Charity registration number 1137533
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr A Feakin (Chairman) |
|---|---|
| Mrs G Hurst | |
| Mrs D Hope | |
| Mrs L Wykes | |
| Charity number | 1137533 |
| 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 | |
| Solicitors | Wilson Browne Solicitors |
| Kettering Parkway South | |
| Kettering Venture Park | |
| Kettering | |
| NN15 6WN | |
| Investment advisors | PortfolioMetrix UK |
| Ground Floor | |
| 66 Buckingham Gate | |
| London | |
| SW1E 6AU | |
| True Potential Investments | |
| Gateway House | |
| Newburn Riverside | |
| Newcastle upon Tyne | |
| NE15 8NX |
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE 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 - 15 |
THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022
The trustees present their annual report and accounts of the charity for the year ended 5th April 2022. 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
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 10 (2021: 15) grants in the period, the total value of which was £25,050 (2021: £29,669). Full details are provided in the notes to the financial statements.
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
Financial review
Investment income from the Trust’s endowment funds totalled £10,106 in the year to 5 April 2022 (2021: £9,156) and other income of £Nil (2021: £715) was received for refunded bank charges and compensatory interest. In addition, capital funds of £23,558 (2021: £28,222) were released from the expendable endowment fund to income.
Resources expended were £44,687 for 2022 compared to £48,281 for the previous year.
Investment management fees were £11,023 (2021: £10,188).
The cost of grant making was £33,664 compared to £38,093 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 2020, the coronavirus pandemic triggered a fall in financial market prices of more than 20%. Financial markets recovered strongly over the following year and gains on the portfolio reported in the 2021 financial statements totalled £243,242. This compares to £5,199 for 2022.
The above factors have resulted in a decrease in funds for the year of £29,382 (2021: increase £204,832).
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.
The trustees do not 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 is an unincorporated charity registered with the Charity Commission for England and Wales.
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 Trustees who served during the year and up to the date of signature of the financial statements were: Mr A Feakin (Chairman)
Mrs A Armer (Resigned 28 September 2022) Mrs G Hurst Mrs D Hope Mrs L Wykes
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.
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
The trustees' report was approved by the Board of Trustees.
Mrs D Hope Trustee
3 February 2023
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
I report to the Trustees on my examination of the financial statements of The Arnold and George Yeomans Feakin Charitable Trust (the charity) for the year ended 5 April 2022.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’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:
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1 accounting records were not kept in respect of the charity 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.
A.A. Bentley Chartered Accountant Edward Thomas Peirson & Sons Chartered Accountants 21 The Point Rockingham Road Market Harborough LE16 7NU
Dated: 3 February 2023
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted Endowment funds funds 2022 2022 Notes £ £ Income from: Investments 3 10,106 - Other income 4 - - Total income 10,106 - Expenditure on: Raising funds 5 - 11,023 Charitable activities 6 33,664 - Total expenditure 33,664 11,023 Net gains/(losses) on investments - 5,199 Net (outgoing)/incoming resources before transfers (23,558) (5,824) Gross transfers between funds 23,558 (23,558) Net movement in funds - (29,382) Fund balances at 6 April 2021 - 1,004,368 Fund balances at 5 April 2022 - 974,986 |
Total Unrestricted Endowment funds funds 2022 2021 2021 £ £ £ 10,106 9,156 - - 715 - 10,106 9,871 - 11,023 - 10,188 33,664 38,093 - 44,687 38,093 10,188 5,199 - 243,242 (29,382) (28,222) 233,054 - 28,222 (28,222) (29,382) - 204,832 1,004,368 - 799,536 974,986 - 1,004,368 |
Total 2021 £ 9,156 715 |
|---|---|---|
| 9,871 | ||
| 10,188 | ||
| 38,093 | ||
| 48,281 | ||
| 243,242 | ||
| 204,832 - |
||
| 204,832 799,536 |
||
| 1,004,368 |
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 ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2022
| Notes Fixed assets Investments 10 Current assets Debtors 12 Investments 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Capital funds Endowment funds Permanent endowment Expendable endowment 15 Income funds Unrestricted funds |
2022 £ £ 952,509 7,681 15,405 5,671 28,757 (6,280) 22,477 974,986 974,986 974,986 - 974,986 974,986 - 974,986 |
2021 £ £ 991,832 - 14,602 12,302 26,904 (14,368) 12,536 1,004,368 1,004,368 1,004,368 - 1,004,368 1,004,368 - 1,004,368 |
2021 £ £ 991,832 - 14,602 12,302 26,904 (14,368) 12,536 1,004,368 1,004,368 1,004,368 - 1,004,368 1,004,368 - 1,004,368 |
|---|---|---|---|
| 1,004,368 | |||
| 1,004,368 - |
|||
| 1,004,368 |
The financial statements were approved by the Trustees on 3 February 2023
Mrs D Hope Trustee
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
Charity information
The Arnold and George Yeomans Feakin Charitable Trust is an unincorporated charity registered with the Charity Commission for England and Wales. The Trust constitutes a public benefit entity as defined by FRS 102.
1.1 Accounting convention
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 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 financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.The Trust’s financial statements present information about it as an individual undertaking.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of 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 charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
The Trust 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.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Dividend and interest income from listed investments is recognised upon notification by our investment advisor of the amounts due.
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
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.
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 the notes to the financial statements.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.
Realised gains on disposal of 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.
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.
1.7 Cash and cash equivalents
Cash and cash equivalents include deposits held at call with banks.
1.8 Financial instruments
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and 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 ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
(Continued)
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 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.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Income from listed and other investments | 10,106 | 9,156 |
Income from listed investments comprises dividends £1,874 (2021: £1,780), interest £8,215 (2021: £7,348). Interest on cash held by the investment manager was £17 (2021: £28).
4 Other income
Other income of £715 was received in the year ended 5 April 2021 for the refund of bank charges incorrectly charged and compensatory interest.
5 Raising funds
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2022 | 2021 | |
| £ | £ | |
| Investment management fees | 11,023 | 10,188 |
| 11,023 | 10,188 |
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
6 Charitable activities
| Grant making Grant making 2022 2021 £ £ Grant funding of activities (see note 7) 25,050 29,669 Share of support costs (see note 8) 1,255 1,854 Share of governance costs (see note 8) 7,359 6,570 33,664 38,093 |
Grant making Grant making 2022 2021 £ £ Grant funding of activities (see note 7) 25,050 29,669 Share of support costs (see note 8) 1,255 1,854 Share of governance costs (see note 8) 7,359 6,570 33,664 38,093 |
Grant making Grant making 2022 2021 £ £ Grant funding of activities (see note 7) 25,050 29,669 Share of support costs (see note 8) 1,255 1,854 Share of governance costs (see note 8) 7,359 6,570 33,664 38,093 |
|---|---|---|
| 2022 £ 25,050 1,255 7,359 33,664 |
2021 £ 29,669 1,854 6,570 |
|
| 38,093 |
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.
7 Grants payable
| Grant making Grant 2022 £ Grants to institutions (10 grants): Asthma Relief - Purchase of nebulisers 1,000 Cransley Hospice - Help to fund 250 care/therapy sessions (2021: Grant for core services) 5,000 Desborough Civic Society (2 grants) - Equipment for the Desborough Family History Group 2,700 Desborough in Bloom - Maintenance of floral displays and new equipment (2021: Plants and compost) 1,200 Desborough Mens Shed - Grant towards heart defibrillator 1,500 Desborough Town Cricket Club (2 grants) Grants for general funds - Havelock Infant & Junior Schools - Seating for outdoor classroom (2021: ICT provision) 1,000 KGH Charity Fund - Twinkling stars appeal - Lakelands Day Care Hospice - Hospice at home service 1,000 Loatlands Primary School - Therapy sessions for children 1,650 Montsaye Community Sports Centre - Running costs - Rainbows Hospice (2 grants) - Contribution to care provision - St Giles Church Community Centre - Towards boiler replacement - Vine Community Trust - Grants for general funds/core costs 10,000 25,050 Grants to individuals - 25,050 |
Grant making Grant 2022 £ Grants to institutions (10 grants): Asthma Relief - Purchase of nebulisers 1,000 Cransley Hospice - Help to fund 250 care/therapy sessions (2021: Grant for core services) 5,000 Desborough Civic Society (2 grants) - Equipment for the Desborough Family History Group 2,700 Desborough in Bloom - Maintenance of floral displays and new equipment (2021: Plants and compost) 1,200 Desborough Mens Shed - Grant towards heart defibrillator 1,500 Desborough Town Cricket Club (2 grants) Grants for general funds - Havelock Infant & Junior Schools - Seating for outdoor classroom (2021: ICT provision) 1,000 KGH Charity Fund - Twinkling stars appeal - Lakelands Day Care Hospice - Hospice at home service 1,000 Loatlands Primary School - Therapy sessions for children 1,650 Montsaye Community Sports Centre - Running costs - Rainbows Hospice (2 grants) - Contribution to care provision - St Giles Church Community Centre - Towards boiler replacement - Vine Community Trust - Grants for general funds/core costs 10,000 25,050 Grants to individuals - 25,050 |
making |
|---|---|---|
| 2022 £ 1,000 5,000 2,700 1,200 1,500 - 1,000 - 1,000 1,650 - - - 10,000 25,050 - 25,050 |
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 2,669 |
||
| 29,669 |
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
- 7 Grants payable
(Continued)
Grants to individuals
In 2021, a grant of £1,500 was paid to assist with accomodation costs and £1,169 was paid for computer equipment.
-
8 Support costs
| Support costs Governance costs £ £ Administration costs 1,255 - Accountancy and other services - 5,922 Trust administration - 1,017 Independent examination fee - 420 1,255 7,359 Analysed between Charitable activities 1,255 7,359 |
2022Support costs Governance costs £ £ £ 1,255 1,854 - 5,922 - 4,320 1,017 - 1,830 420 - 420 8,614 1,854 6,570 8,614 1,854 6,570 |
2021 £ 1,854 4,320 1,830 420 |
|---|---|---|
| 8,424 | ||
| 8,424 |
Administration costs incurred are allocated on the basis of estimated usage between governance related costs and other support costs.
Governance and other support costs are all attributable to the charity’s grant making activity.
Governance costs includes payments to the independent examiner of £420 (2021: £420) for independent examination fees.
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were paid to trustees in the year or in the previous year.
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
10 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2021 | 991,832 |
| Additions | 448,261 |
| Valuation changes | 5,199 |
| Disposals | (492,783) |
| At 5 April 2022 | 952,509 |
| Carrying amount | |
| At 05 April 2022 | 952,509 |
| At 05 April 2021 | 991,832 |
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 2022. 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.
| 11 | Financial instruments | 2022 | 2021 |
|---|---|---|---|
| £ | £ | ||
| Carrying amount of financial assets | |||
| Instruments measured at fair value through profit or loss | 952,509 | 991,832 |
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
| 12 Debtors Amounts falling due within one year: Other debtors 13 Current asset investments Cash held by investment manager 14 Creditors: amounts falling due within one year Accruals and deferred income |
2022 £ 7,681 2022 £ 15,405 2022 £ 6,280 |
2021 £ - |
|---|---|---|
| 2021 £ 14,602 |
||
| 2021 £ 14,368 |
Accruals and deferred income at 5 April 2021 include accruals for grants payable of £5,000.
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| Endowment funds | Endowment funds represent resources received which must be held permanently by the charity. The term endowment applies to permanent endowment, where the | trustees have no power to convert it into income and apply it, and to expendable endowment, where the trustees do have this power. Income arising on the endowment | funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the | fund. | Movement in funds Movement in funds |
Balance at Incoming Resources Transfers Revaluations Balance at Incoming Resources Transfers Revaluations Balance at |
6 April 2020 resources expended gains and 6 April 2021 resources expended gains and 5 April 2022 |
losses losses |
£ £ £ £ £ £ £ £ £ £ £ |
Expendable endowments | Fund established | by the Will of the | late Mr George | late Mr George | Yeomans Feakin 799,536 - (10,188) (28,222) 243,242 1,004,368 - (11,023) (23,558) 5,199 974,986 |
799,536 - (10,188) (28,222) 243,242 1,004,368 - (11,023) (23,558) 5,199 974,986 |
The trustees have the power to spend the capital in furtherance of the objects of the charity. | The transfers between funds represent capital funds released from the expendable endowment to income, in connection with the obligations to pay grants incurred in the | year. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
| 16 Analysis of net assets between funds Unrestricted funds Endowment funds 2022 2022 £ £ Fund balances at 5 April 2022 are represented by: Investments - 952,509 Current assets/(liabilities) - 22,477 - 974,986 |
Total Unrestricted funds Endowment funds 2022 2021 2021 £ £ £ 952,509 - 991,832 22,477 - 12,536 974,986 - 1,004,368 |
Total 2021 £ 991,832 12,536 |
|---|---|---|
| 1,004,368 |
17 Related party transactions
During the year, the charity incurred costs of £8,178 (2021: £7,979) for accountancy and administration services payable to Azets. Mrs Annette Armer, a trustee of the charity until 28 September 2022, was employed by Azets until 30 June 2022.
Accruals at 5th April 2022 include £4,902 (2021: £7,442) owed to Azets.
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