HERAPATH SHENTON TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2023
The trustees present their annual report and financial statements of the charity for the year ended 31st July 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the charity's trust deed, the Charities Act 2011 and 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 Republic of Ireland (FRS 102) effective 1 January 2019.
Structure, Governance and Management
The trust was established by Trust Deed on 28th June 1966 and is registered with the Charity Commissioners (No. 248550). The residue of the estate of Mrs. Y. Herapath deceased, who died on 31st October 1995 was left to the Trust.
The trust was established with the prime objects of advancing or furthering such charitable purposes or charitable institutes as the trust think fit with particular regard to education for the residents of the Isle of Wight, Yarmouth Parish Church and the Yarmouth (Isle of Wight) Town Trust.
The trustees meet normally twice yearly or as required, but are able to deal with many management issues by telephone or through correspondence.
Trustees are kept up to date with any Charity Commission updates, and have attended update courses. All trustees approve all expenditure and are signatories to the main investment bank account.
Any new trustee is required to sign the Charity Commission Declaration of Eligibility for newly appointed trustees and a declaration of acceptance of office to be entered into the trust minute book.
All trustees are required to declare potential conflict of interest in relation to any agenda item at any meeting.
Risk Management
The trustees review the risks that the charity faces annually. Robust, financial practices with proper back up procedures have been put in place. Discrete projects are accounted for through a grant application process.
Objectives and Activities for the Public Benefit
The objects of the Trust are to support charities as the trust think fit with particular regard to education for the residents of the Isle of Wight, Yarmouth Parish Church and the Yarmouth (Isle of Wight) Town Trust. 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 and setting the grant making policy.
Achievements and Performance
Funds have been held on deposit in view of the volatility in the financial markets. The trust has been active in seeking out suitable beneficiaries and in making grants and donations to suitable bodies. The trustees have given priority to charities associated with sailing or maritime activities, conservation, and charities linked to young people, in line with what it is considered the settlor would have wished, but exercising wider powers where appropriate. Most donations have been for specific capital projects rather than aimed at core funding.
The Trust's website can be found at www.herapathshenton.org.uk.
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HERAPATH SHENTON TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2023
Achievements and Performance - continued
During the year in question the Trust supported the following charities by making donations :
| UKSA Wight Nature Fund West Wight Spoorts Centre Ability 4 Young Dogs Carisbrooke Castle Museum Yarmouth Scouts & Guides ATSO Wight Aid Freshwater & Yarmouth School Earl Mountbatten Hospice Hants & Wight Air Ambulance |
5,000.00 1,000.00 5,000.00 2,000.00 2,000.00 2,000.00 2,000.00 5,000.00 805.94 10,000.00 5,000.00 39,805.94 |
|---|---|
Financial Review
The Trust's income increased during the year from £53,023 to £59,520 due to increased dividends received and the operating surplus available for grants also increased from £40,788 to £49,141. The Trust made grants totalling £39,806 compared with £42,500 in the previous year, resulting in a surplus of £8,034 against a deficit in the previous year of £1,712. With annual operating costs amounting to approximately £11,000, and no staff or administration offices, it was concluded the Trust should seek to distribute all of its annual surplus, and progressively reduce the retained surpluses, without jeopardising its liquidity. The Trustees had been approached towards funding the acquisition of the former Yarmouth Primary School Site, and after much deliberation agreed to underwrite an offer of £435,000 for the site on behalf of the Yarmouth Community Foundation, and organisation set up between this Trust and the Maritime Archaeology Trust.
The Trust's investments decreased in value by £90,135 in respect of stock market listed equities. The Trust didn't invest any new money with the stockbroker during the year. At the end of the year the trust held £595,802 on deposit. The Trust had changed its bankers from the National Westminster Bank, as the bank decided to close Trust accounts and opened an account with CAF Bank.
The trustees review their investments from time to time and in particular consider the asset allocations. At the balance sheet date 28% of the trust's assets were invested in cash deposits in view of the uncertain market outlook and 72% held as investments in equities, of which no single investment exceeds in value more than approximately 3% of total trust funds. The trustees propose to be more active in promoting the charity with a view to reducing the surpluses. The total reserves of the charity decreased from £2,369,106 to £2,280,962 largely as a result of movement in the value of investments.
The Trust has carried out risk assessments, and considers the main risk to be a collapse in asset values, but the trust has more than enough in reserve and in cash to continue at its present level of activity for at least ten years, without having to dispose of assets at deflated prices. The trustees were disappointed with a fall in stock market values largely caused by an increase in interest rates, but can report that as at 31st March 2024 a small recovery was shown. The trustees have a greater priority for the stability of income and a lower risk portfolio.
Future Plans
In the next 12 months, the Trust intends to continue to make donations to suitable charities. Applications have been received and are being considered. The Trust has set up a target to give all of its net revenue and in addition further sums up to £24,000 per annum out of reserves if suitable applications are received. The Trust has underwritten a bid for the purchase of the Yarmouth School site as above and anticipates paying out up to £455,000 in the following period, towards the purchase and working capital for the newly applied for Charitable Trust set up as a Charitable incorporated organisation ( "CIO") on which our trustees will have a right of appointing up to three trustees.
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HERAPATH SHENTON TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2023
Future Plans - continued
In the next 12 months the trustees anticipate:
- Continuing support for Yarmouth Town Trust in addition to other local charities, but in view of its commitment towards assisting the purchase of the Yarmouth School site may reduce its normal giving in the new year.
At a meeting of the Isle of Wight Council on March 7th 2024 the bid by the Yarmouth Community Foundation was accepted subject to contract. In the absence of any other funding being achieved in the short period the period to exchange and completion the Trust anticipates funding the whole of the purchase costs and putting in £20000 as working capital towards initial costs. The Trustees look forward to working closely with the Maritime Archaeology Trust, with whom it has had an association for some 15 years, together with the Yarmouth Town Trust and the Yarmouth Town Council towards delivering an element of social housing and a leading exhibition and education centre on the site.
Trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed requires the charity trustees to prepare financial statement for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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 responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of the financial statements.
Approved by the trustees and signed on their behalf by:
Trustee
…………………………………… J. R. Harrison (B.Sc)
Date …………………………….
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HERAPATH SHENTON TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST JULY 2023
| Incoming Resources Income and endowments from: Donations and legacies Investments Other Total Resources Expended Expenditure on: Raising funds Charitable activities Other Total Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Other recognised gains/(losses): other gains/(losses) Net Movements in fund RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
Notes 2 3 11 |
2023 - 59,520 - 59,520 10,379 41,107 - 51,486 8,034 (6,043) 1,991 (90,135) (88,144) 2,369,106 2,280,962 |
2022 - 53,023 - 53,023 10,694 44,041 - 54,735 (1,712) 6,189 4,477 (38,298) (33,821) 2,402,927 2,369,106 |
2022 |
|---|---|---|---|---|
The notes on pages 8 to 12 form part of these financial statements.
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HERAPATH SHENTON TRUST
BALANCE SHEET
FOR THE YEAR ENDED 31ST JULY 2023
| Fixed Assets Investments Current Assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year Creditors Net Current Assets Total Assets less current liabilities Net Assets Funds of the Charity Unrestricted funds |
Notes 6 7 8 9 11 |
2023 £ 1,632,540 1,632,540 55,135 595,802 650,937 2,515 648,422 2,280,962 2,280,962 2,280,962 |
2022 £ 1,699,154 1,699,154 55,130 620,414 675,544 5,592 669,952 2,369,106 2,369,106 2,369,106 |
|
|---|---|---|---|---|
The financial statements were approved by the trustees and signed on their behalf by:
Signed ………………………………………. J. R. Harrison (B.Sc)
Date ………………………..
The notes on pages 8 to 12 form part of these financial statements.
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HEREPATH SHENTON TRUST
E.T.B.
FOR THE YEAR ENDED 31ST JULY 2023
2022 BANK 2023 FINAL
OPENING MOVEMENT JOURNALS Closing ROUNDED
PROPERTY - - -
DISPOSALS - - -
REVALUATION - - -
LOAN - - -
EQUITIES VALUE B/F 1,699,155.15 1,699,155.15 1,699,155.00
ADDITIONS 92413.18 92,413.18 92,413.00
DISPOSALS 68,892.91 (68,892.91) (68,893.00)
INVESTMENTS REVALUATION - 90,135.08 (90,135.08) (90,135.00)
CHARLES STANLEY DEP AC 59,718.82 122211.31 174588.19 7,341.94 7,342.00
TAX REFUNDS - - -
DEBTORS 55,129.02 60.94 55.09 55,134.87 55,135.00
CREDITORS 5,592.00 240 38.00 3000.00 125.00 (2,515.00) (2,515.00)
DEPOSIT ACCOUNT 560,693.96 574174.97 562028.57 572,840.36 572,840.00
CURRENT ACCOUNT - 629922.89 614303.69 15,619.20 15,619.00
BUTTERFIELD - - -
SURPLUSES B/F 2,369,104.95 (2,369,104.95) (2,369,105.00)
REVALUATION RESERVE - - -
REVALUATION OF BUILDING - - -
REVALUATION OF SHARES - - - -88144.00
DONATIONS - -
DIVIDENDS 55214.14 (55,214.14) (55,214.00)
BANK DEPOSIT A/C INT 4245.6 (4,245.60) (4,246.00)
STOCKBROKER A/C INT 54.62 55.09 60.94 (60.47) (60.00)
BUTTERFIELD INT - -
DONATIONS & SUNDRY INCOME - -
P/L ON DISPOSAL SHARES 62849.87 68,892.91 6,043.04 6,043.00
HARRISON BLACK IA - -
HARRISON BLACK ACCY 1176.00 1,176.00 1,176.00
JRH - -
ELDRIDGES - -
KINGSTON AND GRIST - -
DANIELLS HARRISON - -
LEGAL AND PROFESSIONAL FEES - -
REPAIRS 125.00 125.00 125.00
RENTAL COMMISSION - -
INSURANCE - -
STOCKBROKER FEE 10296.64 10,296.64 10,297.00
DONATIONS 42805.94 3,000.00 39,805.94 39,806.00
BANK CHARGES 81.75 81.75 82.00
FOREIGN EXCHANGE LOSSES - -
REVALUATION OF INVESTMENTS 90,135.08 90,135.08 90,135.00
P/L ON SALE OF PROPERTY - -
-
2,374,696.95 2,374,696.95 1,473,322.68 1,473,322.68 162,269.02 162,269.02 - 0.00 88144.00
- - -
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