Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2020
for
THE GUTTRIDGE FAMILY FOUNDATION
Haines Watts Chartered Accountants
23 Algitha Road Skegness United Kingdom PE25 2AG
THE GUTTRIDGE FAMILY FOUNDATION
Contents of the Financial Statements for the year ended 31 December 2020
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Statement of Financial Position | 4 |
| Notes to the Financial Statements | 5 to 9 |
| Detailed Statement of Financial Activities | 10 |
THE GUTTRIDGE FAMILY FOUNDATION
Report of the Trustees for the year ended 31 December 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. 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).
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Administrative details
Principal address
C/o Willsons 16 Algitha Road Skegness Lincolnshire PE25 2AG
Trustees
Mr J Boulton Mr S Adams Mrs R Adams
Independent Examiner
Haines Watts Chartered Accountants 23 Algitha Road Skegness United Kingdom PE25 2AG
Approved by order of the board of trustees on 18 November 2021 and signed on its behalf by:
Mr J Boulton - Trustee
Page 1
Independent Examiner's Report to the Trustees of The Guttridge Family Foundation
Independent examiner's report to the trustees of The Guttridge Family Foundation
I report to the charity trustees on my examination of the accounts of The Guttridge Family Foundation (the Trust) for the year ended 31 December 2020.
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.
Simon Thorold FCCA Haines Watts Chartered Accountants 23 Algitha Road Skegness United Kingdom PE25 2AG
Date: 18 November 2021
Page 2
THE GUTTRIDGE FAMILY FOUNDATION
Statement of Financial Activities for the year ended 31 December 2020
| 2020 Unrestricted fund Notes £ Income and endowments from Investment income 2 61,794 Expenditure on Raising funds 3 12,139 Charitable activities Rent expenses 1,140 Total 13,279 NET INCOME 48,515 Reconciliation of funds Total funds brought forward 3,648,125 Total funds carried forward 3,696,640 |
2019 Total funds £ 71,440 48,388 618 |
|---|---|
| 49,006 | |
| 22,434 3,625,691 |
|
| 3,648,125 |
The notes form part of these financial statements
Page 3
THE GUTTRIDGE FAMILY FOUNDATION
Statement of Financial Position 31 December 2020
| 2020 Unrestricted fund Notes £ Fixed assets Investment property 6 2,195,000 Current assets Debtors 7 1,880 Cash at bank 1,500,707 1,502,587 Creditors Amounts falling due within one year 8 (947) Net current assets 1,501,640 Total assets less current liabilities 3,696,640 NET ASSETS 3,696,640 Funds 9 Unrestricted funds 3,696,640 Total funds 3,696,640 |
2019 Total funds £ 2,195,000 - 1,457,982 1,457,982 (4,857) 1,453,125 3,648,125 3,648,125 3,648,125 3,648,125 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 18 November 2021 and were signed on its behalf by:
Mr J Boulton - Trustee
The notes form part of these financial statements
Page 4
THE GUTTRIDGE FAMILY FOUNDATION
Notes to the Financial Statements for the year ended 31 December 2020
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.
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.
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.
2.
Investment income
| Rents received Agricultural letting Apparatus income Sundry income |
2020 £ 33,444 23,800 1,880 2,670 61,794 |
2019 £ 23,840 47,600 - - |
|---|---|---|
| 71,440 |
Page 5
THE GUTTRIDGE FAMILY FOUNDATION
Notes to the Financial Statements - continued for the year ended 31 December 2020
3. Raising funds
Investment management costs
| Portfolio management Agricultural letting commission Management charges Insurance Property repairs Land drainage Light and heat Rates and water |
2020 £ 4,013 1,522 600 852 5,152 - - - 12,139 |
2019 £ 2,861 2,856 4,260 1,705 2,528 33,548 110 520 |
|---|---|---|
| 48,388 |
4. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
5. Comparatives for the statement of financial activities
| Comparatives for the statement of financial activities | |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| Income and endowments from | |
| Investment income | 71,440 |
| Expenditure on | |
| Raising funds | 48,388 |
| Charitable activities | |
| Rent expenses | |
| 618 | |
| Total | 49,006 |
| NET INCOME | 22,434 |
| Reconciliation of funds | |
| Total funds brought forward | 3,625,691 |
| Total funds carried forward | 3,648,125 |
Page 6
THE GUTTRIDGE FAMILY FOUNDATION
Notes to the Financial Statements - continued for the year ended 31 December 2020
| 6. Investment property Fair value At 1 January 2020 and 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 7. Debtors: amounts falling due within one year Trade debtors 8. Creditors: amounts falling due within one year Trade creditors 9. Movement in funds Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1/1/20 £ 3,648,125 3,648,125 Incoming resources £ 61,794 61,794 |
2020 £ 1,880 2020 £ 947 Net movement in funds £ 48,515 48,515 Resources expended £ (13,279) (13,279) |
£ 2,195,000 |
£ 2,195,000 |
£ 2,195,000 |
|---|---|---|---|---|---|
| 2,195,000 | |||||
| 2,195,000 | |||||
| 2019 £ - 2019 £ 4,857 At 31/12/20 £ 3,696,640 |
2019 £ - |
||||
| 2019 £ 4,857 |
|||||
| 3,696,640 | |||||
| Movement in funds £ 48,515 48,515 |
|||||
| 48,515 |
Page 7
THE GUTTRIDGE FAMILY FOUNDATION
Notes to the Financial Statements - continued for the year ended 31 December 2020
9. Movement in funds - continued
Comparatives for movement in funds
| At 1/1/19 £ Unrestricted funds General fund 3,625,691 TOTAL FUNDS 3,625,691 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 71,440 TOTAL FUNDS 71,440 A current year 12 months and prior year 12 months combined position is as follows: At 1/1/19 £ Unrestricted funds General fund 3,625,691 TOTAL FUNDS 3,625,691 |
Net movement in funds £ 22,434 22,434 Resources expended £ (49,006) (49,006) Net movement in funds £ 70,949 70,949 |
At 31/12/19 £ 3,648,125 |
|---|---|---|
| 3,648,125 | ||
| Movement in funds £ 22,434 22,434 At 31/12/20 £ 3,696,640 |
||
| 3,696,640 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 133,234 | (62,285) | 70,949 |
| TOTAL FUNDS | 133,234 | (62,285) | 70,949 |
Page 8
THE GUTTRIDGE FAMILY FOUNDATION
Notes to the Financial Statements - continued for the year ended 31 December 2020
10. Related party disclosures
During the year, Rachel Adams, a trustee, paid expenses on behalf of the Trust totalling £852.
At the year end the Trust owed Rachel Adams £852 which has been disclosed as a creditor.
Page 9
THE GUTTRIDGE FAMILY FOUNDATION
Detailed Statement of Financial Activities for the year ended 31 December 2020
| Income and endowments Investment income Rents received Agricultural letting Apparatus income Sundry income Total incoming resources Expenditure Investment management costs Portfolio management Agricultural letting commission Management charges Insurance Property repairs Land drainage Light and heat Rates and water Support costs Management Postage and stationery Finance Bank charges Governance costs Accountancy and legal fees Total resources expended Net income |
2020 £ 33,444 23,800 1,880 2,670 61,794 61,794 4,013 1,522 600 852 5,152 - - - 12,139 - 6 1,134 13,279 48,515 |
2019 £ 23,840 47,600 - - |
|---|---|---|
| 71,440 | ||
| 71,440 2,861 2,856 4,260 1,705 2,528 33,548 110 520 |
||
| 48,388 18 - 600 |
||
| 49,006 | ||
| 22,434 |
This page does not form part of the statutory financial statements
Page 10