REGISTERED CHARITY NUMBER: 1199962
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
SHAKESPEARE TEMPERANCE TRUST CIO
RMT Ribchesters Accountants and Business Advisors Finchale House Belmont Business Park Durham DH1 1TW
SHAKESPEARE TEMPERANCE TRUST CIO
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
SHAKESPEARE TEMPERANCE TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 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
Shakespeare Temperance Trust CIO exists to promote temperance in or near the city of Durham; to provide facilities of a temperance hall, specifically the property known as Shakespeare Hall, North Road, Durham. This is for persons resident in or near the city of Durham who have need of such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances, with the object of improving the conditions of life of such persons. Nothing in the constitution shall authorise an application of the property of the CIO for purposes which are not charitable.
Public benefit
The trustees have reviewed the outcomes and achievements of the objectives and activities for the period in order to ensure that they remain focussed on charitable aims and continued to deliver benefits to the public. We have complied with the duty under the Charities Act 2011 to have due regard to public benefit guidance published by the Commission.
Grantmaking
The trustees meet bi-annually to consider grant applications. At these meetings all applications are considered and decisions made based upon set criteria. Distributions are made in accordance with eligibility criteria which are tied to the charity's objects.
Audit Exemption
The charity's income for this year was £1,008,900. This exceeds the threshold for claiming exemption from audit under the Charities Act. However, since £968,677 of this income arose from the transfer of assets from the predecessor charity, Shakespeare Temperance Trust, charity number 224895 the trustees have obtained a dispensation from this audit requirement from the Charities Commission. An audit has not therefore been undertaken.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Following the administration of long-standing tenant Durham Community Association on 11th April 2024, the Trustees have secured new tenants for the property whose activities support the charity's objectives of improving the conditions of life for residents based in and around Durham.
In the financial year ending 31 March 2024, the charity provided grant funding to 19 local organisations, distributing £21,913 in funds to projects which were agreed by the Trustees to support the charity's objectives and benefit persons resident in or near the city of Durham.
FINANCIAL REVIEW
Reserves policy
Trustees have agreed that our target for free reserves is 6 months operating costs. At the reporting date this target has been met.
Excluding the transfer of assets from the predecessor charity income of £40,223 was generated in this period. Grants paid out were £21,913 and other costs of £19,861 were expended.
At the balance sheet date, the charity had net funds of £996,427 and net current assets (free reserves) of £22,616.
The trustees are satisfied with the financial performance of the charity in the period and its position at the period end.
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SHAKESPEARE TEMPERANCE TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
FUTURE PLANS
The charity plans to increase its social media and offline presence to increase awareness of its activities and to further connect with suitable local organisations that could benefit from its bi-annual grant awards.
The Trustees will complete a risk review and create a building maintenance plan, to ensure that the building facilities are well maintained, compliant with relevant standards and meet future tenants needs.
The Trustees will produce an up-to-date Financial Control Policy to ensure there is adequate funding in place to meet future needs and maintenance costs.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Shakespeare Temperance Trust CIO is a registered charity, number 1199962, and is constituted under a Charitable Incorporated Organisation (CIO) Foundation Constitution.
Charity constitution
The governance, management and administration of the charity is the responsibility of the trustees.
Recruitment and appointment of new trustees
There were no new appointments or resignations of Trustees in the year ending 31 March 2024 other than the initial appointments in respect to the conversion to a Charitable Incorporated Organisation.
Organisational structure
Shakespeare Temperance Trust CIO was formed in August 2022 . We operate under the Charity Commission's model constitution.
Risk management
The Trustees plan to review the condition and management of the premises and its facilities in order to understand risk and improve the facilities with a view to safeguarding income over the longer term in a changing high street and commercial property market.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1199962
Principal address
1 Creamery Cottages Stonebridge Durham DH1 3RZ
Trustees
F Davison K Whitfield (appointed 11/9/2023) G Wilczek (appointed 11/9/2023) Mrs F Hall (appointed 11/9/2023) J Pikesley (appointed 4/4/2023) M Leonard P Herring (appointed 22/7/2024)
Independent Examiner
David Holloway FCA DChA RMT Ribchesters Accountants and Business Advisors Finchale House Belmont Business Park Durham DH1 1TW
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SHAKESPEARE TEMPERANCE TRUST CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Approved by order of the board of trustees on 18 November 2024 and signed on its behalf by:
M Leonard - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHAKESPEARE TEMPERANCE TRUST CIO
Independent examiner's report to the trustees of Shakespeare Temperance Trust CIO
I report to the charity trustees on my examination of the accounts of Shakespeare Temperance Trust CIO (the Trust) for the year ended 31 March 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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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 Holloway FCA DChA
RMT Ribchesters Accountants and Business Advisors Finchale House Belmont Business Park Durham DH1 1TW
20 December 2024
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SHAKESPEARE TEMPERANCE TRUST CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Support to beneficiaries Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Year Ended 31.3.24 Unrestricted fund £ 968,677 40,223 1,008,900 16,086 25,688 41,774 29,301 996,427 - 996,427 |
Period 4.8.22 to 31.3.23 Total funds £ - - |
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The notes form part of these financial statements
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SHAKESPEARE TEMPERANCE TRUST CIO
BALANCE SHEET 31 MARCH 2024
| Notes FIXED ASSETS Investments Investments 6 Investment property 7 CURRENT ASSETS Debtors 8 Prepayments and accrued income 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 Unrestricted fund £ 346,806 627,005 973,811 1,525 2,890 22,128 26,543 (3,927) 22,616 996,427 996,427 996,427 996,427 |
2023 Total funds £ - - |
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The financial statements were approved by the Board of Trustees and authorised for issue on 18 November 2024 and were signed on its behalf by:
M Leonard - Trustee
The notes form part of these financial statements
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SHAKESPEARE TEMPERANCE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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
Income is the amount of rental income or investment income falling due during the year, including rental or investment income due but not received until after the year end. The organisation is not registered for VAT.
Donations and Legacies
Within amounts received is a donation from the predecessor charity, The Shakespeare Temperance Trust (Charity number 224895), an unincorporated charitable organisation. The value of this donation was £968,677. This reflects the transfer of all assets and liabilities from that charity to this charity.
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.
Investment property
The investment property is included at the transfer value from the predecessor charity. This transfer took place on 1 September 2023. The trustees have not obtained a recent independent valuation for the property as they consider the cost of obtaining such a valuation would not represent an appropriate use of charitable funds. The trustees are aware that this policy is not in accordance with FRS102 and the Charities SORP.
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.
Fixed asset investments
Fixed asset investments are measured initially at cost and subsequently at fair value at the reporting date. Gains and losses on these investments between reporting dates are included in the statement of financial activities for the year.
continued...
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SHAKESPEARE TEMPERANCE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. INVESTMENT INCOME
| INVESTMENT INCOME | |||
|---|---|---|---|
| Period | |||
| 4.8.22 | |||
| Year Ended | to | ||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Dividends | 3,192 | - | |
| Income from property | 36,922 | - | |
| Deposit account interest | 109 | - | |
| 40,223 | - | ||
| RAISING FUNDS | |||
| Investment management costs | |||
| Period | |||
| 4.8.22 | |||
| Year Ended | to | ||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Agents commission | 4,553 | - | |
| Insurance | 5,152 | - | |
| Property repairs | 3,951 | - | |
| Professional fees | 2,430 | - | |
| 16,086 | - |
3. RAISING FUNDS
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the period ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the period ended 31 March 2023.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Total | ||
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| funds | ||
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| NET INCOME | - | |
| TOTAL FUNDS CARRIED FORWARD | - |
continued...
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SHAKESPEARE TEMPERANCE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. FIXED ASSET INVESTMENTS
The charity holds a managed investment portfolio. The portfolio managers provide a valuation report for these investments at each balance sheet date. This is used to determine the carrying value in the financial statements.
7. INVESTMENT PROPERTY
| FAIR VALUE Additions At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General - TOTAL FUNDS - Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General 1,008,900 (41,774) TOTAL FUNDS 1,008,900 (41,774) |
2024 £ 1,525 2024 £ 3,927 Net movement in funds £ 996,427 996,427 Gains and losses £ 29,301 29,301 |
£ 627,005 627,005 627,005 - 2023 £ - 2023 £ - At 31.3.24 £ 996,427 996,427 Movement in funds £ 996,427 996,427 |
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continued...
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SHAKESPEARE TEMPERANCE TRUST CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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SHAKESPEARE TEMPERANCE TRUST CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Year Ended 31.3.24 £ INCOME AND ENDOWMENTS Donations and legacies Donations 968,677 Investment income Dividends 3,192 Income from property 36,922 Deposit account interest 109 40,223 Total incoming resources 1,008,900 EXPENDITURE Investment management costs Agents commission 4,553 Insurance 5,152 Property repairs 3,951 Professional fees 2,430 16,086 Charitable activities Grants to organisations 21,913 Support costs Finance Bank charges 13 Other Website fees 276 Trustees liability insurance 479 Sundries 497 1,252 Governance costs Independent Examiner fee 2,510 Total resources expended 41,774 Net income before gains and losses 967,126 Realised recognised gains and losses Carried forward 964,616 |
Period 4.8.22 to 31.3.23 £ - - - - |
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This page does not form part of the statutory financial statements
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SHAKESPEARE TEMPERANCE TRUST CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 |
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| Year Ended 31.3.24 £ Realised recognised gains and losses Brought forward 964,616 Realised gains/(losses) on current asset investments 29,301 Net income 996,427 |
Period 4.8.22 to 31.3.23 £ - - |
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This page does not form part of the statutory financial statements
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