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2023-12-31-accounts

Charity registration number 225849

THE CHARITY OF JOHN AND NATHANIEL CARTER ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE CHARITY OF JOHN AND NATHANIEL CARTER

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs C E Elkins
Mr G Freeman
Mr A Grant
Mrs X Catmull
Mr A Myers (Appointed 26 July 2023)
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 - 14

THE CHARITY OF JOHN AND NATHANIEL CARTER

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

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 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.

Achievements and performance

Significant activities and achievements against objectives

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. During the year, the Charity received, accepted and verified 8 new kindred registrations. The Trustees met in March to assess the needs and resources of applicants, based on information provided by them. They received 44 applications, grants were made to 34 individuals totalling £16,660 during 2023. Grants where appropriate are paid in 10-monthly instalments.

During the year the Trustees took legal advice and action to bring up to date the Objects of the Charity, so it would be more fit for purpose for the 21[st] century, allowing the Charity to extend the scope of who could benefit from the Trust. This involved detailed discussions with the Charity Commission, a consultation process with the existing beneficiaries (kindred) and a public notice and consultation period. A new scheme was authorised by the Charity Commission on 22[nd] April 2024. The updated objects of the charity are

  1. The relief of the poor kindred of John Carter and Nathaniel Carter; and

  2. The relief of financial hardship of people in need that are residing within the area of benefit being the Counties of Norfolk and Suffolk by making grants to individuals and organisations and by the provision of services.

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 readiness for further distributions.

Investment policy

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.

THE CHARITY OF JOHN AND NATHANIEL CARTER

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

The Charity was established by the Will of John Carter dated 30th 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, and further amended and altered by a Scheme dated 22[nd] April 2024.

The trustees who served during the year and up to the date of signature of the financial statements were: Mrs C E Elkins

Mr J P Wingfield (Resigned 27 January 2023) Mr G Freeman Mr A Grant Mrs X Catmull Mr A Myers (Appointed 26 July 2023)

Recruitment and appointment of trustees

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.

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 trustees' report was approved by the Board of Trustees.

Mr G Freeman Trustee

30 September 2024

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 2023.

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 October 2024

THE CHARITY OF JOHN AND NATHANIEL CARTER

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Endowment
funds
funds
2023
2023
Notes
£
£
Income from:
Investments
3
41,879
-
Total income
41,879
-
Expenditure on:
Raising funds
4
-
8,599
Charitable activities
5
25,159
-
Total expenditure
25,159
8,599
Net gains/(losses) on
investments
10
-
56,953
Net income/(expenditure) and
movement in funds
16,720
48,354
Reconciliation of funds:
Fund balances at 1 January
2023
38,549
2,618,581
Fund balances at 31
December 2023
55,269
2,666,935		 Total
Unrestricted Endowment
funds
funds
2023
2022
2022
£
£
£
41,879
34,186
-
41,879
34,186
-
8,599
-
8,871
25,159
31,073
-
33,758
31,073
8,871
56,953
-
(311,342)
65,074
3,113
(320,213)
2,657,130
35,436
2,938,794
2,722,204
38,549
2,618,581		 Total
2022
£
34,186
34,186
8,871
31,073
39,944
(311,342)
(317,100)
2,974,230
2,657,130

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 2023

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
Net assets excluding pension liability
The funds of the charity
Endowment funds
17
Unrestricted funds		 2023
£
£
790,000
1,856,063
2,646,063
2,183
77,423
79,606
(3,465)
76,141
2,722,204
2,722,204
2,666,935
55,269
2,722,204		 2022
£
£
822,720
1,774,989
2,597,709
2,183
62,315
64,498
(5,077)
59,421
2,657,130
2,657,130
2,618,581
38,549
2,657,130		 2022
£
£
822,720
1,774,989
2,597,709
2,183
62,315
64,498
(5,077)
59,421
2,657,130
2,657,130
2,618,581
38,549
2,657,130
2,597,709
59,421
2,657,130
2,657,130
2,618,581
38,549
2,657,130

The financial statements were approved by the trustees on 30 September 2024

Mr G Freeman Trustee

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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 2023

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 2023

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 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Rental income 7,400 7,400
Equities 32,487 26,536
Interest receivable 1,992 250
41,879 34,186

4 Expenditure on raising funds

Endowment Endowment
funds funds
2023 2022
£ £
Investment management 8,599 8,871
5 Charitable activities
Grant
making
2023
£
Grant funding of activities (see note 6)
16,660
Share of support costs (see note 7)
5,486
Share of governance costs (see note 7)
3,013
25,159		 Grant
making
2022
£
22,150
5,023
3,900
31,073

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Grants payable

Grant
making
2023
£
Grants to individuals
16,660
16,660
Support costs allocated to activities
Admin
Insurance
Governance costs
Analysed between:
Charitable activities
Governance costs comprise:
Accountancy
Legal and professional		 Total
2023
£
16,660
16,660		 Grant
making
2022
£
22,150
22,150
2023
£
4,152
1,334
3,013
8,499
8,499
2023
£
480
2,533
3,013		 Total
2022
£
22,150
22,150
2022
£
3,726
1,297
3,900
8,923
8,923
2022
£
480
3,420
3,900

7 Support costs allocated to activities

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 five trustees were reimbursed a total of £120.

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Employees

(Continued)

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

10 Gains and losses on investments

Endowment Endowment
funds funds
2023 2022
Gains/(losses) arising on: £ £
Revaluation of investments 89,673 (311,342)
Revaluation of investment properties (32,720) -
56,953 (311,342)

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

Plant and
equipment
Computers
£
£
Cost
At 1 January 2023
441
754
At 31 December 2023
441
754
Depreciation and impairment
At 1 January 2023
441
754
At 31 December 2023
441
754
Carrying amount
13
Investment property
Fair value
At 1 January 2023
Net gains or losses through fair value adjustments
At 31 December 2023		 Total
£
1,195
1,195
1,195
1,195
2023
£
822,720
(32,720)
790,000

Investment property comprises of farm land at Ormesy St Margaret amd Ormesby St Michael, Norfolk. This is included in the accounts at fair value as estimated by an external valuer, using their experience and awareness of similar land values.

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

14 Fixed asset investments

Cost or valuation
At 1 January 2023
Valuation changes
Disposals
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
15
Debtors
Amounts falling due within one year:
Other debtors
16
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 Listed
investments
£
1,774,989
89,673
(8,599)
1,856,063
1,856,063
1,774,989
2023
2022
£
£
2,183
2,183
2023
2022
£
£
-
25
3,465
5,052
3,465
5,077

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.

At 1 January Resources Gains and At 31
2023 expended losses December
2023
£ £ £ £
Permanent endowments
2,618,581 (8,599) 56,953 2,666,935

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

17 Endowment funds (Continued)
Previous year: At 1 January Resources Gains and At 31
2022 expended losses December
2022
£ £ £ £
Permanent endowments
Endowment fund 2,938,794 (8,871) (311,342) 2,618,581

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
General funds
Previous year:
At
General funds
Analysis of net assets between funds
At 31 December 2023:
Investment properties
Investments
Current assets/(liabilities)		 1 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
38,549
41,879
(25,159)
55,269
1 January
2022
Incoming
resources
Resources
expended
At 31
December
2022
£
£
£
£
35,436
34,186
(31,073)
38,549
Unrestricted
Endowment
Total
funds
funds
2023
2023
2023
£
£
£
-
790,000
790,000
-
1,856,063
1,856,063
55,269
20,872
76,141
55,269
2,666,935
2,722,204

19 Analysis of net assets between funds

THE CHARITY OF JOHN AND NATHANIEL CARTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Analysis of net assets between funds (Continued)
Unrestricted Endowment Total
funds funds
2022 2022 2022
£ £ £
At 31 December 2022:
Investment properties - 822,720 822,720
Investments - 1,774,989 1,774,989
Current assets/(liabilities) 38,549 20,872 59,421
38,549 2,618,581 2,657,130

20 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).