THE CLAUDE JESSETT TRUST COMPANY REPORT OF THE TRUSTEES AND FINANCIAL sTATE[s for the year ended 31st DECEMBER 2023 Company NuTtLber 0462 04 81 RegisLered Charity Number 1107337
THE CLAUDE JESSETT TRUST COMP2¥NY CONTENTS OF THE FINANCIAL STATEMENTS Contents Page Reference and administrative details OE the chatity* its trustees and advik3ers Report OE the Trustees statement of Trustees, Respousibilitie Independent Examiner, s Report Staternent of Financial Activities Balance Sheet Note to the Financial SttreentS 12 19
THE cuDE JESSETT TRUST CONP2WI REFERENCE AND ADMINISTRATIVE DETAILS OF THE CFIARITY, ITS fRUSTEES AND ADVISERS f or the year ended 31st DECEMBER 2023 Ccxnpany number 04620481 Charity number 1107337.:. Trustees g TDaly B J Floyd P J Greinig P Haining J J Hat£ield G S Osborne C N Rogers Secretary P Haining Registered Of f ice Horns Lodge, Meres Lane, Cross-in-Hand, Heathf ield, East Sussex. TN21 OTY. Banker Barclays Bank PLC, 73 /75 Calverley Road, Tunbridge Wells, Kent, TNI 2UZ. Metro Bank PLC, One Southampton Row, London, WCIB SHA. Solicitors T G Baynes, 5 Market street, Dartf ord, Kent, DAI IDB. rndepenaent ExaTlliner JaTnes Duggan, Simmons Gainsf ord LLP, 52 New Town. Uck£ield, East Su55ex, TN22 5DE.
THE CLAUDE JESSEW TRUST COMPANY REPORT OF THE TRUSTEES for the year ended ended 31st DECEMBER 2023 The trustees Iwho are also directors of the charity for the purposes of the Companie5 Act) present their annual report together with the financial staternents of The Claude essett Trust CoTnpany (the company) for the year ended 31tr Decetnber 2023. The trustees Confirm that the knnual Report and Financial StateTnents of the charity cornply with the current statutory requirementw of the charity, s governirkg docutnent and the provisions of the StatemÈnt of Recomrnended Practice ISORPI applicable to charities preparing their accounts in accordaAce with the Financial Reporting standard applicable in the UK and Ireland IFRS1021 (effective January 20151 OBJECTIVES AND ACTIVII'IES Policies and Ob jectives fn setting objectives and planning for actlvlties, the trustees have given aue consideration to general guidance published by the Charity Commission relating to public benefit and in particular to Lts Supplementary public benefit guidance as to deciding what activities the trust should undertake. The Main objectives 0£ The Claude Jessett Trust Comparny are the foundation and maintenance by such means as are charitable of a public museum for the exhibition of steam engines, £air organs and other historic vehicles and mechanical eqUipellt. bl The trust is principalLy engaged in the preservation and restoration of Steam engines. fair organs and other historic vehicles and mechanical equxpment. ACHIEVEMErS AND PERFORMANCE Review of Activities Work on various heritage assets has proceeded. Work on the resLoration of an ex-London Transport single deck bus continued along with work on the roof of the Bristol open top bus which was donated to the trust in 2012. The Limonaire fair organ ha5 had a major overhaul after rnany years of faithful serwice and waLer damage to tPLe Mortier fait organ caus@d by a problern with the roof OE the organ museurD building has been rectif led. ollowing completion of the YeOratIon of the pre-war Fordson tractor, the Bren Gun carrier which has been out of action £or Thany years has been tnoved into the workshop for restoration including the Eitting 0£ the correct type of engine. The trustees are investigating the potential lor shared funding for future major building projects. and some clearance in anticipation 0£ construction 0£ the enlarged fair organ museum is continuing to be been carried out. Work ha5 continued on the renovation of the original railway engine shed, and this project is close to completion.
YHE CLAUDE JESSETf TRUST COMPAWI REPORT OF THE TRUSTEES for the year ended 31st DECEI4BER 2023 Icontinuedl The trustees nortnally promote the trust at various external events and in particular the annual display at the Festival 0£ Transport at Hellingly at the end of August has become a well established part of that event. The Trust has continued to hold InteaL events and to welcome enthusiast groups to look at the collection. In 2021 a £ortRal system of section leaclers was put xn place to co-ordinate activity in their areas and to report to the Lrustees on a regular basis. bl InvestTnent Policy and Perf orfflance The frust'8 investTnent properties are Tnanaged directly by the trustees and continue to provide the appropriate r&turn. The portf olio continues to generate £ee5 from lease &xten5ions. The Trust, s non-property portfolio is invested on a medium risk basis with an independent nVestInent tnanagement company which is regulated by the Finan¢ial Services Authority to ensure that the Trust, s objectives can be Tnet each year, with any surplus being invested for the longer teThn. 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 £uture. For this reason they continue to adopt the going concern basis ID preparirlg the financial statetnents. Further detail regarding the adoption of the going corlcern basis can be fouTLd in the Aceountir2g Poli¢ies. bl Reserves Policy The trustees have forecast the level of free reerVeS (that is those funds not tied up in fixed assets. and designated as re tricted funds) the charity will require Lo sustain its operations. The trustees are pleased to note that Lhere are suf f icient f ree reserves to provicle financial flexibility for the f oreseeable fuLure. The closing reserves at 31st December 2023 arnounted to £7,075,808 12022: E7,013,6691 Material Investments policy Following the death of Mrs Jessett in April 2004, the trust received, apart rrom the larLd and buildings at Hadlow Down. which were to be the basis for the tablishment and development of the rnu5eum, portf ol io of invesLmenl properties and a 5igni£icant amount of cash. At the tiffte of transfer fro the estate of Mrs Je55eLt to the Trusl in 20DS, these assets comprised property WLth a valuation of £2. 091tn and cash of £1. 319rn.
THE CLkTJDE JESSErr TRUST COMPANY REPORT OF THE TR17STEES for the year ended 31st DECEMBER 2023 Icontinuedl These assets are required to finance the development 0£ the site which will include the establishrnent of new buildings for the storage, restoration and display of the heritage assets, and for related site infrastructure development including water, drainage and electrlcity. Planning pennission tor several new buildings on the Site ha. .been obtained. The a55et5 are also required to finance the r@storation of the Trust's heritage assets and the purchase OE further heritage as8ets in accordance with the collection policy of ihe Trust. Income frotn these assets is uttilisea in covering routine running costs of the Trust but XL is the capital which is the primary consideration to finance the capital pro j ects outlined above. The trustees took the decision to Tnaintain a balance betw&en property and financial investments in Tnuch the same proportion as the inheriled positLOn. Minaful of the attitude of both Mr and Mrs Jessett to investments involving risk, the decision was taken to retain the majority of the non-property ftsnds as cash on deposit but in view of the rirk of erosion of capital in the mediutn and long term if inflation exceeds interesÈ received. to invest £500.000 in inves¢ment trusts WLth a low to medium risk profile. The detailed investment deciLJions for this surn were delegated to independent qualified financial advisers. The trustees also took the decLSLon to purchase land forming part of Wilderness Wood to the west of the site tor £100, 000. This land is clo$e to the location of the new buildings and was seen by the trustees as an important Step to safcguard the trust against future developrnent of Wildernesv Wood which not planned by the current owners but which might result in residential developrnent close to the buildings with the risk of cotnpLaints about noise, ete. After a protracted process with the Barclays bank compliance department who were attetnpting to understand the workings of a company limited by guarantee. a process which hao resulted in the bank paying the Trust a total of £450 in cotnpensation, but which had resulted in a threat for fflaThy tnOTkths of the bank unilaterally freezing the company, s bank account and preventing it from being able to continue, la fate which the trustees know has been applied to other SiENilar entities by this bank) , the trustees took the decision to open account with a &¥econd bank as a precaution against any future actions by a single bank. Metro bank selected and accounts have been opened in 2024. STRUCTURE, GOVERNANCE AND PILANAGEMENT Constitutxon The cornpany was incorporated in DeceLber 2002 and is limited by guarantee. The Liability of members is limited to £10 per member. bl Method ot Appointment or Election of Tru3tee5 The number of trustees shall not be less than three: there is no maxitnu nuTther. The original trustees were the trustees of The Claude Jessett Trust. Under the Articles of Assoeiatiort all trustees retire from of f ice at the £irst annual gÈneral eetIng and at every subsequent annual general meeting one third of the trustees retire by rotation. New trustees may be appointed during the year by the trustees and will be subjeet to reappointrnent at the next annual general meeting. Otherwise a resolution to appoint a new trustee rnust be included in the notice of the annual general meeting and bE Voted on by the Tne1llber at the annual general meetirtg.
THE CLAUDE JESSETT TRUST COMFANY REPORT OF THE TRUSTEES for the year ended 31$t DECEMBER 2023 Iconlinuedl Risk Management The trustees are continuing to carry out a detailed review of the charity's acLivities and are producing a comprehensive strategic plan setting out the major opportunities available io the charity and the risks to which it is exposed. The trustees meet'quarterly an6 will monitor progress against the strategic objectives at each meeting and a comprehensive review of the plan will be carried out annually. As part of the process, the trustees are instigating a risk Tnanagement strategy which comprises: An anuual review of the risks which the charlty TThay face,. The establishment of systetns and procedures to Tnitigate those risk5 identif led in the plan," The implErnentation of procedures designed to rAinimise aIiy potential impact on the charity should any 0£ those risks maLeriali8e. PLANS POR FUTURE FERfoDS The trustees will continue to improve and develop the site of the TllUSeum including the construction of new buildings pèrmitted under the terms of the existing planning permissions, and continue to work to restore more of the collection while tnaintaiThing maintenance on those itemv within the collection currently in working order. TRUSTEES, RESPONSIBILITIES We acknowledge our responsibilities as trustees as set out on page 7. SMALL COMPANY PROVISIONS These f inaneial statementv have been prepared in accordance with the provisiona applicable to companies subject Lo the srnall companies, regxme withinrL Part 15 of the COpanieS Act 2006. This report was approved by the Trustees on 25th SepteTtLber 2024 and signed on their behalf by PETER IU¥INTNG Trustee ww. tinkerspark. com
THE CLI¥UDE JESSETT TRUST COMPPJIY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE ACCOUNTS for the year ended 31st DECEMBER 2023 The trustees are responsible for preparing the Trustees, Annual Report and the f inancial statements In accordance wiLh applicable law and United Kingdotn Accounting standards Iunitecl Kingdotn Generally Accept@d Accounting Practice I , including FRS 102 'The Financial Reporting Standard applxcable in the United Kingdom and Republic of Irelandl The law applicable to charities in England and Wales requires Èru5tees 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 incorning resources and application of resources of Lhe charity for that period. In preparing Lhese financial statement1 the trustees are required to.. select suitable accounting policies and apply them consistently.- observe the methods and principles in the Charities SORP,. make judgements and estinates which are reasonable and prudent., state whether applicable accounting standards have been followed, subjecL to any material departures disclosed and explaxned in the f inancial statements,. prepare the financial statements on the goxng coneern ba18 unless it is inappropriate ¢0 presuThe that the charity wilL continue in operation. bl dl The trustees are revponsible for keeping suf f icient accounting re¢ords that dlsclose with reasonable accuracy at any tiTne Lhe financial p051tion of the charity and enable them to ensure that the f inancial statements cornpLy with the Charities Act 2011, the Charity (Accounts and ReportÈl Regulations 2008 and the proviVIonS of the trust dÈÈd. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention of fraud and other irregularitie5 In so far as the trustees are aware.. there is no relevant audit information of which the COTianY,S independent examiner xs unaware.. and bl the trustees have taken all steps they ought to have taken to make the1selveS aware of any relevant audit information and to establish that the independent examiner is aware of that information.
REPORT OF THE TNDEFENDENT EXAMINER TO THE TRUSTEES OF THE CLFLUDE JESSETf TRUST COMPANY I report on the financial statements of the charitable COTnpany for the year ended 31st December 2023 as set out on pages 10 to 19. This report is made solely to the charity's tEU5tees, as a bodyi in accordance with section 145 of the Charities Act 2011 and regulations t[Cle under section 154 0£ that Act. My'work ha been undertaken. so that I might vtate Lo the charity's trustees those matters I am r2quired to state to them in this report and for no other purpose. To the fullest extent pemitted by law, I do not accept or as5UTne responsibility to anyone other than the charity and the charity, s trustees as a bodyi for Tny work, for this report or Eor the opinions I have formed. RESPECTIVE RESPONSIBILITIES OF TRUSTEES EXAMINER The charity, s trustees (who are also the directors ot the company for the purposes of company lawl, are responsible for the preparation of fiTkancial statements. The trusLees consider that an audit is not requxred for this year under section 144 121 of the Charities Act 2011 (the '2011 Act, l and that an indeperLdent examination i needed. Having satisfied myself that the charxty is not subject to audit under COTnpany law and is eligible for independent examination, it is my responsibility: to examine the financial stateTnentB under section 145 of the 2011 Act,. Lo follow the procedures laid down In the GÈrteral Directious givern by the Charity Commission under Section 145151 Ibl of the 2011 Act., to state where particular maLters have eome to my attention. BASIS OF Ib7DEPENDENT EXAMINER, S REPORT My examination was carried out in accordance with the General Directions given by the Charity Commission. An exaTnination includes a review OE the accounting reeords kept by the charity and a compari50n of the financial statetnents presented with those records. It also includes consideration 0£ any unusual itelns or disclosures in the financial rttementS and seeking explarBtions from you as trustees concerning any such Tnatters. The procedures undertaken do not provide all the evidettee that would be required in an audit, and consequently no opinion is given as to whether the financial •tateMentS present a 'true and fair, view and the report 18 limited to those matters set out in the stateTNent below. INDEPENDENT EXAMINER. S STATEMEbTr In connection with my examination, no matter has come to my attention.. which gives Tue reasonable cause to believe that in any Tnaterial respect the requirements: to k&ep accounting records in accordance with section 386 of the Cornpanies Act 2006,. to prepare f inancial staternents which accord with the accounting records and to eomply with the accounting requirenents of the sectlon 396 of the Companie Act 2006 and with methods and principles of the StatemenL ot RecomTnended Practi¢e.. Accounting and Reporting by Charities have not been met,. or
REPORT OF THE INDEPENDEN'f EYAMINBR TO THE TRUSTEES OF THE CLAUDE JESSErr TRUST COMPANY IconEinuedl bl to which, my opinion, a¢tention should be drawn in order to enable a proper understanding of the financial statements to be reached. JJUBS DUGGAN Jame5 Duggan FCCA Simmons Gaxnsf ord Professional Services Ltd, Chartered Accountants 52 New Town Uckf ield East Sussex TN22 5DE Date.. 25th SepteTnber 2024
io THE CLAUDE JEssTT TRUST COMPANY STATBMBNT OF FINI¥NCII¥L ACTIVITIES for the year ended 31sL DECEMBER 2023 INCOTr]E AND EXPENDITURE 2023 Unrestricted funds 2022 Total f unds Notes INCOléIE FROM InvestTnents" Dividends receivecl Interest recÈivÈd Rent received Ground rent and fees received Lease eXtenrI0S Compensation Erorn bank Wayleave Proceeds of old life policy Recharge of accountancy and secretarial costs to subsidiary 17,399 1.155 91,186 2,490 7,700 200 176 161 16,155 342 96,465 2.335 26.200 250 176 920 910 121. 387 142,833 Charitable ActLVlties Sale 0£ scrap Sale of artef acts Sale 0£ books Sale of logs, tree anol planings Profit on sale of heritage assets Exhibit income: attendance at event8 Site visits by enthusiast groups Narrow gauge railway takings Miniature railway takings steam experience day donations steatn apprentice day donations Compensation for datnage to gate Cash donations received Heritage assets donated to truBt at estimated market value Donation front subsidiary company 1, 137 iio 780 650 1,144 200 io 50 1,168 loo 1,617 2,019 165 622 1,260 200 2.221 3,866 500 228 387 14,100 9,267 5,002 14,534 32,269 TOTAL INCOME 135.921 L75,102 EXPENDITURE ON Direct charitable expenditure Governance costs Raising Eunds 85,351 1,474 47,523 71,470 1,337 25,293 TOTAL EXPENDITURE 1134.3481 198, 1001 NET INCOME BEFORE OTHER GAINS AND LOSSES 1,573 77,002 Net gains/ I losses l on investment assets 60.566 148,6431 NET fdlOVEMENT IN FUNDS Total funds at 1st January 2023 62,139 7,013.669 28,359 6,985,310 Total funds at 31st December 2023 £7,075,808 £7,013,669 The notes on pages 12 to 19 fortn part of these financial tateentS
li Company number 4 62 U48 1 THE CLAUDE JESSETT TRUST COMPANY BALANCE SHBET as at 21st DECEfoBER 2023 2023 2022 Notes FIXED ASSETS . Tangible asset$ Herxtage as5et- Invest¥nent5 1,333,419 1.796.693 3,399,386 1.331.484 1,763, 926 3,330.083 6,529,498 6.425.493 CURRENT ASSETS stock Debtors Cash at bank and in hand 7,203 21.159 535,324 10.009 20,788 571, 940 563, 686 602, 737 CREDITORS- amount5 f alling due within one year 117,3761 114,5611 NET cfJRRENT ASSETS 546,310 588. 176 NET ASSETS £7,075,808 £7,013,669 CHARITY FUNDS Unrestricted Funds 13 £7,075,808 £7.013.669 The trustees consider that the cotnpany is entitled to exemption from the rereMent to have an audit under the provisions of secLion 477 of the Companiek> Act 2006 {' the Act, l and rnembers have not required the cotnpany to obtain an audit for the year in question in accordance with section 476 of the Act. The trustees acknowledge their responsibilities f or complying with the requirements OE The Cotnpanies Act 2006 with respect to accourLting records and the preparation of f inancial statements . The f inancial statements have been prepared..wn accordauce with the special provision applicable to companies subject to the sma_ companies, regiTne of the CoTnpanies Act 2006. The financial statements on pages 10 to 19 were approved by the trustees on 25th September 2024 and signed on thelr behalf by: PETER HAINING rru5tee
12 THE CLFLUDE JESSETT TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st DECEMBER 2023 ACCOUNTING POLICIES Accounting Convention Tho financlal statements have been prepared under the historical cost . convention with items recognised at cost or transaction value unless otherwise stated the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recortwiended Practice: Accounting and Reporting by Charities preparing their accounts in accor(lance with the FinanciaL Reportlrtg Standard applicable in the tJK and Republic of Ireland IFRS1021 Ied on 16th July 2014 and Charities Act 2011. The financial statements irtclude all transactions, assets and liabilities for which the Lrustees are responsible in law. The company has not produced consolidated accounts on the grounds that it qualifies for exemption aB a small company and the re.%ults of the subsidiary are not material to the group. Fund Accounting General Funds are unrestricted funds which are available for use at the discretion of tlje trutee8 in furtherance of the general objectives of the charity and which hav& not been designated for other purposes. Invernent incom&, gains and losses are allocated to the appropriate fund. Income All inCOTne is recognised once the charity has entLtlement to the income. it is probable that the resource8 will be received and the amount of income can be measured. IncoThe tax recoverable in relation to investfftent illCOTne and Gift kid donations 15 recognised at the time the income is recognised. Expenditure Expenditure is recognised once there a legal or constructive obligation to make payment to a third partyi It 15 probable that 5ettlernent will be required and the amount of the obligatlon can be measured reLiably. AIL expenditure 14> accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings . Governance costs are those incurred in connection with the administration of the charity and compliance with the constitutional and statutory requirernents. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
13 THE cfAUDE JESSETT TRUST COMFANY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st DECEMB8R 2023 Icontinuedl Grants Grants are accounted under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible fixed assets are credited to profit or IoE>s at the saTRe rate as the depreciation on the akn¥sets to which r)Je grant relates. The de£erred element of grants is inclucled as deferred income. Grants of a revenue nature are recognised in the Statement of Financial Activites in the same period as the related expenditure. Investments Quoted investtnent5 are a form of basic financial instrument and are intially recognised at their transaction value and 5ub5e(TJently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of YinanciaL Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Inve5ttnent properties are stated at their open market value at trhe balance sheet date including any adjustment5 for inYprovemeoL or impairtnent in vaLue. Interest Receivable Lnterest on funds held on deposit is xncluded when receivable and the arnount can be Tneasured relxably by the charity,. this is normally upon notification of the interest paid or payabLe by the bank. angible Fixed Assets The tangxble fixed assets are stated at Cost or valuatxon at the date of receipt by the company. No depreciation is provided on the land and buildings at Bracherlancls Farm. Hadlow J)own, since the cotnpany policy is to maintain buildings so as to extend their anticipated useful lifÈ ouch that any depreciation charge would be immaterial. Likewise no depreciation is provided on the heritage assets in the collection since it is the purpose of the company to tnaintain tkLOS& items so as to ensure their anticipated useful life is indef Thte. Any depreciation charge on these items would theref ore be imTnaceriaL. In order to comply with the requirements of Financial Reporting standard No 15, an iTnpairtnent review is carried out at the end of each accounting period in accordance with the requiretnents of Financial Reporting Standard No 11 on all iteTn5 which are not being depreclated. Depreciation of other tangible f ixed assets is provided at rates calculated to write off their cost or valuation less any residual value over their estimated useful lives. The rate¥ u8ed are as follows.. Bquipment 25* per annum on the reducing balance basis. stock stock is valued at the lower of cost and net realisable value. Debtors Trade and other debtorB are recognisea at the 5ettlerNent amount af ter any trade discount of fered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at Bank Cash at bank includes cash and short terrn highly liquid inve5tTnents with a short maturity of three months or les5 from the date of acquisition or opening of the deposit of a sirnilar amount.
14 THE CLAUDE JESSETf TRUST COMPANY NOTES TO THE FINANCIAL STATEM8NTS for the year ended 31st DECEMBER 2023 Icontinuedl Creditors and Provisions CreditorB and provsiotts are recognised where the charity has a Preent obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be weasured or estimated reliably. Creditors and provisions are nornally recognised at their settlement allUt net of any trade discounts due. Financial Instruments The charity only has financial assets and liabilities of a kind which qualify as basic financial instrurnents. Basic financial instrumernts are initially rÈcognisea at trarLsaction value and subsequently tneasured at their settLeThent value. DIRECT CHARITABLE EXPENDITURE 2023 2Q22 Site maintenance Exhibit maintenance CoaL for steam exhibits Site utilities 24.886 19.982 2.051 10,956 5,834 9,936 5.964 117 472 247 180 168 16.401 15,867 644 8,479 5,182 8,573 5.904 112 3,444 so 164 94 50 217 156 792 1.209 238 Insurance Accountancy and secretarial Subscriptions Freight Travel and subsistence Entertaining stationery and postage steaTn apprentice day Èxpenses Volunteer day expenses Waste disposaL Computer expenses Website, internet and publicity Bank charges Compensation paid to rectify damage Depreciation Sundry expenses L57 712 130 264 861 2,434 878 2,971 15 £85,351 £71. 470 COST OF PAISING FUNDS Investment property management expense3 Investment property expenses Legal fees re investment propertie5 Listed investments rnanagement f ees 8,030 28,341 1,335 9,817 8,090 6,821 10,382 £47.523 £25, 293
15 THE CLAUDE JESSETT TRUST COMPANY NOTES TO THE FINAPICI2¥L STATEMENTS for the year ended 31st DECEMBER 2023 Icontinuedl GOVERNATrICE COSTS 2023 2022 Independent examiner, s f ee Companies House fee Intormation Commisioner, s f ee 1,394 1.257Ifr' 40 El,474 £1,337 ANALYSIS OF RESOURCES EXPENDED BY EXPENDITtJRE TYPE Expenditure on investment management 47,523 25,293 47,523 25,293 Costts of generating funds- Exp&nditure on charitable activities Expenditure on governance 85,351 1,474 71.470 1,337 £134.348 £98, 100 TRANSACTIONS WITH TRUSTEES No trustees received any benefits in kind 12022.. £Nill 5 trustees received reinUrsetTrellt of Trust expense5 paid personally totalling f56,087 12022= 6 trStee5, £51,533) The Kings Mill Practice of which Mr P Haining, a trustee, is the principal wa paid £5, 694 for accounting and secretarial servieas 12022.. f5, 9041 Invatek Cornputer Services Limited, a company of which Mr P J Greinxgi trustee, is a director, was paid £2, 073 for provision of communication services and computer Support serrfices. 12022- £7921 Mr B J Floyd. a trustee, was paid £3, 977 for specialist engineering services 12022.. £4. 6851
16 THE CLAUDE JESSETT TrUST COMPANY NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st DECEMBER 2023 Icontinuedl TANGIBLE ASSETS Land & buildings Equiprnent Total Covt or valuation: At 1st January 2023 Additions Disposals 1,322,441 3,675 89.943 1,412.384 694 4,369 At 31st December 2023 1.326.116 90,637 1,416,753 Accumulated depreciation: t 1st January 2023 Charge f or the year Eliminated on disposals 80,900 2,434 80,900 2,434 At 31st DeceTnber 2023 83.334 83.334 Net book value.. At 31st Decenkner 2023 £1,326,116 £7,303 £L,333,419 At 31st December 2022 £1,322,441 £9,043 £1.331.484 The land and buildings are Éreehold property cornprising Bracherland5 Fartn, Hadlow Down. East Sussex. The property was valued at £650, 000 by the lnI•teeS in April 2004 on the basis of its operL Tnarket value. The balance of the cost or valuation represents capital irnprovements undertaken since that date. There were no capital commitments at 31st Decernber 2022 or 31st Decernber 2023.
17 THE CLAUDE JESSEW TRUST COMpAir NOTES TO THE FINANCIAL STATEMENTS for the year ended 315t DECEMBER 2023 Icontinuedl HERITAGE ASSETS Archive Heritage material assets Total Cost or valuation: At 1st January 2023 Additions Disposals 1,248 1,762,678 1,763,926 32,767 32,767 At 31st December 2023 1,248 1,795,445 1,796,693 ccumuLated depreciat&on: At 1st January 2023 Charge f or the year Eliminated on disposals At 31st December 2023 Net book value". At 31st December 2023 £1,248 £1,795,445 £1,796,693 At 31st Decenther 2022 £1,248 £1,762,678 £1,763,926 The heritage assets were valued by the trustees in April 2004 on the basis of their open market value.
18 THE CLAUDE JESSETT TRUST COMPANY NOTES TO THE FINANCI2¥L STATEMENTS for the year ended 31st DECEMBER 2023 Icontinuedl INVESTMENTS Invetellt in Investment Listecl subsidiary properties investrnent Total Cost or valuation: 1st January 2023 AdditlOll5 Increasel Idecreasel in market value ecognised in accounts 151 2,525,000 804,932 3.330.085 69,303 69,303 At 31st DeceThber 2023 151 2,525,000 874,235 3,399,386 Provision for diminution in value: At 1st January 2023 Eliminated in year t 31st DeceLber 2023 Net book value At 31st Decernber 2023 £151 £2, 525. 000 £874,235 £3,399,386 At 31st December 2022 £151 f2,440,000 £804.932 £3,330,083 The investment properties were valued by the trustees on 31st DeCeT[er 2023 on Lhe basis of their open market values. The investment in subsidiary comprises an investment in the whole of the issued share capital of Tinkers Park Lxmxted, a company which was incorporated on 25th November 2003 . The company commenced trading during 2005 when it took over the running of The Tinkers Park Rally. At 31st December 2023 the net liabilities OE the company amounted to £3,237 comprising share capxtal of £2 and accumulated losses of £3, 239. Income during the year aTnounted to £58, 709 and expenditure to £58, 709 with a corporation tax liabilty ari&P¥ing of fNil. Investments at market value comprise: ux Overseas 2021 2020 istÈd investments Investrnernt properties XDvestTnent in subsidtary 495,866 2,525,000 151 378,369 874,235 804. 932 2,525,000 2,525,000 151 151 £3,021.017 £378,369 £3,399,386 E3,330,083
19 THE CLAUDE JESSETT TRUST COMPAI NOTES TO THE FINANC12¥L STATEMENTS for the year ended 31st DECEMBER 2023 Icontinuedl 2023 2022 STOCK . 7, 2 03 Goods f or resale £7,203 £10, 009 ii. DEBTORS Amount due from subsidiary undertaking other debtors Prepayments and accruea income 15,895 1,137 4,127 16,804 3,984 £21. 159 £20, 788 12. CREDITORS: amounts falling due within one year other credltors and accruals £17,376 £14. 561 13. STATEMEtrr OF FUNDS Summary of £unds (all unrestricted) Brought f orard Gains/ I Ios5esl Carried f orward IncoTheExpenditure General Funds 7,013,669 135, 521 1134,3481 60,566 7.075,808 14. VERAGE NUMBER OF EMPLOYEES The average Jutther of eTrFloyees was nil 12022= nil)