by the accounts.
## **Independent examiner’s statement**
In the course of my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of the 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 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.
Shelley-Marie Rudling FMAAT AATQB for and on behalf of:
Community360 Winsley’s House, High Street, Colchester, Essex Date 21/11/2022
**4**
## **THE RIMSHOT CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2022**
|**Notes**
**Incoming resources**
Donations & legacies
**2**
Income from charitable activities
**3**
**Total incoming resources**
**Resources expended**
Charitable activities
**4**
**Total resources expended**
**Net income/(expense)**
Balances brought forward at 1st March 2021
Balances carried forward at 28th February 2022|**Unrestricted**
**funds**
**£**
887,832
43,016
930,848
144,148
144,148
786,700
425,131
**1,211,831**|**2022**
**Total**
**£**
887,832
43,016
930,848
144,148
144,148
786,700
425,131
**1,211,831**|**2021**
**Total**
**£**
28,081
45,155|
|---|---|---|---|
||||73,236|
||||102,062|
||||102,062|
||||(28,826)
453,957|
||||**425,131**|
The notes on pages 8 - 10 form an integral part of these financial statements.
**5**
## **THE RIMSHOT CHARITABLE TRUST**
## **BALANCE SHEET AS AT 28 FEBRUARY 2022**
|**Notes**
**Fixed assets**
Tangible assets
**7**
Social investment assets
**Current assets**
Debtors
**8**
Cash at bank and in hand
**Creditors:**
Accounts falling due within one year
**9**
**Net current assets**
**Total assets less current liabilities**
**Long term liabilities**
Trustee loan
**Net assets**
**Financed by**
Unrestricted funds|**£**
**£**
**£**
**£**
456,610
427,595
200,000
-
**656,610**
**427,595**
35,000
35,000
587,427
32,663
622,427
67,663
650
3,571
**621,777**
**64,092**
**1,278,387**
**491,687**
66,556
66,556
**1,211,831**
**425,131**
1,211,831
425,131
**1,211,831**
**425,131**
**2021**
**2022**|**£**
**£**
**£**
**£**
456,610
427,595
200,000
-
**656,610**
**427,595**
35,000
35,000
587,427
32,663
622,427
67,663
650
3,571
**621,777**
**64,092**
**1,278,387**
**491,687**
66,556
66,556
**1,211,831**
**425,131**
1,211,831
425,131
**1,211,831**
**425,131**
**2021**
**2022**|
|---|---|---|
|||**427,595**
**64,092**|
||622,427
650||
||||
|||**491,687**
66,556|
|||**425,131**|
|||425,131|
|||**425,131**|
The trustees declare that they have approved the accounts above.
15/11/2022 Signed Date Neil Loxley
**6**
## **THE RIMSHOT CHARITABLE TRUST**
## **STATEMENT OF CASH FLOW FOR THE YEAR ENDED 28 FEBRUARY 2022**
|**Notes**
**Cash flows from operating activities**
a
**Cash flows from investing activities**
Purchase of investment assets
b
**_Cash and cash equivalents at the end_**
**_of the reporting period_**
**_Net cash provided by (used in)_**
**_operating activities_**
Purchase of property, plant and
equipment
**_Net cash provided by (used in)_**
**_investing activities_**
**_Change in cash and cash equivalents_**
**_in reporting period_**
**Cash and cash equivalents at the**
**beginning of the reporting period**|**Unrestricted**
**funds**
**£**
809,136
(200,000)
(54,372)
(254,372)
554,764
32,663
**587,427**|**Total**
**2022**
**£**
809,136
(200,000)
(54,372)
(254,372)
554,764
32,663
**587,427**|**Total**
**2021**
**£**
(49,449)|
|---|---|---|---|
||||-
-|
||||-|
||||(49,449)
82,112|
||||**32,663**|
|||||
|**(a) RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**||||
|**Notes**
**Adjustments for non-cash items:**
Depreciation charges
(increase)/decrease in debtors
8
Increase/(decrease) in creditors
9
**_Net income/(expenditure) for the_**
**_reporting period (as per SOFA)_**
**_Net cash provided by (used in)_**
**_operating activities_**|**Unrestricted**
**funds**
**£**
786,700
25,357
-
(2,921)
**809,136**|**Total**
**Total**
**2022**
**2021**
**£**
**£**
786,700
(28,826)
25,357
25,357
-
(35,000)
(2,921)
(10,980)
**809,136**
**(49,449)**||
|**b) ANALYSIS OF CASH ANDCASH EQUIVALENTS**||||
|**Notes**
Notice deposits (less than 3 months)
**Total cash and cash equivalents**
Cash in hand|**Unrestricted**
**funds**
**£**
587,427
-
**587,427**|**Total**
**Total**
**2022**
**2021**
**£**
**£**
587,427
32,663
-
-
**587,427**
**32,663**||
**7**
**THE RIMSHOT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022**
## **1 Accounting policies**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
## **1.1 Basis of accounting**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement on Recommended Practise 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)- (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in theUK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **1.2 Incoming resources**
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received either by way of grants, donations and gifts or as contractual income in payment for services and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Income from investments is included in the year in which it is receivable.
## **1.3 Resources expended**
Expenditure is recognised on a accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **1.4 Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected life. As follows:
|expected life. As follows:||
|---|---|
|Bulding Improvements|2% Straight Line|
|Building Development|4% Straight Line|
|Equipment|25% Straight Line|
## **1.5 Going Concern**
The trustees of the charity deem that there are sufficient funds available to continue operating on a going concern basis for the forseeable future
**8**
## **THE RIMSHOT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022**
|**2 Donations & legacies**
**Unrestricted**
**Total**
**2022**
**2022**
**£**
**£**
Donations
3,271
3,271
Gifts in kind (rent)
34,561
34,561
Legacies
850,000
850,000
**887,832**
**887,832**
**3 Income from charitable activities**
**Unrestricted**
**Total**
**2022**
**2022**
**£**
**£**
Rental income
43,016
43,016
Income from land
-
-
**43,016**
**43,016**
**4 Expenditure from charitable activities**
**Unrestricted**
**Total**
**2022**
**2022**
**£**
**£**
Management fees
9,157
9,157
Consumables
4
4
Lease rates & insurance
192
192
Repairs & maintenance
11,473
11,473
Heat & light
7,075
7,075
Site development
-
-
Gifts and grants
12,400
12,400
Cleaning
3,613
3,613
Interest and charges
-
-
Rent (gift in kind)
34,561
34,561
Professional fees
40,103
40,103
Other
213
213
Travel
-
-
Depreciation
25,357
25,357
**144,148**
**144,148**
Professional fees include the indpendent examination fee of £650 (2021: £300)
**5 Staff costs**
**2022**
Average number of staff employed
0|**Total**
**2021**
**£**
-
28,081
-|
|---|---|
||**28,081**|
||**Total**
**2021**
**£**
44,858
297|
||**45,155**|
||**Total**
**2021**
**£**
11,165
41
482
7,924
2,956
12,951
7,710
3,623
1,120
28,081
300
-
352
25,357|
||**102,062**|
||**2021**|
||0|
**9**
## **THE RIMSHOT CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022**
## **6 Related parties**
Related party transaction during the year are as follows:
|Social Investment to Hand in Hand of which Grant Smith is a Director
Project Management fees paid to Hand in Hand of which Grant Smith is a Director
Barn Management fees paid to Hand in Hand of which Grant Smith is a Director
Bookkeeping fees paid to Hand in Hand of which Grant Smith is a Director
Trustee insurance|**£**
200,000
16,494
9,157
2,062
190|
|---|---|
||**227,903**|
|**7 Tangible fixed assets**
**Cost**
Balance at 1st March 2021
Additions
Balance at 28th February 2022
**Accumulated Depreciation**
Balance at 1st March 2021
Depreciation
Balance at 28th February 2022
**Net book value:**
Balance at 28th February 2022
Balance at 28th February 2021|**Building**
**Improvements**
**£**
-
54,372
**54,372**
-
-
**-**
**54,372**
**-**|**Building**
**Development**
**£**
627,289
-
**627,289**
200,490
25,091
**225,581**
**401,708**
**426,799**|**Equipment**
**£**
7,464
-
**7,464**
6,668
266
**6,934**
**530**
**796**|**Total**
**£**
634,753
54,372|
|---|---|---|---|---|
|||||**689,125**|
|||||207,158
25,357|
|||||**232,515**|
||||||
|||||**456,610**|
||||||
|||||**427,595**|
||The building is leased for a 25 year period beginning in 2013. As such it is depreciated|The building is leased for a 25 year period beginning in 2013. As such it is depreciated|evenly over|
|---|---|---|---|
||the 25 years.|||
|**8 **|**Debtors**|**2022**|**2021**|
|||**Total**|**Total**|
|||**£**|**£**|
||Loans|35,000|35,000|
|||**35,000**|**35,000**|
|**9 **|**Creditors: amounts falling due**|||
||**within one year**|**2022**|**2021**|
|||**Total**|**Total**|
|||**£**|**£**|
||Accruals|650|3,571|
|||**650**|**3,571**|
**10**