## **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 - 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 - the accounts did not accord with the accounting records; or - 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