Charity number: 219805
The Nellie Fenton Trust Fund
Trustees' report and financial statements for the year ended 31 October 2023
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 2023
| Trustees | Rev Canon J Tapper FCA |
|---|---|
| Mrs J Freeston | |
| Ms E A Marsh (resigned 22 February 2023) | |
| Mr E Walter LLB | |
| Mr T Tapper BSc MSc MRICS MCIArb (appointed 22 February 2023) | |
| 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 Independent Examiner P Barton 13 Nativity Close Sittingbourne Kent ME10 1ET 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 2023
The Trustees present their annual report together with the financial statements of the charity for the year ended 31 October 2023.
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.
The properties are based in Cranbrook, Kent.
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 £30,845 (2022 - £26,948). Expenses amounted to £81,613 (2022 - £30,750) for the year. Overall, there was a deficit for the year before investment movements of £50,768 (2022 - £3,802). Net losses on investments amounted to £8,217 (2022 - £48,406) leaving an overall deficit for the year of £58,985 (2022 - £52,208).
During the year, a major project was undertaken to repair the roof. The total cost was £44,316 and reserves brought forward have ben utilised.
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 2023
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 £14,917 is 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 2023 was £2,884.
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 £13,006 at 31 October 2023.
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 £2,556 at 31 October 2023.
Endowment Funds
The endowment funds represent the Estate Account and comprise the Permanent Endowment of the Charity. Endowment funds totalled £321,520 at 31 October 2023.
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 N•llle Fenlon Th181 Fund Trustees. report (conlinued) for tho year ended 31 October2023 The Tnjstees are respon$ble for PTeparin9 Iha Trust88s' report and the financial staiements in accDrdance with appllcable law and United Ktrodom Ar4))tirv4 Standths likntt8d lfjngdom GernraNy Accepted ACcong PraGtiGel. The law apKable to charlues in England & Wales requlres the Trustees to prepare financial statements for each financial whlth glve a true and fair vW of stale of affaws of the th and of its Incoming resources and application of resour. irthding it5 incCe aThl expenthlur8. that tOd. In pPallng these financtar statements. the Trustees ar8 reqwred sdect suilable accounlirvJ pOIleS and aFWythem (sIstenty. obseNe the methcrfts and prinuF485 ofth8 Charfties SORP (FRS 102): make judgments and g)unting estimates that are reasonable and txudent: Stale whether appl1& UK A(lun9 Standar(Es (FRS 102) have been i01t¢J, subjéct to any materf departures disdosed arKJ exptsined rn fmancial stalem&)ts." prepare the flnandal slaternents ¢in the gokng concem basi5 unless St15 Ip[ITi8te tc pr85um8 that tho charitywill conlinue in tsJsines The Trnstees are reSp(S[ble fDr keepiTYJ adequate xccmjning reoJrd5 Ihat are sufficlent ta show arKI explain the tharitys trdnsacltons and (Isclose wilh re850nable accuraGy at any trne the finanoal po5ibon of the charfty and enable them lo ertsure thal the financial statements (x)nySy wilh lh8 Charities Act 2011. the Charity (Accounts and Reports'} Regulations 2008 and the ofthe Charity Commlssion Scheme. They ar8 also responsible for safeguardlng the assets of the charity and hen for takyig reasonable steps ts th& prevention and detection otfrwd and other Irregul&18* Approved by order ofthe membw5 ofthe board TruStee5 &iwed ther behalfty. Date: 13 June 2024
14 June 2024
The Nellie Fenton Trust Fund
Statement of financial activities for the year ended 31 October 2023
| Note Income and endowments from: Charitable activities 3 Investments 4 Total income and endowments Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net expenditure before net losses on investments Net losses on investments Net expenditure Transfers between funds 12 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2023 £ - - - 2,961 - 2,961 (2,961) (6,418) (9,379) (307) (9,686) 331,206 (9,686) 321,520 |
Unrestricted funds 2023 £ 18,313 12,532 30,845 - 78,652 78,652 (47,807) (1,799) (49,606) 307 (49,299) 82,662 (49,299) 33,363 |
Total funds 2023 £ 18,313 12,532 30,845 2,961 78,652 81,613 (50,768) (8,217) (58,985) - (58,985) 413,868 (58,985) 354,883 |
Total funds 2022 £ 15,090 11,858 |
|---|---|---|---|---|
| 26,948 3,230 27,520 |
||||
| 30,750 (3,802) (48,406) |
||||
| (52,208) - |
||||
| (52,208) 466,076 (52,208) |
||||
| 413,868 |
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 Nellle Fenton Trust Fund Balance shget as at 31 October 2023 2023 2022 Flxod ass9ts T8nglbl8 assets Investménts 1,119 356,494 1.119 411.604 357,613 412.723 Current amets Debtors C8sh al bank and In harKI 10 437 7.105 25.119 25,603 7,542 Crodllor8: amounts faillng due wlthln one year 11 124333) (8,3971 N•t Gurront Ilabllltlu l assets 12,730) 354,883 1,145 Totsl net a8S•t8 413,868 Ch•rfty fund8 Endowment fund8 Unre8lrfcted fundB 12 12 321,520 33,363 331,206 82,662 Total lund8 354,883 413,868 The tlnandal gtatemenlg were appn)ved and authortsed for Issu8 by Ihe TruBtees and slgned on thelr behaff by,. J Tappgr Date: 13 June 2024 The notes on p8ges 8 to 17 fom part of the8e financial statements. Page 7
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2023
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.
The financial statements are presented in British Sterling and are rounded to the nearest pound.
2.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
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 2023
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 2023
3. Income from charitable activities
| Contributions from residents Collections from meters |
Unrestricted funds 2023 £ 18,200 113 18,313 |
Total funds 2023 £ 18,200 113 18,313 |
Total funds 2022 £ 14,958 132 |
|---|---|---|---|
| 15,090 |
4. Investment income
| Listed investments Cash investments |
Unrestricted funds 2023 £ 12,459 73 12,532 |
Total funds 2023 £ 12,459 73 12,532 |
Total funds 2022 £ 11,843 15 |
|---|---|---|---|
| 11,858 |
5. Investment management costs
| Investment management fees Total 2022 |
Endowment funds 2023 £ 2,961 - |
Unrestricted funds 2023 £ - 3,230 |
Total funds 2023 £ 2,961 3,230 |
Total funds 2022 £ 3,230 |
|---|---|---|---|---|
Page 10
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2023
6. Analysis of expenditure by activities
| Support | Total | Total | |
|---|---|---|---|
| costs | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Provision of almshouse accommodation | 78,652 | 78,652 | 27,520 |
Analysis of support costs
| Repairs and maintenance Roof repairs Cleaning Garden Council tax Water rates Insurance Electricity Gas Sundry expenses Life Line charges Bookkeeping and accountancy Legal fees |
Activities 2023 £ 11,353 44,316 342 1,544 6,464 1,134 1,553 1,400 4,299 377 230 5,100 540 78,652 |
Total funds 2023 £ 11,353 44,316 342 1,544 6,464 1,134 1,553 1,400 4,299 377 230 5,100 540 78,652 |
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 |
Repairs and maintenance of £11,353 and roof repairs of £44,316 combined comprises £1,422 charged to general unrestricted funds, £25,622 charged to the Reserve for Building Maintenance, £9,671 charged to the designated Cyclical Maintenance Fund and £18.955 to the designated Extraordinary Repairs Fund.
In 2022, the repairs and maintenance charge of £8,963 comprised £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.
Page 11
The Nellie Fenton Trust Fund
Notes to the financial statements
for the year ended 31 October 2023
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
In accordance with the provisions of the will of Nellie Fenton, Mr E Walter has charged the Trust £540 in respect of professional services provided for the year ended 31 October 2023. Buss Murton LLP, for whom Mr Walter works as a partner, made the charge. There was an amount outstanding of £330 (2022 - £nil) at the balance sheet date.
No other expenses or fees were paid to the trustees during the year.
8. Tangible fixed assets
| Cost or valuation At 1 November 2022 At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 9. Fixed asset investments Cost or valuation At 1 November 2022 Additions Disposals Revaluations At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 |
Freehold property £ 1,119 |
|---|---|
| 1,119 | |
| 1,119 1,119 Listed investments £ 411,604 59,517 (106,410) (8,217) |
|
| 356,494 356,494 |
|
| 411,604 |
Page 12
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2023
10. Debtors
| Due within one year Prepayments and accrued income 11. Creditors: Amounts falling due within one year Other creditors |
2023 £ 484 484 2023 £ 28,333 |
2022 £ 437 |
|---|---|---|
| 437 | ||
| 2022 £ 6,397 |
Page 13
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2023
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 2022 £ 25,599 18,485 17,468 61,552 21,110 82,662 331,206 413,868 |
Income £ 23 16 2,035 2,074 28,771 30,845 - 30,845 |
Expenditure £ (25,622) (9,671) (18,955) (54,248) (24,404) (78,652) (2,961) (81,613) |
Transfers in/out £ 2,884 4,176 2,556 9,616 (9,309) 307 (307) - |
Gains/ (Losses) £ - - (548) (548) (1,251) (1,799) (6,418) (8,217) |
Balance at 31 October 2023 £ 2,884 13,006 2,556 |
|---|---|---|---|---|---|---|
| 18,446 | ||||||
| 14,917 | ||||||
| 33,363 | ||||||
| 321,520 | ||||||
| 354,883 |
Page 14
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2023
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 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 15
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2023
13. Summary of funds
Summary of funds - current year
| Designated funds General funds Endowment funds |
Balance at 1 November 2022 £ 61,552 21,110 331,206 413,868 |
Income £ 2,074 28,771 - 30,845 Income £ 1,806 25,142 - 26,948 |
Expenditure £ (54,248) (24,404) (2,961) (81,613) Expenditure £ (7,568) (23,182) - (30,750) |
Transfers in/out £ 9,616 (9,309) (307) - Transfers in/out £ 8,268 (8,268) - - |
Gains/ (Losses) £ (548) (1,251) (6,418) (8,217) Gains/ (Losses) £ (3,117) (12,748) (32,541) (48,406) |
Balance at 31 October 2023 £ 18,446 14,917 321,520 |
|---|---|---|---|---|---|---|
| 354,883 | ||||||
| Balance at 31 October 2022 £ 61,552 21,110 331,206 |
||||||
| Summary of funds - prior year | ||||||
| Designated funds General funds Endowment funds |
Balance at 1 November 2021 £ 62,163 40,166 363,747 466,076 |
|||||
| 413,868 |
Page 16
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2023
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 2023 £ - 321,520 - - 321,520 Endowment funds 2022 £ - 332,534 (1,328) - 331,206 |
Unrestricted funds 2023 £ 1,119 34,974 25,603 (28,333) 33,363 Unrestricted funds 2022 £ 1,119 79,070 8,870 (6,397) 82,662 |
Total funds 2023 £ 1,119 356,494 25,603 (28,333) |
|---|---|---|---|
| 354,883 Total funds 2022 £ 1,119 411,604 7,542 (6,397) |
|||
| 413,868 |
15. Related party transactions
Please see note 7 for details of related party transactions.
Page 17