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2022-12-31-accounts

Charity registration number 225849

THE CHARITY OF JOHN AND NATHANIEL CARTER ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE CHARITY OF JOHN AND NATHANIEL CARTER

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs C E Elkins
Mr G Freeman
Mr A Grant (Appointed 20 October 2022)
Mrs X Catmull (Appointed 12 July 2022)
Clerk to the Trustees Mrs K A Davies
Charity number 225849
Principal address Community Action Norwich
2 Martineau Lane
NORWICH
Norfolk
United Kingdom
NR1 2HX
Independent examiner Argents Accountants Limited
15 Palace Street
NORWICH
Norfolk
United Kingdom
NR3 1RT
Investment advisors Investing Ethically
33 Whiffler Road
Norwich
Norfolk
NR3 2AW

THE CHARITY OF JOHN AND NATHANIEL CARTER

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 13

THE CHARITY OF JOHN AND NATHANIEL CARTER

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Charity 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 via email or postal letter to submit and complete an application form for a grant if they are in financial need.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Significant activities

The Charity launched its website https://www.carterstrust.org/ in December 2021, to keep in touch with kindred so that they could apply online for a financial need grant, and to register new kindred via an online registration form.

Trustees make grants on their assessment of the needs and resources of applicants, based on information provided by them. Grants where appropriate are paid in 10-monthly instalments. Grants were made to 37 individuals totalling £22,150 during 2022.

Achievements and performance

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 112 acres let to farming tenants and (2) investments purchased on the sales of land and farm buildings.

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.

Reserves policy

The Charity continues to maintain sufficient reserves to enable it to meet its continuing obligations. The reserves reflect a substantial proportion of the income accumulated in in readiness for further distributions.

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.

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 cost of living crisis, the potential volatility of the stock markets, and possible movements in agricultural rental values. However, investments are for the most part held in investment trusts.

THE CHARITY OF JOHN AND NATHANIEL CARTER

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management

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.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr W S Fisher (Resigned 30 June 2022) Mrs C E Elkins Mr J P Wingfield (Resigned 27 January 2023) Mr G Freeman Mr A Grant (Appointed 20 October 2022) Mrs X Catmull (Appointed 12 July 2022)

New Trustees are invited to hold office by the existing trustees. A part-time Clerk to the Trustees supports the dayto-day management of the Trust.

The trustees' report was approved by the Board of Trustees.

Mr G Freeman Trustee

26 July 2023

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 trustees on my examination of the financial statements of The Charity of John and Nathaniel Carter (the charity) for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mark Johnstone FCA

Argents Accountants Limited 15 Palace Street NORWICH Norfolk NR3 1RT United Kingdom

Dated: 9 August 2023

THE CHARITY OF JOHN AND NATHANIEL CARTER

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Endowment
funds
funds
2022
2022
Notes
£
£
Income from:
Investments
3
34,186
-
Expenditure on:
Raising funds
4
-
-
Charitable activities
5
31,073
-
Total expenditure
31,073
-
Net gains/(losses) on
investments
10
-
(320,213)
Net movement in funds
3,113
(320,213)
Fund balances at 1 January
2022
35,436
2,938,794
Fund balances at 31
December 2022
38,549
2,618,581		 Total
Unrestricted Endowment
funds
funds
2022
2021
2021
£
£
£
34,186
31,437
-
-
-
9,489
31,073
24,541
-
31,073
24,541
9,489
(320,213)
-
262,526
(317,100)
6,896
253,037
2,974,230
28,540
2,685,757
2,657,130
35,436
2,938,794		 Total
2021
£
31,437
9,489
24,541
34,030
262,526
259,933
2,714,297
2,974,230

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE CHARITY OF JOHN AND NATHANIEL CARTER

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Investment property
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
17
Income funds
Unrestricted funds		 2022
£
£
822,720
1,774,989
2,597,709
2,183
62,315
64,498
(5,077)
59,421
2,657,130
2,618,581
38,549
2,657,130		 2021
£
£
822,720
2,095,202
2,917,922
2,149
54,669
56,818
(510)
56,308
2,974,230
2,938,794
35,436
2,974,230		 2021
£
£
822,720
2,095,202
2,917,922
2,149
54,669
56,818
(510)
56,308
2,974,230
2,938,794
35,436
2,974,230
2,917,922
56,308
2,974,230
2,938,794
35,436
2,974,230

The financial statements were approved by the Trustees on 26 July 2023

Mr G Freeman Trustee

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

The Charity of John and Nathaniel Carter is a unincorporated charity.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 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.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 25% on cost Computers 33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charity is exempt from tax on its charitable activities

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Investments

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Rental income 7,400 7,400
Equities 26,536 24,005
Interest receivable 250 32
34,186 31,437

4 Raising funds

Investment management Total Endowment
funds
general
2022
2021
£
£
-
9,489
-
9,489		 Total Endowment
funds
general
2022
2021
£
£
-
9,489
-
9,489
9,489

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

5 Charitable activities

Grant
making
2022
£
Grant funding of activities (see note 6)
22,150
Share of support costs (see note 7)
5,023
Share of governance costs (see note 7)
3,900
31,073		 Grant
making
2021
£
20,100
3,561
880
24,541

6 Grants payable

Grants to individuals
Support costs
Support
costs
Governance
costs
£
£
Depreciation
-
-
Administrative expenses
3,726
-
Insurance
1,297
-
Accountancy
-
480
Legal and professional
-
3,420
5,023
3,900
Analysed between
Charitable activities
5,023
3,900		 Grant
making
Total
2022
Grant
making
2022
2021
£
£
£
22,150
22,150
20,100
22,150
22,150
20,100
2022
Support
costs
Governance
costs
£
£
£
-
252
-
3,726
2,141
-
1,297
1,168
-
480
-
880
3,420
-
-
8,923
3,561
880
8,923
3,561
880		 Total
2021
£
20,100
20,100
2021
£
252
2,141
1,168
880
-
4,441
4,441

7 Support costs

Governance costs includes payments to the Independent Examiners of £480 for independent examination fees.

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but each trustee attending the annual meeting receives the sum of £20 to defray out of pocket expenses for each meeting attended, this year three of them were reimbursed a total of £60 with one trustee being reimbursed an additional £46 in respect of travelling expenses.

9 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

10 Net gains/(losses) on investments

**Endowment ** Endowment
funds funds
general general
2022 2021
£ £
Revaluation of investments (320,213) 262,526

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Tangible fixed assets

Plant and
equipment
Computers
£
£
Cost
At 1 January 2022
441
754
At 31 December 2022
441
754
Depreciation and impairment
At 1 January 2022
441
754
At 31 December 2022
441
754
Carrying amount		 Total
£
1,195
1,195
1,195
1,195

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Investment property

Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022 822,720

Investment property comprises of farm land. This is included in the accounts at fair value as estimated by the trustees, using their experience and awareness of similar land values.

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2022 2,095,202
Valuation changes (311,342)
Disposals (8,871)
At 31 December 2022 1,774,989
Carrying amount
At 31 December 2022 1,774,989
At 31 December 2021 2,095,202
15
Debtors
Amounts falling due within one year:
Other debtors
16
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 2022
£
2,183
2022
£
25
5,052
5,077		 2021
£
2,149
2021
£
-
510
510

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

17 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at Resources Resources Revaluations
Balance at		 Resources Revaluations Balance at
1 January 2021 expended gains and
1 January 2022		 expended gains and 31 December
losses losses 2022
£ £ £ £ £ £ £
Permanent endowments
Endowment
fund 2,685,757 (9,489) 262,526 2,938,794 (8,871) (311,342) 2,618,581
2,685,757 (9,489) 262,526 2,938,794 (8,871) (311,342) 2,618,581
18 Analysis of net assets between funds
Unrestricted
Endowment		 Total Unrestricted Endowment Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fund balances at 31
December 2022 are
represented by:
Investment properties - 822,720 822,720 - 822,720 822,720
Investments - 1,774,989 1,774,989 - 2,095,202 2,095,202
Current assets/(liabilities) 38,549 20,872 59,421 35,436 20,872 56,308
38,549 2,618,581 2,657,130 35,436 2,938,794 2,974,230

19 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).