REGISTERED CHARrrY NUMBEIL. 224312 rtoftbeT naudited Finallci StatellLents for the Year En for THE FoxfoN DISPENSARY Vhitties LLP l Richmond Road Lythaln St FY8 IPE
FoON DISPENSARY Contents of the Financial Statements for the Year Ende I" De¢¢mb¢r 2022 Pag¢ R¢fer¢tt¢e and Admini$tsative Detsils Report of th¢ Tn 2to3 Sthtemen¢ of Financial Activities Balance Sheet Not&8 to the Finati¢io1 S*ments 7tolO
THE FoxfoN DISPENSARY Reference and Admxnistrative Dethil for the Y Ended 22 Reglstered Cb*rity number 224312 Prineipal address PO Box 227 Lytham St Anttes iAncashire FY8 9BJ Trustee8 Mrs A MctLnnan- Chairttw) Mrs A M B Grdn¢ Ms J McKay Mrs L Conifey Ms W Holme8 Mr M Morris Clerk Mr R Wood Honorary Treasurer MrALJGrant IndepeDden¢ Eumlnen Whittle& LLP ClJartcr¢d A¢¢ountOnL8 l Richmond Road Lytham St Annes Lancashir¢ FY8 IPE BADker8 HSBC Bank Pk Oxford Square l Newhowe Road Blackpool FY4 4BX Sollcltorb Bradshaws, Hatner, Park & Haworth 298 Clifton Drive South Lts St Annes FY8 ILL Stockbrokers Cana¢coTd G¢nuity Talisman Hguse Boardmans Way Blackpool FY4 5FY
THE FOXTON DISPENSARY rt of the Tntte$ for the Year Ended 31X Drfembu 2022 The tNstees PreSt ther aMuai rwrt and financial slatements of tk Clwity for year ended 31st December 2022. The financial stsiements have been pryred in accordatkce with the accounting FK)licics set out in note I to thc fi[ncIal statements and Comply with the Charity's governing docurnenL the Charities Act 2011 and "Accounting and Reporting by Chan"lies.. Ststement of Rccornmended Pwti(x applicable to chan'ti&8 preparing theiT financial statements in accordallce with tb¢ Find341 R¢porting Stsndard applicable in the UK and Republic of Ireland {bRS 102)" (effective I January 2019). STRUCTURL GOVERNANCE AND MANAGEMENT The Cljarity was set up by a herne dated 6th May 1880. The Clwity re8istrats.on number ts 224312. Trte¢S are appinted by way of r¢¢0mMtion from ¢xiMing TTUSt¢es wh¢n ¢otssid¢red necessary. Th¢ Trn$t¢¢s have a wide choice in the sort of help they can ve to uyjividuals so 1008 as the need is clear. OBJECTIVES AIVD ACTIVITIES Objectives• alm4 nd thelr publlc beDefit The aim of the Charity is to provide assisthnce in cases of Deed to the sick disabled, hat)dicapp&J or Inf restricted to residenL8 of Bla¢WI and Poulion.le-Fylde. The tNstees confirni that ihey have referred to the Charity Commission's guidant¢ on publie b¢n¢fit wh¢n reviewing the aims and objeciives in plarttiing future activitiC5 aTMI dealing with activitie5 in the pr. During 2022 the Tn have again COntined io njake m&xitnum efforts to publici the work of the Trn8t to GPS, surgeries, hospitals, clirtics, health Yisitors and Ilowsing Ass(Kiation T¢nan¢y Suppgrt otYi¢crs,' in consequ¢n¢e lik¢ l&st year more casts have been &ssis¢¢d and a$5iStance absorbed a far higher proportton of available income than used to be the c&4e. I'h¢ Ixlieve that this trend will continue. Summary of main atblevem¢nts durlng the p#st year "rhere have been no significant developments or changes in Xtilrity iti the year. Th¢ Charity #iw to ¢ontinue ts provide assistan¢e to needy causes in the future. Gronts were awaTd¢d to a totsl of 65 applicants durin8 2022. The Tnte£S do not undert&e any fimdrai$ing. bul alway5 keen to apply as much of the anml income as they can to benefit the perso who ttre th¢ objKts of the Clwity. FINANCIAL REVIEW The financial ststements show nei out80in8 resourctr for the year of £421 wmpared to net incoming rNour¢es of £1,269 for the previous year. Thtrz figures are stated before both realised and unrealisoj gains and lo&Ys. Tak]n8 illves¢menl gain5 and los into accounL the Charity sF#)ws a decre in funds of £34.321 (2021.. £30.797 tncrcase . Investment polley *nd objettlv Th¢ Trustees are able to choose relevant investments to meet the Charity's requirements. The Charity aims to provide a renable mix tttween income and capital growth. The TrleeS mainlain rcgular conta¢t with the investment advisers receive regular InforntiOn from them to allow the TnLslees to benchmark the perfornwice of the investments. Policy on reserves The reserves of the Charity at the end of the year weye £633.689 (2021.. M>68.010). The Charity's policy is on¢ of maint¢nanc¢ of res¢rv¢s with a view to increasing payments to applicants over the Coming ycar5. The Trustees are mindful of the view of the Charity Conmnissiottrs in regard to the of Charities as contamed i their guidan¢¢ notes CC19 on Charities. Reserves. Page 2
THE FOXTON DISPENSARY rt of the Trust for the Year Ended 3 1° December 2022 lltinued However, the Foxton Dwen$8ry TTW¢rts believe that undu gwgrdphil limilations of the areas xn which their founding trust d(mellt p¢rn]its them lo wist applirants for assislarKe. there is no more thai they can do to expend funds on charithble causes. Thus far. the Clwity Commissioners bave resisied efforts by thi.s Charity to ext¢nd modestly the ar wbich it setves resuliing in the TnCeS baving reject applTrc8tions frotn prirna facie deserving ¢aw living Jusi OUL8ide the pwmbed aTe& of bett¢fiL TnLSt¢¢s ¢mpbasis¢ thal th¢ trust drts Dot s¢¢k from the public nor to the best of their knowledge has it ever don¢ so in mor¢ than 140 ye5 of its ¢xist¢n¢¢. Its wTr5id¢rabl¢ re5¢rves arise in large measwe from accretion of its property and othcr inv¢stm¢nts. Ind¢¢d its ability provide &ssiswKe is dependent upon income from those investments. CuentlY such income is than Jewte to tneet calls upon its resources without the need to realise capital assets. RISK MANAGEMENT The prineipal risk faced by the Chan"ty is the perfornwe of its itive5ti. This risk has been intensified by th¢ global Covkd-19 pandemic and contsnued Ullcety. The Trste&S have ¢xamin¢d th¢ major $trgi¢gi¢ and operatio1 risks which the ch4n.ty faces and confirm thai systems have been established to enable re8u]ar reports to be produced so thai thc necessary steps can be taken to le&sen any such risks. IMPACT OF COVID-19 The world continues to be impacted by the Covid-19 ptitidemi¢. The Foxton Dispensw has thpted its operntiork8 to sure that 4ervices can still bc provided. FUTURE PLANS Whittles LLP, the ttecourttants, have expyused a willin8nes8 to eA)ntinue in offic£ and will b¢ reappointed by the tnlee$. TRUSTEE RLSPONSIBILITIES The truste&8 are ttsponsible for PryiDg the Report of the TnL5tees aDd tbe financial stsiements in accordance with applicable law and United Km8dom Aounting Standords nited Kingdom Genernlly Accepted Accoutttitig PractL¢¢). The jaw applicable to chan'tie5 in England and Wales rryuires the trwsie¢& to prepaTe financial statements for eaeh financial year which give a trne and fair vi¢w of thc slat¢ of affaiT5 of th¢ Charity and ol the incoming resources and applicats.on of re8ourc¢4 of the Charity for thftt period. In F)repaTI those financial statements, the trnses are required to.. Select suitable accounting policies and then apply them coThsistently; observe thc mcth(ML5 and princlples in the applicable clwi.ties SORP. make judgements and ¢stimat¢5 that Jre renable and prudeni prepare the fttw)cial statements on th¢ goll basis w¢S5 it is inappr(VTiat¢ to presume that the C]wity will continue in operation. The trtee$ are rtsp)nsible for kttping prryer ¥xountiog IVrdS whi¢h di105¢ with reawnabl¢ aurn¢Y at any time the financial position of the Chan'ty and to enable them to ensure that the financial stalements ¢omply with the Charities A¢t 2011, the applicable Charities (Accounts and Rew>rLs) Regulations, the provisigns of the TnLSt deed. They are also responsible for safeguarding the &ssets of the cban.ty and hence for tsking reasonable steps for the preventson and deteGtion of fraud and other iwlon'ti¢s. Approved by order of the board of trust¢es on............................................. atwj signed on its behalf by.. Trn5tee Page 3
End endent Examiner's The Foxton Di to the Tntets of I report to the Charity ¢rustets on my examitHtion of the finattial stytements of The Foxton Dw)etw (the Chprity) for the year eThlcd 31 December 2022. Re8POn5ibilities and basRs of report As the Cl]arity's tnk$s you are r¢Sponb]e for the prepaTrlion of the finla1 ststements in accordance wlth th¢ requirem¢nts of the Cl]aTiti&s Act 2011 Ilhe 2011 ACO. Having sats'sfied myself that the fmancial ststelltents of the Ch8n"ty are not required to be audited uder section 144(2} of the 2011 Act and that independent examinati¢)D is tttdeAI J Teport in res1 of my examination of your Clwi¢y's financÈal statements as crIed out under section 145 of the 2011 Act. In earrying out my examinatiort I have followed thc Directions given by th¢ Clwity Conllnission under stttion 145(5) (b) of the 2011 ACL Independent eXatr,$ statement I have completed tny examinatioo. I confirni thai no matters have eA)n my attention in conneetion with the ex8mination givin8 me eaw to believe tbat in any ma1a] respect: accountin8 reeords were not kq)i in of the Charity as requirgj by tion 130 of the 2011 Act. or the financial statements do not aecord with th08e records: or the fjnancial statements do not COtt4)ly with the accountin8 requirements ¢owxrning the forn) and cont¢nt of rinancial $tat¢ments sei out in the Chan'ties (AccourtLS and Re5) R¢gula(ions 2008 other than any requJrem¢nt that the finaticial $tsiements give a tsue and fair view which is not a matter considered as part of an independent examinaiion,. or the financial statements have not be¢n prepared iti accordatKe with the methods and prineiples of thc Statement of Recommended Praciice for ¥wun¢ing and reporting by ¢haTities applicable to clwi'ti¢s pr¢paring their financial statcments in accordattce with thc Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concern$ #nd have come acr0&8 no other maiters iti ¢omwction with the exominatson ¢0 which attention should be drawn in thi8 report iti ord¢r to enable a proper of the fiw¢ial sthtements to be reached. W8me Murphy ACA Whittles LLP Chartered Accountants l Richmortd Road Lha St Anna tAn¢a5kn're FY8 IPE Dale: .....-........................... Page 4
THE FoxfoN DISPENSARY Statement of Financial Activities for the Year Ended 31st December 2022 31.12.22 Totsl 31.12.21 Total Notr INCOME AYJ D ENDOWMENTS FROM 26.528 Total IDeon 2A528 26,528 22,95S EXPENDITURE O Chan'tsble activitie8 21.686 Total eXpedIre 2&949 2&949 21,686 NET (EXPENDITURE)IINCOME BEFORE (LOSSES)IGAINS ON tNVESTMEf4TS (421) (421) 1269 Net (1085esygains on investstten NET (EXPENDITUREYINCOME (34J21) (34J21) 30,797 RECONCILIATION OF FUNDS Total brou8ht forward 668.010 668.010 637213 TOTAL FUNDS CARIUED FORWARD The ststemen¢ of finallcial a1vitieS includes all gains •Dd iti the yw. All of the above amounts r¢lat¢ to ¢oniiDuin8 activitie& Th¢ DotGs forni part of t1C finan¢ia] stat¢m¢nts Page 5
N DISPENSARY Bal At 315t Dernber 2022 31.12.22 Total 31.12.21 Total Notes FIXED ASSETS Tangible as9¢ts Investments 175,000 392 626 175,000 175,000 427 Total fixed asyets 567,626 567.626 602,925 CURRENT ASSETS Debtor5 Cash at bank 600 600 Total eurrent as*ts 67,497 67,497 66,S72 CREDITORS Amounts fallm8 due within one )rar 10 (1,434) (1.434) {1.487) NET CURRENT ASSETS NFT ASSETS 668 010 FUNDS Unrtstricted 633 689 668 010 TOTAL FUNDS The financi41 stytements wtre 4)prOl by the BoAYd of TTh OD............................................. gnd were si8ned on its bebalf by.. Tn1¢¢ Tte< Pa8e 6
Foxr DISPENSARY Notes to tbe Financial Statejn ts for the YeAr Ended 31" Ikcember 2 STATUTORY INFORMATION The Foxttsn Dispensary is a registrred clJarAty under the cban.tics Aci 2011 and is domiciled iti the UK. Th¢ chan.tys registered nUTnbu and prin¢ipal office can be foutKI in the Refere¢ and AdtninistratioD Detsils within the Report of the TnLSt¢es. ACCOUNTING POLICIES Basts of preparlng tbe Ilnanclal 8tternents The fU1¢Ial statements of the charity. which is a publi¢ benefit entity undtt FRS 102, h4ve been Prepared in accordance with the Clwities SORP (FRS 102) 'AccountsD8 and Reporting by Clwities: S¢atement of Re¢0llJMend Practi¢¢ applicable to Charit prepanng their ruWla1 ststements in accordance with th¢ Firjancial Reporting Stsndard applithle the UK a1 Republic of Ireland IFRS 102) (effective l January 2019),, Financial R¢porting Standard 102 The Financial Reporting Stsudl applicable in the UK and Republic of trelaad. and th¢ Chariues Act 2011. The financial statetllents hav¢ been prepared under the historical cost convention with i¢ems recogni8 at CO8t or transactton value unless othenvise 5tstcd in the relevant notes of these financial ststements. The presentation curren¢y of the finan¢io1 statements 1$ the Pound Sterling {£). The tnwtees have CO1 thai it is appropriate to prepar¢ the finKid1 slatements on a goll ¢oncern basis as No significanijudgements have had io be mad¢ by the tnw¢¢s in preparing these fi]wla1 ststements. Ineome All income is recognised irt the Staiemeni of Firncl81 Activities on¢¢ the cFwity has entitlement to th¢ fvnds, it is probable that the in¢ome will be re¢¢ived and th¢ amount catt Ix er&I reliably. Investsnertt gains and lo&ses include any 8ain or 10&8 on th¢ sale of inve8tments and any 8ain or 1088 Kquiting from revaluing investments ts) market value at th¢ of the year. ExpeDdlture Liabilities att r#ogDised as exFnditUTe as soon as thtte is a legal or eons1ntiv¢ obligetion committing the charity lo that expendilure, it is probable that a tr8n8fer of economLC benefits will be required in Settlernent and th¢ amouni of th¢ obligation can be m¢asureAJ reliably. EXpdItUre IS accound for on an awruals basi8 and hAS been Classified under headings that aggregate all ¢ost related to the cagory. Where costs cannot be dir¢ctly attributed to krticular headin8s th¢y have been all(Kat&l to activities OD a basis consistent with the use of Grants ofFer&J subj1 to coDJitiow which have been met at the year eDd date are noted as a commitment but not accrued &5 expenditur¢. Tgutlon The clwi'ty is exempi from tsx on its clwitable lIVI(1. Fund aeeountlng Generdl unrestrieted fiuvls K]se acaunUIatL slus¢S and deficits oo gerKrnl fixnds which are available for use at the discreti'on of the TnLKe¢s in fUrtbU of the geDeral obj.tiVeS of the Clwity. Designat&J funds ar¢ eStrictj of the Chan"ty whi¢b have been se¢ aside to refle¢1 the value of fiu)ds represented by th¢ tangibk fixed &ts of the Charity or fimd a particul fvture activity. Restricted fullds can only be for particular restricted purposes within the objects of the Clwity. RestrictsoL$ arise wh¢D 4)e£ified by th¢ donor or wheD are raised forparticurestsjCtcd purpos&8. Fixed assets iDvestments Investtu¢nts quoted on a stock exchaD8e 4r¢ valueA at maTkct value ai the year etbj. Page 7
THE FOXTON DISPENSARY NotGs to the Financial Ststements- continued for the Year Ended 3 IM December 2022 ACCOiINTING POLICILS-eontinued Invat]neDt propertie5 Investment propcrties are shovm at their open markrt valuc. Th¢ Surplus or dcficit arising frorn revaluation is transferr¢d to unrcstrictcd fiuth unless a deficiL or its reversal, oo an inth'vidual iThv¢stment propKty is expecied be pernu( in wlll"¢h it is recoglllsed iti the statement of financial activities for the yvdr. in accordance with th¢ SORP wbi¢h diw not require d¢pre¢iatson on inyestsnent prLryJerts&%. Debtor8 Trade and other debtors aTe r0]sed at the s¢ttiem¢nl amOUDi du¢ after any trade dis¢ount offered. Cash at bnk Ind In band Cash is reprasented by in hand and deposits wtth fllw)cial ItIDjtiolls repale without pentY on nouce of not more than 24 houTS. Cash equivalents are M"8hly liquid InVtMents that mattwe in tw more than three months from the date of qUISI.0n and that are readily ¢4)nvertible to known amounts of wh with insignificant risk of ¢hallg¢ in valu¢. Creditors Cttditors are rOgnised where the Charity bas a presenl obligation resuliittg from a past evertt that will probably result in the transfer of fvtmls to a third party and thc amount du¢ ¢0 s¢ttl¢ th¢ obligation Can b¢ mwure or estimated reliabty. Cyeditors ar¢ JM)nDally rtrognis¢d at their settl¢m¢nt am¢)unt after allowing for any trade discounts due. II¥VESTMENT INCOME 31.12.22 31.12.21 6,901 19.125 502 6,521 16,139 295 Dividends on investment portfolio IntU&Si receivabl¢ CHAIUTABLE A1VITIEs COSTS 31.12.22 31.12.21 Indewdent Examiners, fee Professional fe 840 2.388 333 17.880 5,508 840 2.502 Assist#ncc to appIlts Office ws15 13,124 5,220 Dun'ng the year assistance was provided to 65 individu81s who are either sicl disable41 handicapped or infirni and who are residents of Blackpry)l or PiwltsTrle-Fylde, in line with the charity's objectives. TRUSTEES, RFMUNERATION AND BENEFrrs There were no tr, r¢muneTrts'on or other ttnefits for tl year ended 31° Decembu 2022 nor for the y¢ar endcd 31. Decemb¢r 2021. Trnstees. expeDse* Tnle£S received reittknent of exp¢tk5a the yeaT entsl 31# Decem 2022 totalling £nxl (2021: Page 8
ARY Notes to the Finatlciai stsIetllts - co for the Year Ended 31° December 2022 STAFF NUMBERS The Cljarity h&4 etnplojtes (2021: nll}. TANGIBLE FtXED ASSETS Freehold Prop¢rty Tothls VALUATION At ISI January 2022 and 31" December 2022 175 000 DEPRECIATION A¢ 1° January 2022 aad 3111 DMDbu 2022 NET BOOK VALUE At 31¥ D¢¢¢mber 2022 175,000 175.(K)O At 31 Decenther 2021 175,000 The trustee5 wnsid¢r the market value of the investment properfy io b¢ fairly Sed at £175.0(. FIXED ASSET INVESTMENTS Listed inves¢m¢nts MARKET VALUE Ai I. January 2022 Additions Diwsals Realised profitsl{Ios8¢8) Unre4lised profitsl(losses) Increasel(de¢?5e) th cash dep'ts 427,925 114,460 (103,712) (1,796} (32,104) 12 147) At 31# December 2022 392 626 NE'r BOOK VALUE At 3131 D¢cember 2022 392 620 Ai 31¥ December 2021 427 925 All investme1 held a quotrd on a UK stock exchange atKI are therefore deemeA to be UK inv¢stment assets. AI¥ALYSIS OF INVESTMENTS M8rk¢t Value Income from 4t year end investments Investments held on a reco8nised skKk clll¥e or in common investment funds, open ended inv&$thl CMpanI¢ UDit orother ¢ollxtive investment schemes 391,138 19.125 Cash held as part of th¢ portfolio 1,488 392 626 19,125 Page 9
THE FoON DI PENSARY NO to the Fin ial Statements- continued Ended 31° DeCemr 2 22 DEBTORS 31.12.22 31.12.21 Other debtors 600 10. CREDITORS: Amouiyfs FAILJJ¥G DUE IvrrittN ONE YEAR 31.12.22 31.12.21 1,434 1,487 ii. MOVEMENT IN FUNDS At Net nK>vement 01.01.22 Ai 31.12.22 Unrestrleted fundi General fimds 493.010 {34J21) 458,689 Designaiedfvnds.. Property Aets Fund 175.000 175,tX)O TOTAL FUNDS 633 689 Net movem¢n¢ in fu IlUded in th¢ abts as follow5.. IwmiD8 Resources Gal and Movement xn 108se8 Uttrestrl£¢ed funds General thnds 26.528 (26,949) 133.900) (34.321) De.signaiedftsnds.' Property A&sets Fund TOTAL FUNDS 26,949 Funds are r¢prwnt¢d by. Fixed liabilities Total Unrestrieted fuDdi Generat fimd8 392.626 67.497 (1.434) 458.689 De.¥ignatedfynds." Property knets 175,¢XKJ 175,000 TOTAL FUNDS 567.626 633 689 General fund: Dc8ignated fvn&s". the-fr¢e- reserves of the Charity after allowing for all designated funds the property a&8ets fulld is the vaIue of the unrestn"ct&l fimds ahtady spent and represented by the tangible fixed assets of the Chan"ty 12. RELATED PARTY DISCLOSURL8 There wcre no related paty tr3tLsath"on8 for the yrar 31X DeLemkn 2022 or for thc ycar eThkd 31 De¢eTnber 2021. Page 10