REGISTERED CHARITY NUMBER: 1162612
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
FOR
THE DON MILLER CHARITABLE TRUST CIO
Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG
THE DON MILLER CHARITABLE TRUST CIO
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
THE DON MILLER CHARITABLE TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31st December 2023. The trustees have adopted the provisions of 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
Objectives and aims
The CIO subsists for the benefit of the inhabitants of High Beech and the surrounding area through the provision of facilities for their recreation and good health.
Public benefit
The trustees have had regard to the Charity Commission's guidance on public benefit.
FINANCIAL REVIEW
Reserves policy
The nature of the CIO's activities is such that there are fluctuations in it's income. The CIO's Reserves Policy is to aim to achieve a position where a cash reserve amounting to no less than 6 months estimated total expenditure is held at each balance sheet date.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The CIO is controlled by its governing document and is incorporated as a charitable incorporated organisation.
Recruitment and appointment of new trustees
New trustees are selected on their ability to improve the operation of the CIO irrespective of their gender, age, religious or sexual orientation or background.
Induction and training of new trustees
New trustees are fully briefed on the charities activities, constitution and management before being able to undertake their role.
Risk management
The trustees seek to identify and review the risks to which the CIO is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1162612
Principal address
Gardens of Hanbury Pynest Green Lane Waltham Abbey Essex EN9 3QL
Trustees
J Smith (resigned 9.12.23) Mrs C Mead (resigned 13.1.23) D Miller Ms M Clay-Michael (appointed 23.1.23) B Dowding (appointed 23.1.23) V Nicolouzos (appointed 23.1.23) Ms J Farrar (appointed 23.1.23) Ms K Godfrey (appointed 23.1.23) J Pretty (appointed 23.1.23) D Cretten (appointed 23.1.23) S Lordan (appointed 23.1.23)
Page 1
THE DON MILLER CHARITABLE TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ D Miller - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DON MILLER CHARITABLE TRUST CIO
Independent examiner's report to the trustees of The Don Miller Charitable Trust CIO
I report to the charity trustees on my examination of the accounts of The Don Miller Charitable Trust CIO (the Trust) for the year ended 31st December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Natalie Floyd, ACA
Cobbin Floyd Ltd Chartered Accountants 15a Station Road Epping Essex CM16 4HG
Date: .............................................
Page 3
THE DON MILLER CHARITABLE TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Investment management costs Charitable activities General activities Total Net gains on investments NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 5,654 84,033 89,687 1,356 72,714 74,070 215,000 230,617 750,000 980,617 2,176,693 3,157,310 |
2022 Total funds £ 14,270 59,178 73,448 36,796 97,595 134,391 - (60,943) - (60,943) 2,237,636 2,176,693 |
|---|---|---|
The notes form part of these financial statements
Page 4
THE DON MILLER CHARITABLE TRUST CIO
BALANCE SHEET
31ST DECEMBER 2023
| Notes FIXED ASSETS Tangible assets 5 Investment property 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
2023 Unrestricted fund £ 1,359,743 1,175,000 2,534,743 7,213 652,834 660,047 (37,480) 622,567 3,157,310 3,157,310 3,157,310 3,157,310 |
2022 Total funds £ 609,743 960,000 1,569,743 7,428 605,007 612,435 (5,485) 606,950 2,176,693 2,176,693 2,176,693 2,176,693 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
D Miller - Trustee
The notes form part of these financial statements
Page 5
THE DON MILLER CHARITABLE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property
- not provided
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 6
continued...
THE DON MILLER CHARITABLE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
2. INVESTMENT INCOME
| Rents received 3. TRUSTEES' REMUNERATION AND BENEFITS Trustees' salaries Trustees' social security Trustees' pension contributions to defined benefit schemes |
2023 £ 84,033 2023 £ 140 - 21 161 |
2022 £ 59,178 |
|---|---|---|
| 2022 £ 36,400 951 1,098 |
||
| 38,449 |
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022. 4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Investment management costs Charitable activities General activities Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 14,270 59,178 73,448 36,796 97,595 134,391 (60,943) 2,237,636 2,176,693 |
|---|---|
continued...
Page 7
THE DON MILLER CHARITABLE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
5. TANGIBLE FIXED ASSETS
| COST OR VALUATION At 1st January 2023 Revaluations At 31st December 2023 NET BOOK VALUE At 31st December 2023 At 31st December 2022 Cost or valuation at 31st December 2023 is represented by: Valuation in 2019 Valuation in 2024 INVESTMENT PROPERTY FAIR VALUE At 1st January 2023 Revaluation At 31st December 2023 NET BOOK VALUE At 31st December 2023 At 31st December 2022 Fair value at 31st December 2023 is represented by: Valuation in 2016 Valuation in 2024 |
Freehold property £ 609,743 750,000 1,359,743 1,359,743 609,743 Freehold property £ 609,743 750,000 1,359,743 £ 960,000 215,000 1,175,000 1,175,000 960,000 £ 960,000 215,000 1,175,000 |
|---|---|
6. INVESTMENT PROPERTY
continued...
Page 8
THE DON MILLER CHARITABLE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 9. MOVEMENT IN FUNDS At 1.1.23 £ Unrestricted funds General fund 2,176,693 TOTAL FUNDS 2,176,693 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 89,687 (74,070) TOTAL FUNDS 89,687 (74,070) Comparatives for movement in funds At 1.1.22 £ Unrestricted funds General fund 2,237,636 TOTAL FUNDS 2,237,636 |
2023 £ 7,213 - 7,213 2023 £ 37,480 Net movement in funds £ 980,617 980,617 Gains and losses £ 965,000 965,000 Net movement in funds £ (60,943) (60,943) |
2022 £ 5,605 1,823 7,428 2022 £ 5,485 At 31.12.23 £ 3,157,310 3,157,310 Movement in funds £ 980,617 980,617 At 31.12.22 £ 2,176,693 2,176,693 |
|
|---|---|---|---|
continued...
Page 9
THE DON MILLER CHARITABLE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 73,448 73,448 |
Resources Movement expended in funds £ £ (134,391) (60,943) (134,391) (60,943) |
Resources Movement expended in funds £ £ (134,391) (60,943) (134,391) (60,943) |
|---|---|---|---|
| (60,943) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ 2,237,636 2,237,636 |
Net movement in funds £ 919,674 919,674 |
At 31.12.23 £ 3,157,310 |
|---|---|---|---|
| 3,157,310 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 163,135 163,135 |
Resources expended £ (208,461) (208,461) |
Gains and Movement losses in funds £ £ 965,000 919,674 965,000 919,674 |
Gains and Movement losses in funds £ £ 965,000 919,674 965,000 919,674 |
|---|---|---|---|---|
| 919,674 |
10. RELATED PARTY DISCLOSURES
Don Miller, a trustee of the CIO is owed £33,109 (2022 - £0) by the CIO at the balance sheet date.
Page 10
THE DON MILLER CHARITABLE TRUST CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| INCOME AND ENDOWMENTS Donations and legacies Gifts Investment income Rents received Total incoming resources EXPENDITURE Raising donations and legacies Property repairs Charitable activities Trustees' salaries Trustees' social security Trustees' pension contributions Salaries and national insurance Rates and water Light and heat Telephone Postage and stationery Sundries Premises expenses Travel Computer consumables and software Advertising Bank charges Support costs Other Insurance Governance costs Accountancy and legal fees Total resources expended Net income/(expenditure) |
2023 £ 5,654 84,033 89,687 1,356 140 - 21 51,674 2,644 1,748 1,905 259 219 7,081 - 957 - 10 66,658 1,622 4,434 74,070 15,617 |
2022 £ 14,270 59,178 73,448 36,796 36,400 951 1,098 34,572 1,710 4,328 1,619 490 1,645 2,818 487 2,107 675 - 88,900 2,542 6,153 134,391 (60,943) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 11