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 b￿rd. 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 C￿niVal 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 i￿aY be contributed or paid io th¢m into a ¢ll￿ellI 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 It￿t money with power to vary investments. 2. The Trustee5 may use the fi￿dS 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 fi￿d8. 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 the￿of. 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 Tn￿tee8 sh811 pay all sums made hereafter be contributed or paid by the purpow of th0￿ pr¢sent into a cumt or deposit account o￿n¢d by th¢ Tn￿te¢S in th¢ nam¢ of the Carnival Estate Fund. 2. This money can be held or inve$ipAI in Accordance with the law Bovernin8 Trust money. 3 This money is currently held by Lloyds bank and the Tn￿le¢S will monitor the financial position of this bank so ag not to put the fimd8 at risk. 4. The Trustees shall stand possessed of ail monies ID The CaTnival Estate Fund and any investments held. Income of such fifftd8 to employ in their discretion. It may be used to purchase suitable freehold property in the Borough of Southend or vicinity for the OCCUPAtion by the aged people to be selected in accordance with the Truste¢s criteria at the time 5. All propcrties are opernted 88 Almshouses and eB¢h resident will pay a maint¢nanG¢ ¢har8e und¢r liG¢nr¢ to occupy(issued in ￿cord￿l¢¢ witb guid¢lines issued by the Almshouses ASS￿). During the y¢ar. three bungalow8 were being fully r¢noval¢d await￿8 letting and a rolling pro8ramme of Chimncy ￿moV819 was sp¢¢de41 up. Gcncral maintenance w&s on-¥oinB. Funding of maintwwicc. insuTrnce and water char8es or¢ m¢t from monthly contTibulions. These contributions gr¢ ¢al¢ulat¢d in a¢¢Orda0￿ with AJmshous¢ bud8Ct tting. Und¢r r¢gulation& approved by T￿￿te¢S applicants for housin8 should include. • savu￿$ 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. P￿pIC from outside th¢sc areas whose families live in Southend and who could benefit will be conside￿d 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 Tn￿t ¢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: 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 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 2. 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: 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 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 2. 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: