Company registration number (England and Wales)
EARL OF CHESTER'S FUND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
EARL OF CHESTER'S FUND
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr RB Witter Mr RE Harries Mr NS Jenkins Mr RJS Lea Mr DO Pickering (retires 2024 AGM - eligible for re-election) Professor K Sykes Mr DC Starbuck-Edwards Major MG Huntriss Senior management RB Witter RE Harries Chairman NS Jenkins RSJ Lea Hon. Secretary. Retires 2024 AGM - eligible for re-election Charity number 1119422 Independent examiner John McLintock 2 Windmill Rise Upton Chester CH2 1HS
EARL OF CHESTER'S FUND
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 - 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
EARL OF CHESTER'S FUND
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The trustees present their annual report and financial statements for the year ended 5 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 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 (FRS 102)" (effective 1 January 2019).
Objectives and activities
The charity’s objectives are such charitable purposes (other than the advancement of religion) within the county of Cheshire (as constituted on the 1st January 1974), or for the benefit of persons ordinarily resident in the county (as so constituted) as the Trustees shall from time-to-time decide.
The Trustees have paid due regard to the guidance issued by the Charity Commissioners on public benefit in deciding what activities the charity shall undertake.
Twenty five (2023 - Seventeen) charitable donations were made in the current year. Others are under consideration for future periods.
Financial review
The net incoming resources for the year amounted to £199,058 (2023 - £261,365). Net income earned in the General Fund before donations totalled £100,171 (2023 - £65,476).
The funds available to carry forward comprise £2,653,223 as an Endowment Fund, £16,500 as a designated reserve and £133,415 as a general reserve.
Interest rates have remained low for several years until recently. Consequently, the trustees decided some years ago to invest the charity’s assets in domestic rental property, so as to provide the charity with a source of predictable income, as well as to allow for the potential for asset appreciation. The gross rental income received in the year was £145,155 (2023 - £109,533). The investment properties were revalued in 2020 resulting in a £371,228 revaluation gain. There were no gains on any investment properties held by the Charity in 2023. With interest rates rising in the last year, the trustees have decided to invest surplus funds in bank deposits. In 2023, the trustees also decided to invest in commercial property as a diversification from pure domestic rentals.
Gift Aided donations totalling £125,000 (after recovery of Gift Aid) (2023 - £155,000) were received in the year. Other donations received in the year to the General Fund totalled £Nil (2023 - £Nil). Donations received in the year to the Endowment Fund totalled £28,636 (2023 - £76,068). Donations made by the charity for charitable purposes in the year totalled £54,748 (2023 - £40,350).
Reserves Policy
It is the charity’s policy to maintain, as a minimum, unrestricted cash reserves sufficient to fund one year’s property costs.
Investment Policy
As noted, the trustees hold the charity’s funds in domestic and commercial properties and surplus funds are held on deposit.
Grant-making policy
The charity aims to distribute its annual net income each year (other than sums allocated to endowment funds or retained under the reserves policy).
Plans for future periods
The trustees do not expect any changes in the objectives of the charity in the forthcoming year. The level of activity by the charity is dependent upon the generosity of its donors and income generated by its assets. The key priorities for the future are to continue to support local charities and other worthwhile causes in Cheshire.
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EARL OF CHESTER'S FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Structure, governance and management
· Constitution
The charity was established under a Trust Deed on 13[th] March 2007. It was registered as a charity on 30th May 2007. The Trust Deed sets out the objects and powers of the charity.
· Recruitment and Appointment of new Trustees
The committee consists of elected committee members. Committee members are elected at the charity’s Annual General Meeting.
· Organisational, Structural and Decision-making
The Trustees determine and execute the policies of the Trust.
- Trustee Induction and Training
New Trustees are advised of their roles and responsibilities when appointed. They are subsequently advised of suitable external induction and training courses.
- Risk Policy
A risk assessment is carried out as part of the organisational business plan, identifying and classifying risks and detailing measures to deal with these risks. The committee is satisfied that systems are in place to mitigate exposure to risks.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr RB Witter
Mr RE Harries
Mr NS Jenkins
Mr RJS Lea
Mr DO Pickering (retires 2024 AGM - eligible for reelection) Professor K Sykes Mr DC Starbuck-Edwards Major MG Huntriss
The trustees' report was approved by the Board of Trustees.
Mr RE Harries Chairman
23 October 2024
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EARL OF CHESTER'S FUND
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EARL OF CHESTER'S FUND
I report to the trustees on my examination of the financial statements of Earl of Chester's Fund (the Charity) for the year ended 5 April 2024.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the Charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
John McLintock
2 Windmill Rise Upton Chester CH2 1HS 23 October 2024
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EARL OF CHESTER'S FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2024
| Current financial year Unrestricted Unrestricted Endowment funds funds funds general Property maintenance 2024 2024 2024 Notes £ £ £ Income and endowments from: Donations and legacies 3 - - 153,636 Investments 4 12,954 - - Other income 5 146,374 - - Total income and endowments 159,328 - 153,636 Expenditure on: Raising funds 59,158 - - Charitable activities 54,748 - - Total expenditure 113,906 - - Net gains/(losses) on investments 10 - - - Net income and movement in funds 45,422 - 153,636 Reconciliation of funds: Fund balances at 6 April 2023 87,993 16,500 2,499,587 Fund balances at 5 April 2024 133,415 16,500 2,653,223 |
Total 2024 £ 153,636 12,954 146,374 312,964 59,158 54,748 113,906 - 199,058 2,604,080 2,803,138 |
Total 2023 £ 231,068 - 114,379 |
|---|---|---|
| 345,447 | ||
| 48,902 40,350 |
||
| 89,252 | ||
| 5,170 | ||
| 261,365 2,342,715 |
||
| 2,604,080 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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EARL OF CHESTER'S FUND
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| Prior financial year Unrestricted Unrestricted Endowment funds funds funds general Property maintenance 2023 2023 2023 Notes £ £ £ Income and endowments from: Donations and legacies 3 - - 231,068 Other income 5 114,379 - - Total income and endowments 114,379 - 231,068 Expenditure on: Raising funds 48,902 - - Charitable activities 40,350 - - Total expenditure 89,252 - - Net gains/(losses) on investments 10 - - 5,170 Net income and movement in funds 25,127 - 236,238 Reconciliation of funds: Fund balances at 6 April 2022 62,866 16,500 2,263,349 Fund balances at 5 April 2023 87,993 16,500 2,499,587 |
Total 2023 £ 231,068 114,379 |
|---|---|
| 345,447 | |
| 48,902 40,350 |
|
| 89,252 | |
| 5,170 | |
| 261,365 2,342,715 |
|
| 2,604,080 |
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EARL OF CHESTER'S FUND
BALANCE SHEET
AS AT 5 APRIL 2024
| Notes Fixed assets Investment property 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Net current assets Total assets less current liabilities The funds of the Charity Endowment funds 15 Unrestricted funds - general 17 Unrestricted funds - Property maintenance 16 |
2024 £ £ 2,316,171 44,812 2,360,983 - 442,155 442,155 442,155 2,803,138 2,653,223 133,415 16,500 2,803,138 |
2023 £ £ 2,316,171 44,812 2,360,983 14,359 228,738 243,097 243,097 2,604,080 2,499,587 87,993 16,500 2,604,080 |
2023 £ £ 2,316,171 44,812 2,360,983 14,359 228,738 243,097 243,097 2,604,080 2,499,587 87,993 16,500 2,604,080 |
|---|---|---|---|
| 2,360,983 243,097 |
|||
| 2,604,080 | |||
| 2,499,587 87,993 16,500 |
|||
| 2,604,080 |
The financial statements were approved by the trustees on 23 October 2024
Mr RE Harries Chairman
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
Charity information
The charity was established under a Trust Deed on 13th March 2007. It was registered as a charity on 30th May 2007. The Trust Deed sets out the objects and powers of the charity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Investment property
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. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 125,000 | 155,000 |
| Other | 28,636 | 76,068 |
| 153,636 | 231,068 | |
| Donations and gifts | ||
| Donations | 100,000 | 124,000 |
| Gift aid | 25,000 | 31,000 |
| 125,000 | 155,000 | |
| Grants | ||
| - | - |
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| 3 | Income from donations and legacies | (Continued) | |
|---|---|---|---|
| 4 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 12,954 | - | |
| 5 | Other income | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Insurance premiums reimbursed by tenant | 1,219 | 1 | |
| Insurance recoveries on repairs | - | 4,846 | |
| Domestic rents | 98,155 | 71,058 | |
| Commercial rents | 47,000 | 38,474 | |
| 146,374 | 114,379 |
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| 6 | Grants payable | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Grants to institutions: | |||
| Clonter Outreach programme | 4,000 | 4,000 | |
| Chester Operatic Society | 1,312 | ||
| Platform for Life | 5,500 | 5,000 | |
| Down Syndrome Cheshire | 3,000 | ||
| PHAB | 500 | ||
| Chester Folk Music Festival | 2,500 | 1,500 | |
| Chester Rotary Club - Furniture | 500 | 1,500 | |
| Adoption Matters | 2,500 | ||
| Charles Halle Foundation | 2,500 | ||
| Border Singers | 1,500 | ||
| Top of the Tower Project | 2,500 | ||
| Chester Scouts Jamboree | 4,000 | ||
| Handicapped Children Action | 2,000 | ||
| Neuromuscular Centre | 1,252 | ||
| Chapter (West Cheshire) | 2,000 | ||
| University Festival of Ideas | 2,000 | ||
| Save the Family | 5,000 | 5,000 | |
| Chester together for Christmas | 2,000 | ||
| Schools Film Project | 2,000 | ||
| Changing Lives Together | 2,000 | ||
| Hospice of the Good Shepherd | 1,384 | 2,000 | |
| Chester Photographic Society | 800 | ||
| Royal Northern College of Music | 1,000 | 1,000 | |
| Hammond School fees | 3,000 | 3,000 | |
| 9 other donations in 2023 | - | 17,350 | |
| 54,748 | 40,350 |
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
7 Support costs allocated to activities
| Management fee Insurance Repairs Council tax Other professional fees Light, heat & water Marketing fees Bank charges Deposit and referencing fees Loss of rent insurance |
2024 £ 11,008 3,763 37,349 626 185 - 2,346 61 1,852 1,968 59,158 |
2023 £ 5,115 2,931 34,346 2,160 1,680 1,480 624 62 504 - |
|---|---|---|
| 48,902 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
10 Gains and losses on investments
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | - | 5,170 |
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
12 Investment property
| Investment property | |
|---|---|
| 2024 | |
| £ | |
| Fair value | |
| At 6 April 2023 and 5 April 2024 | 2,316,171 |
The Trustees have considered the valuation of the investment properties some of which have been held since 2013. The Trustees have reviewed locally available comparable market prices as a cost-effective method for assessing the fair value of properties. The fair values of the investment properties are below. Any changes in fair value are recognised in income and expenditure.
| Investment properties, at valuation: | 2024 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| 32 Talbot Street, Newtown | 160,000 | 160,000 | |
| 104 Westminster Road, Hoole | 190,000 | 190,000 | |
| 51 Tomkinson Street, Hoole | 190,000 | 190,000 | |
| 52 Tomkinson Street, Hoole | 200,000 | 200,000 | |
| 3 Phillip Street, Hoole | 200,000 | 200,000 | |
| 15 Phillip Street, Hoole | 190,000 | 190,000 | |
| 9 Westminster Court, Hoole | 190,000 | 190,000 | |
| 1 Tomkinson Street, Hoole | 193,000 | 193,000 | |
| 8 Tomkinson Street, Hoole | 200,000 | 200,000 | |
| 3 Northgate Street, Chester | 603,171 | 603,171 | |
| ___ | ______ | ||
| 2,316,171 | 2,316,171 | ||
| 13 | Fixed asset investments | ||
| Investments | |||
| £ | |||
| Cost or valuation | |||
| At 6 April 2023 & 5 April 2024 | 44,812 | ||
| Carrying amount | |||
| At 05 April 2024 | 44,812 | ||
| At 05 April 2023 | 44,812 |
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
14 Debtors
| Debtors | ||
|---|---|---|
| 2024 | 2023 | |
| Amounts falling due within one year: | £ | £ |
| Other debtors | - | 14,359 |
15 Endowment funds
This unrestricted fund was created from the donations received in this and previous years. Any property and investment revaluations are also posted to this fund.
| Permanent endowments Previous year: Permanent endowments |
At 6 April 2023 Incoming resources Gains and losses £ £ £ 2,499,587 153,636 - At 6 April 2022 Incoming resources Gains and losses £ £ £ 2,263,349 231,068 5,170 |
At 5 April 2024 £ 2,653,223 |
|---|---|---|
| At 5 April 2023 £ 2,499,587 |
16 Unrestricted funds - Property maintenance
The Trustees have created a designated fund to reserve against potential future liabilities for repairs to the charity’s investment properties. This year an amount of £Nil (2023 - £Nil) was transferred to this fund from the General Fund.
| Previous year: | At 6 April 2023 £ 16,500 At 6 April 2022 £ 16,500 |
At 5 April 2024 £ 16,500 |
|---|---|---|
| At 5 April 2023 £ 16,500 |
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EARL OF CHESTER'S FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
17 Unrestricted funds
All rent received and investment income is credited to this fund. All grants and expenses are paid from it. Its balance is carried forward to future years.
| At 6 April | Incoming | Resources | At 5 April | |
|---|---|---|---|---|
| 2023 | resources | expended | 2024 | |
| £ | £ | £ | £ | |
| General funds | 87,993 | 159,328 | (113,906) | 133,415 |
| Previous year: | At 6 April | Incoming | Resources | At 5 April |
| 2022 | resources | expended | 2023 | |
| £ | £ | £ | £ | |
| General funds | 62,866 | 114,379 | (89,252) | 87,993 |
18 Potential future committed funds
The Charity is committed to paying school fees totalling approximately £Nil (2023 - £3,000) over the next year (2023 – one year). These fees have not been provided for in the accounts due to the uncertainty over whether the pupils concerned will, or will not, complete their courses of study.
19 Tenants' deposits
In accordance with the requirements of the RCIS, tenants’ deposits are held in a separate bank account with the Deposit Protection Service Custodial Scheme. At 5th April 2024, these amounted to £5,400 (2023 - £7,937).
20 Related party transactions
Donations were received from trustees during the year, without conditions, totalling £100,000 (2023 - £124,000). Donations, without conditions, totalling £28,636 (2023 - £76,068) were received during the year from a company over which a trustee has a controlling interest.
No remuneration or expenses were paid to any trustee during the year (2023 - £ Nil).
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