2021-03-31-accounts

CHARITY REGISTRATION NUMBER: 202155

THE WT JINKIN TRUST HOME Unaudited Financial Statements

Year ended 31 March 2021

THOMAS WESTCOTT

Chartered Accountants Plym House 3 Longbridge Road Marsh Mills Plymouth PL6 8LT

THE WT JINKIN TRUST HOME

Financial Statements

Year ended 31 March 2021

	Page
Trustees' annual report	1-4
Independent examiner's report to the trustees	5
Statement of financial activities (including income and
expenditure account)	6
Statement of financial position	7
Notes to the financial statements	8-15
The following pages do not form part of the financial statements
Detailed statement of financial activities	16-17

THE WT JINKIN TRUST HOME

Trustees' Annual Report

Year ended 31 March 2021

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.

Reference and administrative details

Registered charity name	The WT Jinkin Trust Home
Charity registration number	202155
Principal office and registered	The Coach House
office	Chantry
	Loddiswell
	Nr Kingsbridge
	Devon
	TQ7 4EH
The Trustees	Mr RC Oliver
	Mrs M Mallett
	Mr EC Keast FRICS
	Mr M Copleston
	Mr A Warland
	Mr JE Burrows
Independent examiner	Adam Croney ACA
	Thomas Westcott Chartered Accountants
	Plym House
	3 Longbridge Road
	Marsh Mills
	Plymouth
	PL6 8LT

1

THE WT JINKIN TRUST HOME

Trustees' Annual Report

Year ended 31 March 2021

Structure, governance and management

Governing document

The organisation is an unincorporated charity and is governed by a Deed of Trust.

The Trust arose from the Will of William Thomas Jinkin, dated 5th March 1935, and the key points are as follows:

Persons eligible to be residents of the Home shall be either Spinsters or Widows or Wives living apart from and not maintained by their husbands and who shall:

(i) Be above the age of 45

(ii) Been born in the County of Devon or Cornwall or shall have resided in either of the said Counties for a period of not less than 10 years.

(iii) Have formerly been Schoolmistresses / Hospital Nurses or Clerks / Business Managers / Housekeepers or Widows or daughters of professional or business men and who in any of the above cases are by reason of lack of means and inability to earn their own living in consequence of age, infirmity or any other good reason in such reduced circumstances to render them fitting recipients of benefits under the Charity.

Trustees shall invest the residue of the capital of the Endowment Fund in their names in any investments authorised by law and shall apply the annual income or capital for repairs, maintenance and improvements to buildings.

Trustees are entitled to be paid £25 each per annum for services rendered in managing the affairs of the Home.

Governance and management

Recruitment and appointment of new trustees

The Trustees consider that the current close band of Trustees works best for this organisation, whilst at the same time providing the Trust with the required level of expertise on property related matters. As such, new Trustees are normally only actively sought when one of the existing Trustees gives notice of their intention to retire, in which case the remaining Trustees aim to find someone who has the necessary expertise, such as a work colleague or long term acquaintance of the retiree.

Organisational structure

The Trust has the following Trustees who are responsible for the day to day management and control of the Trust.

R C Oliver - Grandson of the original Trustee, Charles Ernest Curtis Mrs M Mallett - Housewife specialising in the residents E C Keast - Retired Chartered Surveyor M Copleston - Development Consultant A Warland - Chartered Surveyor J E Burrows - Solicitor

The Trustees normally meet twice a year and the meetings are minuted

2

THE WT JINKIN TRUST HOME

Trustees' Annual Report

Year ended 31 March 2021

Objectives and activities

Objectives and aims

1. To provide secure accommodation for retired elderly ladies in the Plymouth and East Cornwall area.

2. To invest surplus funds in the name of W T Jinkin Trust Home to provide an income to maintain the Trust Home, comprising of 21 flats, and one investment property in the ownership of the Trust.

3. To maintain to an acceptable standard the existing 21 flats and No.72 Coleridge Road built in 1938.

4. To administer the flats and investments in the interest of the Trust.

The policy of the Trust is to work within the framework set out in Mr W T Jinkin's Will dated 5th March 1935, and the rules of the Charity Commission. The Trustees have considered the public benefit test laid down by the Charity Commission and are sure that this Charity meets those requirements by providing accommodation to those persons stipulated in the Will of Mr W T Jinkin.

Risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to its operations and finances, and are satisfied that systems are in place to mitigate exposure to the major risks.

Achievements and performance

Financial Review

The continuing cost of maintaining the flats made it necessary to charge the residents a maintenance charge with effect from the year ended 31[st] March 2014.

For the year ended 31[st] March 2021, a total of £75,613 (2020: £80,532) was received which helped to fund the continued repairs and redecoration of the Trust Home. Total costs of running the Home this year amounted to £55,526 (2020: £59,813).

There were unrealised gains on investments during the year of £210,677 (2020: unrealised losses of £171,065), together with realised gains of £24,973 (2020: £1,995).

Overall, including the realised and unrealised gains, the Trust has reported a positive net movement in funds for the year of £281,337, compared to a negative net movement last year of £146,471.

3

THE WT JINKIN TRUST HOME

Trustees' Annual Report

Year ended 31 March 2021

Reserves policy

The amount of total reserves has increased this year to £2,750,475. Whilst this still appears high, the Trustees consider that the level of unrestricted reserves is the most crucial guide to the wellbeing of the charity, and they have only increased from £93,604 to £139,291.

The Trustees believe that the current level of unrestricted reserves are appropriate, given the need to continually maintain the properties, in order to safeguard the Charity's financial position for the foreseeable future whereas the purpose of the Endowment Fund investments are to provide a buffer should the running costs exceed budgets and to provide long term security for the charity. As such, the figure of £139,291 would only cover the running costs of the Home for around two years in the absence of any charitable income and given a “normal” level of refurbishment costs.

Approved by order of the Board of Trustees on 28 January 2022 and signed on its behalf by:

R C Oliver

............................................. R C Oliver - Trustee

4

THE WT JINKIN TRUST HOME

Independent Examiner's Report to the Trustees of The Core

Year ended 31 March 2021

I report to the trustees on my examination of the financial statements of The WT Jinkin Trust Home ('the charity') for the year ended 31 March 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. 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 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.

Adam Croney ACA Independent Examiner Thomas Westcott Chartered Accountants Plym House 3 Longbridge Road Marsh Mills Plymouth PL6 8LT

28 January 2022

5

THE WT JINKIN TRUST HOME

Statement of Financial Activities (including income and expenditure account)

Year ended 31 March 2021

			2021		2020
		Unrestricted	Endowment
		funds	fund	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Charitable activities	4	75,613	-	75,613	80,532
Investment income	5	40,773	-	40,773	44,166
		────────	────────	─────────	────────
Total income		116,386	-	116,386	124,698
		════════	════════	═════════	════════
Expenditure
Expenditure on charitable activities	6,7	55,526	-	55,526	75,595
Other expenditure	8	15,173	-	15,173	26,504
		────────	────────	─────────	────────
Total expenditure		70,699	-	70,699	102,099
		════════	════════	═════════	════════
		────────	────────	─────────	────────
Net income/(expenditure)		45,687	-	45,687	22,599
		════════	════════	═════════	════════
Gains/(losses) on investments		-	235,650	235,650	(169,070)
		────────	────────	─────────	────────
Net movement in funds		45,687	235,650	281,337	(146,471)
Reconciliation of funds
Total funds brought forward		93,604	2,375,534	2,469,138	2,615,609
		────────	────────	─────────	────────
Total funds carried forward		139,291	2,611,184	2,750,475	2,469,138
		════════	════════	═════════	════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

The notes on pages 10 to 19 form part of these financial statements.

6

THE WT JINKIN TRUST HOME

Statement of Financial Position

31 March 2021

		2021	2020
	Note	£	£
Fixed assets
Tangible fixed assets	13	1,500,000	1,500,000
Investments	14	1,180,108	925,077
		────────	────────
		2,680,108	2,425,077
		────────	────────
Current assets
Debtors	15	1,168	1,150
Cash at bank and in hand		79,484	50,591
		────────	────────
		80,652	51,741
Creditors: amounts falling due within one year	16	10,285	7,680
		────────	────────
Net current assets		70,367	44,061
		────────	────────
Total assets less current liabilities		2,750,475	2,469,138
		────────	────────
Net assets		2,750,475	2,469,138
		════════	════════
Funds of the charity
Endowment fund		2,611,184	2,375,534
Unrestricted funds		139,291	93,604
		────────	────────
Total charity funds	17	2,750,475 ════════	2,469,138 ════════

These financial statements were approved by the board of trustees and authorised for issue on 28 January 2022, and are signed on behalf of the board by:

R C Oliver

Mr RC Oliver Trustee

The notes on pages 8 to 15 form part of these financial statements.

7

THE WT JINKIN TRUST HOME

Notes to the Financial Statements

Year ended 31 March 2021

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 The Coach House, Chantry, Loddiswell, near Kingsbridge, Devon, TQ7 4EH.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 section 1A, '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 (FRS 102 Section 1A) (Charities SORP (FRS 102)).

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, with the exception of freehold property and investments which are measured at fair value, with any fluctuations recognised through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Cash at bank and in hand

Cash at bank comprises the charity’s bank current account only. Bank balances that relate to the investment portfolio are included in the value of the investments and client account balances held by the professionals dealing with the administration of the charity are included in debtors.

Public benefit

The Charity is a public benefit entity as in accordance with the Charities SORP FRS 102 by providing services which benefit the community and with all funds provided used to support the entities primary objectives.

Debtors and creditors receivable/payable with one year

All debtors and creditors are receivable or payable within one year and are recorded at transaction price (cost). Any losses arising from impairment are recognised in expenditure.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

8

THE WT JINKIN TRUST HOME

Notes to the Financial Statements (continued)

Year ended 31 March 2021

3. Accounting policies (continued)

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 one of two sub-classes: restricted income funds or endowment funds. The surplus arising on the sale of the former allotment site was credited to the Endowment Fund because the asset sold was initially bequeathed to that fund. That has resulted in the Endowment Fund having substantial reserves as at the year end, compared with the unrestricted fund. However, in the event that the Trust Home shall need extensive renovation or incur any other significant costs as part of its upkeep at any time in the future, then such funds as required can be made available from the Endowment Fund to meet those costs. The Endowment Fund is not a permanent Endowment Fund in that respect.

Incoming 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 reliably measured. The following specific policies are applied to particular categories of income:

• 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.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from maintenance payments received from the residents of the Home and rents received from the tenants in the investment property are also recognised when receipt is probable and entitlement is established.

Resources expended

Expenditure is recognised on an accruals 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:

• expenditure on raising funds includes the costs of all fundraising activities, events and noncharitable trading activities.

• 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.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

9

THE WT JINKIN TRUST HOME

Notes to the Financial Statements (continued)

Year ended 31 March 2021

3. Accounting policies (continued)

Resources expended (continued)

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. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

No depreciation is provided on the freehold property, comprising the Trust Home itself and a separate investment property, which are both now stated at fair value as determined by the Trustees, two of whom are Chartered Surveyors. The freehold property was previously stated at cost. The Trustees have undertaken to review the fair value of the freehold property on a regular basis and so a provision for depreciation on an annual basis is not considered necessary.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

10

THE WT JINKIN TRUST HOME

Notes to the Financial Statements (continued)

Year ended 31 March 2021

4. Charitable activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2021	Funds	2020
	£	£	£	£
Income from charitable activities	75,613	75,613	80,532	80,532
	════════	════════	═══════	═══════

5. Investment income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2021	Funds	2020
	£	£	£	£
Rents received	11,612	11,612	10,675	10,675
Interest and dividends from investment
portfolio	29,151	29,151	33,477	33,477
Deposit account interest	10	10	14	14
	───────	───────	────────	────────
	40,773	40,773	44,146	44,146
	═══════	═══════	════════	════════

6. Expenditure on charitable activities by fund type

	Unrestricted	Endowment	Total Funds
	Funds	Fund	2021
	£	£	£
Direct charitable activities	38,910	-	38,910
Support costs	16,616	-	16,616
	────────	───────	────────
	55,526	-	55,526
	════════	═══════	════════
	Unrestricted	Endowment	Total Funds
	Funds	Fund	2020
	£	£	£
Direct charitable activities	62,303	-	62,303
Support costs	13,292	-	13,292
	────────	────────	────────
	75,595	-	75,595
	════════	════════	════════
Support (governance) costs comprise:		2021	2020
		£	£
Trustees expenses		-	-
Trustees indemnity insurance		381	366
Accountancy		2,280	2,640
Professional fees		13,955	10,286
		────────	────────
Total		16,616	13,292
		────────	────────

11

THE WT JINKIN TRUST HOME

Notes to the Financial Statements (continued)

Year ended 31 March 2021

7. Expenditure on charitable activities

	Activities
	undertaken		Total funds	Total fund
	directly	Support costs	2021	2020
	£	£	£	£
Charitable activities	38,910	16,616	55,526	75,595
	────────	───────	────────	────────
	38,910	16,616	55,526	75,595
	════════	═══════	════════	════════
Other expenditure
	Unrestricted	Endowment	Total funds	Total fund
	Funds	Fund	2021	2020
	£	£	£	£
Portfolio management fees	10,224	-	10,224	9,944
Rent collection costs re investment
property	1,680	-	1,680	1,408
Investment property repairs &
expenses	3,269	-	3,269	8,585
Other expenses	-	-	-	6,567
	────────	───────	────────	────────
	15,173	-	15,173	26,504
	════════	═══════	════════	════════

8. Other expenditure

9. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

Net income/(expenditure) is stated after charging/(crediting):
	2021	2020
	£	£
Depreciation of tangible fixed assets	-	-
	════	════
Independent examination fees
	2021	2020
	£	£
Fees payable to the independent examiner for:
Independent examination of the financial statements	1,200	1,200
	═══════	═══════

10. Independent examination fees

11. Staff costs

The charity does not have any employees and so staff costs for the year are £nil (2020: £nil).

12. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

No trustee expenses have been incurred.

12

THE WT JINKIN TRUST HOME

Notes to the Financial Statements (continued)

Year ended 31 March 2021

13. Tangible fixed assets

		Fixtures,
	Freehold	Fittings and
	property	Equipment	Total
	£	£	£
At valuation
At 1 April 2020	1.500,000	-	1,500,000
Additions	-	-	-
	────	────	───────
At 31 March 2021	1,500,000	-	1,500,000
	════	════	═══════
Depreciation
At 1 April 2020	-	-	-
Charge for the year	-	-	-
	────	────	───────
At 31 March 2021	-	-	-
	════	════	═══════
Carrying amount
At 31 March 2021	1,500,000	-	1,500,000
	════	════	═══════
At 31 March 2020	1,500,000	-	1,500,000
	════	════	═══════

The valuation above comprises £1.35m for the Trust Home (Flats) and £150,000 for the investment property known as Coleridge House.

If the freehold property had not been revalued, it would be included at cost of £34,088 for the flats (2020: £34,088) and £5,527 for Coleridge House (2020: £5,527).

14. Fixed Asset Investments

At market value	Total
	£
At 1 April 2020	925,077
Additions	174,278
Disposals	(125,141)
Unrealised gains/(losses) for the year	210,677
Portfolio Bank account movements	(4,779)
Accrued income adjustment	(4)
	═══════
At 31 March 2021	1,180,108
	═══════

The investments are held on a professionally managed portfolio in the UK.

13

THE WT JINKIN TRUST HOME

Notes to the Financial Statements (continued)

Year ended 31 March 2021

15. Debtors

	2021	2020
	£	£
Prepayments	1,168	1,150
	───────	───────
	1,168	1,150
	═══════	═══════
Creditors: amounts falling due within one year
	2021	2020
	£	£
Other creditors	7,657	5,196
Accruals	2,628	2,484
	───────	───────
	10,285	7,680
	═══════	═══════

16. Creditors: amounts falling due within one year

17. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
							At
	At	1	April 20	Income	Expenditure	Transfers	31 March 21
			£	£	£	£	£
General funds			93,604	116,386	(70,699)	-	139,291
			═══════	════════	════════	════	════════
							At
	At	1	April 19	Income	Expenditure	Transfers	31 March 20
			£	£	£	£	£
General funds			71,005	124,698	(102,099)	-	93,604
			═══════	════════	════════	═══════	═══════

The general unrestricted fund represents the free funds of the charity which are not designated for particular purposes.

Restricted funds

Restricted funds
							At
	At	1 April 20	Income	Expenditure	Gains/(losses)	31	March 21
		£	£	£	£		£
Endowment Fund		2,375,534	-	-	235,650	2,611,184
		════════	════════	════════	═══════		════════
							At
	At	1 April 19	Income	Expenditure	Gains/(losses)	31	March 20
		£	£	£	£		£
Endowment Fund		2,544,604	-	-	(169,070)	2,375,534
		════════	════════	════════	═══════		════════

14

THE WT JINKIN TRUST HOME

Notes to the Financial Statements (continued)

Year ended 31 March 2021

18. Analysis of net assets between funds

	Unrestricted	Endowment	Total Funds
	Funds	Fund	2021
	£	£	£
Tangible fixed assets	-	1,500,000	1,500,000
Investments	68,924	1,111,184	1,180,108
Current assets	80,652	-	80,652
Creditors less than 1 year	(10,285)	-	(10,285)
	────────	────────	────────
Net assets	139,291	2,611,184	2,750,475
	════════	════════	════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2020
	£	£	£
Tangible fixed assets	-	1,500,000	1,500,000
Investments	49,543	875,534	925,077
Current assets	51,741	-	51,741
Creditors less than 1 year	(7,680)	-	(7,680)
	───────	────────	────────
Net assets	93,604	2,375,534	2,469,138
	═══════	════════	════════

19. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2021	2020
	£	£
Financial assets that are debt instruments measured at amortised	cost
Financial assets that are debt instruments measured at amortised
cost	80,563	47,652
	═══════	═══════
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost	10,285	7,680
	═══════	═══════

20. Related parties

The management of both the Trust Home and the investment property is carried out by Tuffin & Co Property Management Limited (Tuffins) in which company Andrew Warland is the sole director. Tuffins charge a management fee for administering both properties, which in 2021 totalled £8,763. It should be noted that Mr Warland was invited to act as a Trustee after Tuffins took over the management of the properties, in order to be able to keep the other Trustees updated on matters relating to the properties.

15

THE WT JINKIN TRUST HOME

Management Information

Year ended 31 March 2021

The following pages do not form part of the financial statements.

16

THE WT JINKIN TRUST HOME

Detailed Statement of Financial Activities

Year ended 31 March 2021

	2021	2020
	£	£
Income and endowments
Charitable activities
Maintenance payments received	75,613	80,532
	────────	───────
Investment income
Rents received re investment property	11,612	10,675
Interest & dividends from investment portfolio	29,151	33,477
Deposit account interest	10	14
	───────	────────
	40,773	44,166
	───────	────────
	─────────	────────
Total income	116,386	124,698
	═════════	════════
Expenditure on charitable activities
Costs of running the Trust Home:
Rates and water	8,903	6,364
Insurance	4,401	4,131
Light and heat	819	614
Gardening	7,510	8,030
Sundries	576	267
Repairs and redecoration of Trust Home	16,701	27,115
Other charitable activities:
Plymouth Homeless Kitchen Project	-	15,782
	────────	────────
Total	38,910	62,303
	────────	────────
Governance costs
Trustees expenses	-	-
Trustees indemnity insurance	381	366
Accountancy	2,280	2,640
Professional fees	13,955	10,286
	────────	────────
Total	16,616	13,292
	────────	────────
Other expenditure
Investment portfolio management fees	10,224	9,944
Rent collection costs re investment property	1,680	1,408
Investment property repairs & expenses	3,269	8,585
Other expenses	-	6,567
	────────	────────
Total	15,173	26,504
	────────	────────

17