Charity number: 219805
The Nellie Fenton Trust Fund
Trustees' report and financial statements
for the year ended 31 October 2021
The Nellie Fenton Trust Fund
Contents
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 17 |
The Nellie Fenton Trust Fund
Reference and administrative details of the charity, its Trustees and advisers for the year ended 31 October 2021
| Trustees | R D Piper (resigned 22 January 2021) |
|---|---|
| J Freeston | |
| E A Marsh | |
| J Tapper | |
| E Walter (appointed 22 January 2021) | |
| Charity registered number 219805 Principal office Montague Place Quayside Chatham Kent ME4 4QU Accountants Kreston Reeves LLP Chartered Accountants Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU Bankers Natwest Bank Plc 13 Market Place Faversham Kent ME13 7AF Investment advisors Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN |
Page 1
The Nellie Fenton Trust Fund
Trustees' report
for the year ended 31 October 2021
The Trustees present their annual report together with the financial statements of the charity for the year ended 31 October 2021.
Objectives and activities
a. Policies and objectives
The objects of the Charity are:
1) to provide for the relief of poverty amongst elderly persons and amongst persons in distressed circumstances, and
2) to provide a residence for impoverished elderly persons and impoverished persons in distressed circumstances being members of the Kent Quarterly Meeting of the Society of Friends and other impoverished persons as the Trustees select.
There have been no changes to the objects during the year.
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)'.
Achievements and performance
a. Review of activities
The results for the year are set out on page 6.
The total income for the year, including interest earned on the accumulating investment held in the Extraordinary Repairs Fund, was £28,548 (2020 - £30,366). Expenses amounted to £28,070 (2020 - £24,351) for the year. Overall, there was a surplus for the year before investment movements of £478 (2020 - £6,015). Net gains on investments amounted to £82,666 (2020 - losses of £23,249) leaving an overall surplus for the year of £83,144 (2020 - deficit of £17,234).
b. Investment policy and performance
The Trustees' investment policy is low risk with the aim of maintaining capital whilst earning sufficient income to meet the annual expenditure of the Charity.
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 2
The Nellie Fenton Trust Fund
Trustees' report (continued) for the year ended 31 October 2021
b. Reserves policy
Unrestricted Funds
The unrestricted funds of the Charity consist of the income and expenditure account and other income funds, including designated funds. It is the Trustees' aim to maintain unrestricted funds at a level sufficient to meet one year's expenditure. The current level of £40,166 is over this target. It continued to be the Trustees' policy to transfer the Almshouse Association's recommended sums from general funds to the designated funds whilst still keeping residents' contributions as low as possible.
Designated Funds
Reserve for building maintenance and repairs
Established by the Trustees to provide for the maintenance and repairs of the buildings, the balance at 31 October 2021 was £29,071.
Cyclical maintenance fund
Established voluntarily in accordance with powers contained in the Charity Commissioners Scheme to provide for items of ordinary maintenance of the almshouses, which recur at infrequent intervals. The fund amounted to £16,503 at 31 October 2021.
Extraordinary repairs fund
Established compulsorily in accordance with the Charity Commissioners Scheme to provide for the extraordinary repair, improvement or rebuilding of the almshouses. The fund amounted to £16,589 at 31 October 2021.
Endowment Funds
The endowment funds represent the Estate Account and comprise the Permanent Endowment of the Charity. Endowment funds totalled £363,747 at 31 October 2021.
Structure, governance and management
a. Constitution
The Charity, known as the Nellie Fenton Trust Fund, was founded by the will of Nellie Lydia Fenton proved in the Principal Registry on 31 October 1957 and comprised in an Order of the High Court of Justice (Chancery Division) on 28 July 1958. A subsequent Charity Commissioner's Scheme was approved on 8 June 1976.
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.
c. Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
d. COVID-19
At the time of signing the accounts the Trustees are aware of the potential economic and social effects of the COVID-19 virus outbreak. The full impact of the pandemic on the UK economy is continuing to evolve but the Charity will continue to seek to mitigate this risk by following the UK Government’s guidelines and adapting/developing its own internal strategy.
Page 3
The Nellie Fenton Trust Fund
Trustees' report (continued) for the year ended 31 October 2021
Plans for future periods
The Trustees will continue to support the activities of the Charity for the foreseeable future.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting 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, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
J Tapper
Date: 17 February 2022
Page 4
The Nellie Fenton Trust Fund
Independent examiner's report
for the year ended 31 October 2021
Independent examiner's report to the Trustees of The Nellie Fenton Trust Fund ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 October 2021.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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.
I understand that 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.
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:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts 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.
Signed:
Dated: 22 July 2022
P Williams
Sittingbourne Kent
Page 5
The Nellie Fenton Trust Fund
Statement of financial activities for the year ended 31 October 2021
| Note Income and endowments from: Charitable activities 3 Investments 4 Total income and endowments Expenditure on: Raising funds 5 Charitable activities Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2021 £ - - - - - - - 56,634 56,634 307,113 56,634 363,747 |
Unrestricted funds 2021 £ 18,325 10,223 28,548 3,127 24,943 28,070 478 26,032 26,510 75,819 26,510 102,329 |
Total funds 2021 £ 18,325 10,223 28,548 3,127 24,943 28,070 478 82,666 83,144 382,932 83,144 466,076 |
Total funds 2020 £ 19,620 10,746 |
|---|---|---|---|---|
| 30,366 2,737 21,614 |
||||
| 24,351 6,015 (23,249) |
||||
| (17,234) 400,166 (17,234) |
||||
| 382,932 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 17 form part of these financial statements.
Page 6
The Nellie Fenton Trust Fund
Balance sheet as at 31 October 2021
| Note Fixed assets Tangible assets 8 Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Endowment funds 12 Unrestricted funds 12 Total funds |
1,165 7,452 8,617 (5,074) |
2021 £ 1,119 461,414 462,533 3,543 466,076 363,747 102,329 466,076 |
1,196 15,272 16,468 (4,884) |
2020 £ 1,119 370,229 |
|---|---|---|---|---|
| 371,348 11,584 |
||||
| 382,932 | ||||
| 307,113 75,819 |
||||
| 382,932 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
J Tapper
Date: 17 February 2022
The notes on pages 8 to 17 form part of these financial statements.
Page 7
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2021
1. General information
The Nellie Fenton Trust is an unincorporated charity with the registration number 219805. The address of the principal office is Montague Place, Quayside, Chatham Maritime, Kent ME4 4QU.
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.
The Nellie Fenton Trust Fund 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 Going concern
The Trustees consider the charity to be a going concern and the accounts have been prepared on this basis.
Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future.
2.3 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.
2.4 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 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.
All expenditure is inclusive of irrecoverable VAT.
Page 8
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2021
2. Accounting policies (continued)
2.5 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.
2.6 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 Trustees' Report.
Investment income, gains and losses are allocated to the appropriate fund.
Page 9
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2021
3. Income from charitable activities
| Contributions from residents Collections from meters Investment income Listed investments Cash investments Investment management costs Investment management fees |
Unrestricted funds 2021 £ 18,126 199 18,325 Unrestricted funds 2021 £ 10,222 1 10,223 Unrestricted funds 2021 £ 3,127 |
Total funds 2021 £ 18,126 199 18,325 Total funds 2021 £ 10,222 1 10,223 Total funds 2021 £ 3,127 |
Total funds 2020 £ 19,463 157 |
|---|---|---|---|
| 19,620 | |||
| Total funds 2020 £ 10,731 15 |
|||
| 10,746 | |||
| Total funds 2020 £ 2,737 |
4. Investment income
5. Investment management costs
Page 10
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2021
6. Analysis of expenditure by activities
| Support | Total | Total | |
|---|---|---|---|
| costs | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Provision of almshouse accommodation | 24,943 | 24,943 | 21,614 |
Analysis of support costs
| Repairs and maintenance Cleaning Garden Council tax Water rates Insurance Electricity Gas Sundry expenses Life Line charges Bookkeeping and accountancy Legal fees written back |
Activities 2021 £ 7,544 384 681 4,927 1,044 1,254 1,669 1,927 353 720 4,440 - 24,943 |
Total funds 2021 £ 7,544 384 681 4,927 1,044 1,254 1,669 1,927 353 720 4,440 - 24,943 |
Total funds 2020 £ 4,400 370 958 5,052 1,066 1,013 1,585 1,883 495 892 4,320 (420) |
|---|---|---|---|
| 21,614 |
Repairs and maintenance of £7,544 comprises £1,843 charged to general unrestricted funds, £2,419 charged to the designated Cyclical Maintenance Fund and £3,282 charged to the designated Extraordinary Repairs Fund. In 2020, the repairs and maintenance charge of £4,400 comprised £2,100 charged to general unrestricted funds and £2,300 charged to the designated Cyclical Maintenance Fund.
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 October 2021, no Trustee expenses have been incurred (2020 - £NIL).
Page 11
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2021
| 8. Tangible fixed assets Cost or valuation At 1 November 2020 At 31 October 2021 Net book value At 31 October 2021 At 31 October 2020 9. Fixed asset investments Cost or valuation At 1 November 2020 Additions Disposals Revaluations At 31 October 2021 Net book value At 31 October 2021 At 31 October 2020 |
Freehold property £ 1,119 |
|---|---|
| 1,119 | |
| 1,119 1,119 Listed investments £ 370,229 85,066 (65,384) 71,503 |
|
| 461,414 461,414 |
|
| 370,229 |
Page 12
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2021
10. Debtors
| Due within one year Other debtors Prepayments and accrued income 11. Creditors: Amounts falling due within one year Other creditors |
2021 £ 438 727 1,165 2021 £ 5,074 |
2020 £ 457 739 |
|---|---|---|
| 1,196 | ||
| 2020 £ 4,884 |
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The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2021
12. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Reserve for Building Maintenance Cyclical Maintenance Fund Extraordinary Repairs Fund General funds General Fund Unrestricted funds Endowment funds Endowment Fund Total of funds |
Balance at 1 November 2020 £ 26,711 15,506 7,236 49,453 26,366 75,819 307,113 382,932 |
Income £ - - 1,588 1,588 26,960 28,548 - 28,548 |
Expenditure £ - (2,419) (3,282) (5,701) (22,369) (28,070) - (28,070) |
Transfers in/out £ 2,360 3,416 2,088 7,864 (7,864) - - - |
Gains/ (Losses) £ - - 8,959 8,959 17,073 26,032 56,634 82,666 |
Balance at 31 October 2021 £ 29,071 16,503 16,589 |
|---|---|---|---|---|---|---|
| 62,163 | ||||||
| 40,166 | ||||||
| 102,329 | ||||||
| 363,747 | ||||||
| 466,076 |
Page 14
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2021
12. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Reserve for Building Maintenance Cyclical Maintenance Fund Extraordinary Repairs Fund General funds General Fund Unrestricted funds Endowment funds Endowment Fund Total of funds |
Balance at 1 November 2019 £ 24,410 14,479 10,252 49,141 23,260 72,401 327,765 400,166 |
Income £ 5 3 1,780 1,788 28,578 30,366 - 30,366 |
Expenditure £ - (2,300) - (2,300) (22,051) (24,351) - (24,351) |
Transfers in/out £ 2,296 3,324 2,032 7,652 (7,652) - - - |
Gains/ (Losses) £ - - (6,828) (6,828) 4,231 (2,597) (20,652) (23,249) |
Balance at 31 October 2020 £ 26,711 15,506 7,236 |
|---|---|---|---|---|---|---|
| 49,453 | ||||||
| 26,366 | ||||||
| 75,819 | ||||||
| 307,113 | ||||||
| 382,932 |
Page 15
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2021
13. Summary of funds
Summary of funds - current year
| Designated funds General funds Endowment funds |
Balance at 1 November 2020 £ 49,453 26,366 307,113 382,932 |
Income £ 1,588 26,960 - 28,548 Income £ 1,788 28,578 - 30,366 |
Expenditure £ (5,701) (22,369) - (28,070) Expenditure £ (2,300) (22,051) - (24,351) |
Transfers in/out £ 7,864 (7,864) - - Transfers in/out £ 7,652 (7,652) - - |
Gains/ (Losses) £ 8,959 17,073 56,634 82,666 Gains/ (Losses) £ (6,828) 4,231 (20,652) (23,249) |
Balance at 31 October 2021 £ 62,163 40,166 363,747 |
|---|---|---|---|---|---|---|
| 466,076 | ||||||
| Balance at 31 October 2020 £ 49,453 26,366 307,113 |
||||||
| Summary of funds - prior year | ||||||
| Designated funds General funds Endowment funds |
Balance at 1 November 2019 £ 49,141 23,260 327,765 400,166 |
|||||
| 382,932 |
Page 16
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2021
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2021 £ - 361,458 2,289 - 363,747 |
Unrestricted funds 2021 £ 1,119 99,956 6,328 (5,074) 102,329 |
Total funds 2021 £ 1,119 461,414 8,617 (5,074) |
|---|---|---|---|
| 466,076 |
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2020 £ - 242,355 64,758 - 307,113 |
Unrestricted funds 2020 £ 1,119 127,874 (48,290) (4,884) 75,819 |
Total funds 2020 £ 1,119 370,229 16,468 (4,884) |
|---|---|---|---|
| 382,932 |
15. Related party transactions
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 October 2021.
Page 17