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2021-03-31-accounts

Charity number: 206476

CHARLES S FRENCH CHARITABLE TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

CHARLES S FRENCH CHARITABLE TRUST

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Independent Auditors' Report on the Financial Statements 6 - 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 - 25

CHARLES S FRENCH CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees W F Noble
M P W Scarth (resigned 14 September 2020)
J Thomas
M Foster
J Foster
C Noble
A McLeod
E J Cook
Charity registered
number
206476
Principal office
169 High Road
Loughton
Essex
IG10 4LF
Chairman
W F Noble
Independent auditors
Haslers
Chartered Accountants
Old Station Road
Loughton
Essex
IG10 4PL
Bankers
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors
Walker Morris LLP
33 Wellington Street
Leeds
LS1 4DL

Page 1

CHARLES S FRENCH CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the audited financial statements of the charity for the year 01 April 2020 to 31 March 2021.

Objectives and activities

a. Policies and objectives

The principal object of the Trust is the promotion and advancement of primarily local charities at the discretion of the Trustees.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The Trustees meet quarterly to review and approve grant applications and manage the operational aspects of the Trust’s activities. In addition, the Trustees meet regularly, normally at least once a year, to review and discuss Strategy. During the year focus was on succession planning, asset risks, continued pursuit of property development opportunities, the approach to grant giving, and strengthening the administrative support. In this respect, the part time finance administrator has been promoted to Trust Manager.

c. Activities undertaken to achieve objectives

The Trustees have a broad range of background and experience, and each takes an interest in specific areas of grant funding. Succession planning has continued as retirement beckons for the longer standing Trustees. Over the years the Trustees have had direct links with the founder of the Trust, Charles French. As time moves on, we will seek to address the joint objectives of providing continuity and improving diversity. The Trustees have also sought to strengthen follow up and feedback from trusts receiving grants. In September, the Trustees appointed a Friend of the Trust to assist with this activity. Unfortunately, the pandemic lockdown restricted his activities.

d. Main activities undertaken to further the charity's purposes for the public benefit

The Trust has continued to support charities within its primary catchment area (Essex and NE London), thus maintaining the broad wishes of its Founder, during his lifetime. The last year has proved particularly challenging for many of the charities that we have supported in the past, as well as new ones. As can be seen from the financial statements, the level of funding has again increased, largely due to increased investment income and the sale of farmland, which produced very little income. The Trustees have been careful to support deserving charities, which demonstrate their ability to provide services and activities for those in need within the community.

Page 2

CHARLES S FRENCH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

a. Main achievements of the charity

During a year of general financial restraint in relation to lockdown, the Trustees were able to reach a new record of grants funded (£500k). This was achieved by a number of factors:

2) Use of reserves from previous and ongoing farm property transactions, some of which had been invested in savings accounts and bonds.

Overall, the Trustees policy in recent years of selling farmland which produced very little income, was vindicated and enabled us to assist a number of charities supported in the past, with more significant grants, as well as widening the scope of support to new charities within our catchment area.

The Trustees also completed rent reviews on our commercial properties and following the completion of the refurbishment of our office premises, we were able to place a new tenant in vacated space.

b. Review of activities

Following an exceptional contribution to modernising the Trust's support activities, the Financial Administrator was promoted to Trust Manager in September. She has continued to revitalise the systems as well as taking on more responsibility for supporting the Trustees. In this regard she has worked well with the main property Trustee, who has made significant contributions, introducing professional support for IT and the website. He has also made very good progress with sorting out historical and current issues on the property front.

The younger Trustees continue to develop in their roles and are increasingly adding to the Trust's effectiveness. Their contributions continue to be much appreciated as we seek to ensure that Trust plays an appropriate role in supporting worthwhile charities in our catchment area.

c. Investment policy and performance

Funds invested from the sale of underperforming farm land in recent years with the second Investment Manager, started to contribute regular income and helped to offset the volatility of the markets. The combined income from both investment managers, together with using some of the capital raised from the sales, enabled the level of grant funding to be increased over previous years. It was also decided to equalise the level of investment between the fund managers. The Trust continues to invest directly in a few cash bonds to give stability in cash resources.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Page 3

CHARLES S FRENCH CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

b. Reserves policy

The reserves policy established by the Trustees is to maintain the capital funds at a level which they judge to be necessary to produce an annual income, sufficient to enable the Trust to meet is objectives, and the cost of so doing; and the income funds at a level, which would allow the Trust to continue making disbursements in periods of short term income or expenditure volatility.

c. Principal risks and uncertainties

The Trust maintains a Risk Register, which is reviewed annually and updated accordingly. The Trust has one part time employee, and as a predominantly grant funding Charity, has no direct contact with beneficiaries of grants. The Trust has a safeguarding policy, which aims to ensure that all charities receiving grants have appropriate safeguarding procedures in place.

As the Trust has continued to dispose of its farm land the exposure to risk has decreased significantly. Several development options have been put in place with others where the Trust gain, should planning succeed.

The financial impact of COVID 19 had minimal impact on investment income during the year to 31st March 2021. In these very uncertain times, the Trustees will endeavour to support charities, which are most deserving and meet our general criteria.

All Trustees have been able to work from home, and scheduled Trustee meetings have continued successfully.

Our part time Trust Manager was able to combine home working with occasional visits to the Trust office, which provided isolation.

Structure, governance and management

a. Constitution

Charles S French Charitable Trust is a registered charity, number 206476, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Page 4

CHARLES S FRENCH CHARffABLE TRUST TRUSTEES. REPORT {COTrtfiNUEDI FOR THE YEAR ENDED 31 MARCH 2021 Statement of Trustees. responsibllhies The Trustees are responsible for preparing the Trustees. Report and the financial ststements in accordan￿ with applicable law and United Kingdom A(￿Inting Standards {Uniled Kingd(¥i) Generally Accepted Accountin9 Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources. induding its inLxme and expenditure. for that period. In preparing these financial ststemenls. the Trustees are required lo= select suitable accounting wlicies and Ihen appty them rAKtsiStenty, observe the methods and principles of the Chartties SORP IFRS 102)- rnake judgments and accounting estimates that are reasonable and prudenL slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disdosed and explained in the financial statements; prepare the financial ststements on the ￿1r￿j wncem basi5 unless (( is inappropriate to presume that the charity will conlinue in business. The Trustees are responsible for keeplng adequate aC￿U￿ting records that are suffiry8nt lo show and explain the charivs trans8Ctions and disdose with reasonable accuracy at any time the financial position of tho charity and enable them to ensure that the finanaal statements comply wlh the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for laknng reasonable steps for the prevenlK)n and detection of fraud and other Ir￿guIar[Iie$. Disclosure of Infonnation to auditOJS Each of the persons who are Trustees at the time when this Trustees, Rewrt is approved has confimied that: so far as that TrLFStee is awdre. there Is Th) relevant audit information of which the charitys auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Twstee in order lo be aware of any relevant audit information and lo estsblish Ihat the charitys auditors are aware of that information. Auditors The auditors. Haslers. have indicated their willingness to Cc￿￿.nUe in office. The designated Trustees will propose a motion reappointing Ihe audittys al a meeting of the Trustees. Approved by order of the members of the F*)ard of Trust88s on 22 November 2021 ar￿ signed on thèir behalf by= W F Noble EJCook Page 5

CHARLES S FRENCH CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLES S FRENCH CHARITABLE TRUST

Opinion

We have audited the financial statements of Charles S French Charitable Trust (the 'charity') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 6

CHARLES S FRENCH CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLES S FRENCH CHARITABLE TRUST (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 7

CHARLES S FRENCH CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLES S FRENCH CHARITABLE TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 8

CHARLES S FRENCH CHARITABLE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLES S FRENCH CHARITABLE TRUST (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Haslers

Chartered Accountants Statutory Auditor Old Station Road Loughton Essex IG10 4PL

22 November 2021

Haslers are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

CHARLES S FRENCH CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Investments
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
7
Total expenditure
Net expenditure before net gains/(losses) on
investments
Net gains/(losses) on investments
Net movement in funds before other recognised
gains
Other recognised gains:
Gains on revaluation of fixed assets
Profit/(Loss) on sale of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
302,833
302,833
100,298
538,741
639,039
(336,206)
1,666,511
1,330,305
218,337
95,635
1,644,277
9,989,317
1,644,277
11,633,594		 Total
funds
2021
£
302,833
302,833
100,298
538,741
639,039
(336,206)
1,666,511
1,330,305
218,337
95,635
1,644,277
9,989,317
1,644,277
11,633,594		 Total
funds
2020
£
359,789
359,789
72,215
456,036
528,251
(168,462)
(853,380)
(1,021,842)
-
-
(1,021,842)
11,011,159
(1,021,842)
9,989,317

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 12 to 25 form part of these financial statements.

Page 10

CHARLES S FRENCH CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Fixed assets Tangible assets Investment property Investments 12 13 14 3.823 1,824.257 9.600.386 1,680,824 8,046,441 11.428,466 9,727,265 Currant assets Debtors Cash at bank and in hand 15 11.254 233.330 13. 108 299.038 244.584 312, 146 Creditors.. amounts falling due within one year 16 {39.456) (50,094) Not current assets 205.128 262.052 Totsl net assets 11,633,594 9.989,317 Charity fund$ Unrestricted funds 17 11,633,594 9,989.317 Total funds 11.633.594 9,989,377 The financial statements were approved a￿1 aLrthorised for issue by the Trustses cm 22 November 2021 and signed on their behalf by. W F Noble J Cook The notes on pages 12 to 25 form part of these financkql statements. Page11

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

The Charles S French Charitable Trust is unincorporated and recognised as a charitable trust by the Charity Commission. The address of the registered office is 169 High Road, Loughton, Essex IG10 4LF. The principal objective of the Trust is the promotion and advancement of primarily local charities at the discretion of the Trustees.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Charles S French Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 12

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 10%

Page 13

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 14

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.12 Investment property

Investment property is carried at fair value and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities.

3. Trust status

The trust is a registered charity and as such is not subject to corporation tax on its charitable activities.

4. Investment income

Unrestricted
funds
2021
£
Rental income from investment properties
52,363
Interest and dividends from listed investments
243,066
Interest on cash deposits
7,404
302,833		 Total
funds
2021
£
52,363
243,066
7,404
302,833		 Total
funds
2020
£
60,531
295,605
3,653
359,789

5. Investment management costs

Unrestricted
funds
2021
£
Investment management fees
74,937
Investment property expenses
18,148
Wages and salaries
7,213
100,298		 Total
funds
2021
£
74,937
18,148
7,213
100,298		 Total
funds
2020
£
60,182
6,537
5,496
72,215

Page 15

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6. Analysis of grants

Medical activities
Youth activities
Community activities
Education activities
Sports/Holiday activities
Elderly activities
Disadvantaged activities
Hospices activities
Disabled activities		 Grants to
Institutions
2021
£
103,428
27,000
70,750
42,777
62,100
57,522
41,200
21,000
77,576
503,353		 Total
funds
2021
£
103,428
27,000
70,750
42,777
62,100
57,522
41,200
21,000
77,576
503,353		 Total
funds
2020
£
76,068
65,750
76,160
53,950
53,534
30,620
45,372
28,336
-
429,790

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2021
£
Medical activities
103,428
Youth activities
27,000
Community activities
70,750
Education activities
42,777
Sports/Holiday activities
62,100
Elderly activities
57,522
Disadvantaged activities
41,200
Hospices activities
21,000
Disabled activities
77,576
Grants management
8,071
Governance costs
27,317
538,741		 Total
funds
2021
£
103,428
27,000
70,750
42,777
62,100
57,522
41,200
21,000
77,576
8,071
27,317
538,741		 Total
funds
2020
£
76,068
65,750
76,160
53,950
53,534
30,620
45,372
28,336
-
5,496
20,750
456,036

Page 16

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities

Medical activities
Youth activities
Community activities
Education activities
Sports/Holiday activities
Elderly activities
Disadvantaged activities
Hospices activities
Disabled activities
Grants management
Governance costs
Total 2020		 Grant
funding of
activities
2021
£
103,428
27,000
70,750
42,777
62,100
57,522
41,200
21,000
77,576
-
-
503,353
429,790		 Support
costs
2021
£
-
-
-
-
-
-
-
-
-
8,071
27,317
35,388
26,246		 Total
funds
2021
£
103,428
27,000
70,750
42,777
62,100
57,522
41,200
21,000
77,576
8,071
27,317
538,741
456,036		 Total
funds
2020
£
76,068
65,750
76,160
53,950
53,534
30,620
45,372
28,336
-
5,496
20,750
456,036

Analysis of support costs

Grant
management
2021
Governance
2021
£
£
Staff costs
7,646
-
Depreciation
425
-
Auditors' remuneration
-
5,169
Auditors' non audit costs
-
1,020
Professional fees
-
21,113
Sundry expenses
-
15
8,071
27,317
Total 2020
5,496
20,750		 Total
funds
2021
£
7,646
425
5,169
1,020
21,113
15
35,388
26,246		 Total
funds
2020
£
5,496
-
5,155
282
13,738
1,575
26,246

Page 17

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

9. Auditors' remuneration

2021 2020
£ £
Fees payable to the charity's auditor for the audit of the charity's annual
accounts 5,100 5,100

10. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2021
£
14,426
433
14,859		 2020
£
10,992
-
10,992

The average number of persons employed by the charity during the year was as follows:

2021 2020
No. No.
Administration 1 1

No employee received remuneration amounting to more than £60,000 in either year.

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .

Page 18

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Tangible fixed assets

Cost or valuation
Transfers between classes
At 31 March 2021
Depreciation
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Fixtures and
fittings
£
4,248
4,248
425
425
3,823
-

Page 19

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13. Investment property

Valuation
At 1 April 2020
Additions
Disposals
Surplus on revaluation
Transfers between classes
At 31 March 2021		 Freehold
investment
property
£
1,680,824
9,065
(79,721)
218,337
(4,248)
1,824,257

The 2021 valuations were made by third parties, on an open market value for existing use basis.

14. Fixed asset investments

Cost or valuation
At 1 April 2020
Additions
Disposals
Revaluations
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Listed
investments
£
7,914,111
4,302,342
(4,461,013)
1,666,509
9,421,950
9,421,950
7,914,111		 Other fixed
asset
investments
£
132,330
-
46,106
-
178,436
178,436
132,330		 Total
£
8,046,441
4,302,342
(4,414,907)
1,666,509
9,600,386
9,600,386
8,046,441

Page 20

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
7,399
-
3,855
11,254		 2020
£
6,531
57
6,520
13,108

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2021
£
64
133
3,627
35,632
39,456		 2020
£
20,328
-
1,625
28,141
50,094

Page 21

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. Statement of funds Statement of funds - current year

Balance at 1
April 2020
£
Unrestricted
funds
Designated
funds
Designated
Funds - all
funds
8,545,793
General funds
General Funds -
all funds
1,443,524
Unallocated
amounts
-
1,443,524
Total
Unrestricted
funds
9,989,317		 Balance at 1
April 2020
£
Unrestricted
funds
Designated
funds
Designated
Funds - all
funds
8,545,793
General funds
General Funds -
all funds
1,443,524
Unallocated
amounts
-
1,443,524
Total
Unrestricted
funds
9,989,317		 Balance at 1
April 2020
£
Unrestricted
funds
Designated
funds
Designated
Funds - all
funds
8,545,793
General funds
General Funds -
all funds
1,443,524
Unallocated
amounts
-
1,443,524
Total
Unrestricted
funds
9,989,317		 Income
£
Expenditure
£
-
-
278,755
(614,961)
24,078
(24,078)
302,833
(639,039)
302,833
(639,039)		 Income
£
Expenditure
£
-
-
278,755
(614,961)
24,078
(24,078)
302,833
(639,039)
302,833
(639,039)		 Transfers
in/out
£
2,882,673
(2,882,673)
-
(2,882,673)
-		 Gains/
(Losses)
£
-
1,980,483
-		 Balance at 31
March 2021
£
11,428,466		 Balance at 31
March 2021
£
11,428,466
205,128
-
205,128
1,443,524 302,833 1,980,483
11,633,594
9,989,317 302,833 1,980,483

Page 22

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Designated
Funds - all
funds
General funds
General Funds -
all funds
Total
Unrestricted
funds		 Balance at
1 April 2019
£
10,451,061
560,098
11,011,159		 Balance at
1 April 2019
£
10,451,061
560,098
11,011,159		 Income
£
-
359,789		 Expenditure
£
-
(528,251)
(528,251)		 Transfers
in/out
£
(723,796)
723,796		 Gains/
(Losses)
£
Balance at
31 March 2020
£
(1,181,472)
8,545,793
328,092
1,443,524
(853,380)
9,989,317		 Gains/
(Losses)
£
Balance at
31 March 2020
£
(1,181,472)
8,545,793
328,092
1,443,524
(853,380)
9,989,317
1,443,524
9,989,317
11,011,159 359,789 -

18. Summary of funds

Summary of funds - current year

Designated
funds
General funds		 Balance at 1
April 2020
£
8,545,793
1,443,524
9,989,317		 Income
£
-
302,833
302,833		 Expenditure
£
-
(639,039)
(639,039)		 Transfers
in/out
£
2,882,673
(2,882,673)
-		 Gains/
(Losses)
£
-
1,980,483
1,980,483		 Balance at
31 March
2021
£
11,428,466
205,128
11,633,594

Page 23

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. Summary of funds (continued)

Summary of funds - prior year

Designated
funds
General funds		 Balance at
1 April 2019
£
10,451,061
560,098
11,011,159		 Income
£
-
359,789
359,789		 Expenditure
£
-
(528,251)
(528,251)		 Transfers
in/out
£
(723,796)
723,796
-		 Gains/
(Losses)
£
(1,181,472)
328,092
(853,380)		 Balance at
31 March
2020
£
8,545,793
1,443,524
9,989,317

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Tangible fixed assets
3,823
Fixed asset investments
9,600,386
Investment property
1,824,257
Current assets
244,584
Creditors due within one year
(39,456)
Total
11,633,594		 Total
funds
2021
£
3,823
9,600,386
1,824,257
244,584
(39,456)
11,633,594

Analysis of net assets between funds - prior year

Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
8,046,441
1,680,824
312,146
(50,094)
9,989,317		 Total
funds
2020
£
8,046,441
1,680,824
312,146
(50,094)
9,989,317

Page 24

CHARLES S FRENCH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Related party transactions

No transactions with related parties occurred during the year (2020: £nil).

Page 25