2022-12-31-accounts - The Sally Odell Charitable Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

O C ry* 111- 211¥_ £cEc () o ¢0

q)IO£ ce4 ¢N (n * In O) a) o ro * In ¢D ID a> o

illil,-

REGISTERED CHARITY NUMBER: 1180054

`REPORT OF THE TRUSTEES AND`

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

`FOR`

THE SALLY ODELL CHARITABLE TRUST

Gibbons Mannington & Phipps LLP
Chartered Accountants

82 High Street
Tenterden
Kent
TN30 6JG

THE SALLY ODELL CHARITABLE TRUST

`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022`

	`Page`	`Page`	`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`

THE SALLY ODELL CHARITABLE TRUST

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022`

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
31December2022.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

Thecharityisanon-profitmakingbodywhoseobjectivesaretopromotesafetywithinthecommunity in
thehistoricportandfishingtownofKinsale,CountyCork,Ireland(includingthesurrounding coastal
areas) for public benefit and future generations.

`Significant activities`

ThecharityhaspreviouslymadeadonationtotheRNLItohelpfundtheKinsaleLifeboat.Therehave not
been any donations this year.

`Public benefit`

ThetrusteeshavetakennoticetotheguidanceissuedbytheCharityCommissionwithregardto public
benefit.

`FINANCIAL REVIEW`

`Reserves policy`

Thetrusteesintendtoretaintheoriginalcapitalinorderthatitmayprovideregulargrantsto promote
safety within the community in the historic port and fishing town of Kinsale, County Cork, Ireland.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

Thecharityiscontrolledbyitsgoverningdocument,adeedoftrustandconstitutesan unincorporated
charity.

`Charity constitution`

A trust has been implemented with three trustees.

`Recruitment and appointment of new trustees`

Apartfromthefirstcharitytrustees,everytrusteemustbeappointedforatermofthreeyearsby a
resolution passed at a properly convened meeting of the charity trustees.

Inselectingindividualsforappointmentascharitytrustees,thecharitytrusteesmusthaveregardto the
skills, knowledge and experience needed for the effective administration of the Trust.

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Registered Charity number`

`Principal address`

43 Haymakers Lane
Ashford
Kent
TN23 4GL

`Trustees`

R J Sanders ACSI DipPFS
Ms U M Harris
Ms A R Stratford

Page 1

THE SALLY ODELL CHARITABLE TRUST

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022`

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Independent Examiner`

Gibbons Mannington & Phipps LLP
Chartered Accountants
82 High Street
Tenterden
Kent
TN30 6JG

Approved by order of the board of trustees on 12 August 2023 and signed on its behalf by:

R J Sanders ACSI DipPFS - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE SALLY ODELL CHARITABLE TRUST

`Independent examiner's report to the trustees of The Sally Odell Charitable Trust`

IreporttothecharitytrusteesonmyexaminationoftheaccountsofTheSallyOdellCharitableTrust (the
Trust) for the year ended 31 December 2022.

`Responsibilities and basis of report`

AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsin accordance
with the requirements of the Charities Act 2011 ('the Act').

IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutunderSection145oftheAct and
incarryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbytheCharity Commission
under Section 145(5)(b) of the Act.

`Independent examiner's statement`

Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention 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 Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or

3. 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.

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.

`Samantha Whiting`

Gibbons Mannington & Phipps LLP
Chartered Accountants
82 High Street
Tenterden
Kent
TN30 6JG

15 August 2023

Page 3

THE SALLY ODELL CHARITABLE TRUST

`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022`

`Notes` `INCOME AND ENDOWMENTS FROM` `Investment income` `2` `EXPENDITURE ON` `Charitable activities` `Donations` `Other` `Total` `Net gains/(losses) on investments` `NET INCOME/(EXPENDITURE)` `RECONCILIATION OF FUNDS` `Total funds brought forward` `TOTAL FUNDS CARRIED FORWARD`	`2022` `Unrestricted` `fund` `£` `2,614` `-` `6,380` `6,380` `(98,604)` `(102,370)` `894,904` `792,534`	`2021` `Total` `funds` `£` `5,866` `74,000` `8,535` `82,535` `63,815` `(12,854)` `907,758` `894,904`

The notes form part of these financial statements

Page 4

THE SALLY ODELL CHARITABLE TRUST

`BALANCE SHEET`

`31 DECEMBER 2022`

`Notes` `FIXED ASSETS` `Investments` `7` `CURRENT ASSETS` `Cash at bank` `CREDITORS` `Amounts falling due within one year` `8` `NET CURRENT ASSETS` `TOTAL ASSETS LESS CURRENT` `LIABILITIES` `NET ASSETS` `FUNDS` `9` `Unrestricted funds` `TOTAL FUNDS`	`2022` `2021` `Unrestricted` `Total` `fund` `funds` `£` `£` `771,270` `872,166` `22,504` `24,818` `(1,240)` `(2,080)` `21,264` `22,738` `792,534` `894,904` `792,534` `894,904` `792,534` `894,904` `792,534` `894,904`

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
12 August 2023 and were signed on its behalf by:

R J Sanders ACSI DipPFS - Trustee

The notes form part of these financial statements

Page 5

THE SALLY ODELL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,withtheexceptionofinvestments which
are included at market value, as modified by the revaluation of certain assets.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.

Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.

`Investments`

Listedinvestmentsareincludedatmarketvalueattheyearend.Gainsandlossesondisposal and
revaluation of investments are charged or credited to the Statement of Financial Activities.

`Taxation`

The charity is exempt from tax on its charitable activities.

`Fund accounting`

Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

There are currently no restricted funds.

`Financial instruments`

Thecharityonlyhasfinancialassetsandfinancialliabilitiesofakindthatqualifyasbasic financial
instruments.Basicfinancialinstrumentsareinitiallyrecognisedattransactionvalue and
subsequentlymeasuredattheirsettlementvaluewiththeexceptionofbankloanswhich are
subsequently measured at amortised cost using the effective interest method.

continued...

Page 6

THE SALLY ODELL CHARITABLE TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022`

`2. INVESTMENT INCOME`

`Fixed asset investment income` `3.` `GRANTS PAYABLE` `Donations` `The total grants paid to institutions during the year was as` `follows:` `Royal National Lifeboat Institution`		`2022` `£` `2,614` `2022` `£` `-` `2022` `£` `-`	`2021` `£` `5,866` `2021` `£` `74,000`	`2021` `£` `5,866`
			`2021` `£` `74,000`

`4. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2022 nor
for the year ended 31 December 2021.

`Trustees' expenses`

Therewerenotrustees'expensespaidfortheyearended31December2022norforthe year
ended 31 December 2021.

`5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`

	`Unrestricted`
	`fund`
	`£`
`INCOME AND ENDOWMENTS FROM`
`Investment income`	`5,866`
`EXPENDITURE ON`
`Charitable activities`
`Donations`	`74,000`
`Other`	`8,535`
`Total`	`82,535`
`Net gains on investments`	`63,815`
`NET INCOME/(EXPENDITURE)`	`(12,854)`
`RECONCILIATION OF FUNDS`
`Total funds brought forward`	`907,758`
`TOTAL FUNDS CARRIED FORWARD`	`894,904`

continued...

Page 7

THE SALLY ODELL CHARITABLE TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022`

`6. INDEPENDENT EXAMINERS FEES`

Theindependentexaminer'sremunerationrepresentsthefeeforexaminationoftheaccounts of
£864 (2021: £840).

`7. FIXED ASSET INVESTMENTS`

`Unlisted` `investments` `£` `MARKET VALUE` `At 1 January 2022` `872,166` `Additions` `774,060` `Disposals` `(872,166)` `Revaluations` `(13,715)` `At 31 December 2022` `760,345` `NET BOOK VALUE` `At 31 December 2022` `760,345` `At 31 December 2021` `872,166`	`Cash and` `settlements` `pending` `Totals` `£` `£` `-` `872,166` `10,925` `784,985` `-` `(872,166)` `-` `(13,715)` `10,925` `771,270` `10,925` `771,270` `-` `872,166`

There were no investment assets outside the UK.

The cost of portfolio investments is £774,060 as at the balance sheet date.

`8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

	`2022`	`2021`
	`£`	`£`
`Other creditors`	`1,240`	`2,080`

`9. MOVEMENT IN FUNDS`

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`At 1/1/22` `£` `894,904` `894,904`	`Net` `movement` `in funds` `£` `(102,370)` `(102,370)`	`At` `31/12/22` `£` `792,534` `792,534`

Net movement in funds, included in the above are as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`Incoming` `resources` `£` `2,614` `2,614`	`Resources` `expended` `£` `(6,380)` `(6,380)`	`Gains and` `Movement` `losses` `in funds` `£` `£` `(98,604)` `(102,370)` `(98,604)` `(102,370)`

continued...

Page 8

THE SALLY ODELL CHARITABLE TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022`

`9. MOVEMENT IN FUNDS - continued`

`Comparatives for movement in funds`

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`At 1/1/21` `£` `907,758` `907,758`	`Net` `movement` `in funds` `£` `(12,854)` `(12,854)`	`At` `31/12/21` `£` `894,904` `894,904`

Comparative net movement in funds, included in the above are as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`Incoming` `Resources` `Gains and` `Movement` `resources` `expended` `losses` `in funds` `£` `£` `£` `£` `5,866` `(82,535)` `63,815` `(12,854)` `5,866` `(82,535)` `63,815` `(12,854)`

A current year 12 months and prior year 12 months combined position is as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`At 1/1/21` `£` `907,758` `907,758`	`Net` `movement` `in funds` `£` `(115,224)` `(115,224)`	`At` `31/12/22` `£` `792,534` `792,534`

Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`Incoming` `Resources` `Gains and` `Movement` `resources` `expended` `losses` `in funds` `£` `£` `£` `£` `8,480` `(88,915)` `(34,789)` `(115,224)` `8,480` `(88,915)` `(34,789)` `(115,224)`

continued...

Page 9

THE SALLY ODELL CHARITABLE TRUST

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022`

`10. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31 December 2022.

Page 10