2021-12-31-accounts - The Nancy Derbyshire Trust

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THE NANCY DERBYSHIRE TRUST

ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

Charity Registration No. 237996

THE NANCY DERBYSHIRE TRUST

LIST OF PROFESSIONAL ADVISERS:

Independent Examiner:

Independent Examiner: Will Campbell FCA Beever and Struthers Suite 9b The Beehive Lions Drive Blackburn BB1 2QS Solicitors: Forbes 2/6 Wellington Street (St John’s) Blackburn BB1 8DD Bankers: HSBC Bank plc 60 Church Street Blackburn BB1 5AS

THE NANCY DERBYSHIRE TRUST

Contents	Page
Trustees’ Annual Report	1 - 2
Independent Examiner’s Report	3
Statement of Financial Activities	4
Balance Sheet	5
Notes to the Financial Statements	6 - 9

THE NANCY DERBYSHIRE TRUST

TRUSTEES’ ANNUAL REPORT

The Trustees present their annual report for the year ended 31 December 2021.

Principal aims and objectives:

The trust was established under a Trust deed dated 26 August 1893. Its objects are to provide Almshouses for poor persons of good character who have resided within the borough for at least 5 years. Any residue of income may be distributed amongst other similar people.

Main activities, achievements and financial performance:

During the period under review, the rents received by the trust amounted to £19,790 (2020: £20,988) and all other income received was from investments.,

Legal and Administrative information:

The name of the charity is The Nancy Derbyshire Trust.
The Charities Registration number is 237996.
The premises of the Trust are the Almshouses, St Silas’ Road, Blackburn but all correspondence should be addressed to Adam Bromley at Forbes Solicitors, 2-6 Wellington Street (St John’s), Blackburn.
The names of the trustees who served during the year were as follows:-

R Prest D W Kemp – Appointed 10[th] December 2021

V Edge A J Bromley J P Dignan S Jolly J C Barker – Resigned 10[th] December 2021

The power of appointing new trustees is exercisable by all existing trustees.

The Trustees have invested certain of the Trust’s Funds into a range of investments as detailed in Note 6 to the accounts. The market value of the investments increased has increased by £26,799 (2020: £18,825 decrease) during the year.

Reserves Policy

Unrestricted funds are needed:

to produce investment income sufficient to cover the Trust’s normal level of expenditure and
to maintain a contingency reserve to safeguard the Trust in the event of unforeseen circumstances.

The level of reserves is monitored and reviewed by the Trustees annually.

The trust has an Endowment Fund of £160,000 (2020: £160,000).

THE NANCY DERBYSHIRE TRUST

TRUSTEES’ ANNUAL REPORT (CONT)

Statement of trustees’ responsibilities

The trustees of The Nancy Derbyshire Trust have pleasure in presenting their Report and Financial Statements for the year ended 31 December 2021. The financial statements comply with the Statement of Recommended Practice – Accounting and Reporting by Charities.

The law applicable to charities in England and Wales requires the trustees to prepare statements of account for each financial year, which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

(a) Select suitable accounting policies and apply them consistently;
(b) Make judgements and estimates that are reasonable and prudent;
(c) State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
(d) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity which enable them to ensure that the financial statements comply with the Charity (Accounts and Reports) Regulations 2000. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are also responsible for all trust finance, its management and control. These responsibilities include:

(a) Keeping “proper accounting records” which are sufficient to show and explain all the trust’s transactions and must include a record of all relevant assets and liabilities.
(b) Ensuring that the finances of the trust are under its control and only delegated if the trust can ensure that its wishes will be followed.
(c) Preparing annual financial statements and report, which shall be presented to the trustees in accordance with the requirements of the trust deeds.

PUBLIC BENEFIT

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the trust’s aims and objectives and in planning future activities

Approved by the trustees and signed on their behalf:

Signed: R Prest

Date: …………………

THE NANCY DERBYSHIRE TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE NANCY DERBYSHIRE TRUST

I report on the accounts of the Trust for the year ended 31 December 2021, which are set out on pages 4 to 5.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

1) 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 2011 Act; and
to prepare accounts which accord to the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
2) To which, in my opinion, attention should be drawn in order to enable the proper understanding of the accounts to be reached.

Will J Campbell FCA Beever and Struthers Suite 9b, The Beehiive Lions Drive Balckburn BB1 2QS

Dated: …………………

THE NANCY DERBYSHIRE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Note Income and Endowments Income Donations Rental income 2 Investment income 3 Total Expenditure: Charitable activities 4 Net incoming / (outgoing) resources before other gains Transfers between funds Net unrealised (loss) gain on investments 6 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward	2021 Unrestricted Funds Endowment Funds Total £ £ £ - - - - 19,790 19,790 5,844 - 5,844 5,844 19,790 25,634 (6,008) (5,357) (11,366) (165) 14,433 14,269 14,433 (14.433) - 26,799 - 26,799 41,068 - 41,068 294,482 160,000 454,482 335,550 160,000 495,550	2020 Unrestricted Funds Endowment Funds Total £ £ £ - - - - 20,988 20,988 5,648 - 5,648
		5,648 20,988 26,636 (3,679) (2,656) (6,335)
		1,969 18,332 20,301 18,332 (18,332) - (18,825) - (18,825)
		1,476 - 1,476
		293,006 160,000 453,006
		294,482 160,000 454,482

There are no recognised gains or losses in 2021 or 2020 other than net movements in funds for the year.

The notes on pages 6 to 9 form part of these accounts.

THE NANCY DERBYSHIRE TRUST BALANCE SHEET AS AT 31 DECEMBER 2021

Note Fixed assets Investment property 5 Investments 6 Current assets Debtors 7 Cash at bank 8 Liabilities Creditors: amounts falling within one year 9 Net Current Assets Total Assets less Current Liabilities The funds of the charity: Unrestricted income funds Endowment fund	Unrestricted Funds Endowment Funds 2021 Total £ £ £ 35,497 160,000 195,497 243,663 - 243,663 279,160 160,000 439,160 670 - 670 57,160 - 57,160 57,830 - 57,830 (1,440) - (1,440) 56,390 - 56,390 335,550 160,000 495,550 335,550 - 335,550 - 160,000 160,000 335,550 160,000 495,550	2020 Total £ 195,497 216,864
		412,361
		654 42,187
		42,841 (720)
		42,121
		454,482
		294,482 160,000
		454,482

Approved by the trustees and authorised for issue on ………………… Signed on behalf of the trustees by:

R Prest

THE NANCY DERBYSHIRE TRUST 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS

1 Principal accounting policies

Basis of accounting

The financial statements have been prepared in accordance with 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 the Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Nancy Derbyshire Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recorded at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going Concern

The Trustees have, at the time of approving these accounts a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. Therefore, the trustees continue to adopt the going concern basis of accounting in the preparation of these accounts.

Fund accounting

Unrestricted funds represent the funds of The Nancy Derbyshire Trust that are not subject to any restrictions regarding their use and are available for application on the general purpose of The Nancy Derbyshire Trust.

Endowment funds are in relation to the properties. These properties are to be held in perpetuity and not to be sold unless the upkeep of the buildings require to do so. Any rental income earned is to be spent on the upkeep of the buildings.

Income

Income from donations and legacies

Donations and legacies to The Nancy Derbyshire Trust are accounted for as soon as income can be measured and receipt is probable.

Income from investments

Dividends and interest are accounted for when receivable.

Income from investment properties

Rental income is accounted for as the service is provided.

Gains and losses on investments

Realised gains or losses are recognized when investments are sold.

Unrealised gains or losses are accounted for on revaluation of investments at 31 December 2021.

THE NANCY DERBYSHIRE TRUST 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS

1 Principal accounting policies (continued)

Resources expended

Expenditure on charitable activities

Activities directly relating to the work of the trust includes both direct expenditure and allocated support costs, including any governance costs relating to the strategic management of the trust. This includes the costs of examination of the financial statements. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Taxation

The trust is a registered charity and income and gains of the charity are exempt from taxation to the extent they are applied to the charitable objectives.

Assets and liabilities

Investment Property

Investment properties should be included in the accounts at market value. No valuation of the properties has been included in these financial statements due to the cost of providing that valuation not deemed to be in the best interests of The Nancy Derbyshire Trust.

Investments

Investments are shown at market value at 31 December 2021.

Realised and unrealised gains and losses are recognised in the Statement of Financial Activities.

Current assets

Amounts owing to the trust at 31 December 2021 in respect of fees and other income are shown as a debtor.

2 Rental Income House rents received 3 Income earned from investments National savings income bond Equities investment fund for Charities Alliance trust plc Foreign and colonial investment trust	2021 2020 £ £ 19,790 20,988 2021 2020 £ £ 3 224 5,328 4,884 248 182 264 249
	5,844 5,648

THE NANCY DERBYSHIRE TRUST 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS

5 Investment Properties Valuation brought forward as at 1 January 2021 Property improvements in the year Valuation carried forward as at 31 December 2021 4 Expenditure on charitable activities Garden maintenance Donations and subscriptions Repairs and renewals Insurance Utility costs Accountancy services Management charges	2021 £ 3,835 - 1,523 1,358 3,030 720 900	2021 £ 3,835 - 1,523 1,358 3,030 720 900	2020 £ 548 - 2,108 1,376 1,323 680 300
	11,366		6,335
			2021 £ 195,497 - 195,497

Due to the costs that would be involved in obtaining a valuation of the properties each year compared to the benefit this would provide, the Trustees continue to include the investment properties at previous valuations.

6 Investments Investments b/fwd at market value 01.01.21 Additions Disposals Movement in market value in year Investments c/fwd at market value 31.12.21	At Market Value At Cost £ £ 196,864 20,000 - - - - 26,799 - 223,663 20,000	Total £ 216,864 - - 26,799
		243,663

The investments figure above is broken down into the following individual investments:

6,680 M+G Charifund Income Units EIFC 684 Accumulation Shares NAACIF 11,672 Income Shares NAACIF 1700 Alliance Trust Plc 2,150 Foreign and Colonial Investment Trust	2021 2020 £ £ 103,954 91,688 71,617 63,281 10,639 9,760 17,544 15,215 19,909 16,920
	223,663 196,864

THE NANCY DERBYSHIRE TRUST 31 DECEMBER 2021 NOTES TO THE FINANCIAL STATEMENTS

8 Cash at bank Bank current account 9 Creditors: amounts falling within one year Accruals 7 Debtors Prepayments		2021 2020 £ £ 57,159 42,187 2021 2020 £ £ 670 654 670 654


		57,159 42,187
		2021 2020 £ £ 1,440 720
		1,440 720

10 Analysis of funds

The analysis and movement of funds (unrestricted and endowment funds) are shown in the Statement of Financial Activities. The terms of the endowment fund are that the fund cannot be realised to fund day to day activities. The fund is to be held in perpetuity.

11 Trustees

No Trustees, nor any person connected with them, have received any remuneration from the charity during the year.

12 Related party transactions

There were no related party transactions during the year.