**REGISTERED CHARITY NUMBER: 225849**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 December 2020**
**for**
**The Charity of John and Nathaniel Carter**
Argents Chartered Accountants 15 Palace Street NORWICH Norfolk NR3 1RT
**The Charity of John and Nathaniel Carter**
## **Contents of the Financial Statements for the year ended 31 December 2020**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 2|
|**Independent Examiner's Report**|3|
|**Statement of Financial Activities**|4|
|**Balance Sheet**|5|
|**Notes to the Financial Statements**|6 to 11|
|**Detailed Statement of Financial Activities**|12|
**The Charity of John and Nathaniel Carter**
## **Report of the Trustees for the year ended 31 December 2020**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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**
## **Objectives and aims**
The Charity was established by the Will of John Carter to provide for his poor kindred forever. Applicants for grants must prove their relationship to him by such evidence; e.g. the provision of full birth, marriage or death certificates, as is required by the Trustees.
The annual meeting is in the first quarter, when those on the roll of kindred are invited to submit applications for grants from the income of the trust fund.
## **Significant activities**
Trustees make grants on the basis of their assessment of the needs and resources of applicants, based on information provided by them. Grants were made to 36 individuals totalling £24,250.
## **Public benefit**
The trustees have complied with their duty to have due regard to the commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
## **FINANCIAL REVIEW**
## **Financial position**
The capital endowment of the Trust consists of (1) The farm known as Boarded Barn Farm, Ormesby St Margaret, Norfolk, currently comprising some 102.84 acres let to farming tenants and (2) investments purchased on the sales of land and fam buildings. The balance of the amount due for the sale of land is held in debtors.
The attached accounts show the current state of the finances. The Trustees consider the position of the Charity is sound. The accounts have been prepared in compliance with the requirement of the Statement of Recommended Practice on Accounting by Charities.
## **Investment policy and objectives**
Investment decisions are managed on a discretionary basis by independent financial advisers, with a view to maintaining a prudent balance between income and capital growth.
## **Reserves policy**
The Charity continues to maintain sufficient reserves to enable it to meet its continuing obligations. The trustees made their first distribution of 2021 in January and anticipate further increased demand during the year .The reserves reflect a substantial proportion of the income accumulated in in readiness for further distributions.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charity was established by the will of John Carter dated 30th day of December 1696. It is registered with the Charity Commission, Number 225849, and is regulated under a Scheme of the Charity Commissioners dated 28th November 1879 as amended by a Scheme dated 12th July 1974.
## **Organisational structure**
New Trustees are invited to hold office by the existing trustees.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees consider that the primary risks affecting the Charity are an ongoing demand for assistance because of the pandemic, the potential volatility of the stock markets, and possible movements in agricultural rental values. However, investments are for the most part in investment trusts.
Page 1
**The Charity of John and Nathaniel Carter**
## **Report of the Trustees for the year ended 31 December 2020**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
225849
## **Principal address**
Community Action Norwich 2 Martineau Lane Norwich NR1 2HX
## **Trustees**
W S Fisher Mrs C E Elkins J P Wingfield G Freeman
## **Independent Examiner**
Argents Chartered Accountants 15 Palace Street NORWICH Norfolk NR3 1RT
## **Independent Financial Advisers**
Investing Ethically Limited 33 Whiffler Road Norwich NR3 2AW
Approved by order of the board of trustees on 28 October 2021 and signed on its behalf by:
**W S Fisher** - Trustee
Page 2
## **Independent Examiner's Report to the Trustees of The Charity of John and Nathaniel Carter**
## **Independent examiner's report to the trustees of The Charity of John and Nathaniel Carter**
I report to the charity trustees on my examination of the accounts of The Charity of John and Nathaniel Carter (the Trust) for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material 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 Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Mark Johnstone**
Argents Chartered Accountants 15 Palace Street NORWICH Norfolk NR3 1RT
29 October 2021
Page 3
**The Charity of John and Nathaniel Carter**
## **Statement of Financial Activities for the year ended 31 December 2020**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**34,791**
**EXPENDITURE ON**
Raising funds
3
**-**
**Charitable activities**
Charitable activities
**26,131**
**Total**
**26,131**
Net gains on investments
**-**
**NET INCOME/(EXPENDITURE)**
**8,660**
**Other recognised gains/(losses)**
Gains on revaluation of fixed assets
**-**
**Net movement in funds**
**8,660**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**19,880**
**TOTAL FUNDS CARRIED FORWARD**
**28,540**|Endowment
fund
£
**-**
**8,198**
**-**
**8,198**
**-**
**(8,198)**
**153,739**
**145,541**
**2,540,216**
**2,685,757 **|**2020**
**Total**
**funds**
**£**
**34,791**
**8,198**
**26,131**
**34,329**
**-**
**462**
**153,739**
**154,201**
**2,560,096**
**2,714,297 **|2019
Total
funds
£
23,570
-
13,194
13,194
44,163
54,539
193,278
247,817
2,312,279
2,560,096|
|---|---|---|---|
The notes form part of these financial statements
Page 4
**The Charity of John and Nathaniel Carter**
## **Balance Sheet 31 December 2020**
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
6
**252**
**Investments**
Investments
7
**-**
Investment property
8
**-**
**252**
**CURRENT ASSETS**
Debtors
9
**2,121**
Cash at bank
**27,167**
**29,288**
**CREDITORS**
Amounts falling due within one year
10
**(1,000)**
**NET CURRENT ASSETS**
**28,288**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**28,540**
**NET ASSETS**
**28,540**
**FUNDS**
11
Unrestricted funds
Endowment funds
**TOTAL FUNDS**|Endowment
fund
£
**-**
**1,842,137**
**822,720**
**2,664,857**
**-**
**20,900**
**20,900**
**-**
**20,900**
**2,685,757**
**2,685,757**|**2020**
**Total**
**funds**
**£**
**252**
**1,842,137**
**822,720**
**2,665,109**
**2,121**
**48,067**
**50,188**
**(1,000)**
**49,188**
**2,714,297**
**2,714,297**
**28,540**
**2,685,757**
**2,714,297**|2019
Total
funds
£
252
1,696,596
822,720
2,519,568
2,136
39,592
41,728
(1,200)
40,528
2,560,096
2,560,096
19,880
2,540,216
2,560,096|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 October 2021 and were signed on its behalf by:
## **W S Fisher** - Trustee
The notes form part of these financial statements
Page 5
**The Charity of John and Nathaniel Carter**
## **Notes to the Financial Statements for the year ended 31 December 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost Computer equipment - 33% on cost
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The Endowment Fund arose from the original bequest of farm land made to provide income for the Trust. Where land has been sold, the proceeds have been reinvested.
continued...
Page 6
**The Charity of John and Nathaniel Carter**
**Notes to the Financial Statements - continued for the year ended 31 December 2020**
|**2.**
**INVESTMENT INCOME**
Farm rent
Equities
Deposit account interest
**3.**
**RAISING FUNDS**
**Investment management costs**
Support costs|**2020**
**£**
**7,400**
**27,313**
**78**
**34,791**
**2020**
**£**
**8,198**|2019
£
7,400
15,978
192
23,570
2019
£
-|
|---|---|---|
||||
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **Trustees' expenses**
Each Trustee attending the annual meeting received the sum of £20 to defray out of pocket expenses.
|**5.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Endowment
fund
fund
£
£
**INCOME AND ENDOWMENTS FROM**
Investment income
23,570
-
**EXPENDITURE ON**
**Charitable activities**
Charitable activities
11,432
1,762
Net gains on investments
-
44,163
**NET INCOME**
12,138
42,401
**Other recognised gains/(losses)**
Gains on revaluation of fixed assets
-
193,278
**Net movement in funds**
12,138
235,679
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
7,742
2,304,537
**TOTAL FUNDS CARRIED FORWARD**
19,880
2,540,216|
Total
funds
£
23,570
13,194
44,163
54,539
193,278
247,817
2,312,279
2,560,096|
|---|---|
continued...
Page 7
**The Charity of John and Nathaniel Carter**
**Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **6. TANGIBLE FIXED ASSETS**
|**6.**|**TANGIBLE FIXED ASSETS**||||
|---|---|---|---|---|
|||Plant and|Computer||
|||machinery|equipment|Totals|
|||£|£|£|
||**COST**||||
||At 1 January 2020 and||||
||31 December 2020|**441**|**754**|**1,195**|
||**DEPRECIATION**||||
||At 1 January 2020 and||||
||31 December 2020|**441**|**502 **|**943**|
||**NET BOOK VALUE**||||
||At 31 December 2020|**-**|**252**|**252**|
||At 31 December 2019|-|252|252|
|**7.**|**FIXED ASSET INVESTMENTS**||||
|||||Listed|
|||||investments|
|||||£|
||**MARKET VALUE**||||
||At 1 January 2020|||**1,696,596**|
||Disposals|||**(8,200)**|
||Revaluations|||**153,741**|
||At 31 December 2020|||**1,842,137**|
||**NET BOOK VALUE**||||
||At 31 December 2020|||**1,842,137**|
||At 31 December 2019|||1,696,596|
||There were no investment assets outside the UK.||||
|**8.**|**INVESTMENT PROPERTY**||||
|||||**£**|
||**FAIR VALUE**||||
||At 1 January 2020||||
||and 31 December 2020|||**822,720**|
||**NET BOOK VALUE**||||
||At 31 December 2020|||**822,720**|
||At 31 December 2019|||822,720|
Farm land is included at market value as estimated by the Trustees.
continued...
Page 8
**The Charity of John and Nathaniel Carter**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
|**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**11.**
**MOVEMENT IN FUNDS**
At 1.1.20
£
**Unrestricted funds**
General fund
**19,880**
**Endowment funds**
Endowment Fund
**2,540,216**
**TOTAL FUNDS**
**2,560,096**
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
**34,791**
**(26,131)**
**Endowment funds**
Endowment Fund
**-**
**(8,198)**
**TOTAL FUNDS**
**34,791**
**(34,329) **
**Comparatives for movement in funds**
At 1.1.19
£
**Unrestricted funds**
General fund
7,742
**Endowment funds**
Endowment Fund
2,304,537
**TOTAL FUNDS**
2,312,279||**2020**
**£**
**2,121**
**2020**
**£**
**1,000**
Net
movement
in funds
£
**8,660**
**145,541**
**154,201**
Gains and
losses
£
**-**
**153,739**
**153,739**
Net
movement
in funds
£
12,138
235,679
247,817||2019
£
2,136
2019
£
1,200
At
31.12.20
£
**28,540**
**2,685,757**
**2,714,297**
Movement
in funds
£
**8,660**
**145,541**
**154,201**
At
31.12.19
£
19,880
2,540,216
2,560,096|
|---|---|---|---|---|
||||||
||
||||
||||||
continued...
Page 9
**The Charity of John and Nathaniel Carter**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **11. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|23,570|(11,432)|-|12,138|
|**Endowment funds**|||||
|Endowment Fund|-|(1,762)|237,441|235,679|
|**TOTAL FUNDS**|23,570|(13,194)|237,441|247,817|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Endowment funds**
Endowment Fund
**TOTAL FUNDS**|At 1.1.19
£
7,742
2,304,537
2,312,279|Net
movement
in funds
£
20,798
381,220
402,018|At
31.12.20
£
28,540
2,685,757
2,714,297|
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|58,361|(37,563)|-|20,798|
|**Endowment funds**|||||
|Endowment Fund|-|(9,960)|391,180|381,220|
|**TOTAL FUNDS**|58,361|(47,523)|391,180|402,018|
continued...
Page 10
**The Charity of John and Nathaniel Carter**
## **Notes to the Financial Statements - continued for the year ended 31 December 2020**
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2020.
Page 11
**The Charity of John and Nathaniel Carter**
## **Detailed Statement of Financial Activities for the year ended 31 December 2020**
|**INCOME AND ENDOWMENTS**
**Investment income**
Farm rent
Equities
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Grants to kindred
**Support costs**
**Finance**
Depreciation of tangible fixed assets
**Governance costs**
Administrative expenses
Professional fees
Insurance
Independent Examination
Total resources expended
**Net income before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net income**|2020
£
**7,400**
**27,313**
**78**
**34,791**
**34,791**
**24,250**
**251**
**462**
**8,238**
**1,128**
**-**
**9,828**
**34,329**
**462**
**-**
**462**|2019
£
7,400
15,978
192
23,570
23,570
9,200
251
372
1,762
1,129
480
3,743
13,194
10,376
44,163
54,539|
|---|---|---|
This page does not form part of the statutory financial statements
Page 12