THE NANCY DERBYSHIRE TRUST
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
Charity Registration No. 237996
THE NANCY DERBYSHIRE TRUST
LIST OF PROFESSIONAL ADVISERS:
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 2022.
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 £23,978 (2021: £19,790) and all other income received was from investments.,
Legal and Administrative information:
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The name of the charity is The Nancy Derbyshire Trust.
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The Charities Registration number is 237996.
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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.
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The names of the trustees who served during the year were as follows:-
R Prest J C Barker V Edge A J Bromley J P Dignan S Jolly
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 decreased by £7,431 (2021: £26,799 increased) during the year.
Reserves Policy
Unrestricted funds are needed:
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to produce investment income sufficient to cover the Trust’s normal level of expenditure and
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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 (2021: £160,000).
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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 2022. 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:
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(a) Select suitable accounting policies and apply them consistently;
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(b) Make judgements and estimates that are reasonable and prudent;
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(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
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(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:
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(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.
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(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.
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(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: …………………
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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 2022, 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:
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examine the accounts under section 145 of the 2011 Act;
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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
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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:
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1) Which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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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
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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: …………………
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THE NANCY DERBYSHIRE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 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 |
2022 Unrestricted Funds Endowment Funds Total £ £ £ - - - - 23,978 23,978 6,825 - 6,825 6,825 23,978 30,803 (6,935) (17,484) (24,419) (110) 6,494 6,384 6,494 (6,494) - (7,431) - (7,431) (1,047) - (1,047) 335,550 160,000 495,550 334,503 160,000 494,503 |
2021 Unrestricted Funds Endowment Funds Total £ £ £ - - - - 19,790 19,790 5,844 - 5,844 |
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| 5,844 19,790 25,634 (6,008) (5,357) (11,366) |
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| (165) 14,433 14,269 14,433 (14,433) - 26,799 - 26,799 |
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| 41,068 - 41,068 |
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| 294,482 160,000 454,482 335,550 160,000 495,550 |
There are no recognised gains or losses in 2022 or 2021 other than net movements in funds for the year.
The notes on pages 6 to 9 form part of these accounts.
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THE NANCY DERBYSHIRE TRUST BALANCE SHEET AS AT 31 DECEMBER 2022
| 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 2022 Total £ £ £ 35,497 160,000 195,497 236,232 - 236,232 271,729 160,000 431,729 733 - 733 63,541 - 63,541 64,274 - 64,274 (1,500) - (1,500) 62,774 - 62,744 334,503 160,000 494,503 334,503 - 334,503 - 160,000 160,000 334,503 160,000 494,503 |
2021 Total £ 195,497 243,663 |
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| 439,160 | ||
| 670 57,160 |
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| 57,830 (1,440) |
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| 56,390 | ||
| 495,550 | ||
| 335,550 160,000 |
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| 495,550 |
Approved by the trustees and authorised for issue on ………………… Signed on behalf of the trustees by:
R Prest
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THE NANCY DERBYSHIRE TRUST 31 DECEMBER 2022 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 2022.
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T HE NANCY DERBYSHIRE TRUST 31 DECEMBER 2022
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.
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 2022.
Realised and unrealised gains and losses are recognised in the Statement of Financial Activities.
Current assets
Amounts owing to the trust at 31 December 2022 in respect of fees and other income are shown as a debtor.
2
3
| Rental Income House rents received Income earned from investments National savings income bond Equities investment fund for Charities Alliance trust plc Foreign and colonial investment trust |
2022 2021 £ £ 23,978 19,790 2022 2021 £ £ - 3 6,037 5,328 504 248 284 264 6,825 5,844 |
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T HE NANCY DERBYSHIRE TRUST 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS
| 5 Investment Properties Valuation brought forward as at 1 January 2022 Property improvements in the year Valuation carried forward as at 31 December 2022 4 Expenditure on charitable activities Garden maintenance Donations and subscriptions Repairs and renewals Insurance Utility costs Bank charges Professional services Accountancy services Management charges |
2022 £ 2021 £ 2,191 3,835 - - 17,484 1,523 1,442 1,358 1,668 3,030 65 - 189 - 780 720 600 900 24,419 11,366 |
2022 £ 2021 £ 2,191 3,835 - - 17,484 1,523 1,442 1,358 1,668 3,030 65 - 189 - 780 720 600 900 24,419 11,366 |
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| 2022 2021 £ £ 195,497 195,497 - - 195,497 195,497 |
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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 | ||
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| Investments b/fwd at market value 01.01.22 Additions Disposals Movement in market value in year Investments c/fwd at market value 31.12.22 |
Held At Market Value Held At Cost £ £ 226,663 20,000 - - - - (7,431) - 216,232 20,000 |
2022 Total 2021 Total £ £ 243,663 216,864 - - - - (7,431) 26,799 |
| 236,232 243,663 |
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T HE NANCY DERBYSHIRE TRUST 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS
Investments continued…
The investments held at market value 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 |
2022 2021 £ £ 98,164 103,954 72,183 71,617 10,308 10,639 16,133 17,544 19,444 19,909 |
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| 216,232 223,663 |
| 7 Debtors Prepayments 8 Cash at bank Bank current account 9 Creditors: amounts falling within one year Accruals |
2022 2021 £ £ 733 670 733 670 2022 2021 £ £ 63,541 57,159 63,541 57,159 2022 2021 £ £ 1,500 1,440 1,500 1,440 |
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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.
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