Charity Registration No. 235800
A B D FOX SETTLEMENT
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
A B D FOX SETTLEMENT
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | B A Grant |
|---|---|
| J D Fuller | |
| R D Temple | |
| D F Hindell | |
| D J Gaffney | |
| M H Hindell | |
| K Oliver | |
| Charity number | 235800 |
| Principal address | Flat 1, Blyth House |
| St James Green | |
| Southwold | |
| Suffolk | |
| IP18 6JL | |
| Independent examiner | H Rumsey FCA |
| Ensors Accountants LLP | |
| Blyth House | |
| Rendham Road | |
| Saxmundham | |
| Suffolk | |
| IP17 1WA | |
| Bankers | Lloyds Bank |
| Exchange Square | |
| Beccles | |
| NR34 9HH | |
| Solicitors | Willcox Law Ltd |
| The Old Coach House | |
| Bergh Apton | |
| Norwich | |
| NR15 1DD | |
| Investment advisors | D Gwyther / G Turner |
| Quilter Cheviot | |
| One Kingsway | |
| London | |
| WC2B 6AN |
A B D FOX SETTLEMENT
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 16 |
A B D FOX SETTLEMENT
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their report and financial statements for the year ended 5 April 2021.
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's objects are the establishment of a home or homes for aged or invalid persons who have been permanent residents of Southwold or its vicinity who are in need and providing for the future care and maintenance thereof. There has been no change in these during the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Achievements and performance
The charity has managed its 16 properties, comprising of 29 accommodation units during the year, to provide homes to suitable qualifying persons.
The charity has continued its policy of maintaining the properties to a high level and has incurred maintenance and repairs costs in the year of £51,065 (2020: £81,934).
All fundraising undertaken is done directly by the charity, its staff and trustees, with no third parties used. The charity does not follow any fundraising standards but fundraises in an appropriate and responsible manner.
During the year the investments, which are managed by Quilter Cheviot have generated income of £46,411 (2020: £64,098), gain on disposal of £3,369 (2020: £22,012) and a gain on revaluation of £310,584 (2020: loss on revaluation of £280,279).
Covid pandemic
As a result of the covid pandemic the charity has needed to ensure social distancing and suitable safety measures are in place during any maintenance or repair work to the occupied properties.
Last year, the investments held by the charity saw a drop in value of £280,279 due to the decline in the markets due to the uncertainty following the covid lockdown. The investment portfolio has bounced back and has seen an increase in value of £313,953 in the current year, although due to the disposals in the year the investment value in total has decreased by £148,542.
Financial review
Income in the year totalled £129,968 (2020: £149,397), with £83,536 (2020: £85,221) received as contributions from beneficiaries and £46,432 (2020: £64,176) received from investments.
Expenditure in the year, largely on property repairs and maintenance, has decreased from £135,875 to
£101,619.
The net movement on funds for the year after the profit on investments and revaluation of the properties amounted to a surplus of £727,302 (2020: deficit of £161,245).
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
A B D FOX SETTLEMENT
Reserves policy
The Charity's reserves are all held in unrestricted funds and amounted to £8,671,787 (2020: £7,944,485).
This level of reserves is required due to the charity's need to hold a number of properties to fulfil its charitable purpose, along with the investments to ensure the charity has funds to cover future maintenance of the properties. Excluding the properties and the fixed asset investments the charity had net assets amounting to £146,693 (2020: £154,227).
Investment policy
The Settlement Deed gives the Trustees discretionary power to acquire and dispose of investments as they see fit. The Charity engages Quilter Cheviot as investment managers who have a Discretionary Management Agreement with the Trustees with regard to the investment portfolio. The investment managers' fees are charged twice a year and are calculated on the value of the investments at each month end and averaged over the charging period.
The investment managers review the asset allocation of the fund with the Trustees on a regular basis to obtain the maximum return while maintaining the appropriate level of security, having taken into account the income requirements of the Charity. The total return performance of the portfolio is regularly compared to the Specialist Composite index.
The investments at the year-end were valued at £1,717,934 (2020: £1,866,476).
Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Future plans
The Trustees are constantly on the lookout for properties to purchase which are suitable for use by the beneficiaries of the Charity. The charity also has a rolling programme of repairs in operation in order to maintain the Charity's current property portfolio.
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A B D FOX SETTLEMENT
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
Structure, governance and management
On 24 October 1962 Anthony Fox established a trust to be known as A B D Fox Settlement. The charity is governed by the settlement dated 24 October 1962 and sealed scheme dated 25 July 2000.
The objects of the charitable settlement are still the same, being the establishment of a home or homes for aged or invalid persons who have been permanent residents of Southwold or its vicinity, who are in need, and providing for the future care and maintenance thereof.
In the event that the Charity's property cannot be used for the charitable objects, it may be used to relieve those eligible for assistance by:
i) making grants of money to them; or
ii) providing or paying for goods, services or facilities for them; or
iii) making grants of money to other persons or bodies who provide goods, services or facilities to those eligible for assistance.
In exceptional cases, the Trustees may decide to assist someone who would otherwise be eligible but who is:
i) resident outside the area; or ii) only temporarily resident in the area.
The Charity currently owns 16 properties, comprising 29 accommodation units.
The Trustees who served during the year and up to the date of signature of the financial statements were: B A Grant
J D Fuller
R D Temple D F Hindell D J Gaffney M H Hindell K Oliver
Recruitment and appointment of Trustees
The continuing Trustees of the Charity put forward recommendations for new Trustees to be invited to join the board. New Trustees are sympathetic to the Charity's objectives and bring with them a broad knowledge base to ensure the effective running of the Charity.
The Chairman of the Trustees is responsible for the induction of new Trustees. This involves awareness of the Trustees' Responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Charity. A new Trustee receives copies of the previous year's financial statements, annual report and a copy of the Charity Commission leaflets providing guidance for Trustees.
The Trustees' report was approved by the Board of Trustees.
B A Grant
Trustee Dated: 18 August 2021
D F Hindell
Trustee Dated:18 August 2021
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A B D FOX SETTLEMENT
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF A B D FOX SETTLEMENT
I report to the Trustees on my examination of the financial statements of A B D Fox Settlement (the Charity) for the year ended 5 April 2021.
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
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:
-
1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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 financial statements to be reached.
H Rumsey Ensors Accountants LLP
Blyth House Rendham Road Saxmundham Suffolk IP17 1WA
Dated: 18 August 2021
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A B D FOX SETTLEMENT
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Charitable activities | 3 | 83,536 | 85,221 |
| Investments | 4 | 46,432 | 64,176 |
| Total income | 129,968 | 149,397 | |
| Expenditure on: | |||
| Raising funds | 5 | 10,313 | 11,638 |
| Charitable activities | 6 | 91,306 | 124,237 |
| Total resources expended | 101,619 | 135,875 | |
| Net gains/(losses) on investments | 10 | 313,953 | (258,267) |
| Net incoming/(outgoing) resources | 342,302 | (244,745) | |
| Other recognised gains and losses | |||
| Revaluation of tangible fixed assets | 385,000 | 83,500 | |
| Net movement in funds | 727,302 | (161,245) | |
| Fund balances at 6 April 2020 | 7,944,485 | 8,105,730 | |
| Fund balances at 5 April 2021 | 8,671,787 | 7,944,485 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities and relate to unrestricted funds.
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A B D FOX SETTLEMENT
BALANCE SHEET
AS AT 5 APRIL 2021
| Notes Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 14 Investments 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2021 £ £ 6,807,160 1,717,934 8,525,094 2,189 147,051 3,607 152,847 (6,154) 146,693 8,671,787 8,671,787 8,671,787 |
2020 £ £ 5,923,782 1,866,476 7,790,258 2,027 149,621 7,859 159,507 (5,280) 154,227 7,944,485 7,944,485 7,944,485 |
2020 £ £ 5,923,782 1,866,476 7,790,258 2,027 149,621 7,859 159,507 (5,280) 154,227 7,944,485 7,944,485 7,944,485 |
|---|---|---|---|
| 7,790,258 154,227 |
|||
| 7,944,485 | |||
| 7,944,485 | |||
| 7,944,485 |
The financial statements were approved by the Trustees on 18 August 2021
D F Hindell B A Grant Chairman Vice-chairman
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A B D FOX SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
Charity information
A B D Fox Settlement is a charitable trust established by Anthony Fox on 24 October 1962 .
The registered office of the charity is Flat 1, Blyth House, St James Green, Southwold, Suffolk, IP18 6JL.
1.1 Accounting convention
The financial statements have been prepared in accordance 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)". The Charity is a Public Benefit Entity as defined by FRS 102.
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 accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold 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.
The Trustees' have considered the impact of the covid-19 pandemic on the Charity. The key impact last year was on market values of the listed investments which led to a downward valuation in the accounts. The current year has seen market conditions improve and these values rise.
The Charity has continued to provide the beneficiaries the same level of service during the pandemic, whilst observing social distancing and other government policies.
1.3 Charitable funds
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
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.
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A B D FOX SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
For legacies, entitlement is taken at the earlier of the date on which either the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Interest on funds held on deposit and dividend income from the listed investments is included when receivable and the amount can be measured reliably by the Charity, this is normally upon notification of the interest being receivable.
Contributions from beneficiaries are receivable monthly and the income is recognised in the month that the monies are due.
1.5 Resources expended
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.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Support costs consist of the office costs of the Charity, including staff salaries apportioned on the estimated time spent on the charitable activities of the Charity.
Governance costs are those associated with the governance arrangements of the Charity and in relation to the strategic as opposed to day to day management of the Charity.
The charity is not VAT registered therefore all amounts are shown gross of VAT.
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:
Land and buildings see below Fixtures, fittings & equipment 10% straight line Office equipment 15% reducing balance
It is the Charity's policy to maintain all properties in good repair, the costs of maintenance being charged to the Statement of Financial Activities. Consequently the Trustees consider the lives of the properties to be so long and residual values, based on cost or subsequent valuations, so high that there is no significant annual depreciation.
The Charity adopts a policy of revaluing freehold property assets on an annual basis. In view of the location of the property, in Southwold, the Trustees consider that a market value basis is not appropriate and that insurance replacement cost is the most appropriate basis to be applied. Values are considered annually by a professional valuer.
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 net income/(expenditure) for the year.
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A B D FOX SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
1 Accounting policies
(Continued)
1.7 Fixed and current investments
Fixed and current 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.
1.8 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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.
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.
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 are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
1.11 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.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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A B D FOX SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
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.
Critical judgements
Property valuation
The freehold properties are held at their insurance replacement cost, as valued by a professional valuer. This valuation includes professional opinion and judgement.
Property depreciation
The freehold properties are held at valuation and based on their upkeep and long residual lives are not depreciated on an annual basis, as in the Trustees' opinion the depreciation charge would not be significant.
3 Charitable activities
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Contributions from residents | 83,536 | 85,221 |
4 Investments
| Income from listed investments Interest receivable Raising funds Investment management |
2021 £ 46,411 21 46,432 2021 £ 10,313 10,313 |
2020 £ 64,098 78 |
|---|---|---|
| 64,176 | ||
| 2020 £ 11,638 |
||
| 11,638 |
5 Raising funds
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A B D FOX SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
6 Charitable activities
| Depreciation and impairment Insurance Water charges Electricity and gas Statutory checks External decoration and repairs Lift service Cleaning Gardening and repairs Grants Share of support costs (see note 7) Share of governance costs (see note 7) |
2021 £ 2,760 5,215 712 2,992 417 51,065 2,317 3,517 217 4,005 73,217 11,166 6,923 91,306 |
2020 £ 3,032 5,496 641 1,966 3,413 81,934 482 2,518 3,185 - |
|---|---|---|
| 102,667 14,696 6,874 |
||
| 124,237 |
7 Support costs
| Staff costs Depreciation Property outgoings Sundry expenses Bank charges Office costs Telephone Legal and professional Accountancy Analysed between Charitable activities |
Support costs Governance costs £ £ 10,815 - 15 - 225 - - - 111 - - 295 - 802 - 1,410 - 4,416 11,166 6,923 11,166 6,923 |
2021 £ 10,815 15 225 - 111 295 802 1,410 4,416 18,089 18,089 |
2020 Basis of allocation £ 11,360 On time spent basis 17 On usage basis 627 Based on cost incurred 2,603 Based on cost incurred 89 Based on cost incurred 281 Governance 578 Governance 1,743 Governance 4,272 Governance 21,570 21,570 |
|---|---|---|---|
Accountancy costs includes payments to the Independent Examiner of £4,416 (2020: £4,272).
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A B D FOX SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
8 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits or reimbursement of expenses from the Charity during either year.
9 Employees
Number of employees
The average monthly number of employees during the year was:
| Clerk to Trustees Employment costs Wages and salaries Other pension costs |
2021 Number 1 2021 £ 10,500 315 10,815 |
2020 Number 1 |
|---|---|---|
| 2020 £ 10,917 443 |
||
| 11,360 |
There were no employees whose annual remuneration was £60,000 or more.
10 Net gains/(losses) on investments
| Revaluation of investments Gain/(loss) on sale of investments |
2021 2020 £ £ 310,584 (280,279) 3,369 22,012 313,953 (258,267) |
|---|---|
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A B D FOX SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
| 11 Tangible fixed assets Cost or valuation At 6 April 2020 Additions Disposals Revaluation At 5 April 2021 Depreciation and impairment At 6 April 2020 Depreciation charged in the year Eliminated in respect of disposals At 5 April 2021 Carrying amount At 5 April 2021 At 5 April 2020 |
Land and buildings £ 5,910,000 501,153 - 385,000 6,796,153 - - - - 6,796,153 5,910,000 |
Fixtures, fittings & equipment £ 101,040 - (2,760) - 98,280 87,358 2,760 (2,760) 87,358 10,922 13,682 |
Office equipment £ 484 - - - 484 384 15 - 399 85 100 |
Total £ 6,011,524 501,153 (2,760) 385,000 6,894,917 87,742 2,775 (2,760) 87,757 6,807,160 5,923,782 |
|---|---|---|---|---|
For the purposes of property ownership, the Trustees have formed an incorporated body, the incorporated Trustees of A B D Fox Settlement.
Freehold property is valued by the Trustees at the higher of acquisition cost in the year of acquisition only or the amount equivalent to its insurance reinstatement cost valuation.
The freehold property was valued for reinstatement purposes by J D Fuller MRICS, a Trustee of the Charity, on behalf of O A Chapman & Son, Chartered Surveyors on 5 April 2021.
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A B D FOX SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
12 Fixed asset investments
| Valuation At 6 April 2020 Additions Valuation changes Disposals At 5 April 2021 Carrying amount At 05 April 2021 At 05 April 2020 Material investments: Allianz global investors GMBH gilt Ishares S&P 500 UCITS United Kingdom (Government of) 0.5% Snr bds Mercantile Investment Tst Plc (The) ord GBP 0.025 Fixed asset investments revalued The investments are held at market value. The historic cost of the investments is £1,092,349 (2020: £1,550,220). 13 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 14 Debtors Amounts falling due within one year: Prepayments and accrued income |
Listed investments £ 1,866,476 31 313,953 (462,526) 1,717,934 1,717,934 1,866,476 2021 2020 £ £ 147,195 158,168 129,774 91,339 - 462,795 115,200 - 392,169 712,302 2021 2020 £ £ 1,864,985 2,016,097 2021 2020 £ £ 2,189 2,027 |
|---|---|
| 2021 £ 1,864,985 2021 £ 2,189 |
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A B D FOX SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021
15 Current asset investments
| Current asset investments | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Unlisted investments | 147,051 | 149,621 |
The current asset investments relate to the deposit and investment bank accounts held by the Charity.
16 Creditors: amounts falling due within one year
| 16 Creditors: amounts falling due within one year |
||
|---|---|---|
| 2021 £ Accruals and deferred income 6,154 Analysis of deferred income Deferred income brought forward 1,008 Released in the year (1,008) New contributions 825 Deferred income carried forward 825 17 Financial commitments, guarantees and contingent liabilities As at 31 March 2021, the charity had sold subject to contract two properties for £850,000. 18 Capital commitments 2021 £ At 5 April 2021 the Charity had capital commitments as follows: Contracted for but not provided in the financial statements: Acquisition of property, plant and equipment - |
2021 £ 6,154 1,008 (1,008) 825 825 |
2020 £ 5,280 |
| 1,696 (1,696) 1,008 |
||
| 1,008 | ||
| 2020 £ 500,000 |
The above commitment is in respect of a property acquisition for use of the beneficiaries of the charity.
19 Related party transactions
The Charity considers the key management personnel to comprise the Trustees. The employment benefits, including pension contributions, of the key management personnel were £nil (2020: £nil).
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A B D FOX SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2021
19 Related party transactions
(Continued)
Transactions with related parties
The Charity engaged the services of O A Chapman & Son, Chartered Surveyors to assist in dealing with relevant property matters. J D Fuller, a Trustee of the Charity and a member of the Royal Institute of Chartered Surveyors, is a consultant for O A Chapman & Son. The cost of these services amounted to £840 (2020: £1,290).
In addition the charity has during the year engaged the services of Willcox Law Limited in dealing with conveyancing and other legal matters. D J Gaffney, a Trustee of the Charity is employed by Willcox Law Limited. The cost of these services amounted to £1,418 (2020: £282).
The decision by the remaining board of Trustees to engage the services of O A Chapman & Son and Willcox Law Limited was made with due regard to the guidance issued by the Charity Commission and the powers conferred by the Charities Act 2011.
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