2023-12-31-accounts - The Samuel Franklin Fund Elsworth

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Independent Examiner’s Report

Independent Examination of The Samuel Franklin Fund Elsworth (Charity 228775) for the Financial Year ending 31 December 2023

Responsibility & Basis of Examination

It is the responsibility of the charity trustees to maintain and prepare the accounts.

The Charity does not have sufficient income or assets to require an audit under section 144 of the Charities Act 2011 (the Charities Act). The Charity has requested an independent examination under section 145 of the Charities Act, as the income and expenditure for the year is over the £25,000 threshold for this requirement.

This examination has been carried out in accordance with the directions and guidance provided by the Charity Commission. I have examined the accounting records and the underlying records provided by the Charity, a check audit trail has been carried out on a random sample of records. The examination checks do not provide all the evidence that would be required for an audit, and therefor no opinion can be given as to whether the accounts present a ‘true and fair’ view and this report is limited to the statement below.

Statement

During the examination, no matter has come to my attention:

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
Charities Act; and
To prepare accounts which accord with the accounting records
and comply with the accounting requirements of the Charities Act have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

The Samuel Franklin Fund Elsworth Annual Report and Accounts for the year ended 31 December 2023

The Samuel Franklin Fund is a registered charity (No. 228775) and is constituted by a Scheme approved and established by The Charity Commissioners for England and Wales on 7 June 1967 (as amended on 18 March 1993).

Trustees

The charity trustees at 31 December 2023 were:

Mrs A Howell Mr D Pope Mrs J Millns Mr I Maddison Rev N di Castiglione

Two of the trustees are appointed by the Parish Council to act for four years (Mr D Pope was reappointed on 15 March 2023 and Mr I Maddison reappointed on 17 March 2021). Of the remaining three trustees Mrs A Howell was reappointed on 23 March 2020 to act for five years, The Rev N di Castiglione was appointed a trustee ex officio on 21 October 2015 and Mrs J Millns was appointed on 12 October 2020 for four years. Decisions on charity distributions are made by majority decision of the trustees. The fund paid a premium in the year of £592 for trustee indemnity insurance.

Purpose

The general purpose is to make grants to those in the Parish of Elsworth who are less well off and in need of help because of illness, infirmity, hospitalisation or other special needs or embarking on further education or vocational training. In addition donations may be made to individuals and institutions that provide help or services for the sick or elderly of the village.

Review of the year

During the year grants were made to 24 beneficiaries and donations to: the Papworth Day Centre, the Jubilee Club, Elsworth School and Elsworth Pre School.

The trustees are pleased to report that all five Castle Acre units that are owned and rented out by the Fund were occupied over the entire year. The rental income as shown in the accounts is down because of the timing of receipts. Expenditure on building works and repairs has increased and reflects the cost of refencing and making a paddock for renting out.

Ben Stoehr 12 July 2024

12 July 2024

The Samuel Franklin Fund Elsworth

Receipts and payments account for the year ended 31 December 2023

Income receipts From assets Rent of Castle Acre Estate Rent of Castle Acre Fields Recharge of site maintenance etc Donation Bank and COIF interest COIF dividends Total receipts Payments Charitable expenditure Distributions: Trinity Christmas Grants for services to the Parish Grants to help households Donations to : Jubilee Club Papworth Day Centre Elsworth School Elsworth Pre School Elsworth WI Papworth Team Ministry event Costs of property including management Building works and repairs Grass and hedge cutting and tree work etc Agents fees (including advertising for tenants) Legal charges and other professional fees Insurance Utilities Bank charges Costs of office management and administration Clerk's Honoraria Trustee indemnity insurance Sundry expenses (including Examiners fee) Total payments Net receipts / (payments) for the year Cash funds less liabilities at 31 December 2022 Cash funds less liabilities at 31 December 2023	2023 £ £ 22,020 500 2,500 - 3,457 594 29,071 9,650 8,700 750 773 2,250 1,400 1,500 1,500 - 200 26,723 5,001 530 25 1,053 2,382 559 187 9,737 2,400 592 95 3,087 39,547 (10,476) 97,683 87,207	2022 £ 29,204 500 3,043 10 792 589
		34,138 8,650 9,450 750 3,338 750 1,400 1,500 1,000 - 300
		27,138 298 585 25 - 3,231 334 70
		4,543 3,000 561 189
		3,750
		35,431
		(1,293) 98,976
		97,683

Statement of assets and liabilities at 31 December 2023

Unrestricted assets Cash funds Bank balances National Westminster United Trust Bank Santander COIF account Rent deposit accounts Liabilities VAT payable Repayable rent deposits Cash funds less liabilities Investment assets Units in COIF Ethical Fund Total unrestricted assets	2023 £ 4,198 - 95 83,238 8,053 (324) (8,053) 87,207 25,602 112,809	2022 £ 13,345 46,200 95 40,054 8,011 (2,011) (8,011)
		97,683 22,590
		120,273

Permanent endowment

In addition to the above the Fund has the following assets as its permanent endowment:

(a) a holding of 6,898.63 units in COIF's Ethical Fund with a market value of £20,765 (2022 - 6898.63 units in COIF Ethical Fund with a value of £18,879)

(b) Freehold property comprising: five commercial units known as Castle Acre Estate (with an insuered value of £485,000) and 12.5 acres of agricultural land known as Castle A which are let for grazing.

On behalf of the trustees

Ian Maddison, Chair

12 July 2024

……………………………………………………………………………………….…..

All correspondence should be addressed to Ms C Robertson, The Clerk to the Trustees, 42 Constellation Park Elsworth, Cambridgeshire CB23 4JP.

The charity’s banker, solicitor, land agent and surveyors are as follows:

Bankers:	Solicitors:	Land Agents:	Surveyors:
National Westminster	HCR Hewitsons	Jolliffe	Pleasance, Hookham & Nix
23 Market Street	50-60 Station Road	25 Broadway	1 Northampton Street
Cambridge	Cambridge	Peterborough	Cambridge
CB2 3PA	CB1 2JH	PE7 1SQ	CB3 0AD