THE CARNIVAL ESTATE FUND RCN. 241149 YEAR ENDING 31 MARCH 2025 ST FOREWORD: Tbis yexr has tontinued to be * busy yt*r. We will shortly be fully oceupied. Dyrin% the yewr we replaced all frottt aod back doors to the latL8t standard The gardens have PToved agaiD to be problematir and are being reviewed. We are 9$ •lwav3 indebted to our ¢on¢r4etors who turn out at short ttotiee to assist residents when problem8 ari8 Our search for new Tr￿ttt8 goes o MAlacby O'Sullivan.IVLB.E Chair of Truste& The Trnstees are pl¢as¢d to presellt their report with the finan¢ial stal¢m¢ni for tbe year ¢t￿lll8 3 E. march 2024. Pn'nciple address-clerk to the Tn￿e¢S 43 Thomdon Park dn'vc. Lei8b-on-Sea SS9 4RF. Bankers '. Lloyds Higb Str￿t SoutheniL InveslJn¢nts h¢ld with M&G IChan'fillMI) Ind¢p¢ndent Exatninw-EH Taylor . 203 London Road Hadieigh SS7 2RD. Soli¢itOTS .' Lkysdales Carnival Estats FwMI- RCN 241149 TRUSTEES.. CHAIR.. MALACHY QSLLLll￿. VICE CHAIR DAVID SEAGO None of the Trt￿teeS receive direct remutier*ion for the work ￿nd￿C￿. Due to Covid the ruDlliDg of the Estate was done by phonc. STRUCTURE. GOVERNANCE AND MANAGEMENT. The Tn￿tee$ have a responsibilty for making re8U1￿10￿9 under the Deeds of Trnst which Control the way the service to the residents is deliver￿. OBJECTIVES AND ACTIVITIES. The objects of the fimd are: i. Th¢ Tru#¢¢8 shall pay all sums which may b¢ contributeAI or paid to them into a rU￿ent or dcposit account called"C8rnival estate Fund" and may leave either or ail there or invest the $um$ authorised by law for the inv¢sttn¢nt of trusl money with power to vary wvestments. 2. Th¢ TrnstKs may w8¢ the timds io pu￿baSe swthble treehold propertses in the Borough of South¢lld-oo-Sw in a￿rdance with Chan'ty law to the b¢n¢fii of thoK in nc¢d withi'n the Borou8h of Southned or close vicinity. 3. No p¢rson quaiificd for 8el¢ction shall ￿ th'squalified by reason only that they received ￿lStanCe from pJbli¢ fiuth. 4. The income &risll18 from their ￿yes￿lent of moni¢s subJ¢ct to the trust of this deed or if necessary. the c4>ital or other monies in the hands of the Trt￿lee5 which are from time to time for th¢ prcccdll￿ purposes shall be applied in or towards th¢ r¢pwr. maintenance and inSUTance against fire of any building or prop¢ty subJ¢d to the trust thereo£ s. The TTUStees SI￿1 mak¢ regulations for the Pu￿se aforesaid alld also deciding the trns upon wlll"¢h c￿cupierS of bun8alows or other commodats'on erected shall be w¢upi¢d and in partjcular may at th¢ir discretson require any sucb ¢xcupier to th"stnbute to ally 12 months shall b¢ less than two thirds of the rateabl¢ value of the premises occupied s¢1 by th¢ local Tellt officer witb ￿)wer from to time to revoke. rnodify. or alter all or any su¢h rcgulations. REPORT AGAINST OBJECTIVES.. i. The Trustees shall pay 011 swns made hereafter b¢ cootributed or paid by the pu4X)s¢¥ ortho>¢ pi¢beui kniiv a ii¢posil akwulli Dy the Trust¢¢s in the name of the Carnival Estate Fund. 2. This money catt be held or invest¢d in accorkn with th¢ law 8overning Trust money. 7 Thig mr•tiLw iq r.IiTrp.ntlv ￿.Irt hv I lrtvdq hAnk JMA the. will mr•nitnr the thwiciaj positson of this bank so not to put the fimds at risk. 4. The Tn￿$ shall stand possessed of ail tiKmi¢S in The Carnival Esta Fund and any investments hel& Inc(xnc of funds to ¢mploy iti their disc￿￿0￿. It tnay bc us¢d to purch￿ suitable freebold pro￿ in the Borough of Southend or vicinity for the owupation by th¢ aged people to be selected in accordance with the Tn￿t￿ Criter￿ at the time J. All prop¢rti¢s are operated a5 Almshouses and ¢ach resident will pay a maintenance chw8¢ under liceDce to occupy(Issued in accordance with guidelincs issued by the Almshouses Assoc). DuTin8 th¢ year. three buns￿ow8 were bcinB fidty renovated awaiting lettin8 and a rolling programme of chimney r¢movals w49 s￿¢dea G¢Tml maint¢tw¢¢ onpgoing. Fullding of maintenance. msuraoce and wa*r chwg¢s arc m¢t from monthly ¢ontributions. These contributions are caiculatrd iti xcord80c¢ with Almsbou8¢ bud8et Under re8ulations approvd by TTUSt¢es appli¢ants for housitt8 should inclu&. . Savin8$ of less than £lO,CrfXI • The prospective resident must bave lived in the Borougb of Southelld. Rochford or C&stle point for at lea8t 6 months . in th¢ event of Do suitable person. People fron) ￿tsIde these areas whose farnilies live in Southend and wbo could bu)cfit will be considered providm8 such benefit can be demol￿ted. CARNIVAL ESTATE FUND-RCN..241129 Following the sale of the Carnival S￿re the money is beld by Lioyds bank awaitsn8 inv¢stm¢n¢ and investments with M&G Chan'fiMKI. Employe¢￿￿)￿tractors The Tn￿ ernploys I part time staff and I CODtra¢i Employ¢e .Mrs Hilary Se880￿0St £5W per Mcff￿h Registered Charity No. 241149 **THE CARNIVAL ESTATES FUND ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2025** **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 31st March 2025, 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 31st MARCH 2025** |**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**
**£**

-
-
2,007
107,300
-
-----------
109,307
**======**
-
-
-
85,665
8,460
-
-----------
94,125
**======**
15,182
-
------------
15,182
1,331
-
------------
16,513
469,013
-----------
485,526
**======**|**Total Funds**
**2025**
**£**

-
-
2,007
107,300
-
-----------
109,307
**======**
-
-
-
85,665
8,460
-
-----------
94,125
**======**
15,182
-
------------
15,182
1,331

-
------------

16,513

469,013
-----------
485,526
**======**|**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
**======**| 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 31st MARCH 2025** |**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**
**2025**
**2024**
**£**
**£**
**£**
**£**
**7**
39,452
41,333
**8**
32,467
31,136
----------
----------
71,919
72,469
414,339
398,729
**9**
(732)
(1,453)
---------
-----------
413,607
397,276
-----------
-----------
485,526
469,745
**9**
-
732
----------
----------
485,526
469,013
**======**
**======**
485,526
469,013
-
-
-
-
-----------
-----------
485,526
469,013
**======**
**======**| |---|---| 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 31st MARCH 2025** ## **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 31st MARCH 2025 (continued)** ## **3. INCOMING RESOURCES** ||**2025**|**2024**| |---|---|---| ||**£**
|**£**| |Voluntary income:||| |Donations|-|-| ||**=====**|**=====**| |Investment income:||| |Interest received|72|68| |Dividends (see note 8)|1,935|1,839| ||--------|--------| ||2,007|1,907| ||**====**|**====**| |Incoming resources from charitable activities:||| |Maintenance contributions|107,300|111,457| |Rent for store|-|-| ||----------|----------| ||107,300|111,457| ||**======**|**======**| ## **4. RESOURCES EXPENDED** ||**2025**|**2024**| |---|---|---| ||**£**
|**£**| |Charitable activities:||| |Council tax|1,921|766| |Insurance|2,232|2,334| |Light and heat|735|(199)| |Maintenance of gardens (including wages)|5,680|9,510| |Maintenance of properties|609|673| |Major repair works|63.268|202,793| |Regular interval maintenance|960|960| |Residents’ welfare|2,226|3,004| |Water services|6,153|4,872| |Depreciation|1,881|1,881| ||-----------|-----------| ||85,665|226,594| ||**======**|**======**| |Governance costs:||| |General administration|2,444|2,343| |Finance cost|16|30| |Salaries (see note 6)|6,000|6,000| ||---------|---------| ||8,460|8,373| ||**=====**|**=====**| -4- Registered Charity No. 241149 ## **THE CARNIVAL ESTATES FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31st MARCH 2025 (continued)** ## **5. EXPENSES INCURRED** Amounts paid to trustees for the reimbursement of out-of-pocket expenses are as follows: |**2025**
Number of trustees who were paid expenses
2
===
Nature of the expenses:
Residents’ welfare
-
Electricity
127
General administration
40
Capital property costs
-
Maintenance of properties
4,170
---------
--
Total amount paid
£4,337
**=====**
**=**|**2024**| |---|---| ||2
===
158
-
302
-
115
-------
£575
**====**| Fees for the examination of the accounts and other services provided are as follows: ||**2025**|**2024**| |---|---|---| ||**£**
|**£**| |Independent examiner’s fees for reporting on the||| |financial statements|1,984|1,890| |Other fees paid to the independent examiner|-|-| ||-------|-------| |Total amount paid|1,984|1,890| ||**====**|**====**| |**AFF COSTS**||| ||**2025**|**2024**| ||**£**
|**£**| |Gross wages|11,680|15,510| |Employers National Insurance costs|-|-| |Pension costs|-|-| ||---------|---------| |Total staff costs|11,680|15,510| ||**=====**|**=====**| |Number of employees in the year:|**No.**|**No.**| |Charitable activities (gardeners)|2|3| |Governance|1|1| ||----|----| |Total number of employees|3|4| ||**==**|**==**| ## **6. STAFF COSTS** -5- Registered Charity No. 241149 ## **THE CARNIVAL ESTATES FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31st MARCH 2025 (continued)** ## **7. TANGIBLE FIXED ASSETS** |


**COST**

As at 1st April 2024
Disposal
As at 31st March 2025
**DEPRECIATION**
As at 1stApril 2024
Charge for the year
Eliminated on disposal
As at 31st March 2025
**NET BOOK VALUE**
As at 31st March 2025
As at 31st March 2024|**Freehold**
**land &**
**buildings**

**£**

94,072
-
---------
94,072
**=====**
52,739
1,881
-
---------
54,620
**=====**
39,452
**=====**
41,333
**=====**|**Total**
**£**
94,072
-
---------
94,072
**=====**
52,739
1,881
-
---------
54,620
**=====**
39,452
**=====**
41,333
**=====**| |---|---|---| ## **8. INVESTMENTS** ||**£**|| |---|---|---| |Market value at 1stApril 2024|31,136|| |Additions to investments at cost|-|| |Disposals at carrying value|-|| |Net gain on revaluation|1,331|| ||---------|| |Market value at 31st March 2025|32,467|| ||**=====**|| |**Analysis of investments**
|**Market value at**|**Income from**| ||**31st March 2025**|**investments for the**| |||**year**| |Investments listed on a recognised stock||| |exchange or held in common investment funds,||| |open ended investment companies, unit trusts or||| |other collective investment schemes|£32,467|£1,935| ||**======**|**=====**| |**Investments representing more than 5% of**|**Market value at**|| |**the value of the charity’s total investments**|**31st March 2025**|**%**| |M & G Units in Charifund|£32,467|100| ||**======**|**====**| -6- Registered Charity No. 241149 ## **THE CARNIVAL ESTATES FUND** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31st MARCH 2025 (continued)** ## **9. CREDITORS** |Almshouse Association loan:
Due within one year
Due within one to two years
Due within two to five years
Due after more than five years
-------
Due after more than one year|**2025**
732
-
-
-
-
--
-
-----------
£732
**======**|**2024**
1,453
732
-
-
------
732
-----------
£2,185
**======**| |---|---|---| 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- RegisitTLd Chariii, 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 315t March 2025, which are sel out in the Financial Stslements Appended (pages 1 to 7)- Res ective res onsibilities of trustees and examiner The charity's trustees a￿ responsible for the p￿paratiOn of the accounts. The charity's trustees consider that an audrt is not required for this year under section 144 of the Charities A¢1 2011 (the Charities Act) and that an independent examination is needed. 11 is my re5ponsibilty to.. examine the accounts under section 145 of the Charities Act lo follow the procedures laid down in the general D1￿CtionS given by the Charity Commi$$ion (under secbon 14515llbl of the Charrties Act) and lo slate whether particular matters have c(*ne to my attenlN?n. sis of th• inde nd•nt examinerfs stat￿n My examination was ¢arrie¢J out in accordance th general dI￿¢t10n$ given by the Charity Commission. An examination includes a review ol the accounling 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 ￿￿uld be required in an audit and consequently no opinion 15 given as lo whether the accounts present a 'true and fairf view and the report is limited to those matters sel out in the stslement below. nd mln In connection wf(h my examination, rbo malter has come lo my attention.. which gives me reasonable cause to believe Ihat. in any material respect, the requirements.. lo keep accounts'ng records in accordance with secb'on 130 of the Charities A¢l,' and lo prepare accounts which accord wrth the accounb.ng records and comply wlh the aecounling requirements ol the Charities Act have not been met,. or To which, in my opinion, attention shoukl be dravm in order to enable a proper understanding of the accounts lo be reached. R Mcconnell Bsc FCA E. H. Taylors 203 London Road Hadleigh, Essex SS7 2RD Date..