Report of the Trustees and Unaudited Financial Statements for the period ended 5 April 2024 for THE JUNE PRESTON CHARITY
THE JUNE PRESTON CHARITY FINANCIAL STATEMENTS PERIOD TO 5 APRIL 2024
| Page | |
|---|---|
| Contents | 1 |
| Report of the Trustees | 2 |
| Independent Examiners Report | 4 |
| Income and Expenditure Account | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 |
1
THE JUNE PRESTON CHARITY
TRUSTEES’ ANNUAL REPORT PERIOD TO 5 APRIL 2024
REFERENCE AND ADMINISTRATIVE DETAILS
| Register Charity Name: | The June Preston Charity |
|---|---|
| Charity Commission number: | 1150803 |
| Principal address | Benefice of the Redeemer |
| Parish office | |
| Jack Walker Way | |
| Blackburn | |
| BB2 4JJ | |
| Trustees | J. Read |
| C. Leaver | |
| C.D. Anderton | |
| S. Fielding | |
| R.A.H. Marshall | |
| D.J. Wilkinson | |
| Independent examiner | Michael Richard Tuner ACA |
| Streets Turner Limited | |
| 9 Victoria Road | |
| Fulwood | |
| Preston | |
| PR2 8ND |
2
THE JUNE PRESTON CHARITY
TRUSTEES’ ANNUAL REPORT (Continued) PERIOD TO 5 APRIL 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is regulated as a Charitable Incorporation Organisation (CIO). Its governing document is a written Constitution.
The CIO has power to do anything which is calculated to further its objects or is conductive or incidental to doing so.
The charity trustees shall manage the affairs of the CIO and may for the purpose exercise all the powers of the CIO. It is the duty of each charity trustee:
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To exercise his or her powers and to perform his or her functions as a trustee of the CIO in the way he or she decides in good faith would be most likely to further the purpose of the CIO: and
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To exercise, in the performance of these functions, such care and skill as is reasonable in the circumstances having regard in particular to:
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a) Any special knowledge or experience that he or she has or holds himself or herself out as having: and
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b) If he or she acts as a charity trustee of the CIO in the course of a business or profession, to any special knowledge or experience that it is reasonable to expect of a person acting in the course of that kind of business or profession
OBJECTIVES AND ACTIVITIES
The objective of the CIO is for the public benefit and in accordance with the statement of faith, the advancement of the Evangelical Christian faith with the priority given to the area of the Ecclesiastical Parish of Church of the Saviour Blackburn.
ACHIEVEMENTS AND PERFORMANCE
The charity was formed March 2021 and since then has invested significantly within a portfolio of stocks and shares. The stocks and shares investment is long term, and with growth should ensure the longevity of the charity.
FINANCIAL REVIEW
Details of the Charity’s financial activities on page 5 show a net income of £3,708 (2023 – expenditure £129,839) for the year. The Chrity’s financial position on page 6 shows net assets of £1,087,945 (2023 - £1,084,237). The stocks and shares portfolio generated £47,077 (2023 - £13,934) income for the year.
The trustees’ annual report was approved on (insert date) and signed on behalf of the board of trustees by:
S. Fielding Trustee
D.J. Wilkinson Trustee
3
THE JUNE PRESTON CHARITY
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE JUNE PRESTON CHARITY PERIOD TO 5 APRIL 2024
We report to the trustees on my examination of the financial statements of The June Preston Charity (‘the charity’) for the period ended 5 April 2024.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the financial statements with the of the Charities Act 2011 (‘the Act’)
We report in respect of our examination of the charity’s financial statements carried out under section 145 of the 2011 act and in carrying out my examination We have following all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER’S STATEMENT
We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
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Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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The financial statements do not accord with those records; or
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The financial statements 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 five a ‘true and fair’ view which is not a matter considered as part of an independent examination.
We 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.
Michael Richard Turner ACA Streets Turner Limited 9 Victoria Road Fulwood Preston PR2 8ND
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THE JUNE PRESTON CHARITY
STATEMENT OF FINANCIAL ACTIVITY PERIOD TO 5 APRIL 2024
| INCOME Notes Investment income 4 Total Income Expenditure Other expenditure 5 Total Expenditure Net Gain/(loss) on investments 6 Net (shortfall)income and net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
47,077 13,934 1 April 2023 to 5 April 2024 1 April 2022 to 31 March 2023 Total Total £ £ |
|---|---|
| 47,077 13,934 |
|
| 57,399 24,462 |
|
| 57,399 24,462 |
|
| 14,030 (119,311) |
|
| 3,708 (129,839) |
|
| 1,084.237 1,214,076 |
|
| 1,087,945 **1,084,237 ** |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
5
THE JUNE PRESTON CHARITY STATEMENT OF FINANCIAL POSITION PERIOD TO 5 APRIL 2024
| FIXED ASSETS Investment Property 9 CURRENT ASSETS Cash at Bank Creditors Amounts falling due within 1 year 10 Net Current Assets Total Assets less current liabilities Total funds carried forward 11 Notes |
1,061,771 26,654 (480) 26.174 1,087,945 1,087,945 5 April 2024 Total Funds £ |
1,061,771 26,654 (480) 26.174 1,087,945 1,087,945 5 April 2024 Total Funds £ |
1,062,818 22,019 (600) 21,419 1,084,237 1,084,237 31 March 2023 Total Funds £ |
1,062,818 22,019 (600) 21,419 1,084,237 1,084,237 31 March 2023 Total Funds £ |
|---|---|---|---|---|
| 1,087,945 | 1,084,237 | |||
| 1,087,945 | 1,084,237 |
These financial statements were approved by the board of trustees and authorised for issue on (…………………), as are signed on behalf of the board by:
S. Fielding Trustee
D.J. Wilkinson Trustee
6
THE JUNE PRESTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024
1 GENERAL INFORMATION
The Charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Benefice of the Redeemer, Parish Office, Jack Walker Way, Blackburn, BB2 4JJ.
2 STATEMENT OF COMPLICANCE
These financial statements have been prepared in compliance with FRS102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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 (FRS102) (Charities SORP (FRS102)) and the Charities Act 2011.
3 ACCOUNTING POLICIES
(a) Basis of Preparation
These financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measures at fair value though income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going Concern
There are no material uncertainties about the charity’s ability to continue.
(c) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity’s purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into sub-classes: restricted income funds or endowment funds.
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THE JUNE PRESTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024
(d) Income resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliable measured. The following specific policies are applied to particular categories of income:
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Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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Legacy income is recognised when receipt is probable and entitlement is established.
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Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived for the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can b reliably measured. No amounts are included for the contribution of general volunteers.
(e) Resources expended
Expenditure is recognised on an annual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.
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Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Share costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
(f) Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investment are measured at fair value which changes in fair value being recognised in income or expenditure.
10
THE JUNE PRESTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024
| 4 - INVESTMENT INCOME Income from Investments 5 - OTHER EXPENDITURE Rates Light & Heat Legal and professional fees Accountancy fees Bank Charges Sundry expenses Transaction and management charges Salary Pension Costs 6 - NET GAIN/LOSSES ON INVESTMENTS Net increase/(decrease) of investment portfolio 7 - INDEPENDENT EXAMINATION FEES Fees payable to the independent examiner for Independent examination of the financial statements 8 - TRUSTEE REMUNERATION AND EXPENSES |
47,077 1,649 2,000 - 600 - 1,730 14,819 33,834 2,766 57,399 14,030 480 5 April 2024 Total Funds £ |
13,934 31 March 2023 Total Funds £ |
|---|---|---|
| - - 175 600 25 645 23,017 - - |
||
| 24,462 | ||
| (119,311) | ||
| 600 | ||
The trustees received no remuneration during the year
9
THE JUNE PRESTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024
9 - INVESTMENTS
| Other | Investments | ||
|---|---|---|---|
| £ | |||
| Cost or Valuation | |||
| At 1 April 2023 | 1,062,818 | ||
| Income and expenditure | (15,077) | ||
| Fair Value movements | 14,031 | ||
| At 5 April 2024 | 1,061,772 | ||
| Impairment | |||
| At 5 April 2024 | - | ||
| Carrying amount At 31 March 2023 |
1,062,818 | ||
| At 5 April 2024 | 1,061,772 | ||
| All investments shown above are held at valuation | |||
| 10 - CREDITORS : amounts falling due with one year | |||
| Accruals and deferred income | 480 | 600 | |
| 11 - ANALYSIS OF CHARITABLE FUNDS | £ | ||
| Unrestricted funds | At 31 March 2023 | 1,084,237 | |
| Income | 47,077 | ||
| Expenditure | (57,399) | ||
| Gains and losses | 14,030 | ||
| At 5 April 2024 | 1,087,945 |
10