## **THE CARNIVAL ESTATE FUND**
# **RCN. 241149**
# **YEAR ENDING 31[ST] MARCH 2024**
## **FOREWORD:**
**This year we started to get back to normal! After the effects of covid and the continued war in Ukraine.**
**The Trustees again agreed not to raise the maintenance charge to help our residents cope with the cost-of-living crisis which has thankfully abated.**
**Since Andrew our gardener of many years left, we are now on our third replacement and the gardens are starting to look better.**
**With the reroofing of the Estate now complete we will shortly be renewing the front and back doors for better quality insulation. The plaque will also be renewed.**
**We sadly lost one of our long-term residents and the bungalow is currently being refurbished.**
**Our search for new Trustees goes on**
**Malachy O’Sullivan.M.B.E Chair of Trustees.**
The Trustees are pleased to present their report with the financial statement for the year ending 31[st] march 2024.
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 SS7 2RD.
Solicitors : Drysdales
Carnival Estate Fund – RCN 241149
TRUSTEES:
## ’ CHAIR: MALACHY O SULLIVAN.M.B.E.
## VICE CHAIR DAVID SEAGO
None of the Trustees receive any direct remuneration for the work undertaken.
Due to Covid the running of the Estate was done by phone.
STRUCTURE, GOVERNANCE AND MANAGEMENT.
The Trustees have a responsibility for making regulations under the Deeds of Trust which control the way the service to the residents is delivered.
OBJECTIVES AND ACTIVITIES.
The objects of the fund are;
1. The Trustees shall pay all sums which may be contributed or paid to them into a current or deposit account called “Carnival estate Fund” and may leave either or all there or invest the sums authorised by law for the investment of trust money with power to vary investments.
2. The Trustees may use the funds to purchase suitable freehold properties in the Borough of Southend-on-Sea, in accordance with Charity law to the benefit of those in need within the Borough of Southned or close vicinity.
3. No person qualified for selection shall be disqualified by reason only that they received assistance from public funds.
4. The income arising from their investment of monies subject to the trust of this deed or if necessary, the capital or other monies in the hands of the Trustees which are from time to time for the preceding purposes shall be applied in or towards the repair, maintenance and insurance against fire of any building or property subject to the trust thereof.
5. The Trustees shall make regulations for the purpose aforesaid and also deciding the terms upon which occupiers of bungalows or other accommodation erected shall be occupied and in particular may at their discretion require any such occupier to distribute to any 12 months shall
be less than two thirds of the rateable value of the premises occupied as set by the local rent officer with power from time to time to revoke, modify, or alter all or any such regulations.
REPORT AGAINST OBJECTIVES:
1. The Trustees shall pay all sums made hereafter be contributed or paid by the purposes of those present into a current or deposit account opened by the Trustees in the name of the Carnival Estate Fund.
2. This money can be held or invested in accordance with the law governing Trust money.
3. This money is currently held by Lloyds bank and the Trustees will monitor the financial position of this bank so as not to put the funds at risk.
4. The Trustees shall stand possessed of all monies in The Carnival Estate Fund and any investments held. Income of such funds 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 Trustees criteria at the time
5. All properties are operated as Almshouses and each resident will pay a maintenance charge under licence to occupy(issued in accordance with guidelines issued by the Almshouses Assoc).
During the year, three bungalows were being fully renovated awaiting letting and a rolling programme of chimney removals was speeded up. General maintenance was on-going.
Funding of maintenance, insurance and water charges are met from monthly contributions.
These contributions are calculated in accordance with Almshouse budget setting.
Under regulations approved by Trustees applicants for housing should include.
- Savings of less than £10,000
- The prospective resident must have lived in the Borough of Southend, Rochford or Castle point for at least 6 months
- In the event of no suitable person. People from outside these areas whose families live in Southend and who could benefit will be considered providing such benefit can be demonstrated.
## CARNIVAL ESTATE FUND –RCN:241129
## **FINANCIAL REVIEW**
Following the sale of the Carnival store the money is held by Lloyds bank awaiting investment and investments with M&G Charifund.
Employees/contractors
The Trust employs 1 part time staff and 1 contractor
Employee -Mrs Hilary Seago-cost £500 per month
Registered Charity No. 241149
**THE CARNIVAL ESTATES FUND ACCOUNTS FOR THE YEAR ENDED 31[st] MARCH 2024**
**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 2024, 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 2024**
|**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**
**£**
-
-
1,907
111,457
-
-----------
113,364
**======**
-
-
-
226,594
8,373
-
-----------
234,967
**======**
(121,603)
-
------------
(121,603)
(579)
-
------------
(122,182)
591,195
-----------
469,013
**======**|**Total Funds**
**2024**
**£**
-
-
1,907
111,457
-
-----------
113,364
**======**
-
-
-
226,594
8,373
-
----------
234,967
**======**
(121,603)
-
------------
(121,603)
(579)
-
------------
(122,182)
591,195
-----------
469,013
**======**|**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
**======**|
|---|---|---|---|
||||
|
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 2024**
|**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**
**2024**
**2023**
**£**
**£**
**£**
**£**
**7**
41,333
43,214
**8**
31,136
31,715
----------
----------
72,469
74,929
398,729
519,891
**9**
(1,453)
(1,440)
---------
-----------
397,276
518,451
-----------
-----------
469,745
593,380
**9**
732
2,185
----------
-----------
469,013
591,195
**======**
**======**
469,013
591,195
-
-
-
-
-----------
-----------
469,013
591,195
**======**
**======**|
|---|---|
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 2024**
## **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 2024 (continued)**
## **3. INCOMING RESOURCES**
||**2024**|**2023**|
|---|---|---|
||**£**
|**£**|
|Voluntary income:|||
|Donations|-|-|
||**=====**|**=====**|
|Investment income:|||
|Interest received|68|12|
|Dividends (see note 8)|1,839|1,786|
||--------|--------|
||1,907|1,798|
||**====**|**====**|
|Incoming resources from charitable activities:|||
|Maintenance contributions|111,457|95,600|
|Rent for store|-|-|
||----------|---------|
||111,457|95,600|
||**======**|**=====**|
## **4. RESOURCES EXPENDED**
||**2024**|**2023**|
|---|---|---|
||**£**
|**£**|
|Charitable activities:|||
|Council tax|766|3,200|
|Insurance|2,334|2,048|
|Light and heat|(199)|1,734|
|Maintenance of gardens (including wages)|9,510|6,300|
|Maintenance of properties|673|1,942|
|Major repair works|202,793|47,962|
|Regular interval maintenance|960|1,760|
|Residents’ welfare|3,004|2,743|
|Water services|4,872|3,822|
|Depreciation|1,881|1,881|
||-----------|---------|
||226,594|73,392|
||**======**|**=====**|
|Governance costs:|||
|General administration|2,343|2,292|
|Finance cost|30|43|
|Salaries (see note 6)|6,000|6,000|
||---------|---------|
||8,373|8,335|
||**=====**|**=====**|
-4-
Registered Charity No. 241149
## **THE CARNIVAL ESTATES FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31[st] MARCH 2024 (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
**=**|**2024**
2
158
-
302
-
115
-------
£575
**====**|**2023**|
|---|---|---|
|||2
525
-
259
-
-
-------
£784
**====**|
Fees for the examination of the accounts and other services provided are as follows:
||**2024**|**2023**|
|---|---|---|
||**£**
|**£**|
|Independent examiner’s fees for reporting on the|||
|financial statements|1,890|1,800|
|Other fees paid to the independent examiner|-|-|
||-------|-------|
|Total amount paid|1,890|1,800|
||**====**|**====**|
|**AFF COSTS**|||
||**2024**|**2023**|
||**£**
|**£**|
|Gross wages|15,510|12,300|
|Employers National Insurance costs|-|-|
|Pension costs|-|-|
||---------|---------|
|Total staff costs|15,510|12,300|
||**=====**|**=====**|
|Number of employees in the year|**No.**|**No.**|
|Charitable activities (gardener)|3|1|
|Governance|1|1|
||----|----|
|Total number of employees|4|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 2024 (continued)**
## **7. TANGIBLE FIXED ASSETS**
|
**COST**
As at 1stApril 2023
Disposal
As at 31stMarch 2024
**DEPRECIATION**
As at 1stApril 2023
Charge for the year
Eliminated on disposal
As at 31stMarch 2024
**NET BOOK VALUE**
As at 31stMarch 2024
As at 31stMarch 2023
**VESTMENTS**
Market value at 1stApril 2023
Additions to investments at cost
Disposals at carrying value
Net loss on revaluation
Market value at 31stMarch 2024
**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
**=====**
**=====**
50,858
50,858
1,881
1,881
-
-
---------
---------
52,739
52,739
**=====**
**=====**
41,333
41,333
**=====**
**=====**
43,214
43,214
**=====**
**=====**
**£**
31,715
-
-
(579)
---------
31,136
**=====**
**Market value at**
**31st March 2024**
**Income from**
**investments for the**
**year**
£31,136
£1,839
**======**
**=====**
**Market value at**
**31st March 2024**
**%**
£31,136
100
**======**
**====**|
|---|---|
## **8. INVESTMENTS**
-6-
Registered Charity No. 241149
## **THE CARNIVAL ESTATES FUND**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31[st] MARCH 2024 (continued)**
## **9. CREDITORS**
||**2024**||**2023**||
|---|---|---|---|---|
|Almshouse Association loan:|||||
|Due within one year||1,453||1,440|
|Due within one to two years|732||1,453||
|Due within two to five years|-||732||
|Due after more than five years|-||-||
||--------||--------||
|Due after more than one year||732||2,185|
|||-----------||-----------|
|||£2,185||£3,625|
|||**======**||**======**|
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-
Regi%lered ChaTit}' Nu. 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 31sI March 2024, which are set out in the Financial
statements Appended (pages 110 71.
Res
ectivo res
onsibilities of trustegs and examinor
The charity's Iruslees are responsible for the preparation of the accounts.
The charity's trustees consider that an audit is not required for this year under secb'on 144 of the Charities Act
2011 Ilhe Charities Act) and that an independent examination is needed.
It is my responsibility to..
examine the accounts under section 145 of the Charities Act
lo follow the procedures laid down in the general Directions given by the Charity Commission {under
section 14515llbl of the Charities Act) and
lo slate whether particular matters have come lo my allenlion.
Basis of the inde
endent 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 fairf, view and the report is limited to those matters set
out in the statement below.
Inde
endent examiner's statement
In connection with my examinats'on, no matter has come lo my attention..
which gives me reasonable cause to believe that, in any material respect, the requirements..
lo keep accounting records in accordance with section 130 of the Charities Act," and
lo 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, allenlion should be drawn in order to enable a proper understsnding of the
accounts to be reached.
R Mcconnell Bsc FCA
E. H. Taylors
203 London Road
Hadleigh, Essex
SS7 2RD
Dale..