**Charity Registration No. 1125201**
# **THE JUBILEE & SHELLEY SHAKMAN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
# **FOR THE YEAR ENDED 31 DECEMBER 2020**
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr P Lord|
|---|---|
||Mr I Johnson|
||Mrs D Wellings|
||Mrs M Barber|
||Mr I Cox|
||Mr G Patrick|
||Mr E Axe|
||Mr A Penson|
|**Charity number**|1125201|
|**Principal address**|Bengore|
||Stylecroft Road|
||Chalfont St. Giles|
||Bucks|
||HP8 4HY|
|**Independent examiner**|Azets Audit Services|
||The Mill House|
||Boundary Road|
||Loudwater|
||High Wycombe|
||Bucks|
||HP10 9QN|
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 14|
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The trustees present their report and financial statements for the year ended 31 December 2020.
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 trust'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 trust's objects are :
(1) The provision of housing and accommodation for persons who are in need, hardship and distress and those who are resident in the area of benefit. In relation to the Jubilee Homes property the trustees must give preference firstly to married couples in need as result of age and infirmity and secondly, individuals who are in need as a result of age and infirmity.
(2) Such charitable purposes for the benefit of the residents of the almshouses as the trustees decide.
(3) The relief of financial hardship, either generally or individually, of people living in the area of benefit by making grants of money for providing or paying for items, services or facilities.
(4) The land and properties owned by the trust must be retained by the trustees for the use for the object of the charity.
## **Aims of the Trust**
The main aim of the trust is to maintain the Jubilee h omes , the William Shakman h ouse , Deanway cottages and Up Corner Place house, Chalfont St. Giles. This is achieved firstly from contributions from the residents of these properties and secondly from monies held in investments.
The trustees decide what repairs need to be carried out during the year. They receive quotes from local companies and then decide when the work is to be carried out.
## **Public Benefit**
The benefits of The Jubilee and Shelley Shakman Trust are clear from the objects , activities and aim s identified above.
The area of benefit of the trust is the Parish of Chalfont St. Giles.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
- 1 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Achievements and performance**
This year has been unusual due to the Covid-19 pandemic. The consequent government restrictions have impacted the Charity in a number of ways:
1) Trustees of the Charity's affairs has had to be through electronic means rather than formal meetings.
2) Residents continued to have the support of the trustees and all residents were contacted to enquire as to their physical and mental well being.
3) Some of the residents requested a rent reduction for a few months due to financial difficulties.
4) Maintenance of the properties were delayed. Whilst access to the properties to undertake maintenance was restricted during the earlier parts of the pandemic, access has commenced to all our properties and we expect to complete all essential maintenance works in line with expectations.
## **Financial review**
The trustees are satisfied with the results for the year.
Funding has come mainly from contributions from residents and investment income. The contributions from all residents were increased from 1 April 2020. The trust continues to invest in low risk entities via the investment portfolio.
It is the policy of the trust to maintain unrestricted funds at a level which will enable it to maintain its properties and meet any unforeseen expenditure. Total unrestricted funds at the year end were £1, 482,640.
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Future Plans**
The t rust will continue to maintain Jubilee Cottages, William Shakman House, Deanway Cottage, Middle Cottage, End Cottage , Up Corner Close House and garages, both internally and externally.
## **Structure, governance and management**
## **Constitution**
The name of the trust as listed in the register of charities is The Jubilee and Shelley Shakman Trust. The number assigned to the trust is 1125201.
The charitable trust was constituted by the scheme adopted on 23 June 2008.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr P Lord
Mr D Worley (Deceased 12 January 2021) Mr I Johnson Mrs D Wellings Mrs M Barber Mr I Cox Mr G Patrick Mr E Axe Mr A Penson
- 2 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Appointment of trustees and Organisational Structure**
The body of trustees must be appointed by Chalfont St. Giles Parish Council. Each appointment is made for a term of four years at a meeting convened and held according to the ordinary practice of the Parish Council. The person appointed might be, but need not be, a member of the Parish Council. The nominated trustee is Mr I. Johnson.
The co-opted trustees must be appointed at a special meeting, called by the chairman or any two trustees. Each appointment is for a term of four years. The co-opted trustees are Mr P. Lord, Mrs D. Wellings, Mr I. Cox, Mrs M. Barber, Mr E. Axe and Mr A. Penson.
The trustees hold at least two ordinary meetings each year.
## **Induction and training of new trustees**
Before being appointed the trustees are made aware as to what is expected of them.
On their first appointment, the trustees must give each new trustee: (1) A copy of the Scheme, under which the trust is governed.
(2) A copy of the trust's latest report and statement of accounts.
## **Funds held as custodian trustee**
The trustees Mr P Lord, Mrs M Barber and Mr I Johnson hold title to the property on behalf of the charity.
The Trustees r eport was approved by the Board of Trustees.
## **Mr P Lord**
Chair of the Trustees
Dated: 8 June 2021
- 3 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE JUBILEE & SHELLEY SHAKMAN TRUST**
I report to the trustees on my examination of the financial statements of The Jubilee & Shelley Shakman Trust (the trust) for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 trust as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Mr C J Nisbet FCA Institute of Chartered Accountants in England & Wales Azets Audit Services
The Mill House Boundary Road Loudwater High Wycombe Buckinghamshire HP10 9QN United Kingdom
Dated: 9 June 2021
- 4 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**Unrestricted Unrestricted**
**funds**
**funds**
**general d esignated**
**2020**
**2020**
**Notes**
**£**
**£**
**Income and endowments from:**
Charitable activities
**2**
65,460
-
Investments
**3**
2,357
-
Other income
-
-
**Total income**
67,817
-
**Expenditure on:**
Raising funds
**4**
1,723
-
Charitable activities
**5**
86,244
-
Other
**9**
-
-
**Total resources**
**expended**
87,967
-
Net gains/(losses) on
investments
**10**
6,806
(398)
**Net movement in funds**
(13,344)
(398)
Fund balances at 1
January 2020
1,372,161
124,221
**Fund balances at 31**
**December 2020**
1,358,817
123,823|**Total**Unrestricted Unrestricted
funds
funds
general
d esignated
**2020**
2019
2019
**£**
**£**
**£**
65,460
55,234
-
2,357
13,896
-
-
38
-
67,817
69,168
-
1,723
4,456
-
86,244
83,051
-
-
167
-
87,967
87,674
-
6,408
(85,462)
1,931
(13,742)
(103,968)
1,931
1,496,382
1,476,129
122,290
1,482,640
1,372,161
124,221|Total
2019
**£**
55,234
13,896
38
69,168
4,456
83,051
167
87,674
(83,531)
(102,037)
1,598,419
1,496,382|
|---|---|---|
|Charitable activities
**2**
Investments
**3**
Other income
**Total income**
**Expenditure on:**
Raising funds
**4**
Charitable activities
**5**
Other
**9**
**Total resources**
**expended**
Net gains/(losses) on
investments
**10**
**Net movement in funds**
Fund balances at 1
January 2020
**Fund balances at 31**
**December 2020**|||
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 5 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2020**_
|**Notes**
**Fixed assets**
Tangible assets
**11**
Investment properties
**12**
Investments
**13**
**Current assets**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds
Designated funds
**16**
General unrestricted funds|**2020**
**£**
**£**
1,168,559
50,000
214,410
1,432,969
3,988
49,943
53,931
(4,260)
49,671
1,482,640
123,823
1,358,817
1,482,640
1,482,640|**2019**
**£**
**£**
794,512
50,000
207,394
1,051,906
422,923
28,233
451,156
(6,680)
444,476
1,496,382
124,221
1,372,161
1,496,382
1,496,382|
|---|---|---|
The financial statements were approved by the Trustees on 8 June 2021
Mr P Lord **Trustee**
- 6 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the trust'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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the trust. Monetary a mounts 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 trust has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the trustees have considered the impacts, and expected future impacts, of the Covid-19 pandemic on both the charity and the environment in which it operates. 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.
There are two designated funds set aside for extraordinary and cyclical repairs.
## **1.4 Incoming resources**
Income is recognised when the trust 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.
## **1.5 Resources expended**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold properties
See below
- 7 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **(Continued)**
(i) Depreciation of that part of the cost of the Rehabilitation Scheme for the Jubilee Cottages not financed by Housing Association Grant is being provided by charging depreciation over the period of 30 years.
(ii) Depreciation in respect of Shakman House is being provided by charging £375 per annum, commencing 1984, to write off the cost of the buildings over their anticipated remaining life. The improvements carried out to the property in 2008 is being provided by charging depreciation over the period of 30 years.
(iii) Depreciation in respect to the improvements carried out to Deanway Cottage and Middle Cottage is provided by charging depreciation over the period of 30 years.
(iv) Depreciation in respect to End Cottage and Up Corner Close House is provided by charging depreciation over the period of 30 years.
## **1.7 Investment land**
Investment land is shown at the most recent valuation.
## **1.8 Fixed asset investments**
The investments are stated at current market value and the surplus or deficit arising each year is recognised in net income/(expenditure) for the year .
## **1.9 Financial instruments**
The trust 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 trust's balance sheet when the trust 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.
## _**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 p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
- 8 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **2 Charitable activities**
||**Income from**|Total|
|---|---|---|
||**non-**||
||**investment**||
||**properties**||
||**2020**|2019|
||**£**|£|
|Charitable rental income|65,460|55,234|
|**Investments**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**general**|general|
||**2020**|2019|
||**£**|£|
|Income from investments held in a portfolio|2,290|13,731|
|Interest receivable|67|165|
||2,357|13,896|
|**Raising funds**|||
||**Unrestricted**|Total|
||**funds**||
||**general**||
||**2020**|2019|
||**£**|£|
|Investment management fees|1,723|4,456|
||1,723|4,456|
## **3 Investments**
## **4 Raising funds**
- 9 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **5 Charitable activities**
|Depreciation
Rates and water
Insurance
Light and heat
Repairs and maintenance
Postage and stationery
Garden upkeep
Share of governance costs (see note 6)
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Audit fees
-
-
Accountancy
-
720
Legal and professional
-
2,916
Independent examiners
fee
-
2,340
-
5,976
Analysed between
Charitable activities
-
5,976|**Maintenance**
**of properties**
**2020**
**£**
47,626
1,952
2,495
5,607
18,030
718
3,840
80,268
5,976
86,244
**2020**
Support
costs
Governance
costs
**£**
£
£
-
-
2,250
720
-
624
2,916
-
1,810
2,340
-
-
5,976
-
4,684
5,976
-
4,684|Total
**2019**
**£**
33,571
2,622
2,292
5,089
30,800
393
3,600
78,367
4,684
83,051
2019
£
2,250
624
1,810
-
4,684
4,684|
|---|---|---|
## **6 Support costs**
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration during the year, but one of them w as reimbursed a total of £ 106 stationary, postage and sundry expenses (2019- one trustee was reimbursed £ 139 ).
## **8 Employees**
There were no employees during the current or previous year.
- 10 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **9 Other**
|Financing costs
**Net gains/(losses) on investments**
**Unrestricted Unrestricted**
**funds**
**funds**
**general d esignated**
**2020**
**2020**
**£**
**£**
Revaluation of
investments
6,806
(398)
Gain/(loss) on sale of
investments
-
-
Revaluation of
investment properties
-
-
6,806
(398)
**Tangible fixed assets**
**Cost**
At 1 January 2020
Additions
At 31 December 2020
**Depreciation and impairment**
At 1 January 2020
Depreciation charged in the year
At 31 December 2020
**Carrying amount**
At 31 December 2020
At 31 December 2019|**Total**Unrestricted
funds
**£**
general
**2020**
2019
-
167
-
167
**Total**Unrestricted Unrestricted
Total
funds
funds
general
d esignated
**2020**
2019
2019
2019
**£**
£
£
£
6,408
(74,011)
1,931
(72,080)
-
105,049
-
105,049
-
(116,500)
-
(116,500)
6,408
(85,462)
1,931
(83,531)
**Freehold properties**
**£**
1,019,284
421,673
1,440,957
224,772
47,626
272,398
1,168,559
794,512|
|---|---|
## **10 Net gains/(losses) on investments**
## **11 Tangible fixed assets**
- 11 -
**THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **12 Investment land**
At 1 January 2020 and 31 December 2020
**2020 £** 50,000
The investment land was purchased in 2011 for £166,500. On 26 August 2020 an independent valuation was carried out. The land does not currently benefit from planning permission and therefore the land has a garden amenity value of £50,000.
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Freehold|50,000|50,000|
|Long leasehold|-|-|
|Short leasehold|-|-|
## **13 Fixed asset investments**
||**Listed**|**Cash in**|**Total**|
|---|---|---|---|
||**investments**|**portfolio**||
||**£**||**£**|
|**Market valuation**||||
|At 1 January 2020|12,518|194,876|207,394|
|Additions|192,893|-|192,893|
|Valuation changes|6,673|-|6,673|
|Cash movement|(265)|(192,285)|(192,550)|
|At 31 December 2020|211,819|2,591|214,410|
|**Carrying amount**||||
|At 31 December 2020|211,819|2,591|214,410|
|At 31 December 2019|12,518|194,876|207,394|
|**Debtors**||||
|||**2020**|**2019**|
|**Amounts falling due within one year:**||**£**|**£**|
|Other debtors||-|421,696|
|Prepayments and accrued income||3,988|1,227|
|||3,988|422,923|
## **14 Debtors**
- 12 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **14 Debtors**
## **(Continued)**
Included in other debtors in 2019 was monies paid for the purchase of a property in Chalfont St. Giles, the purchase completed on 6 January 2020.
## **15 Creditors: amounts falling due within one year**
|Other creditors
Accruals and deferred income|**2020**
**£**
1,800
2,460
4,260|**2019**
**£**
1,800
4,880
6,680|
|---|---|---|
## **16 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
||**Balance at**|**Revaluations,**|
**Balance at**|**Revaluations,**|**Balance at**|
|---|---|---|---|---|---|
||**1 January 2019**|**gains and**|
**1 January 2020**|**gains and**|**31 December**|
|||**losses**||**losses**|**2020**|
||**£**|**£**|
**£**|**£**|**£**|
|Extraordinary Repair Fund|15,187|1,931|
17,118|(398)|
16,720|
|Cyclical Repair Fund|107,103|-|
107,103|-|107,103|
||122,290|1,931|
124,221|(398)|
123,823|
There are two designated funds set aside for extraordinary and cyclical repairs. T he funds are available for the use at the discretion of the trustees.
## **17 Analysis of net assets between funds**
|Fund balances at 31
December 2020 are
represented by:
Tangible assets
Investment properties
Investments
Current assets/
(liabilities)|**General Designated**
**2020**
**2020**
**£**
**£**
1,168,559
-
50,000
-
90,587
123,823
49,671
-
1,358,817
123,823|**Total**
**2020**
**£**
1,168,559
50,000
214,410
49,671
1,482,640|General Designated
2019
2019
£
£
794,512
-
50,000
-
83,173
124,221
444,476
-
1,372,161
124,221|Total
2019
£
794,512
50,000
207,394
444,476
1,496,382|
|---|---|---|---|---|
- 13 -
## **THE JUBILEE & SHELLEY SHAKMAN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **18 Related party transactions**
Other than Trustees' expenses (note 7 ), there were no related party transactions for the year ended 31 December 20 20 .
- 14 -