| SORP reference | ||||
|---|---|---|---|---|
| Summaryofthe purposes of | Para 1.17 | |||
| the charity as set out in its governing document |
The charity is a non-proft-making body whose objectives are to promote safety |
|||
| within the community in the | historic | port | ||
| and fshing town of Kinsale, County |
||||
| Cork, Ireland (including the | surrounding | |||
| coastal areas) for public |
beneft | and | ||
| future generations. | ||||
| Summary of the main activities in relation to those |
Para 1.17 and 1.19 |
Donation to the RNLI to help Kinsale Lifeboat. |
fund the | |
| purposes for the public | ||||
| beneft, in particular, the | ||||
| activities, projects or services identifed in the |
(!s19a)oiu | |||
| accounts. | ||||
| Statement confrming | Para 1.18 | The trustees have had regard to the | ||
| whether the trustees have | guidance issued by the Charity | |||
| had regard to the guidance | Commission on public beneft. | |||
| issued by the Charity | ||||
| Commission on public | ||||
| beneft |
| Achievements against objectives set :i |
Para 1.41 |
|---|---|
| Performance of fundraising | |
| activities against objectives | Para 1.41 |
| set | |
| Investment performance | Para 1.41 |
| against objectives | |
| Other |
| Financial Review | ||
|---|---|---|
| Review of the charity's | Para1.21 | The charity has invested funds, which |
| fnancial position at the end | have decreased in value. | |
| oftheperiod Statement explaining the |
Para1.22 | The Trust intends to retain the original |
| policy for holding reserves | capital (£800,000) in order that it may | |
| stating why they are held | provide regular grants to promote safety | |
| within the community in the historic port | ||
| and fshing town of Kinsale, County | ||
| Cork,Ireland | ||
| Amount of reserves held | Para 1.22 | £819,835 |
| Reasons for holding zero | Para1.22 | |
| reserves | ||
| Details of fund materially in | Para 1.24 | |
| defcit | ||
| Explanation of any | Para 1.23 | |
| uncertainties about the | ||
| charitycontinuingasa goingt i | ||
| Concern |
| The charity's principal | |
|---|---|
| sources of funds (including | Para 1.47 |
| any fundraising) | |
| Investment policy and | |
| objectives including any | Para 1.46 |
| social investment policy | |
| adopted | |
| A description of the principal | Para 1.46 |
| risks facing the charity | |
| Other |
| Description of charity's | ||||
|---|---|---|---|---|
| trusts: | ||||
| Type of governingdocument | Para1.25 | Trustdeed | ||
| Ltrust deed,royalcharter) | ||||
| How is the charity | Para 1.25 | A Trust has been implemented with 3 | ||
| constituted? | trustees. | |||
| (eg unincorporated | ||||
| association, CIO) | ||||
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled |
Para 1.25 | Apart from the frst charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting |
||
| to appoint one or more | of the charity trustees. | |||
| trustees | In selecting individuals | for | appointment | |
| as charity trustees, the | charity trustees | |||
| must have regard |
to | the skills, |
||
| knowledge and experience | needed for | |||
| the effective administration | of the CIO. |
| Charityname | The Sally Odell Charitable Trust |
|---|---|
| Othername thecharityuses | NIA |
| Registered charitynumber | 1180054 |
| Charity's principal address | C/O 43 Haymakers Lane |
| Ashford | |
| Kent | |
| TN23 4GL |
||Trusteename|Dates acted if not for whole year| |---|---| |None|| |Funds held as custodian trustees on behalf of others|| |Description of the assets|| |held in this capacity|Vatfo oriiopsosm ow essiess iharis sdtta| |Name and objects of the|| |charity on whose behalf the|| |assets are held and how this|| |falls within the custodian|| |charity's objects|| |Details of arrangements for|| |safe custody and|| |segregation of such assets|| |from the charity's Own|| |assets||
| Type of | Name | Address |
|---|---|---|
| adviser |
REGISTERED CHARITY NUMBER: 1180054
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024
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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
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THE SALLY ODELL CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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 charity is a non-profit making body whose objectives are to promote safety within the community in the historic port and fishing town of Kinsale, County Cork, Ireland (including the surrounding coastal areas) for public benefit and future generations.
Significant activities
The charity has previously made a donation to the RNLI to help fund the Kinsale Lifeboat. There have not been any donations this year.
Public benefit
The trustees have taken notice to the guidance issued by the Charity Commission with regard to public benefit.
FINANCIAL REVIEW
Reserves policy
The trustees intend to retain the original capital in order that it may provide regular grants to promote safety within the community in the historic port and fishing town of Kinsale, County Cork, Ireland.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Charity constitution
A trust has been implemented with three trustees.
Recruitment and appointment of new trustees
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.
In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the Trust.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1180054
Principal address
43 Haymakers Lane Ashford Kent TN23 4GL
Trustees
R J Sanders ACSI DipPFS Ms A R Stratford Ms S Clark
Page 1
THE SALLY ODELL CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
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 24 April 2025 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
I report to the charity trustees on my examination of the accounts of The Sally Odell Charitable Trust (the Trust) for the year ended 31 December 2024.
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.
David Ashby FCCA ACA
Gibbons Mannington & Phipps LLP Chartered Accountants 82 High Street Tenterden Kent TN30 6JG
24 April 2025
Page 3
THE SALLY ODELL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 18,044 EXPENDITURE ON Charitable activities Donations 83,080 Other 10,473 Total 93,553 Net gains on investments 62,077 NET INCOME/(EXPENDITURE) (13,432) RECONCILIATION OF FUNDS Total funds brought forward 833,267 TOTAL FUNDS CARRIED FORWARD 819,835 |
2023 Total funds £ 15,764 20,000 10,871 30,871 55,840 40,733 792,534 833,267 |
|---|---|
The notes form part of these financial statements
Page 4
THE SALLY ODELL CHARITABLE TRUST
BALANCE SHEET 31 DECEMBER 2024
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
2024 2023 Unrestricted Total fund funds £ £ 820,383 833,139 443 1,494 (991) (1,366) (548) 128 819,835 833,267 819,835 833,267 819,835 833,267 819,835 833,267 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 April 2025 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 2024
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, with the exception of investments which are included at market value, 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. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investments
Listed investments are included at market value at the year end. Gains and losses on disposal 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
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.
There are currently no restricted funds.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which 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 2024
| 2. INVESTMENT INCOME Fixed asset investment income |
2024 £ 18,044 |
2023 £ 15,764 |
|---|---|---|
| 3. GRANTS PAYABLE Donations |
2024 £ 83,000 |
2023 £ 20,000 |
| The total grants paid to institutions during the year was as follows: Royal National Lifeboat Institution |
2024 £ 83,000 |
2023 £ 20,000 |
| 4. TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor fo the year ended 31 December 2023. Trustees' expenses There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ende 31 December 2023. 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Investment income 15,764 |
||
| EXPENDITURE ON Charitable activities Donations Other |
20,000 10,871 |
|
| Total | 30,871 | |
| Net gains on investments | 55,840 | |
| NET INCOME RECONCILIATION OF FUNDS Total funds brought forward |
40,733 792,534 |
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
continued...
Page 7
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
THE SALLY ODELL CHARITABLE TRUST
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted fund £ |
|
|---|---|
| TOTAL FUNDS CARRIED FORWARD | 833,267 |
6.
INDEPENDENT EXAMINERS FEES
The independent examiner's remuneration represents the fee for examination of the accounts of £984 (2023: £960).
7. INVESTMENT MANAGEMENT COSTS
Investment management costs totalling £9,877 (£9,735 - 2023) were charged during the year.
8. FIXED ASSET INVESTMENTS
| Unlisted investments £ MARKET VALUE At 1 January 2024 817,949 Additions 17,492 Disposals (83,115) Revaluations 62,192 At 31 December 2024 814,518 NET BOOK VALUE At 31 December 2024 814,518 At 31 December 2023 817,949 |
Cash and settlements pending £ 15,190 - (9,325) - 5,865 5,865 15,190 |
Totals £ 833,139 17,492 (92,440) 62,192 820,383 820,383 833,139 |
|---|---|---|
There were no investment assets outside the UK.
The cost of portfolio investments is £710,317 as at the balance sheet date.
continued...
Page 8
THE SALLY ODELL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
----- Start of picture text -----
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other creditors 991 1,366
10. MOVEMENT IN FUNDS
Net
movement At
At 1/1/24 in funds 31/12/24
£ £ £
Unrestricted funds
General fund 833,267 (13,432) 819,835
TOTAL FUNDS 833,267 (13,432) 819,835
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 18,044 (93,553) 62,077 (13,432)
TOTAL FUNDS 18,044 (93,553) 62,077 (13,432)
Comparatives for movement in funds
Net
movement At
At 1/1/23 in funds 31/12/23
£ £ £
Unrestricted funds
General fund 792,534 40,733 833,267
TOTAL FUNDS 792,534 40,733 833,267
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 15,764 (30,871) 55,840 40,733
TOTAL FUNDS 15,764 (30,871) 55,840 40,733
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continued...
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THE SALLY ODELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/23 £ 792,534 792,534 |
Net movement in funds £ 27,301 27,301 |
At 31/12/24 £ 819,835 819,835 |
|---|---|---|---|
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 |
Incoming Resources Gains and resources expended losses £ £ £ 33,808 (124,424) 117,917 |
Movement in funds £ 27,301 |
|---|---|---|
| TOTAL FUNDS | 33,808 (124,424) 117,917 |
27,301 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
Page 10