Company no. 06249803 Charity no. 1119695
The J.W. Sly & Sons (Northleach) Charitable Trust
Report and Unaudited Financial Statements 31 May 2022
The J.W. Sly & Sons (Northleach) Charitable Trust
Reference and administrative details
For the year ended 31 May 2022
| Company number | 06249803 | |
|---|---|---|
| Charity number | 1119695 | |
| Status | The organisation is a | charitable company limited by guarantee, |
| incorporated on 16 May | 2007 and registered as a charity on 18 June | |
| 2007. | ||
| Governing document | The company was established under a memorandum of association | |
| which established the objects and powers of the charitable company | ||
| and is governed under its articles of association. | ||
| Trustees | Laura Blundell | |
| Peter Dawson | ||
| David Ebsworth | ||
| Felicity Ebsworth | ||
| Christopher Hancock | ||
| Emily Hartnell | ||
| David Louisson | ||
| Richard Owen | ||
| Ian Sanders | ||
| Justine Shackleton | resigned 11 October 2022 | |
| Enid Sly | ||
| Company secretary | Ian Sanders | |
| Registered office and | Wheelwrights | |
| operational address | West End | |
| Northleach | ||
| Gloucestershire | ||
| GL54 3EZ | ||
| Bankers | Bank of Scotland plc | |
| The Mound | ||
| Edinburgh | ||
| EH1 1YZ | ||
| Investment managers | Smith and Williamson | |
| 25 Moorgate | ||
| London | ||
| EC2R 6AY | ||
| Independent examiners | Alison Godfrey FCA | |
| Godfrey Wilson Limited | ||
| Chartered accountants and statutory auditors | ||
| 5th Floor Mariner House | ||
| 62 Prince Street | ||
| Bristol | ||
| BS1 4QD |
1
The J.W. Sly & Sons (Northleach) Charitable Trust
Report of the trustees
For the year ended 31 May 2022
The trustees present their report and the examined financial statements for the year ended 31 May 2022.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
Structure, management and governance
The organisation is a charitable company limited by guarantee, incorporated on 16 May 2007 and registered as a charity on 18 June 2007. The organisation is governed by its articles and memorandum of association.
Recruitment and appointment of trustees
The trustees are recruited amongst family members and members of the local community who the trustee body believe have the necessary experience to enhance the aims of the charitable company.
Induction and training of trustees
All trustees are fully involved in the work of the trust from the outset with the necessary support from their co-trustees.
Remuneration and expenses of trustees
All trustees provide their services totally voluntarily and no payments for trustees' remuneration and no claims for expenses have been made in the year ending 31 May 2022.
Risk management
The trust has mechanisms in place to ensure the security of its assets. During the past year, the trust has continued further with planning and building activity for the provision of affordable housing, employing architectural and design consultants, to ensure regulatory compliance in the construction phase.
Public benefit
The trustees have given due regard to the Charity Commission's guidance with regard to public benefit. The trust has provided 8 affordable houses which continue to be occupied by local residents of Northleach during the year under review, within the spirit of the trust deed.
Objectives and activities
The main aim of the charitable company is to provide affordable housing within the Parish of Northleach for the benefit of employees working within Community Facilities and Services, including, but not exclusively, schools, shops and churches.
It also aims:
-
to support local family life within the community;
-
to utilise buildings and facilities of the trust to support local community enterprises which help to preserve historic artefacts and support modern education in relation to local trades as practised in Northleach in past times;
-
to support students within the parish requiring financial assistance with course literature; and
-
to make grants to other charities and not-for-profit organisations operating in Northleach.
2
The J.W. Sly & Sons (Northleach) Charitable Trust
Report of the trustees
For the year ended 31 May 2022
Achievements and performance
The Trust's existing properties continue to be occupied for the full period of this report.
Occupations continue, plus, following its complete refurbishment, The Slys Close Barn has been let to two residents from Autumn 2021. Two of the premises given to the Trust last year have undergone minimal regulatory upgrades, and have now been let. The third premises, is in process of major upgrade, and should be available for letting in the autumn of 2022.
The charitable company is continuing in the process of archiving relevant historic documents belonging to the Sly family.
Financial review
Reserves policy
The charitable company held total unrestricted funds of £3,003,823 at 31 May 2022 (2021: £2,965,601), which was primarily represented by the property, property development undertaken and cash at bank. The trustees consider the level of reserves to be adequate for supporting the immediate future plans of the charitable company.
Maintenance provisions continue in line with our policies, and will continue until the level of provision is reviewed by trustees in line with anticipated potential repair work.
Plans for the future
Other than continuing the letting to local community of existing Trust properties no further major development plans are presently being considered.
Statement of responsibilities of the trustees
The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Company law 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 income and expenditure of the charity for that period. In preparing those 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 accounting estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards and statements of recommended practice 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 operation.
3
The J.W. Sly & Sons (Northleach) Charitable Trust
Report of the trustees
For the year ended 31 May 2022
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Independent examiners
Godfrey Wilson Limited were re-appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 13 January 2023 and signed on their behalf by:
C Hancock
Chris Hancock - Chair
4
Independent examiner's report
To the trustees of
The J.W. Sly & Sons (Northleach) Charitable Trust
I report to the trustees on my examination of the accounts of The J.W. Sly & Sons (Northleach) Charitable Trust (the charitable company) for the year ended 31 May 2022, which are set out on pages 6 to 17.
Responsibilities and basis of report
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
(1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
-
(2) the accounts do not accord with those records; or
-
(3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
-
(4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Alison Godfrey
Date: 16 January 2023 Alison Godfrey FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited
Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
5
The J.W. Sly & Sons (Northleach) Charitable Trust
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 May 2022
| Note Income from: Donations and legacies 2 Charitable activities 3 Investments 4 Expenditure on: Raising funds Charitable activities 5 6 Net gains on investments Net movement in funds Total income Total expenditure Total funds brought forward Total funds carried forward Reconciliation of funds: Net income before gains |
2022 £ 30,579 65,954 3,332 99,865 2,649 68,676 71,325 28,540 9,682 38,222 2,965,601 3,003,823 |
2021 £ 779,000 53,179 6,126 838,305 3,250 54,252 57,502 780,803 37,659 818,462 2,147,139 2,965,601 |
|---|---|---|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movement in funds are disclosed in note 15 to the accounts. All income and expenditure in the current and prior period is unrestricted.
6
The J.W. Sly & Sons (Northleach) Charitable Trust
Balance sheet
As at 31 May 2022
| Note Fixed assets Tangible fixed assets 7 Investments 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts due within 1 year 10 Net current assets Net assets 13 Funds 15 Unrestricted funds Designated funds General funds Total funds |
5,143 117,862 123,005 (1,260) |
2022 £ 2,725,242 156,836 2,882,078 121,745 3,003,823 103,400 2,900,423 3,003,823 |
2021 £ 2,460,912 270,150 2,731,062 1,702 234,037 235,739 (1,200) 234,539 2,965,601 83,700 2,881,901 2,965,601 |
|---|---|---|---|
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for:
-
(i) ensuring that the Company keeps proper accounting records which comply with section 386 of the Act; and
-
(ii) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 13 January 2023 and signed on their behalf by
C Hancock
Chris Hancock - Chair
7
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the financial statements
For the year ended 31 May 2022
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The J.W. Sly & Sons (Northleach) Charitable Trust 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.
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
c) Income
Income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
d) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the bank.
e) Funds accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charitable company. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
8
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the financial statements
For the year ended 31 May 2022
1. Accounting policies (continued)
f) Expenditure and irrecoverable VAT
- Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
g) Allocation of support and governance costs
Support costs are those functions that assist the work of the charitable company but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. The charity does not carry out any external fundraising activities so support costs have been allocated in full to charitable activities.
h) Tangible fixed assets
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Freehold property
1% straight line basis
Assets with a useful economic life of more than fifty years are subject to annual impairment reviews. Assets in the course of construction will be depreciated once brought into use.
i) Listed investments
Investments listed or traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.
j) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
k) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
l) Creditors
Creditors and provisions are recognised where the charitable company has a present 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 measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
9
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the financial statements
For the year ended 31 May 2022
1. Accounting policies (continued)
m) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
n) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Depreciation
As described in note 1(h) to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.
2. Income from donations and legacies
| Donations Legacies Income from charitable activities Rental income Other income |
2022 £ - 30,579 30,579 2022 £ 65,835 119 65,954 |
2021 £ 244,500 534,500 779,000 2021 £ 53,160 19 53,179 |
|---|---|---|
3. Income from charitable activities
10
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the financial statements
For the year ended 31 May 2022
4. Income from investments
| Interest Dividends |
2022 £ 283 3,049 3,332 |
2021 £ 924 5,202 6,126 |
|---|---|---|
5. Total expenditure
| Void community charges Investment fees Archiving costs Sub-total Total expenditure Accountancy Depreciation Property running costs Insurance Bank charges Donations Agent fees Building costs Allocation of support and governance costs |
£ - - - - - - - - - 2,649 - 2,649 - 2,649 Raising funds |
£ 11,164 9,491 399 3,535 - 26,094 - 50 2,494 - 14,098 67,325 1,351 68,676 Charitable activities |
£ - - - - 1,260 - 91 - - - - 1,351 (1,351) - Support and governance |
2022 Total £ 11,164 9,491 399 3,535 1,260 26,094 91 50 2,494 2,649 14,098 71,325 - 71,325 |
|---|---|---|---|---|
Total governance costs in the year were £1,260 (2021: £1,200).
11
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the financial statements
For the year ended 31 May 2022
5. Total expenditure (continued) Prior period comparative:
| Void community charges Investment fees Archiving costs Sub-total Total expenditure Agent fees Allocation of support and governance costs Depreciation Bank charges Donations Building costs Property running costs Insurance Accountancy |
£ - - - - - - - - - 3,250 - 3,250 - 3,250 Raising funds |
£ 6,754 10,201 199 4,460 - 14,198 - 50 4,573 - 12,533 52,968 1,284 54,252 Charitable activities |
£ - - - - 1,200 - 84 - - - - 1,284 (1,284) - Support and governance |
2021 Total £ 6,754 10,201 199 4,460 1,200 14,198 84 50 4,573 3,250 12,533 57,502 - 57,502 |
|---|---|---|---|---|
12
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the financial statements
For the year ended 31 May 2022
6. Net income for the year This is stated after charging:
| Depreciation Trustees' remuneration Trustees' reimbursed expenses Independent examination fees (including VAT) |
2022 £ 26,094 Nil Nil 1,260 |
2021 £ 14,198 Nil Nil 1,200 |
|---|---|---|
7. Tangible fixed assets
| £ Cost At 1 June 2021 354,892 Additions in the year 243,148 Transfers (507,635) At 31 May 2022 90,405 Deprecation At 1 June 2021 - Charge for the year - At 31 May 2022 - Net book value At 31 May 2022 90,405 At 31 May 2021 354,892 8. Investments Market value at 1 June 2021 Additions at cost Disposals proceeds Realised gains / (losses) Unrealised gains Market value at 31 May 2022 Assets in the course of construction |
£ 2,198,590 47,276 507,635 2,753,501 92,570 26,094 118,664 2,634,837 2,106,020 2022 £ 270,150 9,008 (132,004) 3,276 6,406 156,836 Freehold property |
£ 2,553,482 290,424 - 2,843,906 92,570 26,094 118,664 2,725,242 2,460,912 2021 £ 380,720 - (148,229) 6,501 31,158 270,150 Total |
|---|---|---|
Investments comprise listed investments held by Smith and Williamson.
13
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the financial statements
For the year ended 31 May 2022
9. Debtors
| Rental income Other debtors Creditors: amounts due within 1 year Accruals |
2022 £ 1,000 4,143 5,143 2022 £ 1,260 |
2021 £ 709 993 1,702 2021 £ 1,200 |
|---|---|---|
10. Creditors: amounts due within 1 year
11. Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
12. Related party transactions
In the prior year Joyce Sly, sister of Enid Sly, trustee, bequeathed property with a probate value of £534,500 to the charity. Enid Sly, trustee, co-owned 2 of these properties and donated her interest in these properties at the same time, recognised at a probate value at £244,500.
There were no other related party transactions during the current or prior period.
13. Analysis of net assets between funds
| Tangible fixed assets Investments Current assets Current liabilities Net assets at 31 May 2022 |
£ - - 103,400 - 103,400 Designated funds |
General funds £ 2,725,242 156,836 19,605 (1,260) 2,900,423 |
Total funds £ 2,725,242 156,836 123,005 (1,260) 3,003,823 |
|---|---|---|---|
14
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the financial statements
For the year ended 31 May 2022
13. Analysis of net assets between funds (continued)
| Prior period comparative Tangible fixed assets Investments Current assets Current liabilities Net assets at 31 May 2021 14. Financial instruments held at fair value Financial assets measured at fair value |
£ - - 83,700 - 83,700 Designated funds |
General funds £ 2,460,912 270,150 152,039 (1,200) 2,881,901 2022 £ 156,836 |
Total funds £ 2,460,912 270,150 235,739 (1,200) 2,965,601 2021 £ 270,150 |
|---|---|---|---|
Financial assets measured at fair value comprise listed investments.
15
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the financial statements
For the year ended 31 May 2022
15. Movements in funds
| Designated funds: Maintenance fund - cyclical Maintenance fund - long term Total designated funds General funds Total unrestricted funds Total funds Unrestricted funds |
At 1 June 2021 £ 24,800 58,900 83,700 2,881,901 2,965,601 2,965,601 |
Income £ - - - 99,865 99,865 99,865 |
£ £ - - - - - - (71,325) 9,682 (71,325) 9,682 (71,325) 9,682 Net gains on investments Expenditure |
£ 6,600 13,100 19,700 (19,700) - - Transfers between funds |
£ 31,400 72,000 103,400 2,900,423 3,003,823 3,003,823 At 31 May 2022 |
|---|---|---|---|---|---|
Purposes of designated funds
Maintenance fund - cyclical
To provide for maintenance costs which occur and become necessary intermittently, which are not considered day to day or part of annual maintenance, and to provide for costs incurred on refurbishment of properties at change of residents.
Maintenance fund - long term
To provide for maintenance costs which become necessary in the longer term due to major dilapidation of building structures, roadways or walls.
16
The J.W. Sly & Sons (Northleach) Charitable Trust
Notes to the financial statements
For the year ended 31 May 2022
15. Movements in funds (continued)
| Prior period comparative Designated funds: Maintenance fund - cyclical Maintenance fund - long term Total designated funds General funds Total unrestricted funds Total funds Unrestricted funds |
At 1 June 2020 £ 19,500 48,200 67,700 2,079,439 2,147,139 2,147,139 |
Income £ - - - 838,305 838,305 838,305 |
£ £ - - - - - - (57,502) 37,659 (57,502) 37,659 (57,502) 37,659 Expenditure Net gains on investments |
£ 5,300 10,700 16,000 (16,000) - - Transfers between funds |
£ 24,800 58,900 83,700 2,881,901 2,965,601 2,965,601 At 31 May 2021 |
|---|---|---|---|---|---|
17