The R V Coleman Trust Charity Number 237708
Trustees report and financial statements For the year ended 31 December 2020
The R V Coleman Trust
Contents
For the year ended 31 December 2020
Page Legal and administrative details Report of the Trustees 2-3 Independent Examiner’s Report Statement of financial activities Balance sheet Statement of Accounting Policies 7 - 8 Notes to the accounts 9 - 11
The R V Coleman Trust
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Reference and administrative details For the year ended 31 December 2020
The R V Coleman Trust is a registered charity established by the Charity Commission Scheme dated 4 December 2000.
Charity Registration number 237708.
Trustees
Year of Retirement
Nominative: Councillor Mrs P.M Brivio 2021 Co-opted B Lawrence Esq (Chairman) 2025 G Lymer Esq (appointed 22/10/20) Mrs M M R Pain Dr M J Parks 2021 Mrs R R Wanstall J T Woodland Esq Clerk to the Trustees : Mrs G Farthing Registered Address:- 3 Church Farm Mews The Street East Langdon Dover Kent CT15 5FE
Accountants:- Kreston Reeves LLP Chartered Accountants 37 St Margaret’s Street Canterbury Kent CT1 2TU Bankers:- National Westminster Bank plc 25 Market Square Dover Kent CT16 1NQ Stockbrokers:- Rathbone Brothers Plc 8 Finsbury Circus London EC2M 7AZ
The R V Coleman Trust
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Trustees’ report
For the year ended 31 December 2020
The Trustees present their annual report together with the financial statements of The R V Coleman Trust for the financial year from 1 January 2020 to 31 December 2020.
Objectives and activities
The main object of the Charity, as set out in the governing document, is the relieving, in cases of need, persons resident in Dover and the immediate neighbourhood thereof, who are sick, convalescent, disabled or infirm by providing or paying for items, services or facilities which are calculated to alleviate the suffering or assist the recovery of such persons in such cases but are not readily available to them from other sources. The Trustees may plan for such services or facilities to be provided for that purpose by other institutions or organisations in return for donations or subscriptions out of income of the Charity. The policy of the Trustees is to actively seek potential beneficiaries, largely by regular contact with local general medical practitioners.
The Trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
Achievements and Performance
a. Review of activities
The total number of cases in which assistance was provided, where no assistance was available from other sources, was 43 at a total cost of £32,893. The Trustees consider that the overall result for the year has been most satisfactory, the income and accumulated funds being adequate to meet the requirements of the charitable objects and costs of administration etc. The reduced activity in the year was wholly as a result of reduced demand for respite care following the Covid-19 virus outbreak.
b. Investment policy and performance
Investment performance is considered satisfactory and in line with the Trustees’ investment objectives and prevailing financial conditions. The investment policy does not permit investment in armaments, tobacco or alcohol.
Financial review
a. 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.
Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future.
b. Results for the year
The overall net value of the Trust funds amounted to £1,406,854 on 31 December 2020. The total income generated by the assets of the Trust amounted to £63,650. Of this £37,598 was expended on charitable activities, £3,756 on support costs and £7,404 on investment management costs. Net losses on investments were £51,007. In addition, the trust received an unrestricted bequest of £10,000.
Th? R V Coleman Trust Trustees, report {cgntinued For the year ended 31 December 2020 ReseTVeS poII¢y The unre8trlct8d reserves ofth8 TTUSI, wrÈsentiTr3 jMuraIed inwme not expended forthe pUOseS of the Trus(8S atthe yearond amounted to £158,612 these arefreely avallable to meetthefutiwe requiremènts of the Tntst The pthy Df the Trustees 15 to awn to relain enough reservesto meet anticipaled operating costsft>r a peFKJd of sry months and to allow any aruwal surpluses of income over exFendItU to Imulateto meet any tre reqthrements of the Tru5fs obiecb Structure, Gov¢rnanceand IAlarAgM•nt The Chlty is govemed by the ChtlY corrKriS Stheme dated4 Dther2000. The ppob)bnrt of Trustees is govemed by the Clwrvs Ctinslitulion. The TAtee5 are authorised lo appoint newTTUStees to fill vacancies aiising through the resJnation or tleath elan existing Trustee. Rer¥uNrrntand appointment of newTntÉes 1$ by invilalton based on per80nal know]edge of appointee. The nature of the Charity does rwjt require that 8ny indudion and trainiw wcyedures forTrustees ar& eonsidèred netsssary. The day lo day adminislrab'on of the charitable obieds undettaken by thewelfare Officer, Mrs Barbara Godfrey and after hèr retirern by hersuc¢ew M(5 JIS Siet foJlvw¥J guidelwies eslabfBh8d by tha Trustees. sk management TheTrustees have eonsldered the nior ii5ks to wtiK the C1Y is eX)Sed aTrJ ha developed po1leS and Procedures to manage and mitsgatetheireffe¢ts. Plans for Future Perlods The TTusleeswill po&¥ ofactivdy seekfftg benEfKirn and ¥1 aim to match nual income and expendiiwetothe bestofthraWy. Trustees r8sponsibilities statement The Trustees are r&sponsiblè for pwaiiThJ the Tnthes. reportand the ffftmal statemèrts Dl acuydanr with applicable law and United Kingdom A0{¥0 Slandards {Urited Inj0M General AccÈpted A¢¢ounting Pr1[Cel. law applicable to chartties fhe TeS to prepare frjanryal statements for each fnancial yearwhich require a true and fairview oflhe affairsof the ChaTity and of the income and application of resourrs. incbjthng the iwjmg and eyperbjibxe ofthe Charity forthat perwyj. In PT2p1J thesefinanolal stalernent4 fhe Trustees are required to: sele(# ¥uifable acoiunting and tin atvythem (ns151enlty. obs¢nfe the methods and princIpS #ithe ChlIeS SORP. makejudgements and aco)wts estimates thal are reasonth and wudwL prepare thÈ finarla7 staterrEnts on the g01r cern basi8 untess It Is Inapprryiate to PTesumg Ihat the Charitywill cuntinue in operatio The Trustees are Tesponknle for keep adewate accountiro reo)Td5 that arg enwgh to show and explain fhg Chatiys transactions and d¢thsewrth reasonablè accw at arty15me the finantial posiaon ofthe Charity. They are also responsible for safeguar(INJ the assets of the ClwAy and fortsknng reasonable steps forthè prèVÉnn and detection of trauLI and other rreguiariti. Approval This report was approvgj by Tntstèes onL4y 8igned on Itw haty. B LavKence Chairnian
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Independent Examiner’s Report to the Trustees of The R V Coleman Trust For the year ended 31 December 2020
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020, which are set out on pages 5 to 11.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Responsibilities and basis of report
As the Charity’s Trustees 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 Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the 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:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those records.
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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.
J Williamson BSc (Hons) FCA Kreston Reeves LLP
37 St Margaret’s Street Canterbury Kent CT1 2TU
The R V Coleman Trust
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Statement of financial activities For the year ended 31 December 2020
| Unrestricted Note Fund £ Income from Investments 1 1,907 Donations 10,000 Bank compensation 100 Total Income 12,007 Expenditure on Investment management costs 2 528 Expenditure on Charitable activities 3 3,756 Total expenditure 4,284 Net movement in funds before investment gains/(losses) 7,723 Net gains/(losses) on investment assets 7 846 Net movement in funds for the year 8,569 Transfers between funds 24,177 Net movement in funds 32,746 Reconciliation of funds Total funds brought forward 125,866 Net movement in funds 32,746 Total funds carried forward 158,612 |
Permanent Endowment Fund £ 61,643 - - 61,643 6,876 37,598 44,474 17,169 (51,853) (34,684) (24,177) (58,861) 1,307,103 (58,861) 1,248,242 |
Total Funds 2020 £ 63,550 10,000 100 73,650 7,404 41,354 48,758 24,892 (51,007) (26,115) - (26,115) 1,432,969 (26,115) 1,406,854 |
Total Funds 2019 £ 73,675 220 - 73,895 8,137 66,140 74,277 (382) 102,936 102,554 - 102,554 1,330,415 102,554 1,432,969 |
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The notes on pages 7 to 11 form part of these financial statements.
The R V Coleman Tftt Balane• Sheet As at 31 DeC•mr 2020 Total Fund5 2020 Totsl Funds 2019 Fund FWMI Flxad •ss•ts Investrnent propety Investments 435.0( 813,242 435.IMIO 877.551 435.0 926,071 Totsl Ilxed assets 1.248.242 1.312.551 1.361.071 Current assets Debtors Cash at bank 79 98.405 299 77.3 98.405 Total CUfr•nt ass 98.484 77,362 Llabilltkn5 Creditors." AJnounts faNirrfJ due Vlithin one year 4.181 4,181 94.303 91303 71.898 N•t assets 158.612 1.248242 1.406.854 I,432,9 Total charty lunds 10 1S8.612 1.248.242 1.406,854 1,432,969 The notes on pages 7 to 11 fomi part of these financial stalements. Approved by the Trustees onL H4YSii and signetj on their behatt by. Lawrence TDJStee
The R V Coleman Trust
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Accounting policies
For the year ended 31 December 2020
General information
The R V Coleman Trust is an unincorporated charity operating in England and Wales. The address of the registered office is 3 Church Farm Mews, The Street, East Langdon, Dover, CT15 5FE. Details of the principal activities are included in the Trustees’ Report.
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Charities SORP (FRS102) – 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102.
Going concern
The Trustees consider whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Income and expenditure
Income arising from the Permanent Endowment Fund is applied primarily in meeting the objects of the Trust, and any surplus is available to supplement income arising from the Unrestricted Fund to meet expenditure on management and administration which includes all expenditure not directly related to the charitable activity.
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
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.
The R V Coleman Trust
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Accounting policies (continued) For the year ended 31 December 2020
Freehold Investment Property
The property is leased out to an independent third party under a full repairing lease, and the Statement of Recommended Practice for charity accounts requires a formal valuation to be carried out at least every five years. In the light of this, the Trustees consider that the life of the freehold property and its residual value is such that its depreciation is not significant.
Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.
Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Financial instruments
The Charity only has financial assets and financial liabilities of a kind that they are qualified as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
The permanent endowment fund is comprised of the value of the Charity’s investment property and listed investments, with the income arising from this fund being applied to meet the objects of the Trust.
The R V Coleman Trust
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Notes to the financial statements For the year ended 31 December 2020
1 Income from Investments
| 1 Income from Investments Permanent Unrestricted Endowment Fund Fund £ £ Rent - 34,250 Listed securities 1,834 27,393 Cash investments 73 - 1,907 61,643 Total 2019 2,527 71,148 2 Investment management costs Permanent Unrestricted Endowment Fund Fund £ £ Stockbrokers' Fees 528 6,876 528 6,876 Total 2019 489 7,648 3 Charitable activities Permanent Unrestricted Endowment Fund Fund £ £ Payments made for beneficiaries less contributions received - 32,893 Welfare officer - 4,516 Printing, postage, stationery etc - 189 Support costs (see note 4) 3,756 - 3,756 37,598 Total 2019 3,727 62,413 4 Support costs Clerk Independent examiners fees Insurance |
2020 Total £ 34,250 29,227 73 63,550 73,675 2020 Total £ 7,404 7,404 8,137 2020 Total £ 32,893 4,516 189 3,756 41,354 66,140 2020 Total £ 2,879 654 223 3,756 |
2019 Total £ 34,250 39,296 129 73,675 2019 Total £ 8,137 8,137 2019 Total £ 57,542 4,822 49 3,727 66,140 2019 Total £ 2,880 624 223 3,727 |
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The R V Coleman Trust
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Notes to the financial statements For the year ended 31 December 2020
5 Trustees Remuneration
No remuneration was paid to the Trustees during the year (2019: NIL) and no expenses were reimbursed to them (2019: NIL).
6 Investment property
Freehold land and buildings:
| Valuation at 1 January 2020 and 31 December 2020 | £ 435,000 |
|---|---|
The freehold land and buildings are leased to South Kent Community Health Care National Health Service Trust on a three month notice basis.
The valuation was made on 31 March 2017 by Caxtons, Chartered Surveyors on the basis of current open market value of the freehold interest subject to the lease. They are not an employee or Trustee of the charity. The Trustees feel that there has been no significant movement since the last formal valuation on 31 March 2017.
7 Fixed asset investments
| Unrestricted Fund £ 53,968 Additions at cost 15,127 Disposals at cost (5,632) Investment gains/(losses) in year 846 Market value at 31 December 2020 64,309 Book value at 1 January 2020 52,511 Book value at 31 December 2020 61,976 |
Permanent Endowment Fund £ 872,103 142,347 (149,355) (51,853) 813,242 726,430 699,245 |
2020 Total £ 926,071 157,474 (154,987) (51,007) 877,551 778,941 761,221 |
2019 Total £ 831,058 79747 (87,670) 102,936 926,071 774,599 778,941 |
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Note:
Investment gains/(losses) in the year include both realised and unrealised gains/ (losses) in the year.
The R V Coleman Trust
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Notes to the accounts For the year ended 31 December 2020
| 8 Debtors Other debtors 9 Creditors: Amounts falling due within one year Other creditors 10 Funds |
2020 £ 79 2020 £ 4,181 |
2019 £ 299 2019 £ 5,464 |
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| Permanent Endowment Fund Unrestricted Fund |
Brought Forward 1,307,103 125,866 1,432,969 |
Income 61,643 12,007 73,650 |
Expenditure (44,474) (4,284) (48,758) |
Transfers In/out (24,177) 24,177 - |
Gains/ (Losses) (51,853) 846 (51,007) |
Carried Forward 1,248,242 158,612 1,406,854 |
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The Unrestricted Fund represents accumulations of income which are available to be applied for any of the purposes for which the fund was established.
The Permanent Endowment Fund represents the Capital Assets held by the Trustees at the date of the constitution of the scheme together with subsequently realised and unrealised gains and losses. The income from the fund is available to meet payments to beneficiaries together with the cost of administration.
| 11 Analysis of net assets between funds Tangible fixed assets Investments Current assets Creditors due within one year |
Unrestricted Fund £ - 64,309 98,484 (4,181) 158,612 |
Permanent Endowment Fund £ 435,000 813,242 - - 1,248,242 |
2020 Total £ 435,000 877,551 98,484 (4,181) 1,406,854 |
2019 Total £ 435,000 926,071 77,362 (5,464) 1,432,969 |
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