Richard Dumbreck's Singleton Trust
Registration number: 1106862
Annual Report and Financial Statements
5 April 2021
Richard Dumbreck's Singleton Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' report | 2 |
| Trustees' responsibilities | 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Cash flow statement | 10 |
| Notes to the financial statements | 11 |
Richard Dumbreck's Singleton Trust Reference and Administrative Details
| Charity name | Richard Dumbreck's Singleton Trust | Richard Dumbreck's Singleton Trust |
|---|---|---|
| Charity registration number | 1106862 | |
| Principal office | Ingham & Yorke | |
| Littlemoor | ||
| CLITHEROE | ||
| BB7 1HG | ||
| Registered office | Ingham & Yorke | |
| Littlemoor | ||
| CLITHEROE | ||
| BB7 1HG | ||
| Trustees | K Walker | |
| S Fryars | ||
| J Highton | (Retired 21 August 2021) | |
| K Smith | (Retired 20 July 2021) | |
| P Allen | ||
| A Rogerson | ||
| A Duncan | (Retired 12 February 2021) | |
| D Kay | ||
| S Cholmondeley | (Appointed 18 January 2022) | |
| M Smith | (Appointed 18 January 2022) | |
| Solicitor | Andrew Holden | |
| Napthens | ||
| Darwen House | ||
| Walker Office Park | ||
| BLACKBURN | ||
| BB1 2QE | ||
| Bankers | Barclays Bank Plc | |
| Castle Street | ||
| CLITHEROE | ||
| BB7 2BU | ||
| Accountant | Dodd & Co Limited | |
| FIFTEEN Rosehill | ||
| Montgomery Way | ||
| Rosehill Estate | ||
| CARLISLE | ||
| CA1 2RW |
Page 1
Richard Dumbreck's Singleton Trust
Trustees' Report for the Year Ended 5 April 2021
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity'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.
STRATEGIES FOR ACHIEVING OBJECTIVES
The Trustees strategies are formulated for the benefit of the community of Singleton. During the year work continued on certain aspects of the Vision for Great Singleton.
The Trustees continued to liaise with local groups and organisations.
The Trustees focus for the year continued to be on maintenance and improvement of their properties and land, financial support for local organisations and on support for any of their tenants experiencing financial difficulties due to the ongoing covid pandemic.
A further circular letter was sent to all of the Trustees residential tenants reminding them that if they felt that they were experiencing difficulties in meeting their rental obligations to contact the Trustees agents so that discussions could be held to see how to assist them and a number of rent allowances and revised payment plans were agreed.
MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY’S PURPOSES FOR PUBLIC BENEFIT
The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit reporting in deciding what activities the charity should undertake. The remainder of this Annual Report explains the Charity’s work during the year and how it has been carried out for the public benefit.
ACTIVITIES FOR ACHIEVING OBJECTIVES
The activities undertaken for the objectives of the Charity have been the renting out of properties to the inhabitants of Singleton and this has raised £185,601 (2020: £202,862). Surplus funds have been used to forward the objectives of the Charity.
REVIEW OF ACTIVITIES
During the period the Charity received gross rental income of £185,601 (2020: £202,862) from the inhabitants of Singleton Village who rent the properties contained within the Trust. Repair work and utility payments appertaining to the properties amounted to £119,471 (2020: £82,471) whilst capital expenditure amounted to a further £128,641 . Governance costs in the period amounted to £39,710 (2020: £38,163).
The Trust continued with a programme of repairs and external re-decoration during the year. Besides routine ongoing maintenance, a renovation and modernisation scheme was carried out to No.2 Station Road prior to the property being re-let. The final retention payment was made to the contractor who had built the 2 new properties at Worsick’s Farm. Further work was carried out to the boundary fencing of a number of woods.
Whilst the restrictions imposed by Central Government due to the covid pandemic meant that regular monthly Trustees meetings could not be held at the start of the year, these were resumed via Zoom Meetings from July 2020.
Mr K. Walker was re-appointed as Chair, Mrs K. Smith as Deputy Chair and Mr P. Allen as Treasurer. Mr Andrew Duncan retired as a Trustee.
Rents
Re-lettings took place during the year of No.4 Dumbreck Court, No.2 Worsick’s Cottages and No.2 Station Road. No.5 Dumbreck Court and No.3 Weeton Road both became vacant towards the year end and were re-let after the year end.
The land previously let to Cuadrilla remains in-hand whilst the 5 year aftercare agreement monitored by Lancashire County Council continues.
A report on the condition of the sporting assets and advice on how these could be used to provide a benefit for the community of Singleton as a whole was obtained from the Game and Wildlife Conservation Trust. Following further local consultation, including with the Trust’s tenant farmers, the sporting rights were advertised and re-let from February 2021. The Lease contained restrictions to ensure that the new tenant operated in a less commercial way, with a greater emphasis on conservation and wildlife and habitat management. To date this appears to be working well.
Page 2
Richard Dumbreck's Singleton Trust
Trustees' Report for the Year Ended 5 April 2021
In view of the covid pandemic a decision was taken not to proceed with the proposed review of the agricultural rents due in the Spring of 2021 but to re-serve review notices to enable the matter to be re-considered in the Spring of 2022.
Charitable Donations
The Trustees made the following charitable donations during the financial year: -
Singleton Gala - £2,473
Friends of Singleton School - £2,537 (match funding)
Singleton School - £6,072 (15 ipads, cases and IT set up costs)
Singleton Parish Council - £691 (half cost of a litter picker for the village)
Singleton Parish Council - £2,450 (contribution towards 2 movable speed cameras for the village)
Royal British Legion - £75 (3 wreaths for Remembrance Sunday)
Youth Opportunities Fund - £600 (towards 2 applications)
A585 Windy Harbour to Skipool Improvement Scheme
Further discussions took place with representatives of Highways England regarding issues arising from the proposed A585 Windy Harbour to Skipool Improvement Scheme and 20 acres of land at Pool Foot Farm were compulsorily acquired from the Trust on 9th March 2021. An application was made to Highways England for an advance payment of compensation and the sum of £190,597 was received together with the payment of the Trust’s agents fees, but not until after the year end.
Concessionary Footpaths and Peace Garden
Trustees have continued to maintain the concessionary footpaths and the Peace Garden and the use of these facilities has continued to be enjoyed and proved beneficial to local residents, particularly during the period of movement restrictions imposed by Government during the covid pandemic lockdown.
Proposed New Housing
The Trust’s appointed planning consultants DePol chartered town planners prepared and submitted an application to Fylde Borough Council for outline planning permission for a small residential development scheme on land at Manor Farm to the south of Weeton Road, as envisaged within their original Vision for Singleton. Outline planning permission, subject to various planning conditions, was granted on 9th February 2021. Further consideration is being given to this matter.
Singleton Bowling Club
Discussions have taken place with Singleton Bowling Club in respect of the Club’s wish to construct a new clubhouse. The Trustees agreed to contribute to the costs of the Club in engaging a planning consultant to draw up plans and submit a planning application and further details and estimated costs were awaited from the Club at the year end.
Singleton Church Lych Gate
The Trust agreed to pay for the cost of repairing the historic Lych Gate at Singleton Parish Church, estimated at a cost of £7,000. This was not completed and paid for until after the year end.
Page 3
Richard Dumbreck's Singleton Trust
Trustees' Report for the Year Ended 5 April 2021
Approved by the Trustees on 3 February 2022 and signed on their behalf by:
Achievements and performance
INVESTMENT POLICY AND PERFORMANCE
The Trustees have invested monies in bank accounts. These have yielded interest of £130 (2020: £458). There are also funds held by Investec consisting of £11,689 (2020: £107,418) in cash and £858,013 (2020: £578,706) in shares and these have yielded income of £22,050 (2020: £14,251). The results are in line with what was expected by the Trustees. The Charity employs the services of a firm of stockbrokers, Investec Wealth & Investment Ltd to manage and provide advice in respect of its investment portfolio with the aim of generating income and capital to assist with the financing of its principal objectives. During the year over £200,000 was invested with Investec.
Financial review
GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
RESERVES POLICY
The reserves policy of the Trustees is to ensure that the Charity safely commits as much as possible to furthering its objects whilst retaining financial stability and the potential to respond to new opportunities. The amount of reserves held at the balance sheet date amount to £10,803,218. Most of this is represented by land and housing stock of £9,685,000 which is used to generate income for the trust. £858,013 is also held in fixed asset investments.
The remainder of the balance of £260,205 relates to the net current assets of the trust, £11,689 of which is held by Investec for further fixed asset investments. The rest of the current asset balance, £214,296 is the actual free cash reserves which are retained to facilitate the smooth running of the trust.
PRINCIPAL RISKS AND UNCERTAINITIES
The principal risks are the collection of rents from tenants, and the uncertainty of the stock market. These two issues are managed by Ingham & Yorke and Investec respectively.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
FUTURE DEVELOPMENTS
Structure, governance and management
The principal object of the charity is to provide for the community of Singleton.
The charity is constituted under a trust deed dated 1 October 2004.
There have been no changes in the objectives since the last annual report.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr K Walker
Ms S Fryars
Mr J Highton - Retired 21 August 2021
Ms K Smith - Retired 20 July 2021
Mr P Allen
Page 4
Richard Dumbreck's Singleton Trust
Trustees' Report for the Year Ended 5 April 2021
Ms A Rogerson
Mr A Duncan – Retired 12 February 2021
Mr D Kay
Ms S Cholmondeley - Appointed 18 January 2022
Mr M Smith - Appointed 18 January 2022
POLICIES ADPOTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
New Trustees are advised on their legal obligations under Charity law, the Declaration of Trust, the committee and decision-making processes, along with the objects of the Charity and its recent financial performance.
ORGANISATIONAL STRUCUTURE
The affairs of the Charity shall be administered by the Trustees.
The Estate of Singleton is managed by Ingham & Yorke, Littlemoor, Clitheroe (Chartered Surveyors and Land Agents). Additional members may be co-opted to undertake designated tasks. Subcommittees may be set up to undertake designated tasks. This is as stated in the factors relevant to achieving objectives. The Trustees meet on a regular basis to discuss the business of the trust and make any major decisions.
RELATED PARTY DEVELOPMENTS
Related party relationships are explained in note 17 of the financial statements.
Funds held as custodian trustee
There are no funds held as custodian.
......................................... ......................................... K Walker P Allen Trustee Trustee
Page 5
Richard Dumbreck's Singleton Trust
Trustees' Responsibilities in relation to the Financial Statements
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The law applicable to charities in England and Wales 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
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 that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection fraud and other irregularities.
Page 6
Independent Examiner's Report to the Trustees of
Richard Dumbreck's Singleton Trust
I report on the accounts of the charity for the year ended 5 April 2021, which are set out on pages 8 to 19.
Your attention is to drawn to the fact that the Charity has prepared the 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 since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
Respective responsibilities of trustees and examiner
The Charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. 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 consideration 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 no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act 2011; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................... Joanne Thomlinson FCA Dodd & Co Limited Chartered Accountants
FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW
3 February 2022
Page 7
Richard Dumbreck's Singleton Trust
Statement of Financial Activities for the Year Ended 5 April 2021
| Note Income Investments 2 Charitable activities 3 Other incoming resources 4 Total income Expenditure Costs of generating funds Investment management costs Charitable activities Total expenditure Gains/(losses) on investment assets Net income/(expenditure) Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds Total Funds 2021 Total Funds 2020 £ £ £ 22,180 22,180 14,709 186,081 186,081 202,862 - - 607 |
|---|---|
| 208,261 208,261 218,178 |
|
| 9,210 9,210 - 195,929 195,929 161,840 |
|
| 205,139 205,139 161,840 |
|
| 955,792 955,792 134,691 |
|
| 958,914 958,914 191,029 9,844,304 9,844,304 9,653,275 |
|
| 10,803,218 10,803,218 9,844,304 |
Richard Dumbreck's Singleton Trust
Balance Sheet as at 5 April 2021
| 2021 | 2021 | 2020 | 2020 | ||||
|---|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Tangible assets | 12 | 2,063 | 3,127 | ||||
| Investments | 13 | 10,543,013 | 9,590,609 | ||||
| 10,545,076 | 9,593,736 | ||||||
| Current assets | |||||||
| Debtors | 14 | 238,547 | 43,477 | ||||
| Cash at bank and in hand | 53,815 | 235,133 | |||||
| 292,362 | 278,610 | ||||||
| Creditors: Amounts falling due within one year |
15 | (34,220) | (28,042) | ||||
| Net current assets | 258,142 | 250,568 | |||||
| Net assets | 10,803,218 | 9,844,304 | |||||
| The funds of the charity: | |||||||
| Unrestricted funds | |||||||
| Unrestricted income funds | 10,803,218 | 9,844,304 | |||||
| Total charity funds | 10,803,218 | 9,844,304 |
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Approved by the Board on 3 February 2022 and signed on its behalf by:
......................................... K Walker Trustee
......................................... P Allen Trustee
The notes on pages 11 to 19 form an integral part of these financial statements.
Page 9
Richard Dumbreck's Singleton Trust
Cash Flow Statement for the Year Ended 5 April 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Net cash flow from operating activities | 16 | (184,706) | 52,180 |
| Capital expenditure and financial investment | |||
| Purchase of tangible fixed assets | - | (425) | |
| Purchase of trade investments (ignoring endowment funds) | (342,067) | (253,688) | |
| Sale of trade investments (ignoring endowment funds) | 345,455 | 361,197 | |
| 3,388 | 107,084 | ||
| (Decrease)/increase in cash | (181,318) | 159,264 |
The notes on pages 11 to 19 form an integral part of these financial statements.
Page 10
Richard Dumbreck's Singleton Trust
Notes to the Financial Statements for the Year Ended 5 April 2021
1 Accounting policies
Statement of compliance
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and 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 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) rather than the Accounting and Reporting by Charities:Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Basis of preparation
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
These financial statements have been prepared on a going concern basis.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Further details of each fund are disclosed in note 18.
Income and endowments
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.
Investment income is recognised on a receivable basis.
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.
Page 11
Richard Dumbreck's Singleton Trust
Notes to the Financial Statements for the Year Ended 5 April 2021
......... continued
Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Costs of generating funds are investment management fees.
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.
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Fixed assets
Individual fixed assets costing £100 or more are initially recorded at cost.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Plant and machinery 20% reducing balance basis Fixtures and fittings 20% reducing balance basis
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.
No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the statement of financial activities account for the year.
Page 12
Richard Dumbreck's Singleton Trust
Notes to the Financial Statements for the Year Ended 5 April 2021
......... continued
Investments
Fixed asset investments are included at market value at the balance sheet date.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
2 Investment income
| Unrestricted | Total Funds | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | 2020 | |||
| £ | £ | £ | |||
| Dividends received | 22,050 | 22,050 | 14,251 | ||
| Bank deposit interest | 130 | 130 | 458 | ||
| 22,180 | 22,180 | 14,709 | |||
3 Charitable activities
| Unrestricted | Total Funds | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | 2020 | |||
| £ | £ | £ | |||
| Singleton estate | |||||
| Rental income | 185,601 | 185,601 | 202,662 | ||
| Competition win | - | - | 200 | ||
| Insurance proceeds | 480 | 480 | - | ||
| 186,081 | 186,081 | 202,862 | |||
4 Other income
| Unrestricted | Total Funds | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | 2020 | |||
| £ | £ | £ | |||
| Other income | |||||
| Sale of mower | - | - | 607 |
Page 13
Richard Dumbreck's Singleton Trust
Notes to the Financial Statements for the Year Ended 5 April 2021
......... continued
5 Total resources expended
| Investment income |
Singleton estate |
Singleton estate |
Total 2021 |
Total 2021 |
Total 2020 |
Total 2020 |
||||
|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||||||
| Direct costs | ||||||||||
| Grants payable - institutions | - | 14,898 | 14,898 | 16,661 | ||||||
| Portfolio management fee | 9,210 | - | 9,210 | 6,186 | ||||||
| Utilities | - | 5,791 | 5,791 | 3,830 | ||||||
| Insurance | - | 11,012 | 11,012 | 9,702 | ||||||
| Repairs and renewals | - | 119,417 | 119,417 | 82,471 | ||||||
| 9,210 | 151,118 | 160,328 | 118,850 | |||||||
| Support costs | ||||||||||
| Website expenses | - | 403 | 403 | 428 | ||||||
| Printing, postage and stationery | - | 416 | 416 | 107 | ||||||
| Sundry expenses | - | 835 | 835 | - | ||||||
| Parish meeting expenses | - | - | - | 362 | ||||||
| Trustee expenses reimbursed | - | 37 | 37 | 1,708 | ||||||
| Accountancy fees | - | 2,424 | 2,424 | 602 | ||||||
| Independent examiner's fee | - | 1,200 | 1,200 | 4,700 | ||||||
| Secretarial services | - | 855 | 855 | 1,085 | ||||||
| Legal and professional fees | - | 36,086 | 36,086 | 32,861 | ||||||
| Bad debts written off | - | 1,491 | 1,491 | - | ||||||
| Depreciation and impairment | - | 1,064 | 1,064 | 1,137 | ||||||
| - | 44,811 | 44,811 | 42,990 | |||||||
| 9,210 | 195,929 | 205,139 | 161,840 | |||||||
| 6 | Grants payable | |||||||||
| 2021 | 2020 | |||||||||
| £ | £ | |||||||||
| Contribution to Singleton School & Friends of Singleton School | 8,609 | 13,751 | ||||||||
| Singleton History Group | - | 400 | ||||||||
| Singleton & Thistleton Gala | 2,473 | 1,640 | ||||||||
| Singleton Parish Council | 3,141 | 870 | ||||||||
| Youth Opportunity Fund | 600 | - | ||||||||
| Poppy Appeal | 75 | - | ||||||||
| 14,898 | 16,661 | |||||||||
Page 14
Richard Dumbreck's Singleton Trust
Notes to the Financial Statements for the Year Ended 5 April 2021
......... continued
7 Governance costs
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Accountancy fees | 2,424 | 602 | |
| Independent examiner's fee | 1,200 | 4,700 | |
| Legal and professional fees | 36,086 | 32,861 | |
| 39,710 | 38,163 | ||
8 Trustees' remuneration and expenses
- £737 (2020 - £1,708) was paid to seven trustees for the reimbursement of expenses during the year.
9 Net incoming resources
Net incoming resources is stated after charging:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation of owned assets | 1,064 | 1,137 | |
Page 15
Richard Dumbreck's Singleton Trust
Notes to the Financial Statements for the Year Ended 5 April 2021
......... continued
10 Taxation
The registered charity is exempt from taxation on income and gains.
11 Net gains/(losses) on investments
| Net gains/(losses) on investments | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Gain/(loss) on sale of investments | 55,734 | 25,492 | |
| Revaluation of investments | 165,004 | (78,082) | |
| Sale of property | 153,207 | 187,281 | |
| Revaluation of investment property | 581,847 | - | |
| 955,792 | 134,691 | ||
12 Tangible fixed assets
| Plant and | |||||
|---|---|---|---|---|---|
| machinery | Fixtures, | ||||
| including motor | fittings and | ||||
| vehicles | equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| As at 6 April 2020 and 5 April 2021 | 4,235 | 2,930 | 7,165 | ||
| Depreciation | |||||
| As at 6 April 2020 | 2,582 | 1,456 | 4,038 | ||
| Charge for the year | 331 | 733 | 1,064 | ||
| As at 5 April 2021 | 2,913 | 2,189 | 5,102 | ||
| Net book value | |||||
| As at 5 April 2021 | 1,322 | 741 | 2,063 | ||
| As at 5 April 2020 | 1,653 | 1,474 | 3,127 |
Page 16
Richard Dumbreck's Singleton Trust
Notes to the Financial Statements for the Year Ended 5 April 2021
......... continued
13 Investments held as fixed assets
| Investment | Listed | ||||
|---|---|---|---|---|---|
| properties | investments | Total | |||
| £ | £ | £ | |||
| Market value | |||||
| As at 6 April 2020 | 9,011,903 | 578,706 | 9,590,609 | ||
| Revaluation | 581,847 | 220,738 | 802,585 | ||
| Additions | 128,641 | 213,426 | 342,067 | ||
| Disposals | (37,391) | (154,857) | (192,248) | ||
| As at 5 April 2021 | 9,685,000 | 858,013 | 10,543,013 | ||
| Net book value | |||||
| As at 5 April 2021 | 9,685,000 | 858,013 | 10,543,013 | ||
| As at 5 April 2020 | 9,011,903 | 578,706 | 9,590,609 |
All investment assets were held in the UK.
Investment property comprises of properties rented out. The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2021 by Ingham & Yorke Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
14 Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 215,407 | 23,425 | |
| Other debtors | 10,004 | 10,004 | |
| Prepayments and accrued income | 13,136 | 10,048 | |
| 238,547 | 43,477 | ||
15 Creditors: Amounts falling due within one year
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors | 7,563 | - | |
| Other creditors | 14,896 | 13,530 | |
| Accruals and deferred income | 11,761 | 14,512 | |
| 34,220 | 28,042 | ||
Page 17
Richard Dumbreck's Singleton Trust
Notes to the Financial Statements for the Year Ended 5 April 2021
......... continued
16 Reconciliation of net movements in funds to operating cash flows
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Net incoming resources | 958,914 | 191,029 | |
| Depreciation, amortisation and impairment charges | 1,064 | 1,137 | |
| Profit on disposal of fixed assets | (955,792) | (135,298) | |
| Increase in debtors | (195,070) | (3,756) | |
| Increase/(decrease) in creditors | 6,178 | (932) | |
| Net cash (outflow)/inflow from operating activities | (184,706) | 52,180 |
17 Related parties
Controlling entity
The charity is controlled by the trustees.
Related party transactions
John Highton (Trustee) rents a garden plot from the trust. The tenancy of the plot commenced well before he was appointed a Trustee. Anne Rogerson (Trustee) is a partner in W Rogerson & Sons, tenants of Part Grange Farm and of Singleton Park. She does not vote at any Trustees meetings on any matters which are related to those two areas of land. Michael Smith (Trustee) rents a cottage from the Trust. The tenancy of the cottage commenced prior to his appointment as a Trustee. There are no related party transactions involving any other trustees. Keith Walker is a Governor of Singleton School. He does not vote at any Trustee Meetings on any matters which are related to making loans/donations to Singleton School. Mr David Kay rents a garden plot from the Trust, such letting commencing prior to his appointment as a Trustee.
18 Analysis of funds
| Other | |||||
|---|---|---|---|---|---|
| At 6 April | Incoming | Resources | recognised | At 5 April | |
| 2020 | resources | expended | gains/losses | 2021 | |
| £ | £ | £ | £ | £ | |
| General Funds | |||||
| Unrestricted income fund | 9,844,304 | 208,261 | (205,139) | 955,792 | 10,803,218 |
Page 18
Richard Dumbreck's Singleton Trust
Notes to the Financial Statements for the Year Ended 5 April 2021
......... continued
Prior period
| At 6 April 2019 |
Incoming resources |
Resources expended |
Other recognised gains/losses |
At 5 April 2020 |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| General Funds | |||||
| Unrestricted income fund | 9,653,275 | 218,178 | (161,840) | 134,691 | 9,844,304 |
19 Net assets by fund
| Unrestricted | Total Funds | Total Funds | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | 2021 | 2020 | |||||||
| £ | £ | £ | |||||||
| Tangible assets | 2,063 | 2,063 | 3,127 | ||||||
| Investments | 10,543,013 | 10,543,013 | 9,590,609 | ||||||
| Current assets | 292,362 | 292,362 | 278,610 | ||||||
| Creditors: Amounts falling due within one year | (34,220) | (34,220) | (28,042) | ||||||
| Net assets | 10,803,218 | 10,803,218 | 9,844,304 | ||||||
| Prior period | |||||||||
| Unrestricted | Total Funds | Total Funds | |||||||
| Funds | 2020 | 2019 | |||||||
| £ | £ | £ | |||||||
| Tangible assets | 3,127 | 3,127 | 3,839 | ||||||
| Investments | 9,590,609 | 9,590,609 | 9,562,820 | ||||||
| Current assets | 278,610 | 278,610 | 115,590 | ||||||
| Creditors: Amounts falling due within one year | (28,042) | (28,042) | (28,974) | ||||||
| Net assets | 9,844,304 | 9,844,304 | 9,653,275 |
Page 19
Richard Dumbreck's Singleton Trust 5 April 2021 Investments
| Holding 06/04/2020 Fixed interest & corporate bonds Treasury stock 0.125% 2016 13,700 Equities GCP Student living 10,700 1p Ord shares Greencoat UK Wind 16,000 1p ord shares Civitas Social Housing 15,000 1p ord shares Target Healthcare 13,000 1p ord shares HICL Infrastructure 16,743 Ord 0.0001 shares Polar Capital Global Health 4,677 25p ord shares |
Book Value Market Value Additions Disposals 05/04/2020 05/04/2020 Units Units 17,102 18,301 17,102 18,301 15,015 13,664 21,679 21,200 13,307 14,475 13,748 13,234 19,737 25,031 10,034 9,190 4,677 93,521 96,794 |
Additions Disposals £ £ - - 11,192 - 11,192 |
Gain Holding (Loss) 05/04/2021 4 13,700 4 2,932 10,700 464 - 16,000 1,695 15,000 1,430 13,000 2,645 16,743 2,002 10,240 |
Book Cost Market Value 05/04/2021 05/04/2021 Date 17,102 18,305 22/09/2020 22/03/2021 17,102 18,305 15,015 16,596 08/06/2020 14/09/2020 14/12/2020 26/03/2021 21,679 20,736 29/05/2020 28/08/2020 27/11/2020 26/02/2021 13,307 16,170 12/06/2020 07/09/2020 04/12/2020 01/03/2021 13,748 14,664 29/05/2020 28/08/2020 27/11/2020 26/02/2021 19,737 27,676 30/06/2020 30/09/2020 31/12/2020 31/03/2021 28/08/2020 83,486 95,842 |
Net Income Realised Unrealised 9.74 4.00 9.78 |
|---|---|---|---|---|---|
| 19.52 - 4.00 |
|||||
| 169.06 2,932.00 151.94 26.75 26.75 284.00 464.00 - 284.00 284.00 284.00 198.75 1,695.00 202.50 202.50 202.50 217.10 1,430.00 217.11 218.40 218.40 346.58 2,645.00 344.91 344.90 344.90 46.77 2,001.92 |
|||||
| 4,615.82 2,001.92 8,238.00 |
| Holding 06/04/2020 Unit Trust Interest Royal London AM Sterling Cred 12,619 Z GBP Ord 25p Allianz Global Inv UK 8,300 FIL Inv Svcs UK Money Builder Income Valu-Trac 12,600 Investment Protean Capital Equalisation payment Overseas Fixed interest and Excess Income CVC Credit Partners E Ord 22,000 Capital International Global 875 High Income Opps Zgd RBC Toronto Branch 17,900 30Y-2Y Steepener 2022 USD Ishares Ii Plc USD Tips Ucits Etf GBP Dis M&G Securities Ltd Global Floating Rate High |
Book Value Market Value Additions Disposals 05/04/2020 05/04/2020 Units Units 15,445 17,023 13,089 17,504 32,020 12,442 10,605 40,976 45,132 20,377 16,170 21,319 17,019 14,140 15,819 2,140 20,781 55,837 49,008 |
Additions Disposals £ £ 32,984 32,984 - 11,206 17,155 28,361 - |
Gain Holding (Loss) 05/04/2021 1,047 12,619 1,214 - 8,300 420 - 32,020 1,684 12,600 1,097 5,995 22,000 1,102 875 489 17,900 182 2,140 3,001 20,781 10,769 |
Book Cost Market Value 05/04/2021 05/04/2021 Date 15,445 18,070 30/06/2020 30/09/2020 31/12/2020 31/03/2021 13,089 16,290 30/04/2020 30/10/2020 32,944 32,564 26/10/2020 26/11/2020 29/12/2020 26/01/2021 26/02/2021 26/03/2021 12,442 12,289 29/05/2020 28/08/2020 30/11/2020 26/02/2021 73,920 79,213 20,377 22,165 05/06/2020 28/08/2020 16/09/2020 04/12/2020 26/02/2021 21,319 18,121 16/07/2020 19/10/2020 19/01/2021 14,140 16,308 01/06/2020 01/09/2020 30/11/2020 05/03/2021 11,206 11,388 28/05/2020 04/09/2020 30/11/2020 02/03/2021 16,980 20,156 30/06/2020 30/09/2020 31/12/2020 31/03/2021 84,023 88,138 |
Net Income Realised Unrealised 161.28 1,047.00 163.16 157.39 156.02 81.29 1,214.00 - 67.67 48.22 419.58 - 85.59 85.56 87.00 87.64 81.72 126.00 1,684.00 129.32 129.32 129.32 |
|---|---|---|---|---|---|
| 1,776.50 - 1,097.42 |
|||||
| 302.50 5,995.00 220.00 206.25 247.50 247.50 316.93 1,102.00 257.51 231.70 63.58 489.00 218.40 249.22 316.22 65.70 182.41 52.64 51.36 40.02 35.49 3,000.60 216.25 217.02 187.32 |
|||||
| 3,743.11 - 10,769.01 |
| Holding | Book Value | Market Value | Additions | Disposals | Additions | Disposals | Gain | Holding | Book Cost | Market Value | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 06/04/2020 | 05/04/2020 | 05/04/2020 | Units | Units | £ | £ | (Loss) | 05/04/2021 | 05/04/2021 | 05/04/2021 | Date | Net Income | Realised | Unrealised | |||
| Uk Unit Trust Dividends | |||||||||||||||||
| Link Fund Solutions Ltd | 33,406 | 24,837 | 28,111 | 3,083 | 33,406 | 24,837 | 31,194 | 01/10/2020 | 368.90 | 3,083.00 | |||||||
| TrojanIncome X Inc | 31/03/2021 | 509.01 | |||||||||||||||
| Schroder Unit Trust | 42,428 | 19,474 | 23,666 | 10,297 | 42,428 | 19,474 | 33,963 | 15/09/2020 | 558.90 | 10,297.00 | |||||||
| Asian Income Z Inc | 16/03/2021 | 475.27 | |||||||||||||||
| Aberforth Smaller Companies | 2,000 | 16,344 | 16,290 | 13,570 | 2,000 | 16,344 | 29,860 | 28/08/2020 | 208.00 | 13,570.00 | |||||||
| Ord GBP0.01 | 09/03/2021 | 458.00 | |||||||||||||||
| Franklin Templeton Fund | 20,000 | 16,545 | 15,576 | 7,236 | 20,000 | 16,505 | 22,812 | 04/06/2020 | 80.98 | 7,236.00 | |||||||
| UK Mid Cap S | 02/12/2020 | 11.10 | |||||||||||||||
| JP Morgan AM UK Ltd | 46,700 | 29,386 | 20,814 | 45,778 | 21,867 | 11,308 | 92,478 | 51,253 | 53,989 | 30/04/2020 | 1,120.80 | 11,308.47 | |||||
| UK Equity Core E Net Inc | |||||||||||||||||
| Equalisation payment | |||||||||||||||||
| Aberdeen Standard Fund Mgrs | 20,000 | 15,695 | 15,586 | 8,000 | 7,789 | 4,551 | 12,000 | 9,359 | 12,348 | 31/07/2020 | 178.44 | 1,555.00 | 2,996.00 | ||||
| ASI Europe Ex UK Inc Equity | 30/10/2020 | 186.34 | |||||||||||||||
| 29/01/2021 | 69.70 | ||||||||||||||||
| Nextenergy Solar F Red | 20,000 | 20,436 | 20,500 | - | 360 |
20,000 | 20,436 | 20,140 | 30/06/2020 | 343.50 | - | 360.00 |
|||||
| Ord NPV | 30/09/2020 | 352.50 | |||||||||||||||
| 31/12/2020 | 352.50 | ||||||||||||||||
| 31/03/2021 | 352.50 | ||||||||||||||||
| Jupiter Unit Trust Managers UK | 17,930 | 34,565 | 23,625 | 13,328 | 18,637 | 16,056 | 31,258 | 52,867 | 58,318 | 29/05/2020 | 66.18 | 16,056.11 | |||||
| Special Situations I Inc | 30/11/2020 | 505.32 | |||||||||||||||
| Threadneedle Investments | 20,473 | 24,663 | 27,695 | 9,088 | 20,473 | 24,662 | 36,783 | 07/05/2020 | 287.97 | 9,088.00 | |||||||
| UK Equity Inc Lnl Inc Nav 2 | 11/08/2020 | 250.59 | |||||||||||||||
| 06/11/2020 | 273.84 | ||||||||||||||||
| 05/02/2021 | 264.61 | ||||||||||||||||
| Schroder Unit Trust | 23,000 | 18,096 | 13,973 | 5,582 | 23,000 | 18,096 | 19,555 | 16/03/2021 | 265.67 | 5,582.00 | |||||||
| European | |||||||||||||||||
| Equalisation payment | |||||||||||||||||
| Baillie Gifford American | 11,400 | 25,262 | 86,287 | 8,830 | 117,051 | 75,174 | 2,570 | 5,695 | 44,410 | 50,216.22 | 24,957.58 | ||||||
| W3 Dis | |||||||||||||||||
| Liontrust Fund Par | 7,000 | 24,650 | 24,923 | 8,046 | 7,000 | 24,436 | 32,969 | 03/08/2020 | 225.43 | 8,046.00 | |||||||
| Special Situations Ins Inc | |||||||||||||||||
| Aberdeen Standard Fund Mgs | 80,000 | 27,555 | 27,768 | 9,144 | 80,000 | 27,044 | 36,912 | 30/06/2020 | 271.28 | 9,144.00 | |||||||
| UK Income Uncon Equity Instl | 26/02/2021 | 558.56 | |||||||||||||||
| Link Fund Manager | 3,000 | 25,684 | 24,657 | 9,641 | 3,000 | 25,684 | 34,298 | 05/08/2020 | 437.40 | 9,641.00 | |||||||
| Guiness Asian Equity Inc Y | 01/02/2021 | 663.90 | |||||||||||||||
| Findlay Park Fds | 375 | 41,079 | 3,816 | 375 | 41,079 | 44,895 | 20/04/2020 | 315.70 | 3,816.25 | ||||||||
| Americam Sterling GBP | |||||||||||||||||
| Canadian Imp Bank | 47,780 | 36,541 | 6,151 | 47,780 | 36,541 | 42,692 | 6,150.70 | ||||||||||
| 136% S&P Accel 26 USD | |||||||||||||||||
| Jupiter UT mngrs Japan Income I Instl Income | 19,000 | 17,093 | 4,284 | 19,000 | 16,929 | 21,377 | 30/09/2020 | 76.61 | 4,283.80 | ||||||||
| 31/03/2021 | 230.07 |
Schoder Unit Tst Tokyo L Acc
Holding Book Value Market Value Additions Disposals Additions Disposals Gain Holding Book Cost Market Value 06/04/2020 05/04/2020 05/04/2020 Units Units £ £ (Loss) 05/04/2021 05/04/2021 05/04/2021 Date Net Income Realised Unrealised 22,000 22,000 16,865 18,826 1,961 1,961.00 323,193 369,471 152,082 143,666 198,628 431,242 576,515 10,319.57 53,732.22 144,895.91
| Holding 06/04/2020 Fixed Interest Equities Unit Trust Interest Overseas Fixed Interest & Excesss Income Unit Trust Dividends Real Estate Investment Income |
Book Value Market Value Additions Disposals 05/04/2020 05/04/2020 Units Units 17,102 18,301 93,521 96,794 40,976 45,132 55,837 49,008 323,193 369,471 530,629 578,706 |
Additions Disposals £ £ - - - 11,192 32,984 - 28,361 - 152,082 143,666 213,426 154,858 |
Gain Holding (Loss) 05/04/2021 4 10,240 1,097 10,769 198,628 220,738 |
Book Cost Market Value 05/04/2021 05/04/2021 Date 17,102 18,305 83,486 95,842 73,920 79,213 84,023 88,138 431,242 576,515 689,773 858,013 |
Net Income Realised Unrealised 20 - 4 4,616 2,002 8,238 1,777 - 1,097 3,743 - 10,769 10,320 53,732 144,896 |
|---|---|---|---|---|---|
| 20,475 55,734 165,004 |