REGISTERED CHARITY NUMBER: 1137533
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
REPORT AND ACCOUNTS
YEAR ENDED 5TH APRIL 2021
AZETS
Accountants
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST REPORT AND ACCOUNTS – YEAR ENDED 5TH APRIL 2021
| CONTENTS | Pages | 1-3 | Report of the trustees |
|---|---|---|---|
| 4 | Independent Examiner’s Report | ||
| 5 | Statement of financial activities | ||
| 6 | Balance sheet | ||
| 7-13 | Notes to the accounts |
Page 1
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021
The trustees present their annual report and accounts of the charity for the year ended 5th April 2021. The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s trust deed, 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 published in October 2019.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Trust’s objectives, as set out in the Will dated 7th June 2007, are:
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To relieve in cases of need, hardship or distress, persons who are resident in the town of Desborough or its surrounding area in Northamptonshire.
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To relieve patients receiving treatment at Kettering General Hospital or St Mary’s Hospital, Kettering, or on their discharge who are sick, convalescent, disabled, handicapped, infirm or in need of financial assistance.
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To further the education (including social and physical education) of children attending Desborough schools.
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To relieve patients receiving treatment at the Desborough doctors’ surgeries.
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To make donations to Marlow House in Desborough.
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To relieve the need of people suffering from mental disorder in Desborough.
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To make donations for any charitable purpose directed wholly or mainly for the benefit of residents of Desborough and its surrounding area as the trustees shall from time to time in their discretion decide.
The trustees consider that the most effective means of meeting the charity’s objectives is to publicise its activities within the intended area of benefit and to invite written applications for grants from those who meet the criteria listed above.
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives, in planning future activities and setting the above grant making policy.
ACHIEVEMENTS AND PERFORMANCE
The trustees have used their knowledge of Desborough and surrounding areas to publicise the existence of the charity to those who are most likely to benefit. This has included the distribution of ‘flyers’ to potential beneficiaries, which listed the objectives of the charity and invited written applications for grants.
Promotion of the charity and its activities has resulted in the regular receipt of grant applications and, whilst not all applicants meet the criteria set out in the Trust’s governing documents, the trustees were able to approve 15 (2020: 12) grants in the period, the total value of which was £29,669 (2020: £31,799). Full details are provided in note 5 to the accounts.
FINANCIAL REVIEW
Investment income from the Trust’s endowment funds totalled £9,156 in the year to 5th April 2021 (2020: £10,817) and other income of £715 (2020: £Nil) was received for refunded bank charges and compensatory interest. In addition, capital funds of £28,222 (2020: £21,598) were released from the expendable endowment fund to income.
Resources expended were £48,281 for 2021 compared to £49,532 for the previous year.
Investment management fees were £10,188 (2020: £10,439).
Page 2
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021
FINANCIAL REVIEW (Cont)
The cost of grant making was £38,093 compared to £39,093 for the previous year. Full details are provided in the notes to the accounts.
The Trust’s investment portfolio comprises a professionally managed general investment account comprising a range of collective investment funds. In late February 2020, the coronavirus pandemic triggered a fall in financial market prices of more than 20% compared to the position at 5th April 2019 and net losses of £130,891 were recognised in the 2020 accounts in respect of the portfolio. Financial markets recovered strongly over the current year and gains on the portfolio over the year ended 5[th] April 2021 totalled £243,242.
The above factors have resulted in an increase in funds for the year of £204,832 (2020: decrease £169,606).
RESERVES POLICY
The trustees consider the expendable endowment fund to be primarily an investment fund held to generate income and to ensure stability of the charity’s grant making activity.
However, the trustees have reviewed their reserves policy and no longer consider it necessary to keep free reserves in unrestricted funds. Investment income will be supplemented by capital funds released to income from the expendable endowment fund to maintain our grant making activity at current levels.
The trustees will continue to review their reserves policy on a regular basis.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity was registered on 17th August 2010 and was established by the Will, dated 7th June 2007, of the late Mr George Yeomans Feakin, who died on 20th March 2009. The Will was proved by Grant of Probate on 17th December 2009.
The first trustees were appointed by the Will dated 7th June 2007. The power of appointing new trustees is vested in Mr Arnold Feakin during his lifetime. It is intended that an induction pack will be provided to any new trustees. The pack will include a copy of the governing document, the grant making and investment policies, minutes from the previous two trustees’ meetings and the most recent accounts. New trustees will also be referred to relevant guidance for trustees published by the Charity Commission.
The trustees regularly review and discuss grant making policy and other strategic matters. Requests for grants are also discussed and grant payments authorised by all the trustees throughout the year. These discussions are either in person, by email or telephone. Investment advice is provided by the Trust’s investment managers, whilst the day to day administration of the trust has been delegated to its accountants and solicitors.
Page 3
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021
LEGAL AND ADMINISTRATIVE INFORMATION
Charity name
The Arnold and George Yeomans Feakin Charitable Trust
Registered charity number
1137533
Trustees
Arnold Feakin (Chairman) Mrs Annette Armer Mrs Gwendoline Hurst Mrs Deborah Hope Mrs Lorraine Wykes
Correspondence address
Thorpe House, 93 Headlands, Kettering, NN15 6BL
Accountants
Azets, Thorpe House, 93 Headlands, Kettering, NN15 6BL
Independent Examiner
Edward Thomas Peirson & Sons, Chartered Accountants, 21 The Point, Rockingham Road, Market Harborough, LE16 7NU
Bankers
HSBC, PO Box 7, 9 High Street, Kettering, NN16 8ST
Investment managers
PortfolioMetrix UK, Ground Floor, 66 Buckingham Gate, London, SW1E 6AU
Solicitors
Wilson Browne Solicitors, Kettering Parkway South, Kettering Venture Park, Kettering, NN15 6WN
This report was approved by the Trustees on 3[rd] February 2022
A P ARMER - TRUSTEE
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
I report to the charity trustees on my examination of the accounts of The Arnold and George Yeomans Feakin Charitable Trust for the year ended 31st March 2021 which are set out on pages 5 to 13.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
Your attention is drawn to the fact that the charity has prepared the accounts 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 1st April 2005 which is referred to in the extant regulations but has since been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1st January 2015.
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:
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accounting records were not kept in respect of the Foundation as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts 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 accounts to be reached.
A. A. Bentley Chartered Accountant Edward Thomas Peirson & Sons, Chartered Accountants 21 The Point, Rockingham Road, Market Harborough, LE16 7NU
Date : 3[rd] February 2022
Page 5
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2021
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Funds |
Funds | ||
| Notes | Funds | Funds | 2021 |
2020 | |
| INCOME AND ENDOWMENTS | |||||
| Investment income | 3 | 9,156 | - | 9,156 | 10,817 |
| Other income | 4 | 715 | - | 715 | - |
| TOTAL INCOME | £9,871 | £- | £9,871 | £10,817 | |
| EXPENDITURE | |||||
| Cost of raising funds: | |||||
| Investment management fees | - | 10,188 | 10,188 | 10,439 | |
| Expenditure on charitable activities: | |||||
| Cost of grant making | 5 | 38,093 | - | 38,093 | 39,093 |
| TOTAL EXPENDITURE | £38,093 | £10,188 | £48,281 | £49,532 | |
| NET EXPENDITURE BEFORE | |||||
| GAINS/(LOSSES) ON INVESTMENTS | (28,222) | (10,188) | (38,410) | (38,715) | |
| Net gains/(losses) on investments | - | 243,242 | 243,242 | (130,891) | |
| NET INCOME/(EXPENDITURE) | (28,222) | 233,054 | 204,832 | (169,606) | |
| TRANSFERS BETWEEN FUNDS | 12 | 28,222 | (28,222) | - | - |
| NET MOVEMENT IN FUNDS | - | 204,832 | 204,832 | (169,606) | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | - | 799,536 | 799,536 | 969,142 |
|
| TOTAL FUNDS CARRIED FORWARD | 12 | £ - | £1,004,368 | £1,004,368 | £799,536 |
Notes on pages 7 to 13 form part of these accounts.
Page 6
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
BALANCE SHEET AS AT 5TH APRIL 2021
| FIXED ASSETS Investments CURRENT ASSETS Debtors – other debtors Short term investments Cash at bank and in hand LIABILITIES Creditors: amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: amounts falling due after more than one year NET ASSETS THE FUNDS OF THE CHARITY: Endowment funds Expendable endowment Unrestricted income funds |
Notes 8 9 10 10 11 12 12 |
- 14,602 12,302 26,904 14,368 |
2021 991,832 12,536 _ 1,004,368 - £1,004,368 1,004,368 - £1,004,368 |
2020 4,598 15,431 23,220 43,249 17,982 |
779,269 25,267 804,536 5,000 £799,536 799,536 - £799,536 |
|---|---|---|---|---|---|
The accounts were approved by the Trustees on 3[rd] February 2022
A P ARMER ) ) ) ) TRUSTEES ) ) D H HOPE )
Notes on pages 7 to 13 form part of these accounts.
Page 7
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE ACCOUNTS – 5TH APRIL 2021
1. ACCOUNTING POLICIES
(a) Basis of preparation
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The Trust’s accounts present information about it as an individual undertaking.
The Trust constitutes a public benefit entity as defined by FRS 102.The accounts have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
The accounts have been prepared to give a ‘true and fair’ view and 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 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. At the end of the reporting period, the most significant areas of uncertainty that affect the carrying value of fixed asset investments held by the Trust, as disclosed in note 8, are the level of investment return and the performance of investment markets.
In applying the Trust’s accounting policies the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities. Although actual results may differ from estimates of this type, in the opinion of the trustees, this is unlikely to result in material adjustments to the carrying value of assets and liabilities.
(b) Income recognition
All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and the amount receivable can be measured reliably. Dividend and interest income from listed investments is recognised upon notification by our investment advisor of the amounts due.
(c) Expenditure recognition
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Expenditure on charitable activities includes grants payable, governance costs and an apportionment of support costs. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust.
Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.
Page 8
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE ACCOUNTS – 5TH APRIL 2021
1. ACCOUNTING POLICIES (cont)
(d) Allocation of support and governance costs
Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination and legal fees.
The basis on which support costs have been allocated is set out in note 6.
(e) Investments
Fixed asset Investments are initially recognised at their transaction value and subsequently measured at their market value at the balance sheet date using quoted market price. The statement of financial activities includes the gains and losses arising on revaluation and disposals throughout the year. Current asset investments are short term highly liquid investments and are held at cost. These comprise cash on deposit and cash equivalents with a maturity of less than one year.
(f) Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains on investments are calculated as the difference between sales proceeds and opening market value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the market value at the year end and their carrying value.
(g) Debtors
Debtors receivable within one year are recorded at transaction price.
(h) Creditors
Creditors are recognised where the charity 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 are normally recognised at their settlement amount.
(i) Fund structure
The charity has a single expendable endowment fund created by the Will of the late Mr George Yeomans Feakin. The Will provides for the trustees to invest the residuary estate and apply the net income and any part of the capital at their absolute discretion in furtherance of the objects of the charity. Income arising on the expendable endowment is unrestricted. Realised and unrealised gains and losses on endowment fund investments form part of endowment funds. Investment management charges relating to the fund are charged against endowment funds. Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.
2. TAXATION
As a registered charity, the Trust is exempt from tax on income and gains to the extent that these are applied to its charitable objects. The Trust is not registered for Value Added Tax.
3. INVESTMENT INCOME
| Income from listed investments Dividends Interest Interest on cash held by brokers |
2021 1,780 7,348 28 £9,156 |
||
|---|---|---|---|
In 2021 and 2020 investment income was attributable to unrestricted funds.
Page 9
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE ACCOUNTS – 5TH APRIL 2021
4. OTHER INCOME
| Refund of bank charges incorrectly charged and compensatory interest | 2021 £715 |
2020 £- |
|---|---|---|
5. ANALYSIS OF CHARITABLE EXPENDITURE
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions and individuals, in furtherance of its charitable objects.
Recipients of institutional grants
| Asthma Relief Purchase of nebulisers for Kettering General Hospital British Red Cross For services in the Desborough area Cransley Hospice Grant for core services Desborough Civic Society Cabinets for the Heritage Centre Desborough in Bloom For plants and compost Desborough Library & Community Hub Grant for general funds (payable over three years) Desborough Mens Shed Grant towards running costs Desborough Town Cricket Club Grants for general funds (2 grants) Desborough Town Welfare Committee Towards the cost of new venture with Accommodation Concern. Havelock Infant & Junior Schools Grant towards increasing ICT provision Havelock Infant & Junior Schools Pupil transport costs KGH Charity Fund Twinkling Stars Appeal Lakelands Day Care Hospice Towards the cost of running Hospice at Home Service Montsaye Community Sports Centre For running costs Rainbow Hospice Contributions to core provision (2 grants) St Giles Church Community Centre Towards repayment of loan for boiler replacement Trinity Singers Extending sheet music library Vine Community Trust Grant for general funds/core costs 3rd Desborough Scout Group Grant for general funds Grants to individuals Accommodation costs Computer equipment Travel costs for medical treatment Total grants payable |
2021 1,000 - 3,000 - 1,000 - - 1,000 - 2,500 - 2,500 1,000 5,000 2,000 3,000 - 5,000 - 27,000 1,500 1,169 - |
2020 1,000 1,000 - 1,140 - 15,000 1,500 - 4,500 - 159 - 1,000 - - - 500 5,000 500 |
||
|---|---|---|---|---|
| 31,299 | ||||
| - 500 |
||||
| 2,669 £29,669 |
500 | |||
| £31,799 |
Total grants payable
Page 10
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE ACCOUNTS – 5TH APRIL 2021
5. ANALYSIS OF CHARITABLE EXPENDITURE (Cont)
| 2021 Total grants payable 29,669 Support and governance costs 8,424 Total cost of grant making £38,093 |
2020 31,799 7,294 £39,093 |
|---|---|
In 2021 and 2020 the expenditure on grant making was from unrestricted funds.
6. GOVERNANCE COSTS AND OTHER SUPPORT COSTS
Administration costs incurred are allocated on the basis of estimated usage between governance related costs and other support costs as shown in the table below:
| Cost Type Administration costs Governance costs comprise: Accountancy and other services Trust administration Independent examination fee |
Total allocated £1,854 |
Governance Related £ - 2021 4,320 1,830 420 £6,570 |
Governance Related £ - 2021 4,320 1,830 420 £6,570 |
Other Support Costs £1,854 2020 2,880 1,953 420 £5,253 |
|---|---|---|---|---|
Governance and other support costs totalling £8,434 (2020: £7,294) are all attributable to the charity’s grant making activity.
7. TRANSACTIONS WITH TRUSTEES AND RELATED PARTY TRANSACTIONS
No remuneration was paid direct to the trustees in the year (2020: £Nil).
No expenses were paid to trustees in the year (2020: £Nil)
During the year, the charity incurred costs of 7,979 (2020: £6,786) for accountancy and administration services payable to Azets, a firm which employs Mrs Annette Armer.
Accruals at 5th April 2021 include £7,442 (2020: £6,402) owed to Azets.
Page 11
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE ACCOUNTS – 5TH APRIL 2021
8. FIXED ASSET INVESTMENTS
| Listed investments Market value at 6th April 2020 Additions at cost Disposal proceeds Investment gains/(losses) Market value at 5th April 2021 |
2021 2020 779,269 936,354 267,656 266,091 (298,335) (292,285) 243,242 (130,891) £991,832 £779,269 |
|---|---|
All investments are carried at their fair value. The charity invests by means of a professionally managed accounts portfolio, which comprises a range of collective investment funds, resulting in a spread of investment across different companies, asset types and geographical locations. Investments within the funds are all traded in quoted public markets. The basis of fair value for quoted investments is equivalent to the price at which units in the funds were bought and sold at the 5th April 2021. All investment assets are held within the UK.
The significance of fixed asset investments to the ongoing financial sustainability of the Trust is considered in the financial review section of the Report of the Trustees.
The main risk to the Trust from its fixed asset investments lies in the combination of uncertain investment markets and volatility in yield. The Trust is in part reliant on dividend yield to finance its work and its collective investment funds include significant holdings in international companies and bonds denominated in US Dollars and other foreign currencies, the values of which, together with their yield are exposed to exchange rate risk when converting the holdings into sterling.
Liquidity risk is anticipated to be low. The Trust‘s investments are traded in markets with good liquidity and high trading volumes. The Trust has no material investment holdings in markets subject to exchange controls or trading restrictions.
The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides for diversification of holdings that are quoted on a recognised stock exchange. The Trust does not make significant investments in derivatives and similar complex financial instruments.
The Trustees consider the following listed investments to be material in the context of the investment portfolio owned at 5th April 2021 (representing 5% or more of the investment portfolio at the balance sheet date).
| Liontrust Special Situations MAN GLG High Yield Opportunities MAN GLG Undervalued Assets Pimco Global Bond Pimco GIS Global Polar Capital UK Value Opportunities Twenty Four Corporate Bond Vanguard Global Credit Bond Fund Vontobel SICAV Twenty Four |
Market Value 2021 £52,376 £58,764 £50,408 £56,886 £- £- £52,935 £52,482 £80,171 |
Market Value 2020 £- £39,665 £39,255 £44,653 £53,645 £39,417 £52,150 £- £60,093 |
|---|---|---|
All investment assets are held within the UK.
Page 12
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE ACCOUNTS – 5TH APRIL 2021
9. SHORT TERM INVESTMENTS
| Cash held by investment manager Cost at 6th April 2020 Movement in year Cost at 5th April 2021 |
|
|---|---|
The market value of the investment is equivalent to its cost. The investment is held within the UK.
10. CREDITORS
AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 | 2020 | |||
|---|---|---|---|---|
| Accruals | 9,368 | 7,736 | ||
| Grants payable | 5,000 | 5,000 | ||
| Other creditors | - | 5,246 | ||
| £14,368 | £17,982 | |||
| AMOUNTS FALLING DUE AFTER MORE THAN | ONE YEAR | |||
| 2021 | 2020 | |||
| Grants payable | £- | £5,000 | ||
| 11. | ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||
| Unrestricted | Endowment | Total | ||
| Funds | Funds | Funds | ||
| Fixed asset investments | - | 991,832 | 991,832 | |
| Debtors | - | - | - | |
| Short term investments | - | 14,602 | 14,602 | |
| Cash at bank and in hand | 12,302 | - | 12,302 | |
| Creditors falling due within one year | (13,290) | (1,078) | (14,368) | |
| Inter fund loan | 988 | (988) | - | |
| Net assets at 5th April 2021 | £- | £1,004,368 | £1,004,368 |
Page 13
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE ACCOUNTS – 5TH APRIL 2021
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS (Cont)
Analysis of net assets between funds – previous year
| Fixed asset investments Debtors Short term investments Cash at bank and in hand Creditors falling due within one year Creditors falling due after more than one year Net assets at 5th April 2020 |
Unrestricted Funds - 716 - 16,113 (11,829) (5,000) £ - |
Endowment Total Funds Funds 779,269 779,269 3,882 4,598 15,431 15,431 7,107 23,220 (6,153) (17,982) - (5,000) £799,536 £799,536 |
|---|---|---|
12. ANALYSIS OF CHARITABLE FUNDS
| Endowment funds Expendable endowment Unrestricted income funds |
At 5th April 2020 799,536 - |
Incoming resources - 9,871 |
Resources expended (10,188) (38,093) |
Investment gains 243,242 - |
Transfers (28,222) 28,222 |
At 5th April 2021 1,004,368 - |
|
|---|---|---|---|---|---|---|---|
| £799,536 | £9,871 | (£48,281) | £243,242 | £ - | £1,004,368 |
ANALYSIS OF CHARITABLE FUNDS – PREVIOUS YEAR
| Endowment funds Expendable endowment Unrestricted income funds |
At 5th April 2019 962,464 6,678 |
Incoming resources - 10,817 |
Resources expended (10,439) (39,093) |
Investment losses (130,891) - |
Transfers (21,598) 21,598 |
At 5th April 2020 799,536 - |
|
|---|---|---|---|---|---|---|---|
| £969,142 | £10,817 | (£49,532) | (£130,891) | £ - | £799,536 |
The expendable endowment was established by the Will of the late Mr George Yeomans Feakin. The trustees have the power to spend the capital in furtherance of the objects of the charity.
The transfer between funds represents capital funds released from the expendable endowment to income, in connection with the obligations to pay grants incurred in the year.