Charity registration number 214711
THOMAS COOK'S MEMORIAL TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THOMAS COOK'S MEMORIAL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr A Dunnicliff |
|---|---|
| Mr D Worrall | |
| Mr G Frearson | |
| Mr H Dunnicliff | |
| Mr J N Hewlett | |
| Mr N Collyer | |
| Mr R Hunt | |
| Mr T Cook | |
| Mr T Statham | |
| Mr T Summerlin | |
| Mr C Temple-Richards | |
| Mr S Tivey | |
| Charity number | 214711 |
| Principal address | 2 Bishops Court |
| Melbourne | |
| Derbyshire | |
| DE73 8LN | |
| Independent examiner | Philip Handley FCA |
| HSKS Greenhalgh Ltd | |
| Charlotte House | |
| Stanier Way | |
| The Wyvern Business Park | |
| Derby | |
| DE21 6BF |
THOMAS COOK'S MEMORIAL TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
THOMAS COOK'S MEMORIAL TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
Objectives and aims
The charity aims to provide and maintain almshouses for poor persons of good character resident in Melbourne or within a distance of 25 miles therefrom who are members of any baptist denomination.
The charity also aims to provide a mission hall for religious and educational purposes, lectures, bazaars, industrial and other exhibitions in connection with the general baptist denomination.
Volunteers
The Charity relies upon the services of the Trustees as unpaid volunteers.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.
Achievements and performance
Charitable activities
The trustees have achieved their objective in maintaining the almshouses to the required standard for renting and providing a mission hall for the required purposes.
Financial review
Principal funding sources
The Charity is reliant upon rental income from the residents for the majority of its income.
Repairs expenditure
Due to the age of the property held by the Charity, there are likely to be ongoing maintenance expenses required to keep them up to date and in a good state of repair.
In the current period under review, there have been some significant costs incurred in relation to kitchen refits in the cottages, replacing windows and ongoing roof repairs.
Reserves policy
The Trustees are satisfied with the current free reserves available for the year ended 31 December 2023.
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust dated 28 November 1890 as varied by scheme of 23 March 1973, and constitutes an unincorporated charity.
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THOMAS COOK'S MEMORIAL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr A Dunnicliff
Mr D Worrall Mr G Frearson Mr H Dunnicliff Mr J N Hewlett Mr N Collyer Mr R Hunt Mr T Cook Mr T Statham Mr T Summerlin Mr C Temple-Richards Mr S Tivey
Recruitment and appointment of new trustees
Trustees may be appointed at any time.
Organisational structure
The Trustees, together with the secretary and treasurer, who are responsible for the day-to-day affairs, carry out the management of the Charity.
Induction and training of new trustees
On appointment, trustees are (depending on the level of their experience) briefed on their responsibilities as trustees and are provided with copies of the trust deed, financial statements and other relevant documents. As it is present policy only to appoint trustees with relevant experience, formal induction and training has not been considered necessary.
Registered Charity number
214711
Principal address 2 Bishops Court Melbourne Derbyshire DE73 8LN
Independent Examiner
Philip Handley FCA Institute of Chartered Accountants in England and Wales HSKS Greenhalgh Ltd Chartered Accountants 18 St Christopher's Way Pride Park Derby DE24 8JY
Public Benefit
The Trustees have complied with the duty imposed by s4 Charities Act 2006 to have due regard to public benefit guidance published by that Charity Commission.
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THOMAS COOK'S MEMORIAL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees' report was approved by the Board of Trustees.
.............................. Mr R Hunt Trustee Date: .............................................
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THOMAS COOK'S MEMORIAL TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THOMAS COOK'S MEMORIAL TRUST
I report to the Trustees on my examination of the financial statements of Thomas Cook's Memorial Trust (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 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 now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 Trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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 financial statements to be reached.
Philip Handley FCA
Institute of Chartered Accountants in England and Wales
HSKS Greenhalgh Ltd Charlotte House Stanier Way The Wyvern Business Park Derby DE21 6BF
Dated: .........................
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THOMAS COOK'S MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 2 950 - Charitable activities 3 47,090 - Investments 4 2,155 1,025 Total income 50,195 1,025 Expenditure on: Charitable activities Cottages 5 10,499 - Mission Hall 5 3,364 - Repairs to properties 5 43,339 - Total charitable expenditure 57,202 - Total expenditure 57,202 - Net gains/(losses) on investments 9 478 432 Net income/(expenditure) and movement in funds (6,529) 1,457 Reconciliation of funds: Fund balances at 1 January 2023 722,076 24,213 Fund balances at 31 December 2023 715,547 25,670 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 950 50 - 47,090 37,263 - 3,180 1,346 932 51,220 38,659 932 10,499 13,596 - 3,364 3,766 - 43,339 60,479 - 57,202 77,841 - 57,202 77,841 - 910 (899) (6,095) (5,072) (40,081) (5,163) 746,289 762,157 29,376 741,217 722,076 24,213 |
Total 2022 £ 50 37,263 2,278 39,591 13,596 3,766 60,479 77,841 77,841 (6,994) (45,244) 791,533 746,289 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 15 form part of these financial statements.
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THOMAS COOK'S MEMORIAL TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets excluding pension liability The funds of the Trust Restricted income funds 15 Unrestricted funds The financial statements were approved by the Trustees on . |
2023 £ 824 93,033 93,857 (1,134) ........................ |
£ 594,393 54,101 648,494 92,723 741,217 741,217 25,670 715,547 741,217 |
2022 £ 668 100,186 100,854 (1,134) |
£ 594,402 52,167 |
|---|---|---|---|---|
| 646,569 99,720 |
||||
| 746,289 | ||||
| 746,289 | ||||
| 24,213 722,076 |
||||
| 746,289 | ||||
| .............................. | .............................. |
|---|---|
| Mr N Collyer | Mr R Hunt |
| Trustee | Trustee |
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THOMAS COOK'S MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Thomas Cook's Memorial Trust is a an unincorporated charity registered in England & Wales that owns sixteen dwellings in Melbourne, South Derbyshire, and rent them at low cost to needy people with a Melbourne connection.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Trust's trust deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
1.4 Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Government grants have been recognised within the financial statements following receipt of the funds for government assistance.
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THOMAS COOK'S MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings not provided Fixtures and fittings 25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in net income/(expenditure) for the year.
1.8 Impairment of fixed assets
At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
2 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 950 | 50 |
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THOMAS COOK'S MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
3 Income from charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Cottages | ||
| Weekly maintenance contribution | ||
| in lieu of rent | 42,192 | 33,546 |
| Mission Hall | ||
| Hire of Mission Hall | 4,898 | 3,717 |
| 47,090 | 37,263 |
4 Income from investments
| Unrestricted Restricted funds funds 2023 2023 £ £ Income from unlisted investments 1,203 1,025 Interest receivable 952 - 2,155 1,025 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 2,228 1,108 932 952 238 - 3,180 1,346 932 |
Total 2022 £ 2,040 238 |
|---|---|---|
| 2,278 |
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THOMAS COOK'S MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
5 Expenditure on charitable activities
| Cottages Mission Hall Repairs to properties 2023 2023 2023 £ £ £ Direct costs Depreciation and impairment 9 - - Caretaker cost 448 - - Rates & water 4,426 1,058 - Insurance 3,148 - - Light & heat 440 1,253 - Telephone 140 - - Sundry - 381 - Cleaning & garderning - 132 1,710 Repairs & renewals 505 - 41,629 Professional fees 843 - - 9,959 2,824 43,339 Share of support and governance costs (see note ) Governance 540 540 - 10,499 3,364 43,339 Analysis by fund Unrestricted funds 10,499 3,364 43,339 |
Total Cottages Mission Hall Repairs to properties 2023 2022 2022 2022 £ £ £ £ 9 13 - - 448 950 - - 5,484 3,655 1,794 - 3,148 2,622 - - 1,693 607 1,048 - 140 140 - - 381 95 110 - 1,842 2,670 382 1,842 42,134 - - 58,637 843 2,412 - - 56,122 13,164 3,334 60,479 1,080 432 432 - 57,202 13,596 3,766 60,479 57,202 13,596 3,766 60,479 |
Total 2022 £ 13 950 5,449 2,622 1,655 140 205 4,894 58,637 2,412 |
|---|---|---|
| 76,977 864 |
||
| 77,841 | ||
| 77,841 |
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THOMAS COOK'S MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
5 Expenditure on charitable activities
(Continued)
Included in governance cost are fees for the independent examination & accountancy amounting to £1,080 (inclusive of value added tax) (2022: £864).
| 6 | Net movement in funds | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Depreciation of owned tangible fixed assets | 9 | 13 |
7 Trustees
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
For the year ended 31 December 2023, there were no trustee expenses reimbursed nor for 31 December 2022.
8 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Maintenance | 1 | 1 |
| STAFF COSTS | ||
| 2023 | 2022 | |
| £ | £ | |
| Wages and salaries | 448 | 950 |
| ------ | ------ | |
| 448 | 950 | |
| ==== | ==== |
Included within wages for this year is a gift to the caretaker for £448.
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
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THOMAS COOK'S MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
9 Gains and losses on investments
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| Gains/(losses) arising on: | £ | £ | £ | £ | £ | £ |
| Revaluation of | ||||||
| investments | 478 | 432 | 910 | (899) | (6,095) | (6,994) |
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Tangible fixed assets
| Freehold land and buildings Fixtures and fittings £ £ Cost At 1 January 2023 594,365 6,851 At 31 December 2023 594,365 6,851 Depreciation and impairment At 1 January 2023 - 6,814 Depreciation charged in the year - 9 At 31 December 2023 - 6,823 Carrying amount At 31 December 2023 594,365 28 At 31 December 2022 594,365 37 |
Total £ 601,216 |
|---|---|
| 601,216 | |
| 6,814 9 |
|
| 6,823 | |
| 594,393 | |
| 594,402 |
The fifteen cottages and mission hall were constructed in the nineteenth century and there is no record of the original cost. A valuation was carried out in 1986 which stated the value to be £409,500. The cost of additions since that date has amounted to £184,865. Since 1986 the trust has not felt it necessary to incur the costs of another revaluation.
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THOMAS COOK'S MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
12 Fixed asset investments
| Cost or valuation At 1 January 2023 Valuation changes Interest received At 31 December 2023 Carrying amount At 31 December 2023 At 31 December 2022 13 Debtors Amounts falling due within one year: Prepayments and accrued income 14 Creditors: amounts falling due within one year Accruals and deferred income |
Unlisted investments £ 52,167 910 1,024 54,101 54,101 52,167 2023 2022 £ £ 824 668 2023 2022 £ £ 1,134 1,134 |
|---|---|
15 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | 1 | January | Incoming | Gains and | At 31 | |
|---|---|---|---|---|---|---|
| 2023 | resources | losses | December | |||
| 2023 | ||||||
| £ | £ | £ | £ | |||
| Blackrock charities accumulation shares | 24,213 | 1,025 | 432 | 25,670 | ||
| Previous year: | At | 1 | January | Incoming | Gains and | At 31 |
| 2022 | resources | losses | December | |||
| 2022 | ||||||
| £ | £ | £ | £ | |||
| 29,376 | 932 | (6,095) | 24,213 |
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THOMAS COOK'S MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 Unrestricted funds Previous year: At 1 General funds |
January 2023 Incoming resources Resources expended Gains and losses At 31 December 2023 £ £ £ £ £ 722,076 50,195 (57,202) 478 715,547 January 2022 Incoming resources Resources expended Gains and losses At 31 December 2022 £ £ £ £ £ 762,157 38,659 (77,841) (899) 722,076 |
|---|---|
17 Analysis of net assets between funds
| Unrestricted Restricted funds funds 2023 2023 £ £ At 31 December 2023: Tangible assets 594,393 - Investments 28,431 25,670 Current assets/(liabilities) 92,723 - 715,547 25,670 Unrestricted Restricted funds funds 2022 2022 £ £ At 31 December 2022: Tangible assets 594,402 - Investments 27,954 24,213 Current assets/(liabilities) 99,720 - 722,076 24,213 |
Total 2023 £ 594,393 54,101 92,723 |
|---|---|
| 741,217 | |
| Total 2022 £ 594,402 52,167 99,720 |
|
| 746,289 |
18 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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THOMAS COOK'S MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
19 Statement of Funds
Restricted Funds
BlackRock Charities Accumulation Shares/Charinco Accumulation Shares
This fund is an investment fund which was previously held with Charinco and was then transferred to BlackRock Charities on the 9 December 2019. The money was originally donated for the purpose of maintaining property held by the charity.
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