HERAPATH SHENTON TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024
CHARITY NUMBER: 248550
HERAPATH SHENTON TRUST
CONTENTS PAGE
FOR THE YEAR ENDED 31ST JULY 2024
| Page | |
|---|---|
| Reference and Administrative Information | 1 |
| Report of the Trustees | 2 - 4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 12 |
HERAPATH SHENTON TRUST
REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31ST JULY 2024
| CHAIRMAN | K. F. Grist (M.R.I.C.S) |
|---|---|
| TRUSTEES | K. F. Grist (M.R.I.C.S) |
| J. Suggett (L.L.B) | |
| J. R. Harrison (B.Sc) | |
| D. O. Willard (B.Sc) Hons | |
| L Holmes | |
| TRUST ADDRESS | Northcourt |
| Main Road | |
| Shorwell | |
| Isle of Wight | |
| PO30 3JG | |
| CHARITY NUMBER | 248550 |
| WEBSITE | www.herapathshenton.org.uk |
| ACCOUNTANTS | Harrison Black Limited |
| East Quay | |
| Kite Hill | |
| Wootton Bridge | |
| Isle of Wight | |
| PO33 4LA | |
| INDEPENDENT EXAMINER | A. S. Garner BA(Hons) FCA |
| Harrison Black Limited | |
| East Quay | |
| Kite Hill | |
| Wootton Bridge | |
| Isle of Wight | |
| PO33 4LA | |
| STOCKBROKERS | Charles Stanley |
| Vadatech House | |
| Hounsdown Business Park | |
| Southampton | |
| SO40 9LR |
Page 1
HERAPATH SHENTON TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2024
The trustees present their annual report and financial statements of the charity for the year ended 31st July 2024. 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, or by online meetings.
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.
Page 2
The Trust's website can be found at www.herapathshenton.org.uk.
HERAPATH SHENTON TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2024
Achievements and Performance - continued
During the year in question the Trust supported the following charities by making donations :
| Ability 4 Young Dogs Wight Aid Freshwater & Yarmouth School Mountbatten Hospice |
1,000 5,000 700 400 7,100 |
|---|---|
Financial Review
The Trust's income increased during the year from £59,520 to £79,775 mostly due to increased interest and compensation from our previous bankers for closing our account and losing our trustee identification details and the operating surplus available for grants also increased from £47840 to £66,315. The Trust made grants totalling £7,100 compared with £39,806 in the previous year, resulting in a surplus of £60,811 against a deficit in the previous year of £1,991. The reason for the surplus is the result of setting aside funds for the grant to The Yarmouth Community Fouindation. With annual operating costs amounting to approximately £12,000, 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 were 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, an organisation set up between this Trust and the Maritime Archaeology Trust.
The Trust's investments increased in value by £120,130 in respect of stock market listed equities, and a gain of £1,596 was realised. The Trust didn't invest any new money with the stockbroker during the year. At the end of the year the trust held £713,881 on deposit. The Trust had changed its bankers from the National Westminster Bank in 2023, 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, once the proposed major grant as described below has been made. The total reserves of the charity increased from £2,280,962 to £2,461,903 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 a Communmity Interest Company ( "CIC") on which our trustees will have appointed two out of the four initial directors.
Page 3
HERAPATH SHENTON TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2024
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 7th March 2024 the bid by the Yarmouth Community Foundation was accepted subject to contract. The Trust anticipated funding the whole of the purchase costs and putting in £20,000 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. The purchase of the site by The Yarmouth Community Foundation CIC, set up specifically to buy the site was completed on Friday May 16th at a cost of £435,000 together with £10000 towards purchase costs. YCF CIC enetered into a long-term lease with the Maritime Archaeology Trust to rent the major part of the site. The Maritime Archaeology Trust, itself a registered charity, has been named as the asset lock body within the constitution of the Community Interest Company. The Yarmouth Scouts and Guides Association, being a named beneficiary of The Trust have the opportunity to occupy another part of 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charity SORP;
-
- make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
-
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:
Page 4
Trustee
Date …………………………….
…………………………………… J. R. Harrison (B.Sc)
HERAPATH SHENTON TRUST
REPORT OF THE INDEPENDENT EXAMINER
FOR THE YEAR ENDED 31ST JULY 2024
I report to the charity trustees on my examination of the accounts of the Herapath Shenton Trust (the trust) for the year ended 31st July 2024, which are set out on pages 6 to 12.
Responsibilities and basis of report
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(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act
-
to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act); and
-
to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with the General Direction given by the Charity Commissioners. 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 you as 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 statements below.
Independent examiner's statement
I have completed my examination, I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
………………………………………………. …………………………………….
A. S. Garner BA (Hons) FCA Date Independent Examiner Harrison Black Limited East Quay Kite Hill Wootton Bridge Isle of Wight PO33 4LA
Page 5
HERAPATH SHENTON TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST JULY 2024
| 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 |
2024 - 79,775 - 79,775 10,198 10,362 - 20,560 59,215 1,596 60,811 120,130 180,941 2,280,962 2,461,903 |
2023 - 59,520 - 59,520 10,297 41,189 - 51,486 8,034 (6,043) 1,991 (90,135) (88,144) 2,369,106 2,280,962 |
|---|---|---|---|
The notes on pages 8 to 12 form part of these financial statements.
Page 6
HERAPATH SHENTON TRUST
BALANCE SHEET
FOR THE YEAR ENDED 31ST JULY 2024
| 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 |
2024 £ 1,746,825 1,746,825 2,837 713,883 716,720 1,643 715,077 2,461,902 2,461,902 2,461,903 |
2023 £ 1,632,539 1,632,539 55,136 595,802 650,938 2,515 648,423 2,280,962 2,280,962 2,280,962 |
|---|---|---|---|
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.
Page 7
HERAPATH SHENTON TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024
1) ACCOUNTING POLICES
Basis on preparation
The financial statements have been prepared under the historic cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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 and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS102.
FRS 102 - Reduced disclosure exemptions
The Trust has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows.
Fund accounting
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.
Incoming Resources
All income is recognised in the financial statements when the charity is legally entitled to it, the amount can be measured reliably and it is probable the income will be received.
Incoming resources represents the total amount receivable by the trust in the form of donations and investment income.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of obligation can be measured reliably.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the charities main activities. Where support costs cannot be directly attributable to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
Allocation of overheads and support costs
Overhead and support costs have been allocated to charitable activities. Governance costs now included in expenditure on charitable activities rather the showing separately on the face of the Statement of Financial Activity. Governance costs include costs relating to the independent examination, legal fees, accountancy fees and the provision of the services of professional trustees.
Investments
Fixed asset investments are stated at fair value as at the balance sheet date. The Statement of Financial Activity includes the net gains and losses arising on revaluation and disposals throughout the year.
Page 8
HERAPATH SHENTON TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activity as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening carrying values (purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
2) ANALYSIS OF INCOMING RESOURCES
| Income and endowments from: Donations and legacies Investments Bank deposit account interest Charles Stanley deposit account interest Dividends and interest Insurance refunds Other Total |
Total Funds 2024 - - 19,571 3,261 56,943 - 79,775 - - 79,775 |
Total Funds |
Total | ||
|---|---|---|---|---|---|
| 2023 - - 4,246 60 55,214 - 59,520 - - 59,520 |
Page 9
HERAPATH SHENTON TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024
3) ANALYSIS OF RESOURCES EXPENDED
| Costs directly allocated to activities : Stock brokers fee Donations to charities Support costs allocated to activities : Computer maintenance and website Insurance Bank charges Foreign exchange losses/(gains) Legal and professional fees Trustees emoluments (see note 4) Accountancy Total |
Raising funds 10,198 - - - - - - - - 10,198 |
Charitable activities - 7,100 216 - 70 - 1,800 - 1,176 10,362 |
Other - - - - - - - - - - |
Total 2024 10,198 7,100 216 - 70 - 1,800 - 1,176 20,560 |
Total 2023 10,297 39,806 125 - 82 - - - 1,176 51,486 |
||||
|---|---|---|---|---|---|---|---|---|---|
Page 10
HERAPATH SHENTON TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024
4) Trustees Emoluments & staff costs
The Trustees make no charges for fees, as none of them are any longer involved in their previous professions.
J. R. Harrison is no longer connected with Harrison Black Limited who provide accountancy services.
5) Taxation
The charity is exempt from tax on its charitable activities.
6) Investments
| Fair Value At 1st August 2023 Purchases at cost Disposals at market value Realised gain on disposals Net gain on revaluation Market Value at 31st July 2024 Cost as at 31st July 2024 7) DEBTORS Other debtors Prepayments and accrued income There are no amounts falling due after more than one year. 8) CASH AT BANK AND IN HAND Bank reserve account Bank current account Charles Stanley capital and income account |
Investment Property - - - - - - - 2024 £ - 2,836 2,836 2024 £ 586,996 121,360 5,526 713,882 |
Quoted Investments 1,632,539 112,963 (120,403) 1,596 120,130 1,746,825 1,247,737 2023 £ 55,074 62 55,136 2023 £ 572,841 15,619 7,342 595,802 |
||
|---|---|---|---|---|
Page 11
HERAPATH SHENTON TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024
| 9) 10) 11) |
CREDITORS Amounts falling due within one year Other creditors and accruals ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed Assets Current Assets Creditors due within one year ANALYSIS OF MOVEMENT IN FUNDS At 1st August 2023 Unrestricted Funds General Fund 2,280,962 Realised gain on investments - Unrealised gain on investments - Total 2,280,962 |
Unrestricted | Unrestricted |
|---|---|---|---|
| Funds |
12) CAPITAL COMMITMENTS
There are no authorised or contracted capital commitments at the balance sheet date.
13) AVERAGE EMPLOYEES
The average number of employees during the year was nil (2023 - nil).
Page 12