Trustees’ annual report (including Directors’ report) for the period
From: Period start date 01.01.2023 To: 31.12.2023 Charity name: Babington’s Charity
Charity registration number:220069
Company number:
Objectives and activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | To manage our property assets and apply the income to residents of the parish of Cossington, Leicestershire in financial hardship, aged under 25 and undertaking apprenticeships or further education, to assist the village school and to offer general or individual benefit to the inhabitants of said parish. |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
Grants made to individuals requiring financial support to help with living expenses. To offer grants to students and apprentices. To support Cossington C of E school in such a way that benefits the pupils. To support the Church / Village Centre development project. |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | All decisions are made with due regard to Charity Commission guidelines and in accordance with our scheme.. |
Additional information (optional) You may choose to include further statements where relevant about:
SORP reference |
||
|---|---|---|
| Policy on grant making | Para 1.38 | Hardship grants and student grants are not means tested although local knowledge is applied to inform decision making. |
| Policy on social investment including program related investment |
Para 1.38 | N/A |
| Contribution made by volunteers |
Para 1.38 | |
|---|---|---|
| Other | The charity consists of 6 trustees and no other volunteers. |
Achievements and performance
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | We have continued to support the local primary school with grants that the school apply according to their neds and knowledge as education professionals. We offered some financial support towards celebrations of the school’s 150th birthday celebrations which were open to the wider community. We continued to support the Gardening Club at the village school. We funded new seat covers for the chairs owned and used by the village. We bought new display boards for the Cossington Heritage Society. These are used to display works of said society at village events such as Open Gardens. We funded school trips for those unable to afford the cost, via school liaison. We undertook a full renovation of one of our properties to ensure its future integrity as a good rental property. We continued to support two recipients with hardship grants. We supported a number of students with financial grants. We continue to hols funds in reserve in COIF to honour a commitment to support the development of a church and village centre. |
|
|---|---|---|---|
Additional information (optional) You may choose to include further statements where relevant about:
Achievements against objectives set |
Para 1.41 |
All activities have been in accordance with our scheme registered with the Charity Commission. |
|---|---|---|
| Performance of fundraising activities against objectives |
Para 1.41 | We do not engage in fundraising. Our income is generated by the rental of 6 properties, the pub car park and allotments. We use this income to |
| set | maintain our properties and meet our charitable objectives. |
|
|---|---|---|
| Investment performance against objectives |
Para 1.41 | We receive dividends from our investments in COIF. We have investments in both the standard and ethical funds and check their progress against the FTSE 100 & FTSE 250. These are discussed at each meeting by the trustees. |
| Other | N/A |
Financial review
| Financial review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | The charity ended the year in a strong financial position. A substantial amount of money is held in reserve for the Church / village centre redevelopment but will not be donated until all funding is in place and the project is ready to start. |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | We aim to hold a minimum of £10k in reserve for unexpected property maintenance as per our financial policy. |
| Amount of reserves held | Para 1.22 | £341,744 at 31.12.2023 |
| Reasons for holding zero reserves |
Para 1.22 | N/A |
| Details of fund materially in deficit |
Para 1.24 | N/A |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | N/A |
Additional information (optional) You may choose to include further statements where relevant about:
The charity’s principal sources of funds (including any fundraising) |
Para 1.47 |
We do not engage in fundraising. Our income is generated by the rental of 6 properties, the pub car park and allotments. We use this income to maintain our properties and meet our charitable objectives. |
|---|---|---|
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | We invest our reserves in COIF as we regard this as very secure. We have investments in both the standard and ethical funds and check their progress against the FTSE 100 & FTSE 250. These are discussed at each meeting by the trustees (4 x per year). |
| Para 1.46 | Our main source of income is from rental of six residential properties therefore our |
| A description of the principal risks facing the charity |
primary risk management is to ensure properties remain in a state of good repair. To ensure this we employ professional agents, Leaders at Loughborough and our properties are regularly inspected. New tenants undergo a strict vetting process with an additional insurance being taken out at the start of each tenancy to mitigate against non- payment of rent. Our other risk would be financial mismanagement within the charity. We have developed a robust Financial Policy with strict guidelines on who can authorise payment on behalf of the charity and what threshold needs either one, two or all trustees to approve before spending. Full records are kept of all income and expenditure. The Treasurer’s work is inspected at random by a nominated trustee to ensure funds are in line with those presented. We have moved to online banking which has a dual signatory authorisation by nominated trustees. An UpToDate statement of income and expenditure and investments is presented to all Trustees at each meeting. An independent accountant is appointed to examine and prepare our accounts. Accounts are approved by all Trustees before submitting to the Charity Commission. |
|
|---|---|---|
| Other | N/A |
Structure, governance and management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document: for example,trust deed, memorandum and articles of association etc |
Para 1.25 | Charity Commission Scheme sealed 7th December 1993, although charity has been in existence since 15th July 1884. |
| How is the charity constituted? for example limited company, unincorporated association, CIO |
Para 1.25 | Unincorporated |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | One trustee to be nominated by the Parish Council and five co-opted trustees who have , through residence or employment or occupation, or otherwise, special knowledge of Cossington. |
Additional information (optional) You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction and training of trustees |
Para 1.51 |
New trustees meet with the Chairman and are given an overview of the charity and a copy of the scheme by which we abide and the policies to which we adhere. |
|---|---|---|
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | Chair Treasurer Secretary Council-nominated representative. |
| Relationship with any related parties |
Para 1.51 | None |
| Other |
Reference and administrative details
| Charity name | Babington’s Charity |
|---|---|
| Other name the charity uses | |
| Registered charity number | 220069 |
| Charity’s principal address | 14 Main Street, Cossington, Leicester LE7 4UU |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Helen McCague | Chair | |||
| Janette Matthews | Secretary | |||
| David Mumford MBE |
||||
| Clare Pearson | ||||
| Rich Heathcote | Treasurer | Resigned 1.12.2023 | ||
| Richard Webb | Treasurer | Appointed 21.8.2023 | Cossington Parish Council | |
| GaryDrew | Resigned 11.7.2023 | Cossington Parish Council | ||
– Corporate trustees names of the directors at the date the report was approved
Director name N/A
Name of trustees holding title to property belonging to the charity
| Trustee name | Dates acted if not for whole year |
|---|---|
| N/A | |
Funds held as custodian trustees on behalf of others
| Description of the assets held in this capacity |
N/A |
|---|---|
| Name and objects of the charity on whose behalf the |
N/A |
| assets are held and how this falls within the custodian charity’s objects |
|
|---|---|
| Details of arrangements for safe custody and segregation of such assets from the charity’s own assets |
N/A |
Additional information (optional)
Names and addresses of advisers (optional information)
| Type of adviser |
Name Address |
Name Address |
|---|---|---|
| Accountan t |
Philip Dymond FCCA |
Cheyettes Ltd 167 London Road Leicester LE2 1EG |
Name of chief executive or names of senior staff members (optional information)
N/A
Exemptions from disclosure
Reason for non-disclosure of key personnel details
N/A
Other optional information
Declarations
The company has taken advantage of the small companies’ exemption in preparing the report above.
The trustees declare that they have approved the trustees’ report (including directors’ report) above.
Signed on behalf of the charity’s trustees/directors
Signature(s) Helen Elizabeth McCague
Full name(s) Helen Elizabeth McCague
Position (for example Chair Secretary, Chair, etc)
Date
29.10.2024
Charity registration number 220069
BABINGTON'S CHARITY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
BABINGTON'S CHARITY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
H McCague D Mumford J Matthews R Webb (Appointed 21 August 2023)
Charity number 220069 Principal address 14 Main Street Cossington Leicestershire LE7 4UU Independent examiner Philip John Dymond FCCA Cheyettes Ltd 167 London Road Leicester LE2 1EG
BABINGTON'S CHARITY
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
BABINGTON'S CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are to manage property assets and apply the income to residents of the parish of Cossington, Leicestershire in financial hardship, aged under 25 and taking apprenticeships or further education, to assist the village school and to offer general or individual benefit to the inhabitants of the parish.
The charity fulfils it objectives by undertaking the following activities:
-
Making grants to individuals requiring financial support to help with living expenses;
-
Offering grants to students and apprentices;
-
Financially supporting Cossington Church of England Primary School;
-
Financially supporting the Church and village centre development project.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Grant making policy
Hardship grants and student and apprentice support are not means tested although local knowledge is used to aid decision making.
Achievements and performance
Significant activities and achievements against objectives
All information relating to the charity's achievements and performance is provided in the separate Trustees Annual Report submitted to the Charity Commission.
Financial review
The review of the charity's financial performance and position is provided in the separate Trustees Annual Report submitted to the Charity Commission.
Major risks
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
Babington's Charity is a charitable trust constituted and governed by a Deed of Trust executed on 7th December 1993.
The trustees who served during the year and up to the date of signature of the financial statements were: H McCague G Drew (Resigned 11 July 2023) R Heathcote (Resigned 1 December 2023) D Mumford C Pearson (Resigned 14 May 2024) J Matthews R Webb (Appointed 21 August 2023)
- 1 -
BABINGTON'S CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Recruitment and appointment of trustees
At least one trustee is nominated by Cossington Parish Council, others are co-opted who have, through residence, occupation, employment or otherwise, special knowledge of the Parish of Cossington.
Organisational structure
The business of the charity is managed by the trustees, consisting of a Chair, Treasurer, Secretary and Parish Council Representative.
Induction and training of trustees
New trustees are given an overview of the charity by the Chair and a copy of the scheme by which the charity abides.
The trustees' report was approved by the Board of Trustees.
~~..............................~~
H McCagueHelen McCague (Oct 24, 2024, 6:02pm) Trustee
Date: .............................................24 Oct 2024
- 2 -
BABINGTON'S CHARITY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BABINGTON'S CHARITY
I report to the trustees on my examination of the financial statements of Babington's Charity (the charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Philip John Dymond FCCA
Cheyettes Ltd 167 London Road Leicester LE2 1EG
Dated: .........................
- 3 -
BABINGTON'S CHARITY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 51,272 | 51,755 |
| Total income | 51,272 | 51,755 | |
| Expenditure on: | |||
| Raising funds | 3 | 7,473 | 6,100 |
| Charitable activities | 4 | 93,004 | 32,409 |
| Total expenditure | 100,477 | 38,509 | |
| Net gains/(losses) on investments | 7 | 30,084 | (44,770) |
| Net expenditure and movement in funds | (19,121) | (31,524) | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2023 | 760,978 | 792,502 | |
| Fund balances at 31 December 2023 | 741,857 | 760,978 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
BABINGTON'S CHARITY
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets 9 Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds 13 |
2023 £ 1,721 18,652 20,373 (828) |
£ 380,538 341,774 722,312 19,545 741,857 741,857 741,857 |
2022 £ 772 43,770 44,542 (792) |
£ 380,538 336,690 |
|---|---|---|---|---|
| 717,228 43,750 |
||||
| 760,978 | ||||
| 760,978 | ||||
| 760,978 |
The financial statements were approved by the trustees on .........................24 Oct 2024
. ~~.............................~~ Helen McCague (Oct 24, 2024, 6:02pm) H McCague Trustee
- 5 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Babington's Charity is a charitable trust registered in England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is directly attributable to specific activities and has been included in those cost categories.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly attributed to such activities and those costs of an indirect nature to support them.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
none provided
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 7 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Rental income | 41,295 | 41,642 |
| Income from listed investments | 9,977 | 10,113 |
| 51,272 | 51,755 |
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BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
3 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Agents management fees | 7,473 | 6,100 |
| 7,473 | 6,100 |
4 Charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Insurance | 1,099 | 1,081 |
| Repairs and maintenance | 65,583 | 11,469 |
| Council tax and utilities | 817 | - |
| Independent examiner's fees | 828 | 792 |
| Sundry expenses | 425 | - |
| 68,752 | 13,342 | |
| Grant funding of activities (see note 5) | 24,252 | 19,067 |
| 93,004 | 32,409 | |
| Grants payable | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Grants to institutions: | ||
| Cossington Church of England Primary School | 8,480 | 8,067 |
| Grants to students and individuals | 15,772 | 11,000 |
| 24,252 | 19,067 |
5 Grants payable
- 9 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
During the year, one trustee was reimbursed various property costs incurred in the sum of £1,647.
7 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 25,216 | (44,770) |
| Sale of investments | 4,868 | - |
| 30,084 | (44,770) |
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
9 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Freehold land | |
| and buildings | |
| £ | |
| Cost | |
| At 1 January 2023 | 380,538 |
| At 31 December 2023 | 380,538 |
| Carrying amount | |
| At 31 December 2023 | 380,538 |
| At 31 December 2022 | 380,538 |
- 10 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
10 Fixed asset investments
| Cost or valuation At 1 January 2023 Valuation changes Disposals At 31 December 2023 Carrying amount At 31 December 2023 At 31 December 2022 11 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 12 Creditors: amounts falling due within one year Accruals and deferred income |
Listed investments £ 336,690 25,216 (20,132) 341,774 341,774 336,690 2023 2022 £ £ 1,468 533 253 239 1,721 772 2023 2022 £ £ 828 792 |
|---|---|
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 1 | January | Incoming | Resources | Gains and | At 31 | |
|---|---|---|---|---|---|---|---|
| 2023 | resources | expended | losses | December | |||
| 2023 | |||||||
| £ | £ | £ | £ | £ | |||
| General funds | 760,978 | 51,272 | (100,477) | 30,084 | 741,857 |
- 11 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
| 13 | Unrestricted funds | (Continued) | ||||
|---|---|---|---|---|---|---|
| Previous year: | At 1 January | Incoming | Resources | Gains and | At 31 | |
| 2022 | resources | expended | losses | December | ||
| 2022 | ||||||
| £ | £ | £ | £ | £ | ||
| General funds | 792,502 | 51,755 | (38,509) | (44,770) | 760,978 |
14 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
- 12 -
Issuer
Cheyettes Ltd
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Envelope generated by Philip Dymond86.6.250.25 Document generated with fingerprint 42ead5e1ecfc85394bd2aae40d15e94586.6.250.25 Document generated with fingerprint ae3c0f3e26c742deb0824f567d64dc9686.6.250.25 Document generated with fingerprint ee3e58214aed22f0dba0411530ab7ec986.6.250.25 Document emailed to helen@mccague.co.uk18.132.43.204 Sent the envelope to Helen McCague (helen@mccague.co.uk) for signing86.6.250.25
Helen McCague opened the document email.92.30.227.101 Helen McCague opened the document email.92.30.227.101 Helen McCague viewed the envelope92.30.227.101 Helen McCague signed the envelope92.30.227.101 This envelope has been signed by all parties92.30.227.101 Helen McCague viewed the envelope92.30.227.101
Charity registration number 220069
BABINGTON'S CHARITY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
BABINGTON'S CHARITY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
H McCague D Mumford J Matthews R Webb (Appointed 21 August 2023)
Charity number 220069 Principal address 14 Main Street Cossington Leicestershire LE7 4UU Independent examiner Philip John Dymond FCCA Cheyettes Ltd 167 London Road Leicester LE2 1EG
BABINGTON'S CHARITY
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
BABINGTON'S CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are to manage property assets and apply the income to residents of the parish of Cossington, Leicestershire in financial hardship, aged under 25 and taking apprenticeships or further education, to assist the village school and to offer general or individual benefit to the inhabitants of the parish.
The charity fulfils it objectives by undertaking the following activities:
-
Making grants to individuals requiring financial support to help with living expenses;
-
Offering grants to students and apprentices;
-
Financially supporting Cossington Church of England Primary School;
-
Financially supporting the Church and village centre development project.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Grant making policy
Hardship grants and student and apprentice support are not means tested although local knowledge is used to aid decision making.
Achievements and performance
Significant activities and achievements against objectives
All information relating to the charity's achievements and performance is provided in the separate Trustees Annual Report submitted to the Charity Commission.
Financial review
The review of the charity's financial performance and position is provided in the separate Trustees Annual Report submitted to the Charity Commission.
Major risks
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
Babington's Charity is a charitable trust constituted and governed by a Deed of Trust executed on 7th December 1993.
The trustees who served during the year and up to the date of signature of the financial statements were: H McCague G Drew (Resigned 11 July 2023) R Heathcote (Resigned 1 December 2023) D Mumford C Pearson (Resigned 14 May 2024) J Matthews R Webb (Appointed 21 August 2023)
- 1 -
BABINGTON'S CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Recruitment and appointment of trustees
At least one trustee is nominated by Cossington Parish Council, others are co-opted who have, through residence, occupation, employment or otherwise, special knowledge of the Parish of Cossington.
Organisational structure
The business of the charity is managed by the trustees, consisting of a Chair, Treasurer, Secretary and Parish Council Representative.
Induction and training of trustees
New trustees are given an overview of the charity by the Chair and a copy of the scheme by which the charity abides.
The trustees' report was approved by the Board of Trustees.
~~..............................~~
H McCagueHelen McCague (Oct 24, 2024, 6:02pm) Trustee
Date: .............................................24 Oct 2024
- 2 -
BABINGTON'S CHARITY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BABINGTON'S CHARITY
I report to the trustees on my examination of the financial statements of Babington's Charity (the charity) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Philip John Dymond FCCA
Cheyettes Ltd 167 London Road Leicester LE2 1EG
Dated: .........................
- 3 -
BABINGTON'S CHARITY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 51,272 | 51,755 |
| Total income | 51,272 | 51,755 | |
| Expenditure on: | |||
| Raising funds | 3 | 7,473 | 6,100 |
| Charitable activities | 4 | 93,004 | 32,409 |
| Total expenditure | 100,477 | 38,509 | |
| Net gains/(losses) on investments | 7 | 30,084 | (44,770) |
| Net expenditure and movement in funds | (19,121) | (31,524) | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2023 | 760,978 | 792,502 | |
| Fund balances at 31 December 2023 | 741,857 | 760,978 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
BABINGTON'S CHARITY
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets 9 Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds 13 |
2023 £ 1,721 18,652 20,373 (828) |
£ 380,538 341,774 722,312 19,545 741,857 741,857 741,857 |
2022 £ 772 43,770 44,542 (792) |
£ 380,538 336,690 |
|---|---|---|---|---|
| 717,228 43,750 |
||||
| 760,978 | ||||
| 760,978 | ||||
| 760,978 |
The financial statements were approved by the trustees on .........................24 Oct 2024
. ~~.............................~~ Helen McCague (Oct 24, 2024, 6:02pm) H McCague Trustee
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BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
Babington's Charity is a charitable trust registered in England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure is directly attributable to specific activities and has been included in those cost categories.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly attributed to such activities and those costs of an indirect nature to support them.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
none provided
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Rental income | 41,295 | 41,642 |
| Income from listed investments | 9,977 | 10,113 |
| 51,272 | 51,755 |
- 8 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
3 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Agents management fees | 7,473 | 6,100 |
| 7,473 | 6,100 |
4 Charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Insurance | 1,099 | 1,081 |
| Repairs and maintenance | 65,583 | 11,469 |
| Council tax and utilities | 817 | - |
| Independent examiner's fees | 828 | 792 |
| Sundry expenses | 425 | - |
| 68,752 | 13,342 | |
| Grant funding of activities (see note 5) | 24,252 | 19,067 |
| 93,004 | 32,409 | |
| Grants payable | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Grants to institutions: | ||
| Cossington Church of England Primary School | 8,480 | 8,067 |
| Grants to students and individuals | 15,772 | 11,000 |
| 24,252 | 19,067 |
5 Grants payable
- 9 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
During the year, one trustee was reimbursed various property costs incurred in the sum of £1,647.
7 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 25,216 | (44,770) |
| Sale of investments | 4,868 | - |
| 30,084 | (44,770) |
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
9 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Freehold land | |
| and buildings | |
| £ | |
| Cost | |
| At 1 January 2023 | 380,538 |
| At 31 December 2023 | 380,538 |
| Carrying amount | |
| At 31 December 2023 | 380,538 |
| At 31 December 2022 | 380,538 |
- 10 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
10 Fixed asset investments
| Cost or valuation At 1 January 2023 Valuation changes Disposals At 31 December 2023 Carrying amount At 31 December 2023 At 31 December 2022 11 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 12 Creditors: amounts falling due within one year Accruals and deferred income |
Listed investments £ 336,690 25,216 (20,132) 341,774 341,774 336,690 2023 2022 £ £ 1,468 533 253 239 1,721 772 2023 2022 £ £ 828 792 |
|---|---|
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 1 | January | Incoming | Resources | Gains and | At 31 | |
|---|---|---|---|---|---|---|---|
| 2023 | resources | expended | losses | December | |||
| 2023 | |||||||
| £ | £ | £ | £ | £ | |||
| General funds | 760,978 | 51,272 | (100,477) | 30,084 | 741,857 |
- 11 -
BABINGTON'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
| 13 | Unrestricted funds | (Continued) | ||||
|---|---|---|---|---|---|---|
| Previous year: | At 1 January | Incoming | Resources | Gains and | At 31 | |
| 2022 | resources | expended | losses | December | ||
| 2022 | ||||||
| £ | £ | £ | £ | £ | ||
| General funds | 792,502 | 51,755 | (38,509) | (44,770) | 760,978 |
14 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
- 12 -
Issuer
Cheyettes Ltd
Document generated Wed, 23rd Oct 2024 10:30:24 BST
Document fingerprint ae3c0f3e26c742deb0824f567d64dc96
Parties involved with this document
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Helen McCague - Signer (a68b693d218acd360696633dac16bcfc)
Audit history log
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Envelope generated by Philip Dymond86.6.250.25 Document generated with fingerprint 42ead5e1ecfc85394bd2aae40d15e94586.6.250.25 Document generated with fingerprint ae3c0f3e26c742deb0824f567d64dc9686.6.250.25 Document generated with fingerprint ee3e58214aed22f0dba0411530ab7ec986.6.250.25 Document emailed to helen@mccague.co.uk18.132.43.204 Sent the envelope to Helen McCague (helen@mccague.co.uk) for signing86.6.250.25
Helen McCague opened the document email.92.30.227.101 Helen McCague opened the document email.92.30.227.101 Helen McCague viewed the envelope92.30.227.101 Helen McCague signed the envelope92.30.227.101 This envelope has been signed by all parties92.30.227.101 Helen McCague viewed the envelope92.30.227.101