2023-12-31-accounts

THE FEOFFEE CHARITY (ESTATE CHARITY)

THE PARISH OF KINGSTEIGNTON

TRUSTEES' REPORT AND FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE FEOFFEE CHARITY (ESTATE CHARITY)

FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS

	Page
Charity Information	1
Trustees' Report	2
Independent Examiner's Report	3
Statement of Financial Activities (Receipts and Payments)	4
Statement of Assets and Liabilities	5
Notes to the Financial Accounts	6

THE FEOFFEE CHARITY (ESTATE CHARITY)

FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

CHARITY INFORMATION

Clerk	Mrs S Coombes
Board of Trustees	Rev M Smith - Chairperson
	Mrs B Austen
	Ms J Edwards
	Mr I Avery
	Mr R Peart
	Mrs J Warren
	Mrs M Bonnell
Registered Charity Number	265541
Contact Address	The Vicarage
	Daws Meadow
	Kingsteignton
	Newton Abbot
	Devon
	TQ12 3UA
Independent Examiner	Andrew J Redmayne FFA FMAAT FFTA
	Redmayne & Co
	11 Oakford
	Kingsteignton
	Newton Abbot
	Devon
	TQ12 3EQ

Page 1

THE FEOFFEE CHARITY (ESTATE CHARITY) CHARITY NUMBER 265541

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Board of Trustees present their report and the financial accounts for the year ended 31 December 2023.

Board of Trustees

The trustees who served during the year are as stated below:

Rev M Smith - Chairperson Mrs B Austen Miss J A Sumner (to 24 July 2023) Mr I Avery Mr R Peart Mrs J Warren Mrs M Bonnell Ms J Edwards (appointed 24 July 2023)

Selection of Charity Trustees

Trustees may be removed or appointed in accordance with the Schemes of the Charity Commission referred to below.

Trustees' Responsibilities

The responsibilities of the trustees in relation to the financial accounts are set out in the independent examiner's report on page 3.

Governing Document

The charity is constituted by a Scheme of the Charity Commission dated 3 September 1862, as amended by a further Scheme dated 4 March 1964.

Charitable Objectives

The main objects of the charity are:

1. To benefit the public by providing accommodation in the Parish of Kingsteignton.

2. To use the clear income of the Charity to benefit the Parish in three main areas:

3. a) One part for the upkeep of the Parish Church of Kingsteignton.

4. b) One part for the provision of education in the Parish.

5. c) And the third part for the benefit of the sick and the poor of the Parish.

Note: "Clear Income", as mentioned above, is the residual income after allowing for expenses, management and necessary provisions. It is then divided into three equal parts. However, the Trustees have the right to vary the proportions from time to time subject to the sanction of the Charity Commission.

Financial Review

The Trustees consider the results for the year and the position of the Charity at the end of the year to be satisfactory.

The Trustees have had regard to the guidance issued by the Charity Commission on public benefit.

It is the Charity's policy to ensure that it retains sufficient reserves to cover foreseeable and unforeseeable future costs.

The Charity remains well positioned to continue undertaking its charitable objectives.

This report was approved by the Board of Trustees on 22 July 2024 and signed on their behalf by

Rev M Smith Chair of Trustees

Page 2

THE FEOFFEE CHARITY (ESTATE CHARITY)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FEOFFEE CHARITY (ESTATE CHARITY)

I report to the trustees on my examination of the accounts of the Feoffee Charity (Estate Charity) (the Charity) for the year ended 31 December 2023.

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 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

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 Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records.

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.

Andrew J Redmayne FFA FMAAT FFTA Redmayne & Co 11 Oakford Kingsteignton Newton Abbot Devon TQ12 3EQ

22 July 2024

Page 3

THE FEOFFEE CHARITY (ESTATE CHARITY)

STATEMENT OF FINANCIAL ACTIVITIES RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

Notes Receipts 2 Expenses Direct Charitable Expenditure 3 Donations 4 Other Expenditure 5 Net Receipts / (Payments) for the year Opening cash and bank balances Closing cash and bank balances	Unrestricted Funds £ 136,550 11,902 11,600 1,428 24,930 111,620 92,222 203,842	2023 Restricted Funds £ - - - - - - - -	Total Funds £ 136,550 11,902 11,600 1,428 24,930 111,620 92,222 203,842	2022 Total Funds £ 33,966
				10,548 6,500 1,343
				18,391
				15,575 76,647
				92,222

In accordance with section 133 of the Charities Act 2011 the Trustees have elected for these financial accounts to be prepared on a receipts and payments basis. As such the figures may include income or expenditure received or paid during the year but which relates to a different accounting period.

These financial accounts were approved by the Board of Trustees on 22 July 2024 and signed on their behalf by:

Rev M Smith Chairperson

Page 4

THE FEOFFEE CHARITY (ESTATE CHARITY)

STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023

Cash at bank and in hand Bank and building society accounts: Co-Operative Community Directplus Account Co-Operative Business Select 14 day Account (includes £107,780 asset sale proceeds pending anticipated reinvestment) Cash in hand: General petty cash Investment assets Held for investment purposes: 550.68 COIF Charities Investment Fund Income Shares Freehold properties held by the charity for rental purposes: 15 Fore Street, Kingsteignton, Newton Abbot 16 Fore Street, Kingsteignton, Newton Abbot 18A Fore Street, Kingsteignton, Newton Abbot 18B Fore Street, Kingsteignton, Newton Abbot 19 Fore Street, Kingsteignton, Newton Abbot All assets are held in the unrestricted fund. 17 Fore Street, Kingsteignton, Newton Abbot was sold in July 2023. Other assets Amounts held by letting agent for future property repairs/improvements Liabilities The only material liabilities of the charity are: Accountancy/independent examiner's fees	2023 £ 23,670 180,165 203,835 7 203,842 2023 £ 1 2023 £ 720	2022 £ 52,512 39,703
		92,215 7
		92,222
		2022 £ 1
		2022 £ 690

Page 5

THE FEOFFEE CHARITY (ESTATE CHARITY)

NOTES TO THE FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies

• Accounting convention

The financial accounts are prepared on a receipts and payments basis under the historical cost convention.

2. Receipts

Rent received Investment Income - COIF income units Investment Income - bank interest Bank compensation Asset sale: net disposal proceeds		2023	Total Funds £ 28,008 300 462 - 107,780 136,550	2022
	Unrestricted Funds £ 28,008 300 462 - 107,780 136,550	Restricted Funds £ - - - - - -		Total Funds £ 33,515 299 52 100 -
				33,966

3. Direct charitable expenditure

Unrestricted Funds £ Letting agency commission and introductory fees 3,601 Property repairs, maintenance and improvements 4,545 Insurance 1,246 Council tax 2,510 Light and heat - 11,902		2023	Total Funds £ 3,601 4,545 1,246 2,510 - 11,902	2022
		Restricted Funds £ - - - - - -		Total Funds £ 4,792 2,110 1,772 1,776 98
				10,548

4. Donations

Unrestricted Funds £ Kingsteignton Feoffees Poor Persons Charity 2,600 Rydon School 1,500 St Michael's School 1,500 St Michael's Church 4,500 Kingsteignton Primary School 1,500 11,600 Other expenditure Unrestricted Funds £ Postage and stationery - Honorarium 100 Valuation re possible property sale - Property sale costs 655 Accountancy including independent examiner's fees 673 1,428		2023	Total Funds £ 2,600 1,500 1,500 4,500 1,500 11,600 Total Funds £ - 100 - 655 673 1,428	2022
		Restricted Funds £ - - - - - - 2023		Total Funds £ - 1,500 1,500 3,000 500
				6,500
				2022
	Unrestricted Funds £ - 100 - 655 673 1,428	Restricted Funds £ - - - - - -		Total Funds £ - - 700 - 643
				1,343

5. Other expenditure

6. Taxation

The activities of the Charity are exempt from corporation tax.

Page 6