Charity number: 219805
The Nellie Fenton Trust Fund
Trustees' report and financial statements
for the year ended 31 October 2024
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 2024
| Trustees | Rev Canon J Tapper FCA |
|---|---|
| Mrs J Freeston | |
| Mr E Walter LLB | |
| Mr T Tapper BSc MSc MRICS MCIArb | |
| Charity registered number 219805 Principal office 2nd Floor, Maritime Place Quayside Chatham Kent ME4 4QZ Accountants Kreston Reeves LLP Chartered Accountants 2nd Floor, Maritime Place Quayside Chatham Maritime Chatham Kent ME4 4QZ 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 2024
The Trustees present their annual report together with the financial statements of the charity for the year ended 31 October 2024.
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 £36,586 (2023 - £30,845). Expenses amounted to £36,025 (2023 - £81,613) for the year. Overall, there was a surplus for the year before investment movements of £561 (2023 - deficit of £50,768). Net gains on investments amounted to £46,092 (2023 - net losses of £8,217) leaving an overall surplus for the year of £46,653 (2023 - deficit of £58,985).
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 2024
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 £21,504 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 2024 was £5,840 (2023: £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 balance at 31 October 2024 was £15,463 (2023: £13,006).
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 balanace at 31 October 2024 amounted to £5,350 (2023: £2,556).
Endowment Funds
The endowment funds represent the Estate Account and comprise the Permanent Endowment of the Charity. Endowment funds at 31 October 2024 totalled £353,379 (2023: £321,520).
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 2024
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: 18 February 2025
Page 4
The Nellie Fenton Trust Fund
Independent examiner's report for the year ended 31 October 2024
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 2024.
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 2019.
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:
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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: 1 April 2025
P Barton FCA
Page 5
The Nellie Fenton Trust Fund
Statement of financial activities for the year ended 31 October 2024
| 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)/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 2024 £ - - - 2,667 - 2,667 (2,667) 34,526 31,859 321,520 31,859 353,379 |
Unrestricted funds 2024 £ 24,154 12,432 36,586 - 33,358 33,358 3,228 11,566 14,794 33,363 14,794 48,157 |
Total funds 2024 £ 24,154 12,432 36,586 2,667 33,358 36,025 561 46,092 46,653 354,883 46,653 401,536 |
Total funds 2023 £ 18,313 12,532 30,845 2,961 78,652 81,613 (50,768) (8,217) (58,985) 413,868 (58,985) 354,883 |
|---|---|---|---|---|
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 2024
| 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 / liabilites Total net assets Charity funds Endowment funds 12 Unrestricted funds 12 Total funds |
2,686 8,773 11,459 (6,072) |
2024 £ 1,119 395,030 396,149 5,387 401,536 353,379 48,157 401,536 |
484 25,119 25,603 (28,333) |
2023 £ 1,119 356,494 |
|---|---|---|---|---|
| 357,613 (2,730) 354,883 321,520 33,363 354,883 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
J Tapper
Date: 18 February 2025
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 2024
1. General information
The Nellie Fenton Trust is an unincorporated charity with the registration number 219805. The address of the principal office is 2nd Floor, Maritime Place, Quayside, Chatham Maritime, Kent ME4 4QZ.
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 2024
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 2024
3. Income from charitable activities
| Contributions from residents Collections from meters Investment income Listed investments Cash investments |
Unrestricted funds 2024 £ 24,059 95 24,154 Unrestricted funds 2024 £ 12,296 136 12,432 |
Total funds 2024 £ 24,059 95 24,154 Total funds 2024 £ 12,296 136 12,432 |
Total funds 2023 £ 18,200 113 18,313 |
|---|---|---|---|
| Total funds 2023 £ 12,459 73 12,532 |
4. Investment income
5. Investment management costs
| Endowment | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Investment management fees | 2,667 | 2,667 | 2,961 |
Page 10
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2024
6. Analysis of expenditure by activities
| Support | Total | Total | |
|---|---|---|---|
| costs | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Provision of almshouse accommodation | 33,358 | 33,358 | 78,652 |
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 2024 £ 10,773 - 363 1,440 5,777 1,234 1,547 1,342 4,597 532 - 5,406 347 33,358 |
Total funds 2024 £ 10,773 - 363 1,440 5,777 1,234 1,547 1,342 4,597 532 - 5,406 347 33,358 |
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 |
|---|---|---|---|
Repairs and maintenance of £10,773 comprises £1,200 charged to general unrestricted funds, £7,713 charged to the Reserve for Building Maintenance and £1,860 charged to the designated Extraordinary Repairs Fund.
In 2023, 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.
Page 11
The Nellie Fenton Trust Fund
Notes to the financial statements
for the year ended 31 October 2024
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
In accordance with the provisions of the will of Nellie Fenton, Mr E Walter has charged the Trust £347 in respect of professional services provided for the year ended 31 October 2024 (2023: £540). Buss Murton LLP, for whom Mr Walter works as a partner, made the charge. There was an amount outstanding of £347 (2023 - £330) at the balance sheet date.
During the year, expenditure totalling £225 was reimbursed to 1 Trustee regarding gifts to residents.
No other expenses or fees were paid to the trustees during the year.
8. Tangible fixed assets
| Cost or valuation At 1 November 2023 At 31 October 2024 Net book value At 31 October 2024 At 31 October 2023 9. Fixed asset investments Cost or valuation At 1 November 2023 Additions Disposals Revaluations At 31 October 2024 Net book value At 31 October 2024 At 31 October 2023 |
Freehold property £ 1,119 |
|---|---|
| 1,119 | |
| 1,119 1,119 Listed investments £ 356,494 39,990 (47,543) 46,089 |
|
| 395,030 395,030 |
|
| 356,494 |
Page 12
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2024
10. Debtors
| Due within one year Other debtors Prepayments and accrued income 11. Creditors: Amounts falling due within one year Other creditors |
2024 £ 2,157 529 2,686 2024 £ 6,072 |
2023 £ - 484 |
|---|---|---|
| 484 | ||
| 2023 £ 28,333 |
Page 13
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2024
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 2023 £ 2,884 13,006 2,556 18,446 14,917 33,363 321,520 354,883 |
Income £ 12 53 2,093 2,158 34,428 36,586 - 36,586 |
Expenditure £ - (1,860) (7,713) (9,573) (23,785) (33,358) (2,667) (36,025) |
Transfers in/out £ 2,944 4,264 2,608 9,816 (9,816) - - - |
Gains/ (Losses) £ - - 5,806 5,806 5,760 11,566 34,526 46,092 |
Balance at 31 October 2024 £ 5,840 15,463 5,350 26,653 |
|---|---|---|---|---|---|---|
| 21,504 | ||||||
| 48,157 | ||||||
| 353,379 | ||||||
| 401,536 |
Page 14
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2024
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 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 15
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2024
13. Summary of funds
Summary of funds - current year
| Designated funds General funds Endowment funds |
Balance at 1 November 2023 £ 18,446 14,917 321,520 354,883 |
Income £ 2,158 34,428 - 36,586 Income £ 2,074 28,771 - 30,845 |
Expenditure £ (9,573) (23,785) (2,667) (36,025) Expenditure £ (54,248) (24,404) (2,961) (81,613) |
Transfers in/out £ 9,816 (9,816) - - Transfers in/out £ 9,616 (9,309) (307) - |
Gains/ (Losses) £ 5,806 5,760 34,526 46,092 Gains/ (Losses) £ (548) (1,251) (6,418) (8,217) |
Balance at 31 October 2024 £ 26,653 21,504 353,379 401,536 |
|---|---|---|---|---|---|---|
| Balance at 31 October 2023 £ 18,446 14,917 321,520 354,883 |
||||||
| Summary of funds - prior year | ||||||
| Designated funds General funds Endowment funds |
Balance at 1 November 2022 £ 61,552 21,110 331,206 413,868 |
Page 16
The Nellie Fenton Trust Fund
Notes to the financial statements for the year ended 31 October 2024
14. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total Analysis of net assets between funds - prior period Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2024 £ - 353,379 - - 353,379 Endowment funds 2023 £ - 321,520 - - 321,520 |
Unrestricted funds 2024 £ 1,119 41,651 11,459 (6,072) 48,157 Unrestricted funds 2023 £ 1,119 34,974 25,603 (28,333) 33,363 |
Total funds 2024 £ 1,119 395,030 11,459 (6,072) 401,536 Total funds 2023 £ 1,119 356,494 25,603 (28,333) 354,883 |
|---|---|---|---|
15. Related party transactions
Please see note 7 for details of related party transactions.
Page 17