**Charity registration number 1137533** **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023** ## **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 advisor to 26 May 2022**|Morningstar Wealth Administration Limited| ||1 Oliver's Yard| ||City Road| ||London| ||EC1Y 1HQ| |**Investment advisor from 26 May 2022**|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 - 14| ## **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 5 APRIL 2023**_ The trustees present their annual report and the financial statements of the charity for the year ended 5th April 2023. The financial statements 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: 1. To relieve in cases of need, hardship or distress, persons who are resident in the town of Desborough or its surrounding area in Northamptonshire. 2. 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. 3. To further the education (including social and physical education) of children attending Desborough schools. 4. To relieve patients receiving treatment at the Desborough doctors’ surgeries. 5. To make donations to Marlow House in Desborough. 6. To relieve the need of people suffering from mental disorder in Desborough. 7. 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 13 (2022: 10) grants in the period, the total value of which was £25,495 (2022: £25,050). Full details are provided in the notes to the financial statements. - 1 - ## **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_ ## **Financial review** Investment income from the Trust’s endowment funds totalled £4,048 in the year to 5 April 2023 (2022: £10,106). The fall in investment income is partly due to the nature of dividend income derived from the new investment funds discussed below. In addition, capital funds of £30,765 (2022: £23,558) were released from the expendable endowment fund to income. Resources expended were £42,760 for 2023 compared to £44,687 for the previous year. ## Investment management fees were £7,947 (2022: £11,023). The cost of grant making was £34,813 compared to £33,664 for the previous year. Full details are provided in the notes to the accounts. In May 2022, the Trust's general investment account was transferred to a new manager by liquidating the investments held in the old account and investing in funds in the new account. This disinvestment significantly contributed to the realised losses on the sale of investments held in the old account of £38,086, which are included in the net losses on investments of £45,632 (2022: net gains £5,199) disclosed in the statement of financial activities. The above factors have resulted in a decrease in funds for the year of £84,344 (2022: decrease £29,382). ## **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. - 2 - ## **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_ 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. The trustees' report was approved by the Board of Trustees. Mrs D Hope **Trustee** 30 January 2024 - 3 - ## **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 2023. ## **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: - 1 accounting records were not kept in respect of the charity 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. A.A. Bentley Chartered Accountant Edward Thomas Peirson & Sons Chartered Accountants 21 The Point Rockingham Road Market Harborough LE16 7NU Dated: 19 February 2024 - 4 - ## **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 5 APRIL 2023**_ |**Unrestricted Endowment**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Investments
**3**
4,048
-
**Total income**
4,048
-
**Expenditure on:**
Raising funds
**4**
-
7,947
Charitable activities
**5**
34,813
-
**Total expenditure**
34,813
7,947
Net gains/(losses) on
investments
-
(45,632)
**Net outgoing resources**
**before transfers**
(30,765)
(53,579)
Gross transfers between
funds
30,765
(30,765)
**Net movement in funds**
-
(84,344)
Fund balances at 6 April 2022
-
974,986
**Fund balances at 5 April**
**2023**
-
890,642|**Total Unrestricted Endowment**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
4,048
10,106
-
4,048
10,106
-
7,947
-
11,023
34,813
33,664
-
42,760
33,664
11,023
(45,632)
-
5,199
(84,344)
(23,558)
(5,824)
-
23,558
(23,558)
(84,344)
-
(29,382)
974,986
-
1,004,368
890,642
-
974,986|**Total**
**2022**
**£**
10,106
10,106
11,023
33,664
44,687
5,199
(29,382)
-
(29,382)
1,004,368
974,986| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 5 - ## **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **BALANCE SHEET** ## _**AS AT 5 APRIL 2023**_ |**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 (liabilities)/assets
**Total assets less current liabilities**
**Capital funds**
Endowment funds
Permanent endowment
Expendable endowment
**15**
**Income funds**
Unrestricted funds|**2023**
**£**
-
665
7,007
7,672
(12,004)
890,642
890,642
-
890,642|**£**
894,974
(4,332)
890,642
890,642
-
890,642|**2022**
**£**
7,681
15,405
5,671
28,757
(6,280)
974,986
974,986
-
974,986|**£**
952,509
22,477| |---|---|---|---|---| |||||974,986| |||||974,986
-| |||||974,986| The financial statements were approved by the Trustees on 30 January 2024 Mrs D Hope **Trustee** - 6 - **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2023**_ ## **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. - 7 - **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_ ## **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. - 8 - ## **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_ ## **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| ||**2023**|2022| ||**£**|£| |Income from listed and other investments|4,048|10,106| Income from listed investments comprises dividends £2,155 (2022: £1,874), interest £1,849 (2022: £8,215). Interest on cash held by the investment manager was £44 (2022: £17). ## **4 Raising funds** ||**Endowment**|Endowment| |---|---|---| ||**funds**|funds| ||**general**|general| ||**2023**|2022| ||**£**|£| |Investment management fees|7,947|11,023| ||7,947|11,023| - 9 - **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_ ## **5 Charitable activities** |**Grant**
**making**
**Grant**
**making**
**2023**
**2022**
**£**
**£**
Grant funding of activities (see note 6)
25,495
25,050
Share of support costs (see note 7)
1,560
1,255
Share of governance costs (see note 7)
7,758
7,359
34,813
33,664|**Grant**
**making**
**Grant**
**making**
**2023**
**2022**
**£**
**£**
Grant funding of activities (see note 6)
25,495
25,050
Share of support costs (see note 7)
1,560
1,255
Share of governance costs (see note 7)
7,758
7,359
34,813
33,664|**Grant**
**making**
**Grant**
**making**
**2023**
**2022**
**£**
**£**
Grant funding of activities (see note 6)
25,495
25,050
Share of support costs (see note 7)
1,560
1,255
Share of governance costs (see note 7)
7,758
7,359
34,813
33,664| |---|---|---| ||**2023**
**£**
25,495
1,560
7,758
34,813|**2022**
**£**
25,050
1,255
7,359| |||33,664| 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. ## **6 Grants payable** |Grants to institutions:
Asthma Relief - Purchase of nebulisers
Cransley Hospice - Help to fund care/therapy sessions
Desborough Civic Society (2 grants) - Equipment for the Desborough Family
History Group
Desborough in Bloom - Maintenance of floral displays and new equipment
Desborough Mens Shed - Grant towards heart defibrillator
Desborough Library - Contribution to building fund
Havelock Infant & Junior Schools - Shaded and sheltered fixed canopies on
playground (2022: Seating for outdoor classroom)
Desborough Town Bowls Club - Towards cost of new club shirts
Lakelands Day Care Hospice - Hospice at home service
Loatlands Primary School - Therapy sessions for children
Rainbows Hospice (2 grants) - Contributions to Play and Transition Teams
Vine Community Trust - Grants for general funds/core costs
Desborough Town Cricket Club - Grant towards general funds
Grants to individuals|**2023**
**£**
1,000
5,000
-
-
-
2,000
5,000
500
1,000
500
1,500
5,000
500
22,000
3,495
25,495|2022
£
1,000
5,000
2,700
1,200
1,500
-
1,000
-
1,000
1,650
-
10,000
-| |---|---|---| |||25,050
-| |||25,050| ## **Grants to individuals** In 2023, a grant of £1,000 was paid towards a sensory room and £2,495 was paid to assist with the purchase of a stairlift. No grants were paid to individuals in 2022. - 10 - **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_ ## **7 Support costs** |Administration costs
Accountancy and other
services
Trust administration
Independent examination
fee|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
1,560
-
-
5,244
-
2,034
-
480
1,560
7,758|**2023**Support costs Governance
costs
**£**
£
£
1,560
1,255
-
5,244
-
5,922
2,034
-
1,017
480
-
420
9,318
1,255
7,359|2022
£
1,255
5,922
1,017
420| |---|---|---|---| ||||8,614| 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 charitable activities and the charity’s grant making activity. Governance costs include payments to the independent examiner of £480 (2022: £420) for independent examination fees. ## **8 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. ## **9 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. ## **10 Fixed asset investments** ||**Listed**| |---|---| ||**investments**| ||**£**| |**Cost or valuation**|| |At 6 April 2022|952,509| |Additions|1,021,506| |Valuation changes|(45,632)| |Disposals|(1,033,409)| |At 5 April 2023|894,974| |**Carrying amount**|| |At 05 April 2023|894,974| |At 05 April 2022|952,509| - 11 - **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_ ## **10 Fixed asset investments** **(Continued)** 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 2023. 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. |**11**
**Financial instruments**
**Carrying amount of financial assets**
Instruments measured at fair value through profit or loss
**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|**2023**
**£**
894,974
**2023**
**£**
-
**2023**
**£**
665
**2023**
**£**
12,004|**2022**
**£**
952,509| |---|---|---| |||**2022**
**£**
7,681| |||**2022**
**£**
15,405| |||**2022**
**£**
6,280| - 12 - |**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.|**Balance at**
**Resources**
**Transfers**
**Revaluations**
**Balance at**
**Resources**
**Transfers**
**Revaluations**
**Balance at**|**6 April 2021**
**expended**
**gains and**
**6 April 2022**
**expended**
**gains and**
**5 April 2023**|**losses**
**losses**|**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**|**Expendable endowments**|Fund established by the Will of the late Mr|George Yeomans Feakin
1,004,368
(11,023)
(23,558)
5,199
974,986
(7,947)
(30,765)
(45,632)
890,642|1,004,368
(11,023)
(23,558)
5,199
974,986
(7,947)
(30,765)
(45,632)
890,642||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.| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |**15**||||||||||||||||| **THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2023**_ |**16**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Endowment**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 5
April 2023 are
represented by:
Investments
-
894,974
Current assets/(liabilities)
-
(4,332)
-
890,642|**Total Unrestricted**
**funds**
**Endowment**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
894,974
-
952,509
(4,332)
-
22,477
890,642
-
974,986|**Total**
**2022**
**£**
952,509
22,477| |---|---|---| |||974,986| ## **17 Related party transactions** Mrs Annette Armer, a trustee of the charity until 28 September 2022, was employed by Azets until 30 June 2022. During the period 6 April 2022 to 30 June 2022, the charity incurred costs of £522 (year ended 5 April 2022: £8,178) for accountancy and administration services payable to Azets. Accruals at 5 April 2023 include £522 (2022: £4,902) owed to Azets in respect of services provided in the period 6 April 2022 to 30 June 2022 (2022: period 6 April 2021 to 5 April 2022). - 14 -