**Charity number: 258555** ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 JUNE 2022** ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 3| |**Independent examiner's report**|4 - 5| |**Statement of financial activities**|6| |**Balance sheet**|7| |**Notes to the financial statements**|8 - 14| ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022** |**Trustees**|N J Camamile| |---|---| ||H Newson| |**Charity Registered**
**Number**
258555
**Principal Office**
C/O Chattertons Solicitors & Wealth Management
St Swithin's Court
1 Flavian Road, Nettleham Road
Lincoln
LN2 4GR
**Accountants**
Streets LLP
Chartered Accountants
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
**Bankers**
Virgin Money
8 Guildhall Street
Lincoln
LN1 1TT
**Solicitors / Charity**
**Administrator**
Chattertons Solicitors & Wealth Management
St Swithin's Court
1 Flavian Road, Nettleham Road
Lincoln
LN2 4GR
**Investment Advisors**
Brewin Dolphin Limited
Olympic House
Doddington Road
Lincoln
LN6 3SE|| Page 1 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2022** The Trustees present their annual report together with the financial statements of the charity for the year 1 July 2021 to 30 June 2022. ## **Objectives and Activities** ## **a. Policies and Objectives** In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. The Trustees have wide discretion to apply the funds held by the charity "for the relief and benefit of physically handicapped persons or groups of persons". ## **b. Activities for Achieving Objectives** The policy of the Trustees is to use charity income to make charitable grants and the investment policy is geared slightly towards income rather than capital growth. ## **Achievements and Performance** ## **a. Review of Activities Including Key Performance Indicators** During the year, the charity continued to generate income from its portfolio of investments and bank balances totalling £27,621 (2021 - £30,568). The market value of investments held at the year end has decreased from £1,252,037 as at 30 June 2021 to £1,037,476 as at 30 June 2022. ## **b. Investment Policy and Performance** The Trustees have appointed Brewin Dolphin Limited to hold their investments in nominee names and have delegated discretionary management powers to them. The investment objectives are set as income and capital growth. ## **Financial Review** ## **a. Going Concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. ## **b. Reserves Policy** The level of reserves maintained is sufficient to ensure the charity’s ability to continue indefinitely. ## **Structure, Governance and Management** ## **a. Constitution** South Nottinghamshire Centre Fund is a registered charity, number 258555, and is constituted under a Trust deed. ## **b. Methods of Appointment or Election of Trustees** The Trustees of the deed will be not less than two or more than five in number. The power of appointing new trustees hereof shall be vested in the surviving or continuing Trustees. ## **c. Organisational Structure and Decision-Making Policies** A policy statement for the investment of funds was agreed between the Trustees and the investment advisors, Brewin Dolphin Limited, on 2 June 2002. Page 2 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022** ## **d. Related Party Relationships** Administration services are provided to the charity by Chattertons in which H Newson is a partner. Details of the transactions in the year are disclosed in note 14 to the financial statements. ## **e. Risk Management** The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. ## **Plans for Future Periods** The Trustees hope to raise awareness of the funds available and to encourage suitable applications for assistance. ## **Statement of Trustees' Responsibilities** The Trustees are responsible for preparing the Trustees' report and the 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 & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) 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 adequate accounting records that are sufficient to show and explain the charity's transactions and 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. Approved by order of the members of the board of Trustees on _________________________________________________ and signed on their behalf by: **N J Camamile Trustee** Page 3 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2022** ## **Independent examiner's report to the Trustees of South Nottinghamshire Centre Fund ('the charity')** I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 June 2022. ## **Responsibilities and basis of report** As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. 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. Page 4 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022** I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Dated: Robert Anderson FCA Streets LLP Tower House Lucy Tower Street Lincoln LN1 1XW Page 5 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022** |**Note**
**Income from:**
Investments
3
**Total income**
**Expenditure on:**
Raising funds
4
Charitable activities
5
**Total expenditure**
**Net expenditure before net (losses)/gains on**
**investments**
Net (losses)/gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2022**
**£**
**27,621**
**27,621**
**8,965**
**24,591**
**33,556**
**(5,935)**
**(197,034)**
**(202,969)**
**1,319,426**
**(202,969)**
**1,116,457**|**Total**
**funds**
**2022**
**£**
**27,621**
**27,621**
**8,965**
**24,591**
**33,556**
**(5,935)**
**(197,034)**
**(202,969)**
**1,319,426**
**(202,969)**
**1,116,457**|_Total_
_funds_
_2021_
_£_
_26,966_
_26,966_
_8,100_
_95,225_
_103,325_
_(76,359)_
_236,264_
_159,905_
_1,159,521_
_159,905_
_1,319,426_| |---|---|---|---| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 14 form part of these financial statements. Page 6 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **BALANCE SHEET AS AT 30 JUNE 2022** |||||||**2022**|**2022**|||_2021_|_2021_| |---|---|---|---|---|---|---|---|---|---|---|---| ||||**Note**|||**£**||||_£_|| |**Fixed assets**|||||||||||| |Investments|||9|||**1,037,476**||||_1,252,037_|| |||||||**1,037,476**||||_1,252,037_|| |**Current assets**|||||||||||| |Cash at bank and|in hand||||**81,753**|||_69,994_|||| ||||||**81,753**|||_69,994_|||| |Creditors: amounts falling due||within one|||||||||| |year|||11||**(2,772)**|||_(2,605)_|||| |**Net current assets**||||||**78,981**||||_67,389_|| |**Total net assets**||||||**1,116,457**||||_1,319,426_|| |**Charity funds**|||||||||||| |Unrestricted funds|||12|||**1,116,457**||||_1,319,426_|| |**Total funds**||||||**1,116,457**||||_1,319,426_|| |The
financial|statements|were|approved|and|authorised
for
issue|||by
the|Trustees
on||| |_________________________________________________and signed on their|||||||behalf by:||||| ## **N J Camamile Trustee** The notes on pages 8 to 14 form part of these financial statements. Page 7 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **1. General information** The South Nottinghamshire Centre Fund ("the charity") is an unincorporated registered charity. The charity's registered office is at St. Swithins Court, 1 Flavian Road, Lincoln, LN2 4GR. The charity makes grants to individuals and institutions "for the relief and benefit of physically handicapped persons or groups of persons". ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. South Nottinghamshire Centre Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Income** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. ## **2.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The charity has a single activity. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 8 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **2. Accounting policies (continued)** ## **2.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. ## **2.5 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. ## **2.6 Cash at bank** Cash at bank includes amounts held in current account facilities and within the charity's investment portfolio. ## **2.7 Liabilities** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## **2.8 Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **2.9 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Page 9 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **3. Investment income** |**Unrestricted**
**funds**
**2022**
**£**
Income from investment portfolio
27,553
Interest on bank accounts
68
27,621|**Total**
**funds**
**2022**
**£**
**27,553**
**68**
**27,621**|_Total_
_funds_
_2021_
_£_
_26,203_
_763_
_26,966_| |---|---|---| ## **4. Investment management costs** ||**Unrestricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2022**|**2022**|_2021_| ||**£**|**£**|_£_| |Investment management fees|8,965|**8,965**|_8,100_| ## **5. Analysis of expenditure by activities** ||**Grant**|||| |---|---|---|---|---| ||**funding of**|**Support**|**Total**|_Total_| ||**activities**|**costs**|**funds**|_funds_| ||**2022**|**2022**|**2022**|_2021_| ||**£**|**£**|**£**|_£_| |Grants for relief and benefit of physically||||| |handicapped groups or persons|22,000|2,591|**24,591**|_95,225_| Page 10 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **5. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Governance costs
Administration services|**Total**
**funds**
**2022**
**£**
**1,301**
**1,290**
**2,591**|_Total_
_funds_
_2021_
_£_
_1,080_
_1,145_
_2,225_| |---|---|---| ## **6. Analysis of grants** ||**Grants to**|**Total**|_Total_| |---|---|---|---| ||**Institutions**|**funds**|_funds_| ||**2022**|**2022**|_2021_| ||**£**|**£**|_£_| |Grants|22,000|**22,000**|_93,000_| During the year, the charity made grants to the Lincoln University. ## **7. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £145 _(2021 - £120)_ , and accountancy costs of £1,156 ( _2021_ - _£960_ ). ## **8. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2021 - £NIL)_ . During the year ended 30 June 2022, no Trustee expenses have been incurred _(2021 - £NIL)_ . Page 11 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **9. Fixed asset investments** |**Cost or valuation**
At 1 July 2021
Additions
Disposals
Revaluations
At 30 June 2022
**Net book value**
At 30 June 2022
_At 30 June 2021_|**Investment**
**portfolio**
**£**
**1,252,037**
**173,767**
**(177,380)**
**(210,948)**
**1,037,476**
**1,037,476**
_1,252,037_| |---|---| Investments are stated at market value and represent the value of equities held as part of an investment portfolio. All investments are held in the UK. ## **10. Material investments** |UK Bonds
Overseas Bonds
UK Equities
Overseas Equities
Global Investments
Private Equity
Other Investments|**2022**
**£**
**76,948**
**21,512**
**264,377**
**285,272**
**189,134**
**73,713**
**126,520**
**1,037,476**|_2021_
_£_
_116,505_
_26,550_
_315,598_
_341,315_
_226,145_
_92,606_
_133,318_
_1,252,037_| |---|---|---| ## **11. Creditors: Amounts falling due within one year** ||**2022**|_2021_| |---|---|---| ||**£**|_£_| |Accruals|**2,772**|_2,605_| Page 12 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **12. Statement of funds** ## **Statement of funds - current year** |||||||**Balance at**| |---|---|---|---|---|---|---| ||**Balance at 1**||||**Gains/**|**30 June**| |||**July 2021**|**Income**|**Expenditure**|**(Losses)**|**2022**| |||**£**|**£**|**£**|**£**|**£**| |**Unrestricted Funds**||||||| |General Funds||**1,319,426**|**27,621**|**(33,556)**|**(197,034)**|**1,116,457**| |||||||| |**Statement of funds - prior year**||||||| |||||||_Balance at_| |||_Balance at_|||_Gains/_|_30 June_| |||_1 July 2020_|_Income_|_Expenditure_|_(Losses)_|_2021_| |||_£_|_£_|_£_|_£_|_£_| |General Funds||_1,159,521_|_26,966_|_(103,325)_|_236,264_|_1,319,426_| ## **13. Analysis of net assets between funds** **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2022**
**£**
Fixed asset investments
1,037,476
Current assets
81,753
Creditors due within one year
(2,772)
**Total**
1,116,457|**Total**
**funds**
**2022**
**£**
**1,037,476**
**81,753**
**(2,772)**
**1,116,457**| |---|---| Page 13 ## **SOUTH NOTTINGHAMSHIRE CENTRE FUND** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **13. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior year** |Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2021_
_£_
_1,252,037_
_69,994_
_(2,605)_
_1,319,426_|_Total_
_funds_
_2021_
_£_
_1,252,037_
_69,994_
_(2,605)_
_1,319,426_| |---|---|---| ## **14. Related party transactions** Administration services of £1,290 (2021 - £1,145) are fees charged by Chattertons in which H Newson, a trustee, is a partner. These transactions were carried out on an arms' length basis. Page 14