The Bridlington Charities Report of the Trustees and Financial Statements For The Year Ended 31 December 2023
The Bridlington Charities Index to the Financial Statements For The Year Ended 31 December 2023 Page Charity Information Report of the Trustees Independent Examiner's Report Receipts and Payments Account Statement of Assets and Liabilities Notes to the Financial Statements
The Bridlington Charities Charity Information TRUSTEES: Rev. N Bowler Rev. M Carey Ms Y Kurvits Mr D Watson Mrs H Hughes Mrs J Brameld Ms G Andrews Rev. S Dye Mr A Halford Mrs P Clark chainnan vice chairman life trustee life trustee life trustee elective trustee elective trustee elective trustee churchwarden - Priory churchwarden - Christ Church METHOD OF APPOINTMENT: In accordance with the Scheme of Management, the Elected and Co-opted Trustees are appointed at the Annual Public Meeting, whilst ex-officio Trustees are appointed by virtue of their professional or voluntary tenures. CONSTITUTION: The charity was fornied under a Scheme of Management deed which was adopted on 4 February 1870, as varied by Schemes dated 23 May 1967 and 6 August 1998 and was registered as a Charity with the Charity Commission on 10 February 1964. CHARITY CORRESPONDENT: A Mead 118 St James Road Bridlington East Yorkshire Y015 3NJ REGISTERED CHARITY NUMBER: 224609 INDEPENDENT EXAMINER: P D Webster BA FCA CTA Chartered Accountant Ingham & Co. 2 Wcst Parade Road Scarborough North Yorkshire Y012 SED BANKERS: Barclays Bank PLC Bridlington Quay Branch PO Box 13 Scarborough YOI12HS Page I
The Bridlington Charities Report of the Trustees For The Year Ended 31 December 2023 The Trustees present their report along with the financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the Charities Act 201 I, the Scheme of Management dated 4 February 1870 (as amended 23 May 1967 and 6 August 1998). STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational Structure The trustces who have served during the year are listed below and the trustees at the date of this report are set out on page one. Administration of the charity is by a body of trnstees, consisting of up to eight ex-officio trustees and six non ex- officio trustees, of whom three are elective and three co-opted life trustees. Elective trustees serve for three years, after which time they are eligible for re-election. A Clerk and Treasurer is appointed by the trustees, to assist them with the day-to-day administration of the charity. The Bridlington Charities was fomed under a scheme of management in 1870 to amalgamate the assets and incomes of a number of smaller charities and trusts operating within the Parish of Bridlington. The income and expenditure relating to each of these charities has been consolidated into the attached financial statements. The charities and trusts collectively known as the Bridlington Charities are as follows: Henry Cowton Robert Prudon Mary Stead Timothy Woolfe Thomas and Mary Dale William Hudson Joseph Hudson Ann Yates Benjamin Woolfe Isaac Wall Anne Watson Jane Woolfe OBJECTIVES AND ACTIVITIES The objectives of the charity are the general relief of the sick and poor and the education of the young people within the parish of Bridlington. The charity meets these objectives through the provisions of grants. The Trustees have referred to the guidance contained on the Charity Commission's general guidance on public benefit when reviewing the Charity's objectives and planning for the future. ACHIEVEMENTS AND PERFORMANCE During the year the charity trustees paid grants and donations to individuals and charitable institutions within the parish of Bridlington totalling £42,276. The charity has an excess of income over expenditure, resulting in a decrease in cash and bank deposits of £18,600. The charity has monetary assets of £422,974, represented by investments held and cash at bank and in hand at the balance sheet date, of which free reserves amount to £221,740. Page 2
The Bridlington Charities Report of the Trustees (Continued) For The Year Ended 31 December 2023 FINANCIAL REVIEW Reserves Policy The Bridlington Charities does not seek to accrue funds beyond that necessary to operate and fulfil its charitable objectives. As far as possible all reasonable effort will be made to use funds received by the charity fully and in line with the needs of the local population. The charity trustees have some ongoing legal issues with one of the tenants. The trustees decided that it was necessary to ensure that the Charity had sufficient reserves in place to cover the costs of professional advisors and possible litigation costs Principal Funding Sources The Charity has received rents on Charity Fann of £67,000 on Charity Farni, which together with other rents and investmenl income has resulted in an overall income of £88,660. TRUSTEES The Trustees during the year under review were: Rev N Bowler Rev M Carey Mr D Watson Ms Y Kurvits Mrs J Brameld Mrs H Hughes Mr A Halford Mrs P Clarke Ms G Andrews Rev S Dye Mrs C Lyle - Deceased 201h November 2023 RISK MANACEMENT The Trustees actively review the major risks faced by the charity on a regular basis and believe that the maintenance of reserves at the levels stated above has mitigated the charity's exposure to the major risks. Page 3
The Bridlington Charities Report of the Trustees (Continued) For The Year Ended 31 December 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that year. In preparing those financial statements, the Trustees are required to Select suitable accounting policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent; Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in existence. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 201 l. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ON BEHALF OF THE TRUSTEES: Rev. N Bowler Chair of Trustees 3 October 2024 ?/ioJLq- Page 4
The Bridlington Charities Report of the Independent Examiner to the Trustees of The Bridlington Charities I report on the accounts of the Charity for the year ended 31 December 2023, which are set out on pages six to eight. Respective responsibilities of Trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 ("the 2011 Act") and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act; to follow the procedures laid down in the General Directions given by the Charity Commissioner under section 145(5)(b) of the 201 l 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 Direction given by the Charity Commissioner. An examination includes a review of the accounting records kept by the charity and a cornparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as the 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: ( l ) 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 201 l 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 (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. P. D. Webster BA FCA CTA Ingham & Co. Chartered Accountants 2 West Parade Road Scarborough North Yorkshire Y012 SED 3 October 2024 Page 5
The Bridlington Charities Receipts and Payments Account For The Year Ended 31 December 2023 Unrestricted Endowment Funds Funds 2023 2023 Note Total Funds 2023 Total Funds 2022 Income Receipts: Rents Received - Charity Farm Rents Received - Charity Farm Fields Rents Received - Ulrome Fields Rents Received - Bempton Lane Insurance ~ Charity Fami Compensation received Compensation from Barclays Bank PIC Investment Income Donation from Ann Watson's Trust 67,000 7,040 1,125 3,130 2,475 500 67,000 7,040 1,125 3,130 2,475 500 67,000 7,040 2,250 3,130 2,590 50 6,398 7,390 7,390 88,660 88,660 88,458 Payments: Direct Charitable Expenditure Administrative Expenses Purchases of equipment Insurance Paid Independent Examiner's Remuneration Advertising Professional charges 42,276 5,793 699 4,559 2,082 42,276 5,793 699 4,559 2,082 70,563 6,650 949 4,686 1,890 360 25,736 51,851 51,851 Total Resources Expended 107,260 107,260 110,834 Net Incoming/(Outgoing) Resources for the Financial Year (107,260) 88,660 (18,600) (22,376) Cash Funds Brought Forward at l January 2023 Transfer 240,340 240,340 262,716 88,660 (88,660) Cash Funds Carried Forward at 31 December 2023 221,740 221,740 240,340 Page 6
The Bridlington Charities Statement of Assets and Liabilities At 31 December 2023 Unrestricted Endowment Funds Funds 2023 2023 Total Funds 2023 Total Funds 2022 CASH FUNDS Cash and Bank Deposits: Barclays Bank Current Account Barclays Bank Business Reserve 88,456 133,284 221,740 88,456 133,284 221,740 108,313 132,027 240,340 OTHER MONETARY ASSETS Dividends Receivable Investments Held: COIF Charity Funds Income Units BlackRock Charities UK Bond 628 154,426 46,808 201,234 154,426 46,808 201,234 141,231 46,047 187,906 Liabilities: amounts falling due within one year Independent Examiner's Fees 2,188 2,188 2,083 2,188 2,188 2,083 NON-MONETARY ASSETS Fixed Assets: The freehold property known as Charity Farn], Main Street, Sewerby, together with fields at Bempton Short Lane, Bempton and Allison Lane, Ulrome are held as part of the Charity's Pennanent Endowment. No market value for these properties has been detern]ined at 31 December 2023. Approved by the trustees on 3 October 2024 and signed on their behalf by: *jiolL+ Rev. N Bowler- Chair of Trustees Page 7
The Bridlington Charities Notes to the Financial Statements For The Year Ended 31 December 2023 ACCOUNTING POLICIES Accounting Convention The financial statements are prepared on a receipts and payments basis, under the historical cost convention and in accordance with any applicable Accounting Standards. Income Recognition All incoming resources received by way of rents, donations or interest is accounted for in the period in which the income is received by the charity. Allocation of Costs If an item of expenditure cannot be specifically allocated to one particular fund or category, it is apportioned in the financial statements between the categories on a reasonable basis. Recognition of Liabilities Liabilities and outgoing resources are recognised in full in the period in which payment is made by the charity. Investment Valuation All investments are listed on recognised stock exchanges and are valued at the bid price at the date of the Statement of Assets and Liabilities of the charity. INVESTMENT INCOME 2023 2022 Dividends from COIF Charity Funds Income Units Dividends from BlackRock Charities UK Bond Other Dividends Interest Received 4,239 1,894 4,223 1,893 154 127 127 7390 6,398 3. DIRECT CHARITABLE EXPENDITURE 2023 2022 Other charitable donations 42,276 70,563 42 276 70,563 ADMINISTRATIVE EXPENSES During the year, the charity paid administrative expenses to the Clerk to the Trustees of £5,793 (2022 - £6,650). PERMANENT ENDOWMENT The Pernianent Endowment of the Charity was created by the amalgamation of the assets and funds of the various charities brought together under the Scheme of Management of1870. Rents and other incomes received from the pern]anent endowment are expended on the direct charitable objectives of the charity, with any remaining income transferred to the unrestricted funds of the charity. Page 8