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2024-04-05-accounts

Charity registration number 1137533

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

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
Northamptonshire
United Kingdom
NN15 6BL
Accountants Azets
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
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
United Kingdom
NN15 6WN
Investment advisors True Potential Investments
Gateway House
Newburn Riverside
Newcastle upon Tyne
NE15 8NX

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

CONTENTS

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Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 13
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THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present their annual report and financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 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 (FRS 102)" (effective 1 January 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 (2023: 13) grants in the period, the total value of which was £18,893 (2023: £25,495). Full details are provided in the notes to the financial statements.

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

Financial review

Investment income from the Trust’s endowment funds totalled £3,771 in the year to 5 April 2024 (2023: £4,048). The fall in investment income compared to previous years is partly due to the nature of dividend income derived from the new investment funds discussed below. In addition, capital funds of £24,290 (2023: £30,765) were released from the expendable endowment fund to income.

Resources expended were £35,981 for 2024 compared to £42,760 for the previous year.

Investment management fees were £7,920 (2023: £7,947).

The cost of grant making was £28,061 compared to £34,813 for the previous year. Full details are provided in the notes to the accounts.

During the previous year, the Trust's general investment account was transferred to a new manager by liquidating the investments held in the old account and investing the funds in the new account. This disinvestment resulted in exceptional losses of £38,086 being realised on the liquidation of the investments in the old account as a one-off event. The Trust's investments have been held with the same investment account throughout the year to 5 April 2024.

Gains on the investments for the year to 5 April 2024 totalled £73,131 (2023: loss of £45,632) as global equity markets have stabilised following the high inflation/interest rates and various geopolitical issues of 2022/23.

The above factors have resulted in an increase in funds for the year of £40,921 (2023: decrease £84,344).

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 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.

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

The trustees' report was approved by the Board of Trustees.

Mrs D Hope Trustee

6 January 2025

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 2024.

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:

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 Edward Thomas Peirson & Sons Chartered Accountants 21 The Point Rockingham Road Market Harborough LE16 7NU United Kingdom

Dated: 9 January 2025

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted Endowment
funds
funds
2024
2024
Notes
£
£
Income from:
Investments
2
3,771
-
Total income
3,771
-
Expenditure on:
Raising funds
3
-
7,920
Charitable activities
4
28,061
-
Total expenditure
28,061
7,920
Net gains/(losses) on
investments
-
73,131
Net income/(expenditure)
(24,290)
65,211
Transfers between
funds
24,290
(24,290)
Net movement in
funds
-
40,921
Reconciliation of funds:
Fund balances at 6 April 2023
-
890,642
Fund balances at 5 April 2024
-
931,563		 Total
Unrestricted Endowment
funds
funds
2024
2023
2023
£
£
£
3,771
4,048
-
3,771
4,048
-
7,920
-
7,947
28,061
34,813
-
35,981
34,813
7,947
73,131
-
(45,632)
40,921
(30,765)
(53,579)
-
30,765
(30,765)
40,921
-
(84,344)
890,642
-
974,986
931,563
-
890,642		 Total
2023
£
4,048
4,048
7,947
34,813
42,760
(45,632)
(84,344)
-
(84,344)
974,986
890,642

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2024

Notes
Fixed assets
Investments
9
Current assets
Investments
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current liabilities
Total assets less current liabilities
The funds of the charity
Endowment funds
13		 2024
£
698
4,116
4,814
(7,123)		 £
933,872
(2,309)
931,563
931,563
931,563		 2023
£
665
7,007
7,672
(12,004)		 £
894,974
(4,332)
890,642
890,642
890,642

The financial statements were approved by the Trustees on 6 January 2025

Mrs D Hope Trustee

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

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.

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

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.

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

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 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 3,771 4,048

Income from listed investments comprises dividends of £3,771 (2023: £2,155) and interest of £nil (2023: £1,849). Interest received on cash held by the investment manager was £nil (2023: £44).

3 Expenditure on raising funds

Endowment Endowment
funds funds
2024 2023
£ £
Investment management fees 7,920 7,947
Expenditure on charitable activities
Grant Grant
making making
2024 2023
£ £
Direct costs
Grant funding of activities (see note 5) 18,893 25,495
Share of support and governance costs (see note 6)
Support 1,866 1,560
Governance 7,302 7,758
28,061 34,813
Analysis by fund
Unrestricted funds 28,061 34,813

4 Expenditure on charitable activities

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.

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

5 Grants payable

Grants payable
Grant Grant
making making
2024 2023
£ £
Grants to institutions:
Asthma Relief - Purchase of nebulisers 1,000 1,000
Cransley Hospice - Help to fund care/therapy sessions - 5,000
Desborough Civic Society (2 grants) - Purchase of new laptop and refurbishment
of old storage room to use as an extra working space 1,400 -
Desborough Cornerstone Trust - refurbishment of three benches for Revive
Coffee Shop 1,253 -
Desborough Library - Summer Reading Challenge 2023 prize draw (2023:
contribution to building fund) 250 2,000
Havelock Infant & Junior Schools - school playground equipment (2023: shaded
and sheltered fixed canopies on playground) 1,000 5,000
Desborough Town Bowls Club - Towards cost of new club shirts - 500
Lakelands Day Care Hospice - Hospice at home service 1,000 1,000
Loatlands Primary School - Therapy sessions for children - 500
Kettering & District Samaritans - contribution to building fund 500 -
Rainbows Hospice - Music therapy sessions (2023: contributions to Play and
Transition Teams) 690 1,500
Vine Community Trust - Grants for general funds/core costs 10,000 5,000
Desborough Town Cricket Club - Grant towards general funds 500 500
17,593 22,000
Grants to individuals 1,300 3,495
18,893 25,495

Grants to individuals

Grants to individuals in the year to 5 April 2024 included £1,000 to assist with the purchase of a mobility scooter and £300 for support with travel expenses as part of medical treatment for an individual.

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.

6 Support costs allocated to activities

Administration costs
Governance costs
Analysed between:
Grant making		 2024
£
1,866
7,302
9,168
9,168		 2023
£
1,560
7,758
9,318
9,318

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

6
Support costs allocated to activities
Governance costs comprise:
Accountancy and other services
Trust administration
Independent examination fee		 (Continued)
2024
2023
£
£
4,962
5,244
1,800
2,034
540
480
7,302
7,758		 (Continued)
2024
2023
£
£
4,962
5,244
1,800
2,034
540
480
7,302
7,758
7,758

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 £540 (2023: £480) for independent examination fees.

7 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.

8 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.

9 Fixed asset investments

Listed
investments
£
Cost or valuation
At 6 April 2023 894,974
Additions 60,144
Valuation changes 73,131
Disposals (94,377)
At 5 April 2024 933,872
Carrying amount
At 05 April 2024 933,872
At 05 April 2023 894,974

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

9 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 2024. 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.

10
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
11
Current asset investments
Cash held by investment manager
12
Creditors: amounts falling due within one year
Accruals and deferred income		 2024
£
933,872
2024
£
698
2024
£
7,123		 2023
£
894,974
2023
£
665
2023
£
12,004

13 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.

At 6 April Resources Transfers Gains and At 5 April
2023 expended losses 2024
£ £ £ £ £
Expendable endowments
Fund established by the Will of
the late Mr George Yeomans
Feakin 890,642 (7,920) (24,290) 73,131 931,563

THE ARNOLD AND GEORGE YEOMANS FEAKIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

13 Endowment funds (Continued)
Previous year: At 6 April Resources Transfers Gains and At 5 April
2022 expended losses 2023
£ £ £ £ £
Expendable endowments
Fund established by the Will of
the late Mr George Yeomans
Feakin 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.

14 Analysis of net assets between funds

Endowment
funds
2024
£
At 5 April 2024:
Investments 933,872
Current assets/(liabilities) (2,309)
931,563
Endowment
funds
2023
£
At 5 April 2023:
Investments 894,974
Current assets/(liabilities) (4,332)
890,642

15 Related party transactions

There were no disclosable related party transactions during the year.

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 for accountancy and administration services payable to Azets.

Accruals at 5 April 2023 include £522 owed to Azets in respect of services provided in the period 6 April 2022 to 30 June 2022.