**REGISTERED CHARITY NUMBER: 1190326**
**Report of the Trustees and**
**Financial Statements for the Period Ended 31st December 2021**
**for**
**Thomas Corbett’s Charity**
**Thomas Corbett’s Charity**
## **Contents of the Financial Statements for the Period Ended 31st December 2021**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 2|
|**Statement of Financial Activities**|3|
|**Balance Sheet**|4|
|**Notes to the Financial Statements**|5 to 6|
**Thomas Corbett’s Charity**
## **Report of the Trustees for the Period Ended 31st December 2021**
The trustees present their report with the financial statements of the charity for the period ended 31st December 2021. 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).
## **INCORPORATION**
The CIO was incorporated on 9 July 2020.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the CIO are:
- the provision of almshouses for those the trustees consider in need; and
- to make donations to hospitals, special care and treatment of the needy, sick, provision of recreational grounds, societies for saving life at sea, charities for seamen, children, members of the armed forces, aged, blind and deaf, and the increase of clergy stipends in Worcestershire, Staffordshire and the Birmingham area.
## **Public benefit**
The trustees confirm that they complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission's on public benefit when reviewing the charity's aims and objectives and in planning future activities.
## **ACHIEVEMENT AND PERFORMANCE Charitable activities**
The CIO has been set up for the purpose of receiving the trade and assets of Thomas Corbett’s Charity (registration number 202032) an unincorporated charity in the future. The exact future date of this transfer has not yet been determined. Until this transfer has been made, the CIO was dormant (other than cash it held after the period end as agent of the unincorporated charity).
## **FINANCIAL REVIEW**
## **Financial position**
There was no income earned or expenditure generated during the period.
## **Reserves policy**
There are currently no reserves in the CIO.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a constitution, and constitutes a charitable incorporated organisation.
## **Recruitment and appointment of new trustees**
The board of Trustees appoint new trustees when positions become vacant.
## **Decision making**
Decisions are made by the trustees in general meeting and execution of those decision is delegated to the Clerk.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1190326
## **Principal address**
Fern Bank Wike Lane Sambourne Redditch Worcestershire B96 6NY
## **Trustees**
Mrs R R Wyatt Mrs S M Cutler Mr E A B Webb Mr C Caddick Mrs J Collings
Page 1
##
**Thomas Corbett’s Charity**
## **Statement of Financial Activities for the Period Ended 31st December 2021**
|Unrestricted
fund
£
**INCOME AND**
**ENDOWMENTSFROM**
Donations and legacies
**-**
**Charitable activities**
Maintenance of Wychbold
Almshouse
**-**
Investment income
**-**
**Total**
**-**
**EXPENDITURE ON**
Raising funds
**-**
**Charitable activities**
Maintenance of Wychbold
Almshouse
**-**
**Total**
**-**
Net gains/(losses) on
investments
**-**
**NET INCOME/(EXPENDITURE)**
**-**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**-**
**TOTAL FUNDS CARRIED**
**FORWARD**
**-**|Restricted
Endowment
fund
fund
£
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2021**
**Total**
**funds**
**£**
-
-
-|
|---|---|---|
|||-|
|||-
-|
|||-|
|||-|
|||-
-|
|||-|
The notes form part of these financial statements
Page 3
##
||**`Balance Sheet`**
**`31st December 2021`**|
|---|---|
||**`2021`**|
||`Unrestricted`
`Restricted`
`Endowment`
`Total`|
||`fund`
`fund`
`fund`
**`funds`**|
||`£`
`£`
`£`
`£`|
|**`FIXED ASSETS`**||
|`Tangible assets`||
|`Investments`||
|**`CURRENT ASSETS`**||
|`Debtors`||
|`Cash at bank`||
|**`CREDITORS`**||
|`Amounts falling due within one`||
|`period`||
|**`NET CURRENT ASSETS`**||
|`TOTAL`**`ASSETS LESS`**||
|**`CURRENT LIABILITIES`**||
|**`NET ASSETS`**||
|**`FUNDS`**||
|`Unrestricted funds`||
|`Restricted funds`||
|`Endowment funds`||
##
**Thomas Corbett’s Charity**
## **Notes to the Financial Statements for the Period Ended 31st December 2021**
## **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.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied at all periods presented unless otherwise stated.
The accounts are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these statements are rounded to the nearest £.
## **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.
Income from listed investments is recognised when the right to receive payment is established.
## **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.
## **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.
## **FINANCIAL INSTRUMENTS**
The charity has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Basic Financial Assets**
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
## **Basic Financial Liabilities**
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one period or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost.
Page 5
continued...
**Thomas Corbett’s Charity**
## **Notes to the Financial Statements - continued**
## **for the Period Ended 31st December 2021**
## **2. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the period ended 31st December 2021.
## **TRUSTEES' EXPENSES**
There were no trustees' expenses paid for the period ended 31st December 2021
## 3 **. RELATED PARTY DISCLOSURES**
There were not related party transactions in the period.
Page 6