PALMER AND SEABRIGHT CHARITY
REGISTERED NUMBER: 200692
ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Folkes Worton LLP
15-17 Church Street Stourbridge West Midlands DY8 1LU
PALMER AND SEABRIGHT CHARITY
CONTENTS OF THE STATEMENTS OF ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiners' report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the accounts | 5-8 |
PALMER AND SEABRIGHT CHARITY
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report and the unaudited accounts for the year ended 31 December 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Palmer and Seabright Charity Charity registration number 200692 Principal office c/o Wall James Chappell Solicitors 15-23 Hagley Road Stourbridge West Midlands DY8 1QW
THE TRUSTEES
The trustees who served the charity during the period were as follows:
Mrs Susannah Griffiths Clerk Ms Gaye Louisa Partridge Chairperson Mr Colin Banks Trustee Mr Nicolas Anthony Barlow Trustee Cllr Jackie Cowell Trustee Cllr Alan Hopwood Trustee
STRUCTURE, GOVERNANCE AND MANAGEMENT
This is covered by a separate document.
OBJECTIVES AND ACTIVITIES
This is covered by a separate document.
ACHIEVEMENTS AND PERFORMANCE
This is covered by a separate document.
FINANCIAL REVIEW
This is covered by a separate document.
TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
This is covered by a separate document.
Page 1
PALMER AND SEABRIGHT CHARITY
INDEPENDENT EXAMINERS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
We report on the accounts for the period ended 31 December 2022 set out on pages 3 to 8.
Respective responsibilities of trustees and accountants
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under Section 144 of the Charities Act 2011 ("the Charities Act") and that an independent examination is required.
It is our responsibility to:
-
examine the accounts under Section 145 of the Charities Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission (under Section 145
-
(5)(b) of the Charities Act), and
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state whether particular matters have come to our attention.
Basis of our report
Our examination was carried out in accordance with the general Directions given by The Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statements below.
Independent examiners' statement
In connection with our examination, no material matters have come to our attention which give us cause to believe that, in any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of the 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.
We 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.
……………………………… Folkes Worton LLP Chartered Accountants
15-17 Church Street Stourbridge West Midlands DY8 1LU
06 March 2023
Page 2
PALMER AND SEABRIGHT CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOMING RESOURCES Activities for generating funds 2 Investment income 3 TOTAL INCOMING RESOURCES RESOURCES EXPENDED Charitable activity 4 Other direct costs 5 Governance costs 6 TOTAL RESOURCES EXPENDED NET INCOME / (EXPENDITURE) BEFORE INVESTMENT GAINS/(LOSSES) Net gains/(losses) on investment assets NET INCOME / (EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward 13 TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted Total Total income income Endowment funds funds funds funds funds 2022 2021 £ £ £ £ £ 37,685 - - 37,685 36,034 17,018 - - 17,018 14,964 54,703 - - 54,703 50,998 9,684 - - 9,684 9,686 2,625 - - 2,625 8,936 6,894 - - 6,894 7,098 19,203 - - 19,203 25,720 35,500 - - 35,500 25,278 (37,423) - - (37,423) 93,252 (1,923) - - (1,923) 118,530 1,237,253 - - 1,237,253 1,118,723 1,235,330 - - 1,235,330 1,237,253 |
|---|---|
Page 3
PALMER AND SEABRIGHT CHARITY
BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes FIXED ASSETS Investment property 8 Investments 9 CURRENT ASSETS Debtors 10 Cash at bank and in hand 11 CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS NET ASSETS FUNDS OF THE CHARITY Unrestricted funds 13 TOTAL FUNDS |
£ £ 669,770 528,583 1,198,353 10,936 40,135 51,071 14,094 36,977 1,235,330 1,235,330 1,235,330 2022 |
£ £ 639,302 551,474 1,190,776 10,438 49,026 59,464 12,987 46,477 1,237,253 1,237,253 1,237,253 2021 |
£ £ 639,302 551,474 1,190,776 10,438 49,026 59,464 12,987 46,477 1,237,253 1,237,253 1,237,253 2021 |
|---|---|---|---|
| 1,190,776 46,477 |
|||
| 51,071 14,094 |
59,464 12,987 |
||
| 1,237,253 | |||
| 1,237,253 | |||
| 1,237,253 |
The financial statements on pages 3 to 4 were approved by the trustees on 6 March 2023 and signed on their behalf by:
……………………..
Mrs S. Griffiths (Clerk)
The notes on pages 5 to 8 form part of these financial statements.
Page 4
PALMER AND SEABRIGHT CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared in accordance with the 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 January 2015) - Charities SORP (FRS 102). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Fund accounting
All funds are treated as "unrestricted funds" which enables the charity to utilise them for any purpose within its constitution and which have not been designed for other purposes.
Restricted funds which are used in accordance with specific restrictions imposed by donors or which have been raised for a specific purpose. The costs of raising and administering such funds are charged against the specific fund.
All funds are shown under its appropriate heading within these financial statements.
Policy on reserves
We hold cash at the bank in current and deposit accounts. These funds are accessible for running the charity.
Income
All income resources are included within the statement of financial activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Interest on funds held on deposit is included when received and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Expenditure
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities.
Governance costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment properties are recorded at fair value at the statement of financial position date. The charity does not hold title to any other fixed assets.
Investments
Investments are recorded at fair value at the statement of financial position date.
2 INCOME FROM ACTIVITIES FOR GENERATING FUNDS
| Property lettings | Unrestricted funds £ 37,685 |
Total 2022 £ 37,685 |
Total 2021 £ 36,034 |
|---|---|---|---|
Page 5
PALMER AND SEABRIGHT CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
3 INVESTMENT INCOME
| CCLA dividends Black Rock dividends COIF interest Bank interest |
Unrestricted funds £ 7,351 9,635 - 32 |
Total 2022 £ 7,351 9,635 - 32 |
Total 2021 £ 7,245 7,717 - 2 |
|---|---|---|---|
| 17,018 | 17,018 | 14,964 |
4 CHARITABLE ACTIVITY EXPENDITURE
| Grants payable One-off grants and awards Christmas bonus grants |
Unrestricted funds £ 7,084 1,300 1,300 |
Total Total 2022 2021 £ £ 7,084 7,886 1,300 500 1,300 1,300 9,684 9,686 |
|---|---|---|
| 9,684 |
5 OTHER DIRECT COSTS
| Light and heat Insurance Bank charges Council tax Property repairs Stationery and postage |
Unrestricted funds £ 159 1,911 73 - 480 2 |
Total 2022 £ 159 1,911 73 - 480 2 |
Total 2021 £ 209 1,703 10 151 6,830 33 |
|---|---|---|---|
| 2,625 | 2,625 | 8,936 |
6 GOVERNANCE COSTS
| Clerk's salary Chairperson's expenses Professional fees Accountancy fees |
Unrestricted funds £ 5,700 - - 1,194 |
Total Total 2022 2021 £ £ 5,700 5,700 - 300 - - 1,194 1,098 6,894 7,098 |
|---|---|---|
| 6,894 |
Page 6
PALMER AND SEABRIGHT CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
7 TRUSTEE REMUNERATION
Trustees did not receive any remuneration or expenses during the year, other than those detailed in governance costs.
8 INVESTMENT PROPERTY
| FAIR VALUE At 1 January 2022 Estimated change in value At 31 December 2022 COST At 31 December 2022 |
Investment property £ 639,302 30,468 |
Total £ 639,302 30,468 |
|---|---|---|
| 669,770 | 669,770 | |
| 90,540 | 90,540 |
9 INVESTMENTS
| FAIR VALUE At 1 January 2022 Additions Net gain/(loss) on revaluation At 31 December 2022 COST At 1 January 2022 At 31 December 2022 DEBTORS Debtors |
CCLA investments £ 279,377 - (32,672) |
Black Rock investments £ 272,097 45,000 (35,219) |
Total £ 551,474 45,000 (67,891) |
|---|---|---|---|
| 246,705 | 281,878 | 528,583 | |
| 69,975 | 238,572 | 308,547 | |
| 69,975 | 283,572 | 353,547 | |
| Unrestricted funds £ 10,936 |
Total 2022 £ 10,936 |
Total 2021 £ 10,438 |
10 DEBTORS
Page 7
PALMER AND SEABRIGHT CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2022
11 CASH AT BANK AND IN HAND
| CASH AT BANK AND IN HAND | |||
|---|---|---|---|
| HSBC current account HSBC property account COIF Fund deposit account |
Unrestricted funds £ 20,176 18,959 1,000 |
Total 2022 £ 20,176 18,959 1,000 |
Total 2021 £ 31,212 16,814 1,000 |
| 40,135 | 40,135 | 49,026 |
12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|
| Creditors Accruals |
Unrestricted funds £ 12,814 1,280 |
Total 2022 £ 12,814 1,280 |
Total 2021 £ 11,779 1,208 |
| 14,094 | 14,094 | 12,987 |
13 CHARITY FUNDS
Material funds held and movements during the current reporting period
| Fund names Type Capital fund U General fund U Fair value reserve U Total funds |
Balance brought forward £ 96,223 349,340 791,690 |
Income £ - 54,703 - |
Expenditure £ - 19,203 - |
Transfers £ - - - |
Gains and losses £ - - (37,423) |
Balance carried forward £ 96,223 384,840 754,267 |
|---|---|---|---|---|---|---|
| 1,237,253 | 54,703 | 19,203 | - | (37,423) | 1,235,330 |
Material funds held and movements during the previous reporting period
| Fund names Type Capital fund U General fund U Fair value reserve U Total funds |
Balance brought forward £ 96,223 324,062 698,438 |
Income £ - 50,998 - |
Expenditure £ - 25,720 - |
Transfers £ - - - |
Gains and losses £ - - 93,252 |
Balance carried forward £ 96,223 349,340 791,690 |
|---|---|---|---|---|---|---|
| 1,118,723 | 50,998 | 25,720 | - | 93,252 | 1,237,253 |
Page 8