ANNUAL REPORT FINANCIAL YEAR 2023- 2024 JOHN WILLIAM CHAPMAN EARLESMERE CHARITABLE TRUST CHARITY NUMBER 223002
TRUSTEES: Mr Mark John Hunter Trustee/Chairman Lady Nelll DL Mr Michael George Gornall Trustee Trustee Mr David Geoffrey Kirk Trustee ADVISORS: Mrs Rosemarie Sharp Solicitor Brewin Dolphin Financial Advisers W H Prior & Co. Accountants Virgin Money Bankers Grice & Hunter Property Advisers NorthwoodlDoncaster } Ltd Property Advisers ADMINISTRATIVE OFFICES: 4 Priory Place, Doncaster, DNI IBP
JOHN WILLIAM CHAPMAN EARLESMERE TRUST Charlty Number: 223002 Governed by a scheme made on the 17th ortober 20(KI OBJEcrs: The objects of the Charity are for the relief of persons resident in the Borough of Doncaster who are in need, hardship or distress. The Trustees may fulfil their objectives by: a. Making grants to persons in need; b. Providing or paying for goods, services or facilities for persons in need; and t. Making grants of money to other persons and bodies to provide good5, services or facilities to those in need. ADMINisfRATION: The Trust currently operates with four appolnted Trustees and a Chairperson is elected from that body, full meetings of theTrustees are held quarterlyat which time the general business and administration of the Trust is discussed. Distribution meetings which are attended by no less than two Trustees together with the Trust Visitor are held bi-monthly to deal with individual applications along with an additional provision for emergency appllcations. The Trustees are elected by the members of the Charity Board with appointments and re- appointments being decided on an annual basis. The Trustees have the power to appoint New Trustees on an interim basis until the next AGM.
CHAIRPERSONS REPORT Financial year 2023-2024 As the year closed, we have looked back on another year of unresolved issues worldwide and a hotchpotch of polltical uncertainty in the UK and abroad which has impacted on the local community and reduced the ability of the Trust to meet the needs of those in need. There can be few sectors of the community who have not been affected directly or Indirectly by the ongoin8 economic issues caused by the hostilities between Russia and Ukraine which imparted on fuel prices. import and export of goods and the increase in prices associated to these and other 8lobal events. That combined with the plethora of chan8es in the political scene led to 'a technical recession" which lasted for 6 months bringing substantial rises in energy prices which impacted not only on business but perhaps most significantly in relation to this Trust on the individuals in the community many of whom had insufficient income or resource5 to meet their rapidly growing energy costs. This was exasperated by the change5 in the system of grantin8 benefrts and many families at a time of increased need in meeting rlslng prices and fuel bills also faced reductions in their benefit payments. The result h35 been an increase in demand on the Trust from the community. The rise in demand was then compounded by a failure in the stock markets to pick up momentum as rapidly as had been predicted. The cost of goods despite the dropping rate of inflation in core goods towards the end of the financial remained high, which in turn had an impact on the repairs and replacements in the property portfolio as well as the acquisition5 of the goods required to satisfy the demands of the community on the Trust. The Trustees havethroughout been mindful of thelr ongoing obligation to try and meet the demands made on them in terms of both safeEuarding the funds and propertywhich generate the income from which aid is provided but also of their role in the City in meeting the needs of individuals who largely have no other resource or mean5 of seeking assistance. Approximately 25% of the Income comes from the investment portfolio and In response to the 8rowlng demands on the Trust the Financial Advisors Brewin Dolphin were asked to review the portfolio in September 2023 and having considered their advice and the risk as Set out in the report the Trustees concluded that it was an appropriate time to try and Increase the income flow by bring the risk factor for investment up from category 4 to category 5 . The Financial Advisors have been Involved with the Trust for a significant number of years and are well acquainted with its Scheme and the assets that it holds. The Trustees were confident in the approach that Brewin Dolphin were takin8 in relation to the Investment of funds and the potential loss risk on their behalf. Funds are invested on behalf of the Trust on a Dlscretlonary basis and regular reports are provided to the Trustees updatlng the posltlon in relation to the funds held. A similar approach was taken with the rental portfolio which provldes traditlonally the larger proportion of the Trust income. In mana8ln8 thisthe Trustees need to have regard not only to the income achieved but also to maintaining the property in the portfolio in good condition. Thi5 later task has not been easy this year. The demand for repairs has continued and Set alongside this there has been a si8nificant increase in regulatory
requirements some of which stem from the Grenfell Enquiry and the Buildin8 Safety Act 2022. These have a significant impact on multl occupation properties, and the Trust hold two such properties in its portfolio. A significant upgrade to the Chapman House which is 10 unts is required and our contractors are working with the Local Fire Officer in respect. Other units need attention to ventilation. redecoration, new boilers etc all of which bring With them a significant cost. The Trustees are managing this with schedules of repair and are prioritisin8the ur8ent works. The works undertaken this year cost £41,514. The appointment of new agents last year has proved to be a worthwhile exercise and again a measured review hastaken place of the rent incomes received and where appropriate increases have taken place ensuring a steady increase in the rental incomes over the year. I am pleased to note that for most of that time there has been fully occupancy of the properties. Havin8 grasped the need to increase income the Trustee5 acted in a timely and appropriate mannerto set in motion changes and reviews to facilitate some growth. Those steps were necessary to meet the growlng number of applications. As reported in the previous year sinte 2022 there has been a chan8e on the demographic of the Applicant5. Previously requests for assistance held a large proportion of applicants under the age of 25 often seekin8 clothing grants and those a little older concentrated on carpets. While carpets remain at the top of the list on many claims there has been a significant increase in claims for white goods, beds, bedding and clothing for children. There has also been an increase in applications from families Wlth three plus children or those fleeing domestic violÈnce. It has been noted that the cause cited is frequently a lack of funds due to higher energy costs and reduced benefits The Trustees reported last yearthatthey were overwhelmed by the demand for carpets and were astounded by the number of cases which presented because of the Local Councils's policy of ripping out carpets whatever the condition on a change of Tenant. There appears to be no regard as to the waste of resources or the Inability of many incoming tenants finding funds to replace those floor coverings. Objections to the enforcement of this policy seems to have largely fallen on deaf ears and we understand from the Press that thls is not the only Authorityto adopt such a wasteful policy. Because of the extraordinary demand the Trustees elected last year to limit the supply of carpets to applicants excluding for example hall stairs & landing carpets and prioritising those with medical conditions or very young children, I would like to say that this step has reduced our "carpet spend" but because of the increase in applications and continuing demand even with such limitation's carpets remain the greatest demand on the funds. The Trustees are very aware that they are not the only local Chartyto suffer a downturn in the availability of funds and In the past the Trustees have endeavoured to provide grants to other local charities with similar objectives. While the Trustees would still wish to provide that benefit, they have as part of the current strategy, resolved that priority must be given to individual applicants who are In need In order to fulfil the Trust objectives.
The Trustees are fortunate in that they have a strong organisational base provided by Jordan5 Solicitors who have continued to provide an office presence throughout giving members of the communitywho are seeking help from the Trust a polnt of contatt and access to the administration staff and Trust vlsltor, who play an important role in our distributlon of funds. The Trust visltor is vital in aiding the Trustees to make the right decision when reviewing applications and ensuring the help available goes to the neediest. Desplte the constraint5 created bythe demands on the Trust income the Trustee5 have acted prudently. sought advice, acted to maintain and where posslble improve the position of the Trust in relation to preserving its assets, increase the income achieved and satisfy the needs of the community applying for assistance. Predictions at the yearend are for redurtion in inflation which will potentially reduce costs not only of the applicants in relation to energy and general household expense but also those of the Trust generally. With no immediate prediction from Brewin Dolphin that the returns are likely to be greater than the current average 4.5% return in the coming 12 months and rents having a limited ability to increase it is the reduction of costs which would have the greatest positive impart on the Trust and its ability to meet demand. In this period income did increase from the previous year with a total income of £210,010. Notwithstandlng the above dlfficulties the objects of the Trust have been fulfilled throughout the year. A total sum of £34,749 was distributed directly in support of Individual applicants during this year which was an increase on the individual funds distributed in the previous year In conclusion l and my fellow Trustees are satisfied that we have fulfilled our role in conducting the affairs of the Trust in a dili8ent manner. The financial affairs of the Trust have been prudently mana8ed throughout the year, ensuringthat notwithstanding the difFiculties and challenges posed bythe domestic and world economies now and a5 anticipated in the next twelve month5, we will as a result of the strategies we have put in place, which we believe to be robust be placed in a position to find sufficient funds to meet the demands made on the Trust. Mr M J Hunter Chalrman
FINANCIAL REPORT The Trustees of the Charfty present their annual and audited ststement for the Flnandal Year ending 31" March 2024. Trustees Responslblltty Statement The Trustees of the John William Chapman Earlesmere Trust Registered Charity are required to prepare financlal statements for each financlal year that give a true and fair view of the state of affairs of the Charity at the end of the financial year and of movements of funds for that period. The Trustees confirm that suitable accountancy policies have been used throughout in accordance with the statement of recommended practice issued bythe Charities Commission. The Trustees are responsible for keeping proper accounting records and for takin8 responsible steps to safeguard the assets of the Charity in order to prevent and detect fraud or other irregularities and in order to comply with the Charities Act 2011 and Charities SORP 2015, they are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. RISK The Trustees have carried out a review of the major risks to which the Charity may be exposed and have adopted a risk strategy plan in respect of these the pollcy will be subject to further review during the comingtwelve months. They have explored the risks of Investlng In property and In the financlal markets . They have adopted with professional advice a medium tolerance to the rlsk on a financial market and are confident that the spread of investments means the Trust has a reasonable capaclty to accommodate10ss and remain financially viable. The Trustees are satisfied that there are no serious incidents or other matter whlch they should have broughtto the attentlon of the Commission and has not done so alreadv. So far as the Trustees are aware there is no relevant audit Information of which the Independent Examiners are unaware and each of the Trustees has taken all the stepsthat he or she ought to have taken as a Trustee In order to make himself aware of any independent examination information and to establish that the Independent Examiners are aware of that information. FIXED ASSETS Any movements in Fixed Assets are reflected in the Accounts. EVENTS SINCE THE BALANCE SHE DATE No events have occurred sincethe Balance date which have affected the Charity.
TRUSTEES The Trustees of the Charity who served duringthe year and up to the date of this Report are set out on pa8e 2 of this Report. This Report has been prepared in accordance with the Statement Recommended Practice Accounting and Reporting by Charities ISORP 20151 Thi5 Report was approved by the Trustees Board on the 2 1 fK day of January 2025 and signed by: Mr Mark John Hunter Chalrman On behalf of the Trustees of the John William Chapman Earlesmere Trnst
J.W. CHAPMAN EARLESMERE TRUST (Registered Charity No. 223002)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
J.W. CHAPMAN EARLESMERE TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
CONTENTS
| Page | ||
|---|---|---|
| Legal and Administrative Details | 1 | |
| Independent Examiner’s Report | 2 | |
| Statement of Financial Activities | 3 | |
| Balance Sheet | 4 | |
| Notes to the Financial Statements | 5 - | 8 |
Page 1
J.W. CHAPMAN EARLESMERE TRUST
LEGAL AND ADMINISTRATIVE DETAILS
| 31ST MARCH 2024 | |
|---|---|
| Trustees | Mr. M.J. Hunter,MRICS |
| Lady Neill, DL. | |
| Mr. M.G. Gornall | |
| Mr. D.G. Kirk | |
| Correspondent & Clerk to Trustees | Mrs. R. Sharp,LL.B. |
| Administrative Offices | 4 Priory Place, |
| Doncaster. | |
| DN1 1BP | |
| Charity Registration Number | 223002 |
| Governing Instrument | Schemes of the Charity Commissioners made on 17thOctober 2000 |
| & 27thJune 2005 | |
| Solicitors | Jordans Solicitors LLP, |
| 4 Priory Place, | |
| Doncaster. | |
| DN1 1BP | |
| Independent Examiner | R.A. Prior,FCCA, FCIE, DChA, |
| W. H. Prior, | |
| Chartered Certified Accountants, | |
| Railway Court, | |
| Doncaster. | |
| DN4 5FB | |
| Principal Bankers | Clydesdale Bank plc t/a Virgin Money , |
| 19 St Sepulchre Gate, | |
| Doncaster. | |
| DN1 1TD | |
| Property Advisors | Northwood (Doncaster) Ltd., |
| 17a Sandringham Road, | |
| Doncaster. | |
| DN2 5HU | |
| Investment Advisors | Brewin Dolphin Ltd, |
| 34 Lisbon Street, | |
| Leeds. | |
| LS1 4LX |
Page 2
J.W. CHAPMAN EARLESMERE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE J.W. CHAPMAN EARLESMERE TRUST
I report on the accounts of the Charity for the Year Ended 31[st] March 2024 which are set out on pages 3 to 8.
This report is made solely to the Charity’s trustees, as a body, in accordance with the regulations made under the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s trustees those matters I am required to state to them in an Independent Examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body for this report.
Respective responsibilities of Trustees and Examiner
As the Charity’s Trustees, you are responsible for the preparation of the accounts; you consider that the audit requirement of Section 144(2) of the Charities Act 2011 (the 2011 Act) does not apply.
It is my responsibility
-
examine the accounts under section 145 of the 2011 Act ;
-
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:-
-
(a) Which gives me reasonable cause to believe that in any material respect the requirements
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
R.A. Prior, F.C.C.A., F.C.I.E., DChA
Chartered Certified Accountant Fellow of the Association of Charity Independent Examiners
W. H. Prior Chartered Certified Accountants Railway Court, Doncaster. DN4 5FB
Dated:- 27[th] January 2025
Page 3
J.W. CHAPMAN EARLESMERE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| Note | Funds | 2024 | 2023 | |
| £ | £ | £ | ||
| Income | ||||
| Donations and legacies | ||||
| - | - | - | ||
| Investment Income | ||||
| - Interest & Dividends | 3 | 48,121 | 48,121 | 40,950 |
| - Rental income from Investment Properties | 3 | 161,889 | 161,889 | 160,725 |
─────── |
──────── |
─────── |
||
| TOTAL INCOME | 210,010 | 210,010 | 201,675 | |
═══════ |
════════ |
═══════ |
||
| Expenditure | ||||
| Expenditure on raising funds | ||||
| – Investment Management Costs | 4 | 102,712 | 102,712 | 95,298 |
| Direct Charitable Expenditure | ||||
| _–_Grants & associated support costs | 5 | 124,339 | 124,339 | 132,477 |
─────── |
─────── |
─────── |
||
| TOTAL EXPENDITURE | 227,051 | 227,051 | 227,775 | |
═══════ |
═══════ |
═══════ |
||
| NET (EXPENDITURE) BEFORE | ||||
| OTHER RECOGNISED GAINS/LOSSES | (17,041) | (17,041) | (26,100) | |
| Realised Gains/(Losses) on investment assets | 3,877 | 3,877 | (6,851) | |
| Unrealised Gains/(Losses) on investment assets | 22,644 | 22,644 | (108,227) | |
─────── |
─────── |
─────── |
||
| NET MOVEMENT IN FUNDS | 9,480 | 9,480 | (141,178) | |
| Balances brought forward at 1stApril 2023 | 3,477,104 | 3,477,104 | 3,618,282 | |
─────── |
─────── |
─────── |
||
| Balances carried forward at | ||||
| 31st March 2024 | 11 | 3,486,584 | 3,486,584 | 3,477,104 |
═══════ |
═══════ |
═══════ |
The notes on pages 5 to 8 form part of these financial statements
Page 4
J.W. CHAPMAN EARLESMERE TRUST
BALANCE SHEET AS AT 31ST MARCH 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible Fixed assets- | |||||
| Investments | 8 | 3,468,979 | 3,490,064 | ||
| Current assets | |||||
| Debtors | 9 | 65,986 | 21,815 | ||
| Cash at Bank | 868 | 3,266 | |||
──────── |
──────── |
||||
| 66,854 | 25,081 | ||||
| Creditors: amounts falling due | |||||
| within one year | 10 | 49,249 | 38,041 | ||
──────── |
──────── |
||||
| Net current assets | (17,605) | (12,960) | |||
──────── |
──────── |
||||
| Net assets | 3,486,584 | 3,477,104 | |||
════════ |
════════ |
||||
| Represented by: | |||||
| Unrestricted Funds :- | |||||
| General Fund | 11 | 3,486,584 | 3,477,104 | ||
──────── |
──────── |
||||
| Total Funds | 3,486,584 | 3,477,104 | |||
════════ |
════════ |
The financial statements on pages 3 to 8 were approved by the Trustees on 27th January, 2025, and signed on their behalf by:-
Mr. M.J. Hunter Trustee
The notes on pages 5 to 8 form part of these financial statements
Page 5
J.W. CHAPMAN EARLESMERE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
1 Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost accounting convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the these accounts. The financial statements have been prepared in accordance with applicable accounting standards, the Charities SORP (FRS102) and the Charities Act 2011.
Income
All income is treated as unrestricted income, unless the donor has placed restrictions on the manner in which the donation or grant may be spent, in which case it is treated as restricted income. Investment income is recorded when receivable.
Direct Charitable Expenditure
Direct charitable expenditure consists of all expenditure associated with the payments of grants to persons in need, providing or paying for goods, services or facilities for persons in need, and the making of grants to other persons and bodies to provide goods, services or facilities to those in need. Expenditure on grants is recorded once the charity has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. The charity has not made any grant commitments of more than one year.
Investments
Investment properties
The investment properties are shown at their fair value as at the Balance Sheet date. The majority of the investment properties were revalued as at 31[st] March 2017 by Grice & Hunter, Chartered Surveyors, Doncaster, and one investment property was revalued 5[th] November 2019 by the same firm following improvements.
Listed Investments
Listed investments are shown at their value at the Balance Sheet date.
2 Taxation
The charity is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
3 Investment Income Analysis
| Investment Income Analysis | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Interest & Dividends | ||
| Listed Investments(Dividends & Fixed Interest) | 47,636 | 40,646 |
| Bank Interest | 485 | 304 |
──────── |
──────── |
|
| 48,121 | 40,950 | |
════════ |
════════ |
|
| Rental Income from Investment Properties | ||
| Rent receivable | 161,889 | 160,725 |
──────── |
──────── |
|
| 161,889 | 160,725 | |
════════ |
════════ |
Page 6
J.W. CHAPMAN EARLESMERE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
4 Expenditure on raising funds – Investment Management Costs
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Repairs to Investment Properties | 41,514 | 36,511 | |
| Gas, Electricity & Water Rates – Vacant Investment Properties | 2,486 | 2,258 | |
| Council Tax & Business Rates – Vacant Investment Properties | 1,559 |
4,121 | |
| Property Insurance & Loss of Rent Insurance | 9,206 | 7,451 | |
| Property Agents’ Commission & Fees | 21,642 | 22,303 | |
| Fire Risk Assessment | 690 | - | |
| Cost of EPC’s | 665 | 403 | |
| Legal fees re Investment Properties | 18,000 | 15,000 | |
| Investment Advisor’s Administration Fees | 6,950 | 7,251 | |
──────── |
──────── |
||
| 102,712 | 95,298 | ||
════════ |
════════ |
||
| 5 | Direct Charitable Expenditure – Grants & Associated Support Costs | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Grants to and on behalf of individuals | 34,749 | 31,839 |
|
| Grants to other Charities (Note 6) | 6,000 | 12,000 | |
| Administration costs re distributions | 29,564 | 33,233 | |
| Salary costs & expenses relating to Grants | 8,426 | 8,819 | |
| Website | - | 1,920 | |
| Database processing | - | 1,277 | |
| Indemnity Insurance |
2,534 | 2,729 | |
| Sundry Expenses | - |
40 | |
| Legal & professional fees | 37,276 | 35,100 | |
| Independent Examiner’s & Accountancy Fees | 5,790 | 5,520 | |
──────── |
──────── |
||
| 124,339 | 132,477 | ||
════════ |
════════ |
||
| 6 | Analysis of grants to other charities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| FareShare Yorkshire | 6,000 | 12,000 | |
──────── |
──────── |
||
| 6,000 | 20,000 | ||
════════ |
════════ |
||
| 7 | Staff Costs | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Salary costs |
8,426 | 8,819 | |
──────── |
──────── |
||
| 8,426 | 8,819 | ||
════════ |
════════ |
The charity engages one part-time employee on secondment. No employee earned £60,000 per annum or more.
Page 7
J.W. CHAPMAN EARLESMERE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
8 Fixed Asset Investments
| Freehold | |||
|---|---|---|---|
| Investment | Listed | ||
| Properties | Investments | Total |
|
| At Market Value | £ | £ | £ |
| Market Value at 1st April 2023 | 2,450,000 | 1,040,064 | 3,490,064 |
| Additions | - | 121,066 | 121,066 |
| Disposals at Opening Value (Note a) | - | (164,795) | (164,795) |
| Net unrealised investment gains/(losses) |
- | 22,644 | 22,644 |
──────── |
──────── |
──────── |
|
| Market Value at 31st March 2024 | 2,450,000 | 1,018,979 | 3,468,979 |
════════ |
════════ |
════════ |
All investments are held primarily to provide an investment return for the charity and all are held in the UK. The investment properties were last revalued by Grice & Hunter, Chartered Surveyors, Doncaster on 31[st] March 2017 with one property being revalued by that firm on 5[th] November 2019.
| Freehold Investment Listed Properties Investments Note (a) £ £ Sale Proceeds - 168,672 Opening M. Value - (164,795) Realised Gain/(Loss) - 3,877 |
Total £ 168,672 (164,795) 3,877 |
|
|---|---|---|
9 Debtors
| Debtors | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Rent held by Property Managing Agents | 10,904 | 9,482 |
| Funds held by Stockbrokers | 51,638 | 9,214 |
| Funds held on Solicitor’s Client Account | 673 | 673 |
| Prepayments | 2,771 | 2,446 |
──────── |
──────── |
|
| 65,986 | 21,815 | |
════════ |
════════ |
All debtors are due within one year.
Page 8
J.W. CHAPMAN EARLESMERE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
10 Creditors – Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Creditors |
36,223 | 30,745 |
| Rent received in advance | 5,488 | - |
| Accruals | 7,538 | 7,296 |
──────── |
──────── |
|
| 49,249 | 38,041 | |
════════ |
════════ |
11 Unrestricted Funds
| Balance Other Gains Balance 1.4.23 Income Expenditure /(Losses) 31.3.24 £ £ £ £ £ Unrestricted Funds General Fund 3,477,104 210,010 (227,051) 26,521 3,486,584 ──────────────────────────────────────────────────Total Unrestricted Funds 3,477,104 210,010 (227,051) 26,521 3,486,584 ══════════════════════════════════════════════════ |
|
|---|---|
The General Fund represents the balance held that may be applied for charitable purposes.
12 Trustees
The Trustees of the charity do not receive any remuneration, and did not claim any expenses during the year (2023: Nil)
J.W. CHAPMAN EARLESMERE TRUST (Registered Charity No. 223002)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
J.W. CHAPMAN EARLESMERE TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024
CONTENTS
| Page | ||
|---|---|---|
| Legal and Administrative Details | 1 | |
| Independent Examiner’s Report | 2 | |
| Statement of Financial Activities | 3 | |
| Balance Sheet | 4 | |
| Notes to the Financial Statements | 5 - | 8 |
Page 1
J.W. CHAPMAN EARLESMERE TRUST
LEGAL AND ADMINISTRATIVE DETAILS
| 31ST MARCH 2024 | |
|---|---|
| Trustees | Mr. M.J. Hunter,MRICS |
| Lady Neill, DL. | |
| Mr. M.G. Gornall | |
| Mr. D.G. Kirk | |
| Correspondent & Clerk to Trustees | Mrs. R. Sharp,LL.B. |
| Administrative Offices | 4 Priory Place, |
| Doncaster. | |
| DN1 1BP | |
| Charity Registration Number | 223002 |
| Governing Instrument | Schemes of the Charity Commissioners made on 17thOctober 2000 |
| & 27thJune 2005 | |
| Solicitors | Jordans Solicitors LLP, |
| 4 Priory Place, | |
| Doncaster. | |
| DN1 1BP | |
| Independent Examiner | R.A. Prior,FCCA, FCIE, DChA, |
| W. H. Prior, | |
| Chartered Certified Accountants, | |
| Railway Court, | |
| Doncaster. | |
| DN4 5FB | |
| Principal Bankers | Clydesdale Bank plc t/a Virgin Money , |
| 19 St Sepulchre Gate, | |
| Doncaster. | |
| DN1 1TD | |
| Property Advisors | Northwood (Doncaster) Ltd., |
| 17a Sandringham Road, | |
| Doncaster. | |
| DN2 5HU | |
| Investment Advisors | Brewin Dolphin Ltd, |
| 34 Lisbon Street, | |
| Leeds. | |
| LS1 4LX |
Page 2
J.W. CHAPMAN EARLESMERE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE J.W. CHAPMAN EARLESMERE TRUST
I report on the accounts of the Charity for the Year Ended 31[st] March 2024 which are set out on pages 3 to 8.
This report is made solely to the Charity’s trustees, as a body, in accordance with the regulations made under the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s trustees those matters I am required to state to them in an Independent Examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body for this report.
Respective responsibilities of Trustees and Examiner
As the Charity’s Trustees, you are responsible for the preparation of the accounts; you consider that the audit requirement of Section 144(2) of the Charities Act 2011 (the 2011 Act) does not apply.
It is my responsibility
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examine the accounts under section 145 of the 2011 Act ;
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to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:-
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(a) Which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
R.A. Prior, F.C.C.A., F.C.I.E., DChA
Chartered Certified Accountant Fellow of the Association of Charity Independent Examiners
W. H. Prior Chartered Certified Accountants Railway Court, Doncaster. DN4 5FB
Dated:- 27[th] January 2025
Page 3
J.W. CHAPMAN EARLESMERE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| Note | Funds | 2024 | 2023 | |
| £ | £ | £ | ||
| Income | ||||
| Donations and legacies | ||||
| - | - | - | ||
| Investment Income | ||||
| - Interest & Dividends | 3 | 48,121 | 48,121 | 40,950 |
| - Rental income from Investment Properties | 3 | 161,889 | 161,889 | 160,725 |
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| TOTAL INCOME | 210,010 | 210,010 | 201,675 | |
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| Expenditure | ||||
| Expenditure on raising funds | ||||
| – Investment Management Costs | 4 | 102,712 | 102,712 | 95,298 |
| Direct Charitable Expenditure | ||||
| _–_Grants & associated support costs | 5 | 124,339 | 124,339 | 132,477 |
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| TOTAL EXPENDITURE | 227,051 | 227,051 | 227,775 | |
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| NET (EXPENDITURE) BEFORE | ||||
| OTHER RECOGNISED GAINS/LOSSES | (17,041) | (17,041) | (26,100) | |
| Realised Gains/(Losses) on investment assets | 3,877 | 3,877 | (6,851) | |
| Unrealised Gains/(Losses) on investment assets | 22,644 | 22,644 | (108,227) | |
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| NET MOVEMENT IN FUNDS | 9,480 | 9,480 | (141,178) | |
| Balances brought forward at 1stApril 2023 | 3,477,104 | 3,477,104 | 3,618,282 | |
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| Balances carried forward at | ||||
| 31st March 2024 | 11 | 3,486,584 | 3,486,584 | 3,477,104 |
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The notes on pages 5 to 8 form part of these financial statements
Page 4
J.W. CHAPMAN EARLESMERE TRUST
BALANCE SHEET AS AT 31ST MARCH 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible Fixed assets- | |||||
| Investments | 8 | 3,468,979 | 3,490,064 | ||
| Current assets | |||||
| Debtors | 9 | 65,986 | 21,815 | ||
| Cash at Bank | 868 | 3,266 | |||
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| 66,854 | 25,081 | ||||
| Creditors: amounts falling due | |||||
| within one year | 10 | 49,249 | 38,041 | ||
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| Net current assets | (17,605) | (12,960) | |||
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| Net assets | 3,486,584 | 3,477,104 | |||
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| Represented by: | |||||
| Unrestricted Funds :- | |||||
| General Fund | 11 | 3,486,584 | 3,477,104 | ||
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| Total Funds | 3,486,584 | 3,477,104 | |||
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The financial statements on pages 3 to 8 were approved by the Trustees on 27th January, 2025, and signed on their behalf by:-
Mr. M.J. Hunter Trustee
The notes on pages 5 to 8 form part of these financial statements
Page 5
J.W. CHAPMAN EARLESMERE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
1 Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost accounting convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the these accounts. The financial statements have been prepared in accordance with applicable accounting standards, the Charities SORP (FRS102) and the Charities Act 2011.
Income
All income is treated as unrestricted income, unless the donor has placed restrictions on the manner in which the donation or grant may be spent, in which case it is treated as restricted income. Investment income is recorded when receivable.
Direct Charitable Expenditure
Direct charitable expenditure consists of all expenditure associated with the payments of grants to persons in need, providing or paying for goods, services or facilities for persons in need, and the making of grants to other persons and bodies to provide goods, services or facilities to those in need. Expenditure on grants is recorded once the charity has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. The charity has not made any grant commitments of more than one year.
Investments
Investment properties
The investment properties are shown at their fair value as at the Balance Sheet date. The majority of the investment properties were revalued as at 31[st] March 2017 by Grice & Hunter, Chartered Surveyors, Doncaster, and one investment property was revalued 5[th] November 2019 by the same firm following improvements.
Listed Investments
Listed investments are shown at their value at the Balance Sheet date.
2 Taxation
The charity is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
3 Investment Income Analysis
| Investment Income Analysis | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Interest & Dividends | ||
| Listed Investments(Dividends & Fixed Interest) | 47,636 | 40,646 |
| Bank Interest | 485 | 304 |
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|
| 48,121 | 40,950 | |
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|
| Rental Income from Investment Properties | ||
| Rent receivable | 161,889 | 160,725 |
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|
| 161,889 | 160,725 | |
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Page 6
J.W. CHAPMAN EARLESMERE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
4 Expenditure on raising funds – Investment Management Costs
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Repairs to Investment Properties | 41,514 | 36,511 | |
| Gas, Electricity & Water Rates – Vacant Investment Properties | 2,486 | 2,258 | |
| Council Tax & Business Rates – Vacant Investment Properties | 1,559 |
4,121 | |
| Property Insurance & Loss of Rent Insurance | 9,206 | 7,451 | |
| Property Agents’ Commission & Fees | 21,642 | 22,303 | |
| Fire Risk Assessment | 690 | - | |
| Cost of EPC’s | 665 | 403 | |
| Legal fees re Investment Properties | 18,000 | 15,000 | |
| Investment Advisor’s Administration Fees | 6,950 | 7,251 | |
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| 102,712 | 95,298 | ||
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| 5 | Direct Charitable Expenditure – Grants & Associated Support Costs | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Grants to and on behalf of individuals | 34,749 | 31,839 |
|
| Grants to other Charities (Note 6) | 6,000 | 12,000 | |
| Administration costs re distributions | 29,564 | 33,233 | |
| Salary costs & expenses relating to Grants | 8,426 | 8,819 | |
| Website | - | 1,920 | |
| Database processing | - | 1,277 | |
| Indemnity Insurance |
2,534 | 2,729 | |
| Sundry Expenses | - |
40 | |
| Legal & professional fees | 37,276 | 35,100 | |
| Independent Examiner’s & Accountancy Fees | 5,790 | 5,520 | |
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| 124,339 | 132,477 | ||
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| 6 | Analysis of grants to other charities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| FareShare Yorkshire | 6,000 | 12,000 | |
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| 6,000 | 20,000 | ||
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| 7 | Staff Costs | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Salary costs |
8,426 | 8,819 | |
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| 8,426 | 8,819 | ||
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The charity engages one part-time employee on secondment. No employee earned £60,000 per annum or more.
Page 7
J.W. CHAPMAN EARLESMERE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
8 Fixed Asset Investments
| Freehold | |||
|---|---|---|---|
| Investment | Listed | ||
| Properties | Investments | Total |
|
| At Market Value | £ | £ | £ |
| Market Value at 1st April 2023 | 2,450,000 | 1,040,064 | 3,490,064 |
| Additions | - | 121,066 | 121,066 |
| Disposals at Opening Value (Note a) | - | (164,795) | (164,795) |
| Net unrealised investment gains/(losses) |
- | 22,644 | 22,644 |
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|
| Market Value at 31st March 2024 | 2,450,000 | 1,018,979 | 3,468,979 |
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All investments are held primarily to provide an investment return for the charity and all are held in the UK. The investment properties were last revalued by Grice & Hunter, Chartered Surveyors, Doncaster on 31[st] March 2017 with one property being revalued by that firm on 5[th] November 2019.
| Freehold Investment Listed Properties Investments Note (a) £ £ Sale Proceeds - 168,672 Opening M. Value - (164,795) Realised Gain/(Loss) - 3,877 |
Total £ 168,672 (164,795) 3,877 |
|
|---|---|---|
9 Debtors
| Debtors | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Rent held by Property Managing Agents | 10,904 | 9,482 |
| Funds held by Stockbrokers | 51,638 | 9,214 |
| Funds held on Solicitor’s Client Account | 673 | 673 |
| Prepayments | 2,771 | 2,446 |
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|
| 65,986 | 21,815 | |
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All debtors are due within one year.
Page 8
J.W. CHAPMAN EARLESMERE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
10 Creditors – Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Creditors |
36,223 | 30,745 |
| Rent received in advance | 5,488 | - |
| Accruals | 7,538 | 7,296 |
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|
| 49,249 | 38,041 | |
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11 Unrestricted Funds
| Balance Other Gains Balance 1.4.23 Income Expenditure /(Losses) 31.3.24 £ £ £ £ £ Unrestricted Funds General Fund 3,477,104 210,010 (227,051) 26,521 3,486,584 ──────────────────────────────────────────────────Total Unrestricted Funds 3,477,104 210,010 (227,051) 26,521 3,486,584 ══════════════════════════════════════════════════ |
|
|---|---|
The General Fund represents the balance held that may be applied for charitable purposes.
12 Trustees
The Trustees of the charity do not receive any remuneration, and did not claim any expenses during the year (2023: Nil)