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2024-02-29-accounts

THE RIMSHOT CHARITABLE TRUST Charity Number: 1087073

TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

THE RIMSHOT CHARITABLE TRUST

CONTENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

Page
Legal and administrative information 1
Trustees Annual Report 2 - 3
Independent Examiners Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the financial statements 7 - 9

THE RIMSHOT CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 29 FEBRUARY 2024

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 29 FEBRUARY 2024

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 approximately £95,000 in the period.

The reason for the increase in the gifts in kind is that in the period we have opened the extension to Josephs barn. The occupants of the extension are a special needs primary school, providing provision for 16 children on a one to one basis. The rent of the school is discounted 50% to facilitate quality education and attendance for the children.

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 four months to oversee operations and the many projects sponsored by the charity Hand in Hand.RCT have also supported UK initiatives involving children’s ministries.

Reserves policy.

The reserves of the trust are maintained at a level which will support the continued activities of the trust. We have agreed that we should retain a reserve of £10,000 for any out of the ordinary expenses. Nobody is employed by the trust so there are no staff costs.

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 continues

Social Investments

RCT have two social investments, that generate small returns but have been invested in order to create impact amongst the homeless.

The trustees met formally on three occasions during the year.

2

THE RIMSHOT CHARITABLE TRUST

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024

Summary of Trust Objectives

This report has been approved by the trustees and signed on their by:

Signed Grant Smith

Date: 29/11/2024

3

THE RIMSHOT CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024

I report on the accounts of Rimshot charitable trust for the year ended 29th February 2024 which are set out on pages 5 to 9.

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. It is my responsibility to:

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:

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 06/12/2024

4

THE RIMSHOT CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024

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 2023
Balances carried forward at 28th February 2024		 Unrestricted
funds
£
-
86,676
86,676
124,264
124,264
(37,588)
1,179,112
1,141,524		 2024
Total
£
-
86,676
86,676
124,264
124,264
(37,588)
1,179,112
1,141,524		 2023
Total
£
250
48,541
48,791
81,510
81,510
(32,719)
1,211,831
1,179,112

The notes on pages 7 - 9 form an integral part of these financial statements.

5

THE RIMSHOT CHARITABLE TRUST

BALANCE SHEET AS AT 29 FEBRUARY 2024

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		 £
£
£
£
886,811
923,090
250,000
200,000
1,136,811
1,123,090
-
-
71,919
123,538
71,919
123,538
650
960
71,269
122,578
1,208,080
1,245,668
66,556
66,556
1,141,524
1,179,112
1,141,524
1,179,112
1,141,524
1,179,112
2023
2024		 £
£
£
£
886,811
923,090
250,000
200,000
1,136,811
1,123,090
-
-
71,919
123,538
71,919
123,538
650
960
71,269
122,578
1,208,080
1,245,668
66,556
66,556
1,141,524
1,179,112
1,141,524
1,179,112
1,141,524
1,179,112
2023
2024
1,123,090
122,578
71,919
650
1,245,668
66,556
1,179,112
1,179,112
1,179,112

The trustees declare that they have approved the accounts above.

Signed Date Neil Loxley

6

THE RIMSHOT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

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

7

THE RIMSHOT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

2 Donations & legacies
Donations
3 Income from charitable activities
Rental income
4 Expenditure from charitable activities
Management fees
Consumables
Equipment
Lease rates & insurance
Repairs & maintenance
Heat & light
Gifts and grants
Cleaning
Professional fees
Other
Depreciation		 Unrestricted
2024
£
-
-
Unrestricted
2024
£
86,676
86,676
Unrestricted
2024
£
22,979
592
619
204
22,383
8,172
24,500
6,249
340
1,947
36,279
124,264		 Total
2024
£
-
-
Total
2024
£
86,676
86,676
Total
2024
£
22,979
592
619
204
22,383
8,172
24,500
6,249
340
1,947
36,279
124,264		 Total
2023
£
250
250
Total
2023
£
48,541
48,541
Total
2023
£
11,772
-
-
292
10,946
5,791
20,081
5,711
310
1,250
25,357
81,510

Professional fees include the indpendent examination fee of £340 (2023: £650)

5 Staff costs
Average number of staff employed		 2024
2023
0
0

8

THE RIMSHOT CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

6 Related parties

Related party transaction during the year are as follows: Related party transaction during the year are as follows: Related party transaction during the year are as follows: 2024
£
Management fees paid to HiHG of which Grant Smith is a Director 22,979
22,979
**7 ** Tangible fixed assets Building Building Equipment
Improvements Development Total
£ £ £ £
Cost
Balance at 1st March 2023 546,209 627,289 7,464 1,180,962
Additions - - - -
Balance at 28th February 2024 546,209 627,289 7,464 1,180,962
Accumulated Depreciation
Balance at 1st March 2023 - 250,672 7,200 257,872
Depreciation 10,924 25,091 264 36,279
Balance at 28th February 2024 10,924 275,763 7,464 294,151
Net book value:
Balance at 28th February 2024 535,285 351,526 - 886,811
Balance at 28th February 2023 546,209 376,617 264 923,090
The building is leased for a 25 year period beginning in 2013. As such it is depreciated evenly over
the 25 years.
**8 ** Debtors 2024 2023
Total Total
£ £
Loans - -
- -
**9 ** Creditors: amounts falling due
within one year 2024 2023
Total Total
£ £
Accruals 650 960
650 960

9