Charity Registration No. 1125201
THE JUBILEE & SHELLEY SHAKMAN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 Mr B Bedford (Appointed 1 August 2021) Charity number 1125201 Principal address Bengore Stylecroft Road Chalfont St. Giles Bucks HP8 4HY Independent examiner Azets Audit Services Suites B & D Burnham Yard Beaconsfield Bucks HP9 2JH
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 - 13 |
THE JUBILEE & SHELLEY SHAKMAN TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their report and financial statements for the year ended 31 December 2021.
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 Homes cottages, the William Shakman House, the Deanway cottages and the Up Corner Close 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 aims 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.
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) 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.
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THE JUBILEE & SHELLEY SHAKMAN TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
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 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 £1,414,537 (2020: £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 trust will continue to maintain the Jubilee Homes cottages, the William Shakman House, the Deanway cottages and the 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. I Johnson Mrs. D Wellings Mrs. M Barber Mr. I Cox Mr. G Patrick Mr. E Axe Mr. A Penson Mr. D Worley (Deceased 12 January 2021) Mr B Bedford (Appointed 1 August 2021)
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.
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THE JUBILEE & SHELLEY SHAKMAN TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
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 report was approved by the Board of Trustees.
..............................
Mr. P Lord Chair of the Trustees Dated: .........................27 October 2022
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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 2021.
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
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:
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1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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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 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 Azets Audit Services
Suites B & D Burnham Yard Beaconsfield Bucks HP9 2JH
27 October 2022 Dated: .........................
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THE JUBILEE & SHELLEY SHAKMAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Unrestricted funds funds general designated 2021 2021 Notes £ £ Income from: Charitable activities 2 60,539 - Investments 3 2,561 - Other income 250 - Total income 63,350 - Expenditure on: Raising funds 4 2,851 - Charitable activities 5 72,413 69,101 Total resources expended 75,264 69,101 Net gains/(losses) on investments 9 11,316 1,596 Net movement in funds (598) (67,505) Fund balances at 1 January 2021 1,358,817 123,823 Fund balances at 31 December 2021 1,358,219 56,318 |
Total Unrestricted Unrestricted funds funds general designated 2021 2020 2020 £ £ £ 60,539 65,460 - 2,561 2,357 - 250 - - 63,350 67,817 - 2,851 1,723 - 141,514 86,244 - 144,365 87,967 - 12,912 6,806 (398) (68,103) (13,344) (398) 1,482,640 1,372,161 124,221 1,414,537 1,358,817 123,823 |
Total 2020 £ 65,460 2,357 - 67,817 1,723 86,244 87,967 6,408 (13,742) 1,496,382 1,482,640 |
|---|---|---|
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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THE JUBILEE & SHELLEY SHAKMAN TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Tangible assets 10 Investment properties 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds Designated funds 15 General unrestricted funds |
2021 £ £ 1,120,933 50,000 228,024 1,398,957 2,536 17,043 19,579 (3,999) 15,580 1,414,537 56,318 1,358,219 1,414,537 1,414,537 |
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 |
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 |
|---|---|---|---|
| 1,432,969 49,671 |
|||
| 1,482,640 | |||
| 1,482,640 | |||
| 1,482,640 |
27 October 2022 The financial statements were approved by the Trustees on .........................
.............................. Mr. P Lord Trustee
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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. 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.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
1.4 Income
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 Expenditure
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
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
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 properties
Investment property is represented entirely by investment land, which is recognised at the most recent valuation amount.
1.8 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. Transaction costs are expensed as incurred. Changes in fair value are recognised in other recognised gains and losses except to the extent that a gain reverses a loss previously recognised in net income expenditure, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are 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, 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.
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
2 Charitable activities
| Income | Income | |
|---|---|---|
| from non- | from non- | |
| investment | investment | |
| properties | properties | |
| 2021 | 2020 | |
| £ | £ | |
| Charitable rental income | 60,539 | 65,460 |
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2021 | 2020 | |
| £ | £ | |
| Income from investments held in a portfolio | 2,553 | 2,290 |
| Interest receivable | 8 | 67 |
| 2,561 | 2,357 |
4 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2021 | 2020 | |
| £ | £ | |
| Financial advice | 1,000 | - |
| Investment management fees | 1,851 | 1,723 |
| 2,851 | 1,723 |
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
5 Charitable activities
| Maintenance of properties 2021 £ Depreciation 47,626 Rates and water 5,374 Insurance 2,565 Light and heat 6,769 Repairs and maintenance 69,101 Postage and stationery 649 Garden upkeep 6,000 Computer costs 224 Payment processing charges 28 138,336 Share of governance costs (see note 6) 3,178 141,514 Analysis by fund Unrestricted funds - general 72,413 Unrestricted funds - designated 69,101 141,514 For the year ended 31 December 2020 Unrestricted funds - general 86,244 |
Total 2020 £ 47,626 1,952 2,495 5,607 18,030 718 3,840 - - |
|---|---|
| 80,268 5,976 |
|
| 86,244 | |
| 86,244 - |
|
| 86,244 | |
6 Support and governance costs
| Accountancy Legal and professional Independent examiners fee Analysed between Charitable activities |
Support costs Governance costs £ £ - 132 - 106 - 2,940 - 3,178 - 3,178 |
2021 £ 132 106 2,940 3,178 3,178 |
Support costs Governance costs £ £ - 720 - 2,916 - 2,340 - 5,976 - 5,976 |
2020 £ 720 2,916 2,340 |
|---|---|---|---|---|
| 5,976 | ||||
| 5,976 |
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, but one of them was reimbursed a total of £106 stationary, postage and sundry expenses (2020- one trustee was reimbursed £139).
8 Employees
There were no employees during the current or previous year.
9 Net gains/(losses) on investments
| Unrestricted Unrestricted funds funds general designated 2021 2021 £ £ Revaluation of investments 11,316 1,596 Tangible fixed assets Cost At 1 January 2021 At 31 December 2021 Depreciation and impairment At 1 January 2021 Depreciation charged in the year At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 |
Total Unrestricted Unrestricted Total funds funds general designated 2021 2020 2020 2020 £ £ £ £ 12,912 6,806 (398) 6,408 Freehold properties £ 1,440,957 1,440,957 272,398 47,626 320,024 1,120,933 1,168,559 |
Total 2020 £ 6,408 |
|---|---|---|
| 1,440,957 | ||
| 272,398 47,626 |
||
| 320,024 | ||
| 1,120,933 | ||
| 1,168,559 |
10 Tangible fixed assets
11 Investment property
| Investment property | |
|---|---|
| 2021 | |
| £ | |
| Fair value | |
| At 1 January 2021 and 31 December 2021 | 50,000 |
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
11 Investment property
(Continued)
Investment property is represented entirely by land that was purchased in 2011 for a sum of £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 is considered to have a garden amenity value of £50,000.
12 Fixed asset investments
| Listed investments Cash in portfolio £ Cost or valuation At 1 January 2021 211,819 2,591 Valuation changes 13,937 - Income - 2,553 Management fees - (1,851) At 31 December 2021 225,756 3,293 Carrying amount At 31 December 2021 225,756 3,293 At 31 December 2020 211,819 2,591 13 Debtors 2021 Amounts falling due within one year: £ Other debtors 1,230 Prepayments and accrued income 1,306 2,536 14 Creditors: amounts falling due within one year 2021 £ Other creditors 1,060 Accruals and deferred income 2,939 3,999 |
Total £ 214,410 13,937 2,553 (1,851) 229,049 229,049 214,410 2020 £ - 3,988 3,988 2020 £ 1,800 2,460 4,260 |
|---|---|
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THE JUBILEE & SHELLEY SHAKMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
15 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 1 January 2020 Revaluations, gains and losses Balance at 1 January 2021 £ £ £ Extraordinary Repair Fund 17,118 (398) 16,720 Cyclical Repair Fund 107,103 - 107,103 124,221 (398) 123,823 |
Resources expended Revaluations, gains and losses Balance at 31 December 2021 £ £ £ - 1,596 18,316 (69,101) - 38,002 (69,101) 1,596 56,318 |
Resources expended Revaluations, gains and losses Balance at 31 December 2021 £ £ £ - 1,596 18,316 (69,101) - 38,002 (69,101) 1,596 56,318 |
|---|---|---|
| 56,318 |
The two designated funds are set aside for extraordinary and cyclical repairs and are available for the use at the discretion of the trustees.
| 16 Analysis of net assets between funds General Designated 2021 2021 £ £ Fund balances at 31 December 2021 are represented by: Tangible assets 1,120,933 - Investment properties 50,000 - Investments 171,706 56,318 Current assets/ (liabilities) 15,580 - 1,358,219 56,318 |
Total 2021 £ 1,120,933 50,000 228,024 15,580 1,414,537 |
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 |
|---|---|---|---|
| 2020 £ 1,168,559 50,000 90,587 49,671 1,358,817 |
|||
| 1,482,640 |
17 Related party transactions
Other than Trustees' expenses (note 7), there were no related party transactions in the year.
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