Registered Charity No 1111163
THE ARTHUR SOUSTER CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED
30 June 2022
THE ARTHUR SOUSTER CHARITABLE TRUST
FINANCIAL STATEMENTS
For the year ended 30 June 2022
| INDEX | Page |
|---|---|
| Legal and administrative details | 1 |
| Report of the Trustees | 2- 3 |
| Independent examiner's report | 4 |
| Principal accounting policies | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
FINANCIAL STATEMENTS
THE ARTHUR SOUSTER CHARITABLE TRUST
For the year ended 30 June 2022
LEGAL AND ADMINISTRATIVE DETAILS
| Charity Registration number: | 1111163 |
|---|---|
| Principal office: | Oakleigh House |
| 28 High Street | |
| Thrapston | |
| Northampton | |
| NN14 4LJ | |
| Trustees: | D H Bletsoe MA, DipArb, MRICS, FAAV, MCIArb |
| C T Bletsoe FRICS, FAAV | |
| The Very Revd Michael Bunker | |
| Mrs C A Brawn MSC (Oxon), PGCE, FRSA | |
| Mrs C E Croser | |
| Bankers: | Barclays Bank Plc |
| Wellingborough Road | |
| Northampton | |
| NN1 4YD | |
| Solicitors: | Vincent Sykes & Higham |
| Montague House | |
| Chancery Lane | |
| Thrapston | |
| Northamptonshire | |
| NN14 4LN | |
| Independent Financial Advisors: | Telford Mann |
| Ironstone Place | |
| Kettering | |
| NN14 1FN | |
| Independent Examiner: | Fortus East Limited |
| 4 Office Village | |
| Forder Way | |
| Cygnet Park, Hampton | |
| Peterborough | |
| PE7 8GX |
1
REPORT OF THE TRUSTEES
THE ARTHUR SOUSTER CHARITABLE TRUST
The trustees present their report together with the financial statements for the year ended 30 June 2022.
Objectives and activities
The Arthur Souster Charitable Trust ("the Trust") is established for charitable purposes and is governed by a Trust Deed dated 9 July 2004. In accordance with its Trust Deed, the Trust's principal objective is to hold funds and income thereon for the benefit of charitable institutions or purposes, at the Trustees' discretion. During the year no capital assets were appointed to the Trust.
The Trustees' role is to hold the Trust funds upon trust and to apply the capital and income thereon for the benefit of charitable institutions and purposes.
During the year the Trust continued to make donations to youth projects of a religious nature. The Trustees believe these activities meet the stated aims of the Trust and Charity Commission's general guidance on public benefit.
Public Benefit
In accordance with its Trust Deed and the Donor's letter of wishes, the Trust provides public benefit by making grants to organisations and individuals particularly in the field of providing financial assistance and support to young people.
Trustees
The Trustees of the Board are set out on page 1. Further Trustees can only be appointed by the current Trustees for the time being.
Investment powers
In accordance with the Trust Deed, the Trustees are empowered to invest the monies of the Trust at their absolute discretion.
Financial review
The Trustees have maintained the charity's policy in applying funds for the benefit of charitable institutions in accordance with its objectives.
The income for the year amounted to £38,786 and expenses to £135,562 resulting in a net deficit of £96,776.
Assets
The assets are held in pursuance of the charity's objectives. The net assets of restricted funds amounted to £1,406,630
Reserves policy
All of the funds of the Charity are restricted and therefore there are no 'free' reserves. However, the Trustees have the power to pay management and administration expenses though do not consider it necessary to allocate reserves for future expenditure of this nature as it is unlikely to reach a level to affect the Charity's resources and activities.
Grant policy
Applications for grants are sent to the Trustees for approval. Grants are made to registered charities, other charitable organisations and individuals.
2
THE ARTHUR SOUSTER CHARITABLE TRUST REPORT OF THE TRUSTEES
Funding
The Trustees are satisfied that the Charity's assets are available and adequate to fulfil its obligations.
Risk assessment
The Trustees have assessed the major risks to which the Charity is exposed. They have invested in a low risk and diversified portfolio.
Trustees' responsibilities for the financial statements
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year.
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 the Charity to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ON BEHALF OF THE TRUSTEES
Mr DH Bletsoe Chairman of Trustees
Date
3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ARTHUR SOUSTER CHARITABLE TRUST
We report on the financial statements for the year ended 30 June 2022, which are set out on pages 5 to 8 of the Financial Report.
This report is made solely to the Trustees in accordance with Section 43 (3) (a) of the Charities Act 2011. Our work has been undertaken so that we might state to the Trustees those matters which we are required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trustees for our work, for this report, or for the opinions we have formed.
Respective responsibilities of the Trustees and examiner
As described on page 3 the Charity's Trustees are responsible for the preparation of the accounts; you consider that the audit requirements of Section 144 (2) of the Charities Act 2011 (the Act) do not apply and that an independent examination is needed.
It is our responsibility to:
-
examine the accounts under S145 of the 2011 Act.
-
follow the procedures laid down in the general Directions given by the Charity Commissioner under S145 (5) b of the 2011 act.
-
state whether particular matters have come to our attention under S156 of the 2011 act.
Basis of independent examiner's report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts, presented with those records. It also includes 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 we do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with our examination, no matter has come to our attention which gives us reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with Section 130 of the Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met; or to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
C A Liston FCCA FMAAT
For and on behalf of Fortus
4 Office Village Forder Way Peterborough PE7 8GX
4
THE ARTHUR SOUSTER CHARITABLE TRUST PRINCIPAL ACCOUNTING POLICIES
BASIS OF PREPARATION
The financial statements have been prepared in accordance with the Charities Act 2011 and following the recommendations in the Statement of Recommended Practice: Accounting by Charities (the SORP) issued in 2015. They have been prepared under the historical cost convention except that investments are valued at market value (see below).
INCOME RESOURCES
Investment income
Investment income is recognised when received.
RESOURCES EXPENDED
Expenditure, which is charged on an accruals basis, is allocated between:
-
expenditure incurred directly to generate income (generating funds);
-
expenditure incurred directly on the fulfilment of the charity's objectives (direct charitable);
-
expenditure incurred in the management and administration of the charity.
GRANTS PAYABLE
Grants payable are accounted for as they fall due.
FUND ACCOUNTING
Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund.
INVESTMENT PROPERTIES
Investment properties are included in the balance sheet at their fair value and are not depreciated.
INVESTMENTS
Traded securities are valued at the mid-point quotation in the Stock Exchange Daily List.
Net gains and losses arising on revaluations and disposals during the year are included in the statement of financial activities.
5
THE ARTHUR SOUSTER CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 30 June 2022
| Note Income Incoming resources Dividends and interest Expenditure Resources expended Cost of generating funds: Investment management fees Charitable expenditure: Grants/donations 1 Management and administration 2 Total resources expended Net resources for the year and surplus (deficit) of income to expenditure Realised profits / (losses) on investments Unrealised profits / (losses) on investments Surplus / (deficit) for the year Fund balance brought forward at 1 July 2021 Fund balance carried forward at 30 June 2022 |
Restricted funds 2022 £ 38,786 38,786 9,132 125,800 630 135,562 (96,776) 36,269 (88,961) (149,468) 1,556,098 1,406,630 |
Restricted funds 2021 £ 36,598 |
|---|---|---|
| 36,598 | ||
| 9,679 | ||
| 118,000 600 |
||
| 128,279 | ||
| (91,681) 177,178 22,858 |
||
| 108,355 1,447,743 |
||
| 1,556,098 |
The accompanying accounting policies and notes form an integral part of these financial statements
6
THE ARTHUR SOUSTER CHARITABLE TRUST
BALANCE SHEET AT 30 JUNE 2022
| Notes 2022 £ Fixed assets Investment property 3 201,354 Investments 4 1,154,360 Current assets Investment fund balances 51,228 Cash at bank 317 Prepayments 51,546 Creditors: amounts falling due within one year (630) Net current assets 50,916 Total assets less current liabilities 1,406,630 Funds Restricted fund 1,406,630 |
2021 £ 201,354 1,316,339 38,687 318 39,005 (600) 38,405 1,556,098 1,556,098 |
2021 £ 201,354 1,316,339 38,687 318 39,005 (600) 38,405 1,556,098 1,556,098 |
|---|---|---|
| 1,556,098 | ||
| 1,556,098 |
The financial statements were approved by the Board of Trustees on ________
Mr D H Bletsoe Chairman of Trustees
Mrs C E Croser Trustee
The accompanying accounting policies and notes form an integral part of these financial statements
7
THE ARTHUR SOUSTER CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
1 DIRECT CHARITABLE EXPENDITURE
| The following charitable donations were made during the year: Name of recipient The Souster Youth Trust Oundle Deanery 2 MANAGEMENT AND ADMINISTRATIVE EXPENDITURE Legal fees Administration and accountancy fees Examiner's fee Insurance Bank charges |
2022 £ 125,000 800 125,800 2022 £ 630 630 |
2021 £ 118,000 |
|---|---|---|
| 118,000 | ||
| 2021 £ 600 |
||
| 600 |
No trustee, or person with a family or business connection with a Trustee in the year, received remuneration directly or indirectly from the Charity.
3 INVESTMENT PROPERTY
| VALUATION At 1 July 2021 At 30 June 2022 COMPRISING Cost Revaluation At 30 June 2022 4 FIXED ASSET INVESTMENTS At 30 June 2022 at cost or valuation Market value |
Freehold property £ 201,354 201,354 201,354 - 201,354 |
Totals £ 201,354 |
|---|---|---|
| 201,354 | ||
| 201,354 - 201,354 |
||
| £ 1,243,321 |
||
| 1,154,360 |
8