Charity registration number: 1158468
The Castlebrook Charitable Trust
Annual Report and Financial Statements
for the Year Ended 31 March 2022
Gortons Chartered Accountants Stanmore House 64-68 Blackburn Street Radcliffe Manchester M26 2JS
The Castlebrook Charitable Trust
Contents
| Trustees' Report | 1 to 2 |
|---|---|
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 9 |
The Castlebrook Charitable Trust
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2022.
Objectives and activities
Objects and aims
The charity’s objects are specifically restricted to such purposes as shall be exclusively charitable as the Trustees in their absolute discretion shall from time to time think fit.
During the year the charity has made a number of charitable donations, in line with those objects.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
Financial review
Policy on reserves
The charity has no need to hold any funds in reserve, as it has no commitments whatsoever. The charity's funds can be spent in accordance with its objects, at the trustees' discretion. As such, it is not anticipated that this policy on reserves will need to be reviewed or varied for the forseeable future.
The charity's unrestricted reserves at the year end were £134,786 (2021 - £160,808).
Structure, governance and management
Nature of governing document
The charity is a charitable trust that was established on 1 July 2014 and was registered as a UK charity (registration number 1158468) by the Charity Commission with effect from 5 September 2014. The Trust changed its name to The Castlebrook Charitable Trust on 19 February 2015.
The charity is controlled and run according to its governing document, a formal deed of trust. The Trust is run entirely on a voluntary basis by the trustees.
Recruitment and appointment of trustees
The minimum number of Trustees is three individuals but shall not be subject to any maximum. Future trustees are appointed for terms of office of three years in writing by the Settlor (C J Hopkinson) during his lifetime and after such time must be appointed by resolution of the Trustees. Every future Trustee must sign a declaration of willingness to act as a Trustee of the Charity before he or she may act as a Trustee.
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The Castlebrook Charitable Trust
Trustees' Report
Reference and Administrative Details
Trustees: G Halstead C Hopkinson M J Hopkinson Principal Office: Stanmore House 64-68 Blackburn Street Radcliffe Manchester M26 2JS Charity Registration Number: 1158468
Trustees' responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 17 January 2023 and signed on its behalf by:
C Hopkinson
......................................... C Hopkinson Trustee
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The Castlebrook Charitable Trust
Statement of Financial Activities for the Year Ended 31 March 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Income and Endowments from: | ||||
| Donations and legacies | 2 | 128,500 | 196,925 | |
| Expenditure on: | ||||
| Charitable activities | 3 | (154,522) | (52,165) | |
| Total expenditure | (154,522) | (52,165) | ||
| Net movement in funds | (26,022) | 144,760 | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 160,808 | 16,048 | ||
| Total funds carried forward | 11 | 134,786 | 160,808 |
The notes on pages 6 to 9 form an integral part of these financial statements. Page 4
The Castlebrook Charitable Trust
(Registration number: 1158468) Balance Sheet as at 31 March 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Current assets | ||||
| Debtors | 8 | 7,097 | 5,034 | |
| Cash at bank and in hand | 130,536 | 158,687 | ||
| 137,633 | 163,721 | |||
| Creditors: Amounts falling due within one year | 9 | (2,847) | (2,913) | |
| Net assets | 134,786 | 160,808 | ||
| Funds of the charity: | ||||
| Unrestricted income funds | ||||
| Unrestricted funds | 134,786 | 160,808 | ||
| Total funds | 11 | 134,786 | 160,808 |
The financial statements on pages 4 to 9 were approved by the trustees, and authorised for issue on 17 January 2023 and signed on their behalf by:
C Hopkinson
......................................... C Hopkinson Trustee
The notes on pages 6 to 9 form an integral part of these financial statements. Page 5
The Castlebrook Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The Castlebrook Charitable Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost of transaction value unless otherwise stated in the relevant notes to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Donations and legacies
All income, including donations and legacies, is recognised once the charity has entitlement to the income, certainty of receipt and the amount can be measured with sufficient reliability.
Gifts in kind
Gifts in kind are recognised upon settlement of the sale of shares.
Expenditure
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees' meetings and reimbursed expenses.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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The Castlebrook Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
2 Income from donations and legacies
| 2 Income from donations and legacies |
|||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Gift of quoted shares | 130,500 | 151,500 | |
| Change in market value prior to sale | (2,000) | (825) | |
| Amount received on sale | 128,500 | 150,675 | |
| Gift Aid reclaim from HM Revenue & Customs | - | 9,250 | |
| Cash donations | - | 37,000 | |
| 128,500 | 196,925 |
The Settlor, and also a Trustee, C J Hopkinson has gifted quoted shares to the charity during the year, as detailed above. The share transfer has been executed by a reputable and independent firm of stockbrokers, and the charity has immediately sold all of the shares at open market value.
75,000 Ordinary shares in AO World plc were gifted in the year to 31 March 2021, and 10,000 Ordinary shares in James Latham plc were gifted in the year to 31 March 2022.
The effective net cash value of the share gifts (following immediate sale of the shares) is as shown above, and these figures do not include stockbroker transaction costs - those are included within governance costs.
3 Expenditure on charitable activities
| 3 Expenditure on charitable activities |
||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Note | £ | £ | ||
| Charitable donations made | 141,183 | 40,450 | ||
| Governance costs | 4 | 13,339 | 11,715 | |
| 154,522 | 52,165 |
4 Analysis of governance and support costs
Governance costs
| Governance costs | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Wages costs | 5,256 | 3,023 | |
| Bookkeeping and administrative assistance | 2,820 | 4,296 | |
| Legal and professional fees | 1,404 | 1,308 | |
| Accounts preparation | 1,920 | 1,680 | |
| Independent Examination | 300 | 660 | |
| Bank charges | 900 | 619 | |
| Stockbroker fees and commission on share transactions | 739 | 129 | |
| 13,339 | 11,715 |
5 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
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The Castlebrook Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
6 Staff costs
The aggregate payroll costs were as follows:
| The aggregate payroll costs were as follows: | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Staff costs during the year were: | |||
| Wages and salaries | 5,006 | 2,873 | |
| Pension costs | 250 | 150 | |
| 5,256 | 3,023 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| expressed as full time equivalents was as follows: | ||
|---|---|---|
| 2022 | 2021 | |
| No | No | |
| Administrative | 1 | 1 |
The employee participated in the charity's Defined Contribution Pension Scheme.
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
8 Debtors
| 8 Debtors |
|||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Wages costs to be recharged | 7,097 | 5,034 | |
| 9 Creditors: amounts falling due within one year |
|||
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals | 2,160 | 2,220 | |
| PAYE creditor | 473 | 478 | |
| Pension contributions paid after date | 214 | 215 | |
| 2,847 | 2,913 |
10 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £250 (2021 - £150).
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The Castlebrook Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2022
11 Funds
| 11 Funds | |||||||
|---|---|---|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Balance at 31 | ||||
| April 2021 | resources | expended | March 2022 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted | |||||||
| General | 160,808 | 128,500 | (154,522) | 134,786 | |||
| Balance at 1 | Incoming | Resources | Balance at 31 | ||||
| April 2020 | resources | expended | March 2021 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted | |||||||
| General | 16,048 | 196,925 | (52,165) | 160,808 |
12 Related party transactions
From time to time, charity staff undertake personal work on behalf of the Trustees. The staff concerned maintain detailed daily time records and all such work is fully charged back to the relevant Trustees personally, including the pension cost element.
The amount rechargeable in respect of the year to 31 March 2022 (excluding National Insurance) was £27,799 (2021 - £27,273). All such amounts are now recharged promptly and settled promptly, and are netted off the charity’s wages costs as shown in these accounts.
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