REGISTERED CHARITY NUMBER: 1104212
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
FORCES CHILDREN'S TRUST
F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD
FORCES CHILDREN'S TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 13 |
FORCES CHILDREN'S TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity is devoted to working together to help children in need whose father or mother has died, or has sustained life changing injuries, whilst a serving member of the Armed Forces and such other occupations as determined from time to time by the trustees.
The Forces Children's Trust is a small, agile charity providing support and positive experiences to children who have suffered a great loss. By participating in events like theatre trips and holidays with other children in a similar situation they can create their own way of moving forward.
Public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in the planning of future activities.
Grantmaking
When an application for financial assistance is made by or on behalf of an individual who falls within the Trust's remit, the Trust will only consider such an application in the context of its general principal of not awarding direct assistance by way of cash grants.
The Trust will first give consideration to the feasibility of providing such assistance in kind by funding the use of a recognised 3rd party or organisation. Where such an application is made to meet a debt acquired by or on behalf of the applicant such debt will be paid by the Trust to the creditor(s) once the Trust is assured of the validity and legality of such indebtedness.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During 2022 we were able to continue with our annual events after the Covid Pandemic. Twenty two childrenattended the FCT Outward Bounds course in the Lake District this was a very successful event! Three militaryfamilies went on holiday to our timeshare apartments in Spain. The annual Xmas/New Year Party was cancelled due to lack of numbers the hotel needed a minimum number of covers! Due to this disappointment Amazon Vouchers were sent to all the children.
We continued to supply our help for extra-curricular lessons for those children who needed them.
Military and Police charities were contacted to ask if they may wish to work together with the FCT for the betterment of the children. Our founder has been a strong advocate of this initiative for many years and believes that charity is not a competition.
FINANCIAL REVIEW
Financial position
The charity incurred a small loss during the year of £1,802.
After deducting this and the unrealised losses on investments of £160,989 the reserves to be carried forward are £1,299,948.
Reserves policy
The FCT has a Reserves Policy in place and in the event of the dissolution of the Trust, reserves would first be used for severance payments and administrative costs.
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FORCES CHILDREN'S TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
FUTURE PLANS
We have secured a week in August at the Outward Bound Howtown Centre in Penrith Lake District. We still have a few places available for this event. There will be other events planned throughout the year and we hope that they are of interest to the children. We have 2 weeks available to send families for a holiday in Spain at our time share apartments. We hope to be organising another Adventure trip abroad in the not too distant future and are looking to increase the number of children that we can give opportunities to. Many of our children have now reached adulthood and we continue to support them until they finish full time education or reach the age of 25 years, particularly those who need support with their mental health and well being The FCT will be helping with a research project relating to the affects that suicide has on children.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity was established under a Trust Deed dated 11 May 2004 as amended by resolutions dated 11 July 2007 and 27 April 2020.
Recruitment and appointment of new trustees
Trustees are appointed by the existing Trustees and are selected by personal recommendation.
Organisational structure
The Trustees meet and are in contact with each other on a regular basis to discuss the affairs of the Charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1104212
Principal address
65 Shawley Way Epsom KT18 5PD
Trustees
D Wise Miss A L Hayes Mrs C J Parry Dr D Dymond
Independent Examiner
Christopher Robert Tyler FCA DChA FCIE Institute of Chartered Accountants in England and Wales F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD
Chief Executive Officer
D Wise
Bankers
Santander UK PLC Bridle Road Bootle Merseyside L30 4GB
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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FORCES CHILDREN'S TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on ............................................. and signed on its behalf by: 4th July 2023
Dennis Wise
........................................................................
D Wise - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FORCES CHILDREN'S TRUST
Independent examiner's report to the trustees of Forces Children's Trust
I report to the charity trustees on my examination of the accounts of Forces Children's Trust (the Trust) for the year ended 31 December 2022.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Christopher Robert Tyler FCA DChA FCIE Institute of Chartered Accountants in England and Wales F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD Date: ............................................. 4th July 2023
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FORCES CHILDREN'S TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities Sales of Merchandise Investment income 3 Other income 5 Total EXPENDITURE ON Raising funds 6 Charitable activities 7 Beneficiary expenses Support costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted funds £ 23,757 486 46,306 4,107 74,656 693 74,385 1,380 76,458 (159,187) (160,989) 1,460,937 1,299,948 |
2021 Total funds £ 19,467 33 44,825 4,333 |
|---|---|---|
| 68,658 | ||
| 414 65,416 1,650 |
||
| 67,480 | ||
| 97,383 | ||
| 98,561 1,362,376 |
||
| 1,460,937 |
The notes form part of these financial statements
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FORCES CHILDREN'S TRUST
BALANCE SHEET 31 DECEMBER 2022
| Notes FIXED ASSETS Tangible assets 12 Investments 13 CURRENT ASSETS Stocks 14 Debtors 15 Cash at bank and in hand CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted funds £ 865 1,168,045 1,168,910 6,866 1,697 123,949 132,512 (1,474) 131,038 1,299,948 1,299,948 1,299,948 1,299,948 |
2021 Total funds £ 103 1,327,232 1,327,335 6,380 2,675 126,020 135,075 (1,473) 133,602 1,460,937 1,460,937 1,460,937 1,460,937 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 4th July 2023
Dennis Wise
............................................. D Wise - Trustee
The notes form part of these financial statements
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FORCES CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019)', Financial Reporting Standard FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The trustees/directors consider that there are no material uncertainties about the company's ability to continue as a going concern.
Income
All income is 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 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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...
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FORCES CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
| 2. DONATIONS AND LEGACIES Donations 3. INVESTMENT INCOME Unit trust income Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Activity Sales of merchandise Sales of Merchandise 5. OTHER INCOME Online filing incentive 6. RAISING FUNDS Raising donations and legacies Web donation charges Advertising & promotion 7. CHARITABLE ACTIVITIES COSTS Beneficiary expenses Support costs |
2022 2021 £ £ 23,757 19,467 2022 2021 £ £ 46,225 44,815 81 10 46,306 44,825 2022 2021 £ £ 486 33 2022 2021 £ £ 4,107 4,333 2022 2021 £ £ 216 216 477 198 693 414 Direct Costs (see note 8) £ 74,385 1,380 75,765 |
2021 £ 19,467 |
|---|---|---|
| 2021 £ 44,815 10 |
||
| 44,825 | ||
| 75,765 |
continued...
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FORCES CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
8. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Events for beneficiaries Staff costs Office expenses Premises expenses Insurance Professional fees Depreciation Independent examination |
2022 £ 14,246 56,545 1,268 834 954 250 288 1,380 75,765 |
2021 £ 3,340 59,570 586 494 936 456 34 1,650 |
|---|---|---|
| 67,066 |
9. TRUSTEES' REMUNERATION AND BENEFITS
The Chief Executive, D Wise, received a salary of £46,000 (2021:£46,000) and £5,096 (2021: £8,372) to his wife, Mrs T Wise, during the year as permitted by the Trust Deed. No remuneration was paid to any other Trustee.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
10. STAFF COSTS
Staff costs during the year were as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Gross Salaries | 51,096 | 54,372 |
| Social Security Costs | 5,450 | 5,198 |
No employee received remuneration in excess of £60,000 (2021:None).
These costs were in respect of 1 full time and 1 part time person.
The charity considers its key management personnel to be the trustees. Details of the benefits paid to them are disclosed in note 9.
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Sales of Merchandise Investment income Other income Total |
Unrestricted funds £ 19,467 33 44,825 4,333 |
|---|---|
| 68,658 |
EXPENDITURE ON
continued...
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FORCES CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
| 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Raising funds Charitable activities Beneficiary expenses Support costs Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 12. TANGIBLE FIXED ASSETS COST At 1 January 2022 Additions At 31 December 2022 DEPRECIATION At 1 January 2022 Charge for year At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Unrestricted funds £ 414 65,416 1,650 |
|---|---|
| 67,480 | |
| 97,383 | |
| 98,561 1,362,376 |
|
| 1,460,937 | |
| Fixtures and fittings £ 2,797 1,050 3,847 2,694 288 2,982 865 103 |
continued...
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FORCES CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
13. FIXED ASSET INVESTMENTS
The Charity has the following investments :
Unquoted
The Charity owns the entire called up share capital of £1 in FCT Trading Limited, a company incorporated in England and Wales.
FCT Trading Limited was dormant throughout the year under review and has no assets.
Quoted
The Charity acquired 1,045,281.78 units in Schroders 'The Charity Multi-Asset Fund A Distribution' during 2015 and a further 150,027.62 units during 2018, and 244,337.508 units in BlackRock 'Armed Forces Common Investment Fund Income' in 2017.
The movement during the year was as follows :
| Balance brought forward Additions Revaluation Balance carried forward 14. STOCKS Stocks 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2022 | 2022 | 2021 | 2021 |
|---|---|---|---|---|
| £ | £ | |||
| 1,327,232 | 1,229,849 | |||
| - | - | |||
| (159,187 ) |
97,383 | |||
1,168,045 |
1,327,232 | |||
| 2022 £ 6,866 2022 £ 1,697 2022 £ 1,474 |
2021 £ 6,380 2021 £ 2,675 2021 £ 1,473 |
continued...
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FORCES CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
17. MOVEMENT IN FUNDS
| At 1.1.22 £ Unrestricted funds General fund 1,324,166 Designated Fund - Educational Fund 136,771 1,460,937 TOTAL FUNDS 1,460,937 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 74,656 (75,025) Designated Fund - Educational Fund - (1,433) 74,656 (76,458) TOTAL FUNDS 74,656 (76,458) Comparatives for movement in funds At 1.1.21 £ Unrestricted funds General fund 1,223,823 Designated Fund - Educational Fund 138,553 1,362,376 TOTAL FUNDS 1,362,376 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 68,658 (65,698) Designated Fund - Educational Fund - (1,782) 68,658 (67,480) TOTAL FUNDS 68,658 (67,480) |
Net movement in funds £ (159,556) (1,433) (160,989) (160,989) Gains and losses £ (159,187) - (159,187) (159,187) Net movement in funds £ 100,343 (1,782) 98,561 98,561 Gains and losses £ 97,383 - 97,383 97,383 |
At 31.12.22 £ 1,164,610 135,338 1,299,948 1,299,948 Movement in funds £ (159,556) (1,433) (160,989) (160,989) At 31.12.21 £ 1,324,166 136,771 1,460,937 1,460,937 Movement in funds £ 100,343 (1,782) 98,561 98,561 |
|
|---|---|---|---|
continued...
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FORCES CHILDREN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
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