REGISTERED CHARITY NUMBER: 237708
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
THE R V COLEMAN TRUST
McCabe Ford Williams Chartered Accountants Charlton House Dour Street DOVER Kent CT16 1BL
THE R V COLEMAN TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
THE R V COLEMAN TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023
| Trustees | ||
|---|---|---|
| Year of Retirement | ||
| Nominative: | Councillor Mrs P.M Brivio | 2025 |
| Co-opted | B Lawrence Esq (Chairman) | 2025 |
| G A J Lymer Esq | 2025 | |
| Dr M J Parks | 2026 | |
| Mrs R R Wanstall | 2025 | |
| J T Woodland Esq | 2027 | |
| Clerk to the Trustees: | Mrs G Farthing | |
| PRINCIPAL ADDRESS | 3 Church Farm Mews | |
| The Street | ||
| East Langdon | ||
| Dover | ||
| Kent | ||
| CT15 5FE | ||
| REGISTERED CHARITY | 237708 | |
| NUMBER | ||
| INDEPENDENT EXAMINER | McCabe Ford Williams | |
| Chartered Accountants | ||
| Charlton House | ||
| Dour Street | ||
| DOVER | ||
| Kent | ||
| CT16 1BL | ||
| BANKERS | National Westminster Bank Plc | |
| 25 Market Square | ||
| Dover | ||
| Kent CT1 2TU |
||
| STOCKBROKERS | Rathbone Brothers Plc | |
| 8 Finsbury Circus | ||
| London EC2M 7AZ |
Page 1
THE R V COLEMAN TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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
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.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The total number of cases in which assistance was provided, where no assistance was available from other sources, was 39 at a total cost of £67,404 (2022: 33 at a total cost of £36,798). 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.
Investment 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
Financial position
The overall net value of the Trust funds amounted to £1,593,796 on 31 December 2023 (2022: £1,591,767). The total income generated by the Trust amounted to £83,450 (2022: £69,164). Of this, £76,524 was expended on charitable activities (2022: £41,184), £2,131 on support costs (2022: £4,906), and £20,227 on investment management costs (2022: £9,926). Net gains on investments were £17,461 (2022: gain of £81,086).
Reserves policy
The unrestricted reserves of the Trust, representing accumulated income not expended for the purposes of the Trust, as at the year-end amounted to £168,414 (2022: £173,398), and these are freely available to meet the future requirements of the Trust. The policy of the Trustees is to aim to retain enough reserves to meet anticipated operating costs for a period of six months and to allow any annual surpluses of income over expenditure to accumulate to meet any future requirements of the Trust's objectives. The current level of unrestricted reserves exceeds the policy, at the year end.
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
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is governed by the Charity Commission Scheme dated 4 December 2000. The appointment of Trustees is governed by the Charity's Constitution. The Trustees are authorised to appoint new Trustees to fill vacancies arising through the resignation or death of an existing Trustee. Recruitment and appointment of new Trustees is by invitation based on personal knowledge of the appointee. The nature of the Charity does not require that any induction and training procedures for Trustees are considered necessary. The day-to-day administration of the charitable objects is undertaken by the Welfare Officer, Mrs Jill Sarjeant following guidelines established by the Trustees.
Page 2
THE R V COLEMAN TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Plans for Future Periods
The Trustees will continue their existing policy of actively seeking potential beneficiaries and will aim to match annual income and expenditure to the best of their ability.
Risk management
The Trustees have considered the major risks to which the Charity is exposed and have developed policies and procedures to manage and mitigate their effects.
Approved by order of the board of trustees on 30 October 2024 and signed on its behalf by:
B Lawrence - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE R V COLEMAN TRUST
Independent examiner's report to the trustees of The R V Coleman Trust
I report to the charity trustees on my examination of the accounts of The R V Coleman Trust (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Ian Pascall FCA
McCabe Ford Williams Chartered Accountants Charlton House Dour Street DOVER Kent CT16 1BL
30 October 2024
Page 4
THE R V COLEMAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Income from investments 2 Total EXPENDITURE ON Investments Investment management costs 3 Charitable activities 4 Charitable activities Support costs Total Net gains on investments NET INCOME Transfers between funds 14 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 100 3,818 3,918 448 448 3,778 2,131 6,357 2,815 376 (5,360) (4,984) 173,398 168,414 |
Endowment fund £ - 79,532 79,532 19,779 19,779 72,746 - 92,525 14,646 1,653 5,360 7,013 1,418,369 1,425,382 |
2023 Total funds £ 100 83,350 83,450 20,227 20,227 76,524 2,131 98,882 17,461 2,029 - 2,029 1,591,767 1,593,796 |
2022 Total funds £ - 69,164 69,164 9,926 9,926 41,184 4,906 56,016 81,086 94,234 - 94,234 1,497,533 1,591,767 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
THE R V COLEMAN TRUST
BALANCE SHEET 31 DECEMBER 2023
| Notes FIXED ASSETS Investments Investments 10 Investment property 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds: General fund Endowment funds: Permanent endowment fund TOTAL FUNDS |
Unrestricted fund £ 53,976 - 53,976 6,244 113,190 119,434 (4,996) 114,438 168,414 168,414 |
Endowment fund £ 822,777 600,000 1,422,777 2,605 - 2,605 - 2,605 1,425,382 1,425,382 |
2023 Total funds £ 876,753 600,000 1,476,753 8,849 113,190 122,039 (4,996) 117,043 1,593,796 1,593,796 168,414 1,425,382 1,593,796 |
2022 Total funds £ 852,618 600,000 1,452,618 18,325 125,847 144,172 (5,023) 139,149 1,591,767 1,591,767 173,398 1,418,369 1,591,767 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 October 2024 and were signed on its behalf by:
B Lawrence - Trustee
The notes form part of these financial statements
Page 6
THE R V COLEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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 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.
Freehold investment property
The property is leased out to an independent third party under a full repairing lease. In accordance with the Statement of Recommended Practice, the investment property is carried at fair 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.
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.
Going concern
The Trustees assess 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.
continued...
Page 7
THE R V COLEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 2. INCOME FROM INVESTMENTS 2023 £ Rents receivable 47,095 Listed securities 34,819 Cash investments 1,436 83,350 3. INVESTMENT MANAGEMENT COSTS 2023 £ Stockbrokers' fees 7,620 Other professional fees 12,607 20,227 4. CHARITABLE ACTIVITIES COSTS Direct Support Costs (see costs (see note 5) note 6) £ £ Charitable activities 72,746 3,778 Support costs - 2,131 72,746 5,909 5. DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 £ Grants and donations 67,404 Welfare officer 5,200 Sundry expenses 142 72,746 6. SUPPORT COSTS Charitable activities Support costs |
2022 £ 34,250 34,535 379 69,164 2022 £ 8,126 1,800 9,926 Totals £ 76,524 2,131 78,655 2022 £ 36,798 4,274 112 41,184 Support costs £ 3,778 2,131 5,909 |
|---|---|
continued...
Page 8
THE R V COLEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| 2023 | 2022 | |||
|---|---|---|---|---|
| Charitable | Support | Total | Total | |
| activities | costs | activities | activities | |
| £ | £ | £ | £ | |
| Clerk | 3,778 | - | 3,778 | 2,717 |
| Independent examiners fees | - | 1,920 | 1,920 | 1,956 |
| Insurance | - | 211 | 211 | 233 |
| 3,778 | 2,131 | 5,909 | 4,906 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
8. STAFF COSTS
Remuneration was paid as follows:
9.
| Wages Social security costs Pension costs |
2023 £ 8,978 - - 8,978 |
2023 £ 8,978 - - 8,978 |
2022 £ 6,991 - - 6,991 |
|
|---|---|---|---|---|
| No employee received more than £60,000 in either year. The average number of employees in the year was: |
||||
Clerk |
1 | 1 | ||
| Welfare Officer | 1 | 1 | ||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Income from investments 2,627 EXPENDITURE ON Investments Investment management costs 500 500 Charitable activities Charitable activities - |
Endowment fund £ 66,537 9,426 9,426 41,184 |
Total funds £ 69,164 9,926 9,926 41,184 |
continued...
Page 9
THE R V COLEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Support costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 10. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2023 Additions at cost Disposal proceeds Investment gains/(losses) in year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Unrestricted fund £ 4,906 5,406 (10,495) (13,274) 23,647 10,373 163,025 173,398 |
Endowment fund £ - 50,610 91,581 107,508 (23,647) 83,861 1,334,508 1,418,369 |
Total funds £ 4,906 56,016 81,086 94,234 - 94,234 1,497,533 1,591,767 Listed investments £ 852,618 82,442 (75,768) 17,461 876,753 876,753 852,618 |
|---|---|---|---|
Investment gains/(losses) in the year include both realised and unrealised gains/(losses) in the year.
continued...
Page 10
THE R V COLEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
11. INVESTMENT PROPERTY
£
| FAIR VALUE At 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
600,000 600,000 600,000 |
|---|---|
The freehold land and buildings are leased to South Kent Community Health Care National Health Service Trust on a ten year lease that started in early 2023.
The Trustees value the property on an annual basis at fair value. Every five years, or if market conditions change significantly, an independent valuation is undertaken. The most recent valuation was made on 31 March 2022 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.
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Cash at brokers Sundry debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry creditors |
2023 £ 2,872 5,977 8,849 2023 £ 4,996 |
2022 £ 17,288 1,037 18,325 2022 £ 5,023 |
|---|---|---|
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
14. MOVEMENT IN FUNDS
| Unrestricted funds General fund Endowment funds Permanent endowment fund TOTAL FUNDS |
At 1.1.23 £ 173,398 1,418,369 1,591,767 |
Net movement in funds £ 376 1,653 2,029 |
Transfers between funds £ (5,360) 5,360 - |
At 31.12.23 £ 168,414 1,425,382 1,593,796 |
|---|---|---|---|---|
continued...
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THE R V COLEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
14. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Permanent endowment fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Endowment funds Permanent endowment fund TOTAL FUNDS |
Incoming resources £ 3,918 79,532 83,450 At 1.1.22 £ 163,025 1,334,508 1,497,533 |
Resources expended £ (6,357) (92,525) (98,882) Net movement in funds £ (13,274) 107,508 94,234 |
Gains and losses £ 2,815 14,646 17,461 Transfers between funds £ 23,647 (23,647) - |
Movement in funds £ 376 1,653 2,029 At 31.12.22 £ 173,398 1,418,369 1,591,767 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources Gains and resources expended losses £ £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 2,627 (5,406) (10,495) |
(13,274) |
| Endowment funds | ||
| Permanent endowment fund | 66,537 (50,610) 91,581 |
107,508 |
| TOTAL FUNDS | 69,164 (56,016) 81,086 |
94,234 |
Funds
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.
continued...
Page 12
THE R V COLEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023 (2022 none).
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Permanent | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | |||
| Fund | Fund | 2023 | 2022 | |
| Total | Total | |||
| £ | £ | £ | £ | |
| Investment property | - | 600,000 | 600,000 | 600,000 |
| Investments | 53,976 | 822,777 | 876,753 | 869,906 |
| Current assets | 119,434 | 2,605 | 122,039 | 126,884 |
| Creditors due within one year | (4,996) 168,414 |
- 1,425,382 |
(4,996) 1,593,796 |
(5,023) 1,591,767 |
Page 13
THE R V COLEMAN TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | |
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies | ||||
| Donations | 100 | - | 100 | - |
| Income from investments | ||||
| Rents receivable | - | 47,095 | 47,095 | 34,250 |
| Listed securities | 2,382 | 32,437 | 34,819 | 34,535 |
| Cash investments | 1,436 | - | 1,436 | 379 |
| 3,818 | 79,532 | 83,350 | 69,164 | |
| Total incoming resources | 3,918 | 79,532 | 83,450 | 69,164 |
| EXPENDITURE | ||||
| Investment management costs | ||||
| Stockbrokers' fees | 448 | 7,172 | 7,620 | 8,126 |
| Other professional fees | - | 12,607 | 12,607 | 1,800 |
| Charitable activities | 448 | 19,779 | 20,227 | 9,926 |
| Grants and donations | - | 67,404 | 67,404 | 36,798 |
| Welfare officer | - | 5,200 | 5,200 | 4,274 |
| Sundry expenses | - | 142 | 142 | 112 |
| Support costs | - | 72,746 | 72,746 | 41,184 |
| Support costs | ||||
| Clerk | 3,778 | - | 3,778 | 2,717 |
| Independent examiners fees | 1,920 | - | 1,920 | 1,956 |
| Insurance | 211 | - | 211 | 233 |
| 5,909 | - | 5,909 | 4,906 | |
| Total resources expended | 6,357 | 92,525 | 98,882 | 56,016 |
| Net income/(expenditure) before gains and | ||||
| losses | (2,439) | (12,993) | (15,432) | 13,148 |
| Net recognised gains and losses | ||||
| Net gains/(losses) on fixed asset investments | 2,815 | 14,646 | 17,461 | (83,914) |
| Surplus on revaluation of freehold property | ||||
| investment | - | - | - | 165,000 |
| Net income/(expenditure) | 376 | 1,653 | 2,029 | 94,234 |
This page does not form part of the statutory financial statements
Page 14