OpenCharities

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

2023-12-31-accounts

REGISTERED CHARITY NUMBER: 1190326

Report of the Trustees and

Financial Statements for the Year Ended 31st December 2023

for

Thomas Corbett’s Charity

Thomas Corbett’s Charity

Contents of the Financial Statements for the Year Ended 31st December 2023

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 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 objects of the CIO are:

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 as agent of the unincorporated charity).

FINANCIAL REVIEW Financial position

There was no income earned or expenditure generated during the year.

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 Year Ended 31st December 2023

Unrestricted
fund
Notes
£
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
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2023
Total
funds
£
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
funds
£
-
-
-
-
-
-
-
-
-
-
-

The notes form part of these financial statements

Page 3

Balance Sheet
31st December 2023
2023
2022
Unrestricted
Restricted
Endowment
Total
Total
fund
fund
fund
funds
funds
Notes
£
£		 £
£
£
FIXED ASSETS
Tangible assets
Investments
CURRENT ASSETS
Debtors
Cash at bank 16,168 16,168
16,168 16,168
CREDITORS
Amounts falling due within one
year 3
16,168		 16,168
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 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, 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 years 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 year 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 Year Ended 31st December 2023

2. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022.

3. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Amount due to Thomas Corbett’s Charity 202032 2023
£
16,168
16,168		 2022
£
-
-

4. RELATED PARTY DISCLOSURES

During the year, a bank account was opened with CAF. All transactions in this account relate to the Thomas Corbett’s Charity (registration number 202032). The balance in this account at the year end was £16,168 (2022 - £nil) as shown in note 3.

Page 6