THE CARNIVAL ESTATE FUND RCN. 241149 YEAR ENDING 31ST MARCH 2023 FOREWORD: Tht year was Once AEoin dominated by tbe Covid p•ndemlc whh rntrietionj finauy lifted in late July. During the year the Trnstees continued their refurbishment plans wlth thr¢e fvrther dwelling8 being refurbi8h¢d with Iwo readY oc¢upied And ¢he third due imminenty. Number one aLw had a neiv roof and is aw*iiln¥ illt¢rn refurbi8hmen4 all dweUinE8 as they become vacant are not advertised until a modern kitchen. wetroom and redecoration Are complet& The after effeets of Covid have led to a shortsge of materials And * Ronger turn round time for the bunExlow& We remain grateful to our residenee for their understanding wnd to our trader8 Tvho come out promptty for gny emer%tn¢y work Tbe Trwleej continue to look for more iDter¢sted partits toioin the brd. We will be lookiDg to get some grants to enable some furtber insulation to help residents with the increased cost of beating their home& The Trnstee5 would finalty Aike to express their shock and borror when locAI KP. Sir D4vid Amess murdered at the local Baptist Church some
twenty yArds from the Estat& David was * great suppor¢er of Carnival and the Carnivgl Estote and will be greatly mi&sed, our thoughts art with12dy Julia and her family. MaAachy O'Sullivan.M.B.E Chair of Truste Tlic Trustees are pleascd to present their report with the financial statement for Ihe year ending 31 march 2021. Principle addr¢ssll¢rk to the Trustees 43 Thorndon Park driv#. L¢igh-on-S¢a SS9 4RF. Bankers . Lloyd5 High Str¢¢t Southend. Investments held with M&G Icharifimd) Independent Examiner-EH Taylor '. 203 London Road Hadlei8h SS7 2RD. Solicitors '. Drysdales CniVal Estate Fund - RCN 241149 TRUSTEES.. CHAIR.. MALACHYQSllLL. VICE CHAIR DAVID SEAGO JEAN POWER (restgned I. June 2020) None of the Trustees receive any direct remuneration for the work undertaken. Due to Covid the runnin8 of the Estate was done by phon¢. STRUCTURE, GOVERNANCE AND MANAGEMENT. The Trusle¢s have a responsibility for making regulations under the Deeds of Trust which Control the way the service to th¢ r¢sid¢nts 11> delivered. OBJECTIVES AND ACTIVITIES. Th¢ obj¢cls of the fund arc; i. The Trustees shall pay all sums whi¢h iaY be contributed or paid io th¢m into a ¢llellI or d¢posit account ¢all¢d"Camival ¢state Fund" &)d Inay leave either or all there or ftnvest the sums authorised by law for thc investment of Itt money with power to vary investments. 2. The Trustee5 may use the fidS to pUwhfj suitable freehold prop¢ni¢s in the Borough of Southend-on-sea. in accordance with Charity law to the benefit of ihose in need wtthin the Borough of southned or close vicinity. 3. No person qualified for selection shall bc disqualified by rwon only that they received assistance from public fid8. 4. The income ari8iThg from their investment of monie8 subject to the tNst of this deed or if necessary the capital or other monies in the hands of the Trnstee5 which are from time to time for th¢ preceding PUTposes sh811 be applied in or towards the repair. maintenance and insurance against fire of any buildin8 or propety subject to the trust theof. s The Trustees shall make regulations for the purpose afor¢said and also deciding the ternis upon which occupiers of bungalows or other accommodation er¢ct¢d shall b¢ occupied and in parttcular inay at th¢ir discretion require any such occupier to distribute lo any 12 months shall b¢ less than two thirds of the rateable valu¢ of the premiscs occupied as
t by the local rent officer with powcr from time to time to revok¢. modify. or alter all or any such regulations. REPORT AGAINST OBJECTIVES: i. The Tntee8 sh811 pay all sums made hereafter be contributed or paid by the purpow of th0 pr¢sent into a cumt or deposit account on¢d by th¢ Tnte¢S in th¢ nam¢ of the Carnival Estate Fund. 2. This money can be held or inve$ipAI in Accordance with the law Bovernin8 Trust money. 3 This money is currently held by Lloyds bank and the Tnle¢S will monitor the financial position of this bank so ag not to put the fimd8 at risk. 4. The Trustees shall stand possessed of ail monies ID The CaTnival Estate Fund and any investments held. Income of such fifftd8 to employ in their discretion. It may be used to purchase suitable freehold property in the Borough of Southend or vicinity for the OCCUPAtion by the aged people to be selected in accordance with the Truste¢s criteria at the time 5. All propcrties are opernted 88 Almshouses and eB¢h resident will pay a maint¢nanG¢ ¢har8e und¢r liG¢nr¢ to occupy(issued in cordl¢¢ witb guid¢lines issued by the Almshouses ASS). During the y¢ar. three bungalow8 were being fully r¢noval¢d await8 letting and a rolling pro8ramme of Chimncy moV819 was sp¢¢de41 up. Gcncral maintenance w&s on-¥oinB. Funding of maintwwicc. insuTrnce and water char8es or¢ m¢t from monthly contTibulions. These contributions gr¢ ¢al¢ulat¢d in a¢¢Orda0 with AJmshous¢ bud8Ct tting. Und¢r r¢gulation& approved by Tte¢S applicants for housin8 should include. • savu$ of less than £10,000 . The prosp¢¢tiv¢ resident must have lived in the Borou8h of Southend, Rwhford or Castle point for at lea8t 6 months . En the event of no guitable TSOn. PpIC from outside th¢sc areas whose families live in Southend and who could benefit will be consided providin8 such benefit can be demonstrated. CARNIVAL ESTATE FUND-RCN:241129 Following the 8a1¢ of th¢ Carnival store the money is h¢ld by Lloyds bank awaitin8 investment and investments with M&G Charifund. Employeeslcontractors The Tnt ¢mploys I part time stsff 8nd I contsactor Employee -Mrs Hilary Swo*ost £500 Fer rnonth ContractoTr Andrew Jeakins cosl £498.33p per month
FOREWORD: As we continued the recovery from Covid, we were hit by the war in Ukraine and the knock on efft•rts causing an energy shock and high inflation which impacted our residents. We therefore decided not to increase the maintenance tharge. During the year the Trustees continued thelr refurbishment plans with the re- roofing of a furtherthree blocks and deciding to finish the whole estate. As we removed the chimney stacks we arranged for new aerials to be installed and we are grateful to Phil for understanding the importance of TV to our residents. The 2 wacant properties are now let meaning we have no unoccupied units. We remain grateful to our residence for their understanding and to our traders who come out promptly for any emergency work. We held a Coronation Tea at the local thurth hall and were joined by several of the residents for a lovely social afternoon. Malachy (YSullivan.M.B.E Chair of Trustees. The Trustees are pleased to present their report with the financial statement for the year ending 31" march 2021. Principle address-clerk to the Trustees 43 Thorndon Park drive. Leigh-on-sea SS9 4RF. Bankers . Lloyds High Street Southend. Investments held with M&G (Charifund) Independent Examiner-EH Taylor . 203 London Road Hadleigh S57 2RD. Solicitors . Drysdales
Registered Charity No. 241149
THE CARNIVAL ESTATES FUND ACCOUNTS FOR THE YEAR ENDED 31[st] MARCH 2023
E. H. TAYLORS Accountancy, Taxation and Advisory 203 London Road Hadleigh, Essex SS7 2RD
Registered Charity No. 241149
THE CARNIVAL ESTATES FUND
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CARNIVAL ESTATES FUND
I report on the accounts of the Trust for the year ended 31[st] March 2023, which are set out in the Financial Statements Appended (pages 1 to 7).
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 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act) and
-
to state whether particular matters have come to my attention.
Basis of the independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. 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 the 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:
-
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 Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
R McConnell BSc FCA E. H. Taylors 203 London Road Hadleigh, Essex SS7 2RD
Date:
Registered Charity No. 241149
THE CARNIVAL ESTATES FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[st] MARCH 2023
| Notes INCOMING RESOURCES 3 Incoming resources from generated funds: Voluntary income Activities for generating funds Investment income Incoming resources from charitable activities Other incoming resources Total incoming resources RESOURCES EXPENDED 4 Costs of generating funds: Costs of generating voluntary income Fundraising trading costs Investment management costs Charitable activities Governance costs Other resources expended Total resources expended Net incoming/(outgoing) resources before transfers Gross transfers between funds Net incoming/(outgoing) resources before other recognised gains/(losses) OTHER RECOGNISED GAINS/(LOSSES) Gains/(Loss) on investment assets 8 Gain on disposal of tangible fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
Unrestricted Funds £ - - 1,798 95,600 - ----------- 97,398 ====== - - - 73,392 8,335 - --------- 81,727 ===== 15,671 - --------- 15,671 (2,065) - --------- 13,606 577,589 ----------- 591,195 ====== |
Total Funds 2023 £ - - 1,798 95,600 - ----------- 97,398 ====== - - - 73,392 8,335 - --------- 81,727 ===== 15,671 - --------- 15,671 (2,065) - --------- 13,606 577,589 ---------- 591,195 ====== |
Total Funds 2022 £ - - 1,604 86,465 - ---------- 88,069 ====== - - - 52,217 8,325 - --------- 60,542 ===== 27,527 - --------- 27,527 2,295 - ----------- 29,822 547,767 ----------- 577,589 ====== |
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.
The notes on pages 3 to 7 form part of these financial statements.
-1-
Registered Charity No. 241149
THE CARNIVAL ESTATES FUND
BALANCE SHEET
AS AT 31[st] MARCH 2023
| FIXED ASSETS Tangible Investments TOTAL FIXED ASSETS CURRENT ASSETS Cash at bank and in hand CREDITORS: amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after more than one year NET ASSETS THE FUNDS OF THE CHARITY Unrestricted funds Cyclical maintenance fund Endowment funds TOTAL FUNDS |
Notes 2023 2022 £ £ £ £ 7 43,214 45,095 8 31,715 33,780 ---------- ---------- 74,929 78,875 519,891 503,766 9 1,440 1,427 --------- ----------- 518,451 502,339 ----------- ----------- 593,380 581,214 9 2,185 3,625 ---------- ---------- 591,195 577,589 ====== ====== 591,195 577,589 - - - - ---------- ---------- 591,195 577,589 ====== ====== |
|---|---|
The financial statements on pages 1 to 7 were approved by the trustees and signed on their behalf by:-
………………………………. ……………………………….
CHAIRMAN TRUSTEE
DATE:
The notes on pages 3 to 7 form part of these financial statements.
-2-
Registered Charity No. 241149
THE CARNIVAL ESTATES FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st] MARCH 2023
1.1 BASIS OF PREPARATION
These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with Accounting and Reporting by Charities - Statement of Recommended Practice (SORP), FRS 102 2019 and with the accounting standards and with the Charities Act 2011.
1.2 CHANGE IN BASIS OF ACCOUNTING
There has been no change to the accounting policies (valuation rules and methods of accounting) since last year.
1.3 CHANGE TO PREVIOUS ACCOUNTS
No changes have been made to accounts for previous years.
2. ACCOUNTING POLICIES
In preparing the accounts the following accounting policies have been adopted:
-
a) Incoming resources are included in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources;
-
the trustees are virtually certain they will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
Where incoming resources have related expenditure, the incoming resources and related expenditure are reported gross in the Statement of Financial Activities (SoFA). Investment income is included when received.
-
b) Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from the revaluation of investments to market value at the end of the year.
-
c) Expenditure is included in the SoFA as soon as there is a legal or constructive obligation committing the charity to pay out resources. Governance costs include costs of the preparation and examination of statutory accounts, costs of trustee meetings and costs of any legal advice to trustees on governance or constitutional matters.
-
d) Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £500. They are depreciated on a straight line basis over their estimated useful lives as follows:
-
Freehold Land & Buildings 2%
-
e) Investments quoted on a recognised stock exchange are valued at market value at the year end.
-3-
Registered Charity No. 241149
THE CARNIVAL ESTATES FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st] MARCH 2023 (continued)
3. INCOMING RESOURCES
| 2023 | 2022 | |
|---|---|---|
| £ |
£ | |
| Voluntary income: | ||
| Donations | - | - |
| ===== | ==== | |
| Investment income: | ||
| Interest received | 12 | 1 |
| Dividends (see note 8) | 1,786 | 1,603 |
| -------- | -------- | |
| 1,798 | 1,604 | |
| ==== | ==== | |
| Incoming resources from charitable activities: | ||
| Maintenance contributions | 95,600 | 86,465 |
| Rent for store | - | - |
| --------- | --------- | |
| 95,600 | 86,465 | |
| ===== | ===== |
4. RESOURCES EXPENDED
| 2023 | 2022 | |
|---|---|---|
| £ |
£ | |
| Charitable activities: | ||
| Council tax | 3,200 | 2,702 |
| Insurance | 2,048 | 1,914 |
| Light and heat | 1,734 | 309 |
| Maintenance of gardens (including wages) | 6,300 | 6,310 |
| Maintenance of properties | 1,942 | 222 |
| Major repair works | 47,962 | 29,599 |
| Regular interval maintenance | 1,760 | 3,228 |
| Residents’ welfare | 2,743 | 2,416 |
| Water services | 3,822 | 3,636 |
| Depreciation | 1,881 | 1,881 |
| --------- | --------- | |
| 73,392 | 52,217 | |
| ===== | ===== | |
| Governance costs: | ||
| General administration | 2,292 | 2,268 |
| Finance cost | 43 | 57 |
| Salaries (see note 6) | 6,000 | 6,000 |
| --------- | --------- | |
| 8,335 | 8,325 | |
| ===== | ===== |
-4-
Registered Charity No. 241149
THE CARNIVAL ESTATES FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st] MARCH 2023 (continued)
5. EXPENSES INCURRED
Amounts paid to trustees for the reimbursement of out of pocket expenses are as follows:
| Number of trustees who were paid expenses Nature of the expenses: Residents’ welfare Electricity General administration Capital property costs Maintenance of properties Total amount paid |
2023 2 525 - 259 - - ------- £784 ==== |
2022 1 550 - - - - ------- £550 ==== |
|---|---|---|
Fees for the examination of the accounts and other services provided are as follows:
| 2023 | 2022 | |
|---|---|---|
| £ |
£ | |
| Independent examiner’s fees for reporting on the | ||
| financial statements | 1,800 | 1,800 |
| Other fees paid to the independent examiner | - | - |
| ------- | ------- | |
| Total amount paid | 1,800 | 1,800 |
| ==== | ==== | |
| AFF COSTS | ||
| 2023 | 2022 | |
| £ |
£ | |
| Gross wages | 12,300 | 12,310 |
| Employers National Insurance costs | - | - |
| Pension costs | - | - |
| --------- | --------- | |
| Total staff costs | 12,300 | 12,310 |
| ===== | ===== | |
| Number of employees in the year | No. | No. |
| Charitable activities (gardener) | 1 | 1 |
| Governance | 1 | 1 |
| ---- | ---- | |
| Total number of employees | 2 | 2 |
| == | == |
6. STAFF COSTS
-5-
Registered Charity No. 241149
THE CARNIVAL ESTATES FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st] MARCH 2023 (continued)
7. TANGIBLE FIXED ASSETS
COST As at 1stApril 2022 Disposal As at 31stMarch 2023 DEPRECIATION As at 1stApril 2022 Charge for the year Eliminated on disposal As at 31stMarch 2023 NET BOOK VALUE As at 31stMarch 2023 As at 31st March 2022 VESTMENTS Market value at 1 April 2022 Additions to investments at cost Disposals at carrying value Net loss on revaluation Market value at 31stMarch 2023 Analysis of investments Investments listed on a recognised stock exchange or held in common investment funds, open ended investment companies, unit trusts or other collective investment schemes Investments representing more than 5% of the value of the charity’s total investments M & G Units in Charifund |
Freehold land & buildings Total £ £ 94,072 94,072 - - --------- --------- 94,072 94,072 ===== ===== 48,977 48,977 1,881 1,881 - - --------- --------- 50,858 50,858 ===== ===== 43,214 43,214 ===== ===== 45,095 45,095 ===== ===== £ 33,780 - - (2,065) --------- 31,715 ===== Market value at 31st March 2023 Income from investments for the year £31,715 £1,786 ====== ===== Market value at 31st March 2023 % £31,715 100 ====== ==== |
|---|---|
8. INVESTMENTS
-6-
Registered Charity No. 241149
THE CARNIVAL ESTATES FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st] MARCH 2023 (continued)
9. CREDITORS
| 2023 | 2022 | |||
|---|---|---|---|---|
| Almshouse Association loan: | ||||
| Due within one year | 1,440 | 1,427 | ||
| Due within one to two years | 1,453 | 1,440 | ||
| Due within two to five years | 732 | 2,185 | ||
| Due after more than five years | - | - | ||
| -------- | -------- | |||
| Due after more than one year | 2,185 | 3,625 | ||
| ----------- | ----------- | |||
| £3,625 | £5,052 | |||
| ====== | ====== |
The Almshouse Association loan is unsecured and is repayable by instalments over a ten year term to September 2025.
10. RELATED PARTY TRANSACTIONS
None of the trustees were paid any remuneration or received any benefits during the year. Reimbursed expenses have been disclosed in note 5 of the financial statements.
-7-
Registered Charity No. 241149
THE CARNIVAL ESTATES FUND
THE CARNIVAL ESTATES FUND
I report on the accounts of the Trust for the year ended 31[st] March 2023, which are set out in the Financial Statements Appended (pages 1 to 7).
Respective responsibilities of trustees and examiner
is year under section 144 of the Charities Act
2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
examine the accounts under section 145 of the Charities Act
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act) and
to state whether particular matters have come to my attention.
My examination was carried out in accordance with general Directions given by the Charity Commission. 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 the 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
out in the statement below.
In connection with my examination, no matter has come to my attention:
-
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 Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
R McConnell BSc FCA E. H. Taylors 203 London Road Hadleigh, Essex SS7 2RD
Date: