2022-10-31-accounts

Charity number: 219805

The Nellie Fenton Trust Fund

Trustees' report and financial statements

for the year ended 31 October 2022

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 2022

Trustees	J Tapper
	J Freeston
	E A Marsh
	E Walter
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 2022

The Trustees present their annual report together with the financial statements of the charity for the year ended 31 October 2022.

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 £26,948 (2021 - £28,548). Expenses amounted to £30,750 (2021 - £28,070) for the year. Overall, there was a deficit for the year before investment movements of £3,802 (2021 - surplus of £478). Net losses on investments amounted to £48,406 (2021 - gains of £82,666) leaving an overall deficit for the year of £52,208 (2021 - surplus of £83,144).

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 2022

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 £21,110 is slightly less than 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 £25,599.

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 £18,485 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 £17,468 at 31 October 2021.

Endowment Funds

The endowment funds represent the Estate Account and comprise the Permanent Endowment of the Charity. Endowment funds totalled £331,206 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.

Plans for future periods

The Trustees will continue to support the activities of the Charity for the foreseeable future.

Page 3

The Nellie Fenton Trust Fund

Trustees' report (continued) for the year ended 31 October 2022

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 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: 16 February 2023

Page 4

The Nellie Fenton Trust Fund

Independent examiner's report for the year ended 31 October 2022

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 2022.

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:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. 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: 16 February 2023

P Williams

Sittingbourne Kent

Page 5

The Nellie Fenton Trust Fund

Statement of financial activities for the year ended 31 October 2022

Note Income and endowments from: Charitable activities 3 Investments 4 Total income and endowments Expenditure on: Raising funds 5 Charitable activities Total expenditure Net (expenditure)/income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Endowment funds 2022 £ - - - - - - - (32,541) (32,541) 363,747 (32,541) 331,206	Unrestricted funds 2022 £ 15,090 11,858 26,948 3,230 27,520 30,750 (3,802) (15,865) (19,667) 102,329 (19,667) 82,662	Total funds 2022 £ 15,090 11,858 26,948 3,230 27,520 30,750 (3,802) (48,406) (52,208) 466,076 (52,208) 413,868	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

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 2022

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	437 7,105 7,542 (6,397)	2022 £ 1,119 411,604 412,723 1,145 413,868 331,206 82,662 413,868	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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J Tapper

Date: 16 February 2023

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 2022

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.

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.

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.

Page 8

The Nellie Fenton Trust Fund

Notes to the financial statements for the year ended 31 October 2022

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 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 2022

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 2022 £ 14,958 132 15,090 Unrestricted funds 2022 £ 11,843 15 11,858 Unrestricted funds 2022 £ 3,230	Total funds 2022 £ 14,958 132 15,090 Total funds 2022 £ 11,843 15 11,858 Total funds 2022 £ 3,230	Total funds 2021 £ 18,126 199
			18,325
			Total funds 2021 £ 10,222 1
			10,223
			Total funds 2021 £ 3,127

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 2022

6. Analysis of expenditure by activities

	Support	Total	Total
	costs	funds	funds
	2022	2022	2021
	£	£	£
Provision of almshouse accommodation	27,520	27,520	24,943

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	Activities 2022 £ 8,963 427 1,269 4,281 1,055 1,471 1,527 2,145 408 292 4,884 798 27,520	Total funds 2022 £ 8,963 427 1,269 4,281 1,055 1,471 1,527 2,145 408 292 4,884 798 27,520	Total funds 2021 £ 7,544 384 681 4,927 1,044 1,254 1,669 1,927 353 720 4,440 -
			24,943

Repairs and maintenance of £8,963 comprises £1,395 charged to general unrestricted funds, £5,956 charged to the Reserve for Building Maintenance and £1,612 charged to the designated Cyclical Maintenance Fund. In 2021, the repairs and maintenance charge of 7,544 comprised £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.

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

In accordance with the provisions of the will of Nellie Fenton, Mr E Walter has charged the Trust £798 in respect of professional services provided for the year ended 31 October 2022. Buss Murton LLP, for whom Mr Walter works as a partner, made the charge. There were no amounts outstanding at the balance sheet date.

No other expenses or fees were paid to the trustees during the year.

Page 11

The Nellie Fenton Trust Fund

Notes to the financial statements for the year ended 31 October 2022

8. Tangible fixed assets Cost or valuation At 1 November 2021 At 31 October 2022 Net book value At 31 October 2022 At 31 October 2021 9. Fixed asset investments Cost or valuation At 1 November 2021 Additions Disposals Revaluations At 31 October 2022 Net book value At 31 October 2022 At 31 October 2021	Freehold property £ 1,119
	1,119
	1,119 1,119 Listed investments £ 461,414 21,221 (24,907) (46,124)
	411,604 411,604
	461,414

Page 12

The Nellie Fenton Trust Fund

Notes to the financial statements for the year ended 31 October 2022

10. Debtors

Due within one year Other debtors Prepayments and accrued income 11. Creditors: Amounts falling due within one year Other creditors	2022 £ - 437 437 2022 £ 6,397	2021 £ 438 727
		1,165
		2021 £ 5,074

Page 13

The Nellie Fenton Trust Fund

Notes to the financial statements for the year ended 31 October 2022

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 2021 £ 29,071 16,503 16,589 62,163 40,166 102,329 363,747 466,076	Income £ 4 2 1,800 1,806 25,142 26,948 - 26,948	Expenditure £ (5,956) (1,612) - (7,568) (23,182) (30,750) - (30,750)	Transfers in/out £ 2,480 3,592 2,196 8,268 (8,268) - - -	Gains/ (Losses) £ - - (3,117) (3,117) (12,748) (15,865) (32,541) (48,406)	Balance at 31 October 2022 £ 25,599 18,485 17,468
						61,552
						21,110
						82,662
						331,206
						413,868

Page 14

The Nellie Fenton Trust Fund

Notes to the financial statements for the year ended 31 October 2022

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 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 15

The Nellie Fenton Trust Fund

Notes to the financial statements for the year ended 31 October 2022

13. Summary of funds

Summary of funds - current year

Designated funds General funds Endowment funds	Balance at 1 November 2021 £ 62,163 40,166 363,747 466,076	Income £ 1,806 25,142 - 26,948 Income £ 1,588 26,960 - 28,548	Expenditure £ (7,568) (23,182) - (30,750) Expenditure £ (5,701) (22,369) - (28,070)	Transfers in/out £ 8,268 (8,268) - - Transfers in/out £ 7,864 (7,864) - -	Gains/ (Losses) £ (3,117) (12,748) (32,541) (48,406) Gains/ (Losses) £ 8,959 17,073 56,634 82,666	Balance at 31 October 2022 £ 61,552 21,110 331,206
						413,868
						Balance at 31 October 2021 £ 62,163 40,166 363,747
Summary of funds - prior year
Designated funds General funds Endowment funds	Balance at 1 November 2020 £ 49,453 26,366 307,113 382,932
						466,076

Page 16

The Nellie Fenton Trust Fund

Notes to the financial statements for the year ended 31 October 2022

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 Analysis of net assets between funds - prior year Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Endowment funds 2022 £ - 332,534 (1,328) - 331,206 Endowment funds 2021 £ - 361,458 2,289 - 363,747	Unrestricted funds 2022 £ 1,119 79,070 8,870 (6,397) 82,662 Unrestricted funds 2021 £ 1,119 99,956 6,328 (5,074) 102,329	Total funds 2022 £ 1,119 411,604 7,542 (6,397)
			413,868 Total funds 2021 £ 1,119 461,414 8,617 (5,074)
			466,076

15. Related party transactions

Please see note 7 for details of related party transactions.

Page 17