Registered Charity No. 268129
THE PYN & B HYAMS TRUST FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024
NEUHOFF & CO. Chartered Accountants Claydons Barns 11 Towcester Road Whittlebury, Northants NN12 8XU
THE PYN & B HYAMS TRUST
FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
| CONTENTS | PAGE |
|---|---|
| Members of the Board and professional advisers | 1 |
| Trustees Annual Report | 2 |
| Statement of Trustees responsibilities | 3 |
| Independent examiner's report to the trustees | 4 |
| Statement of Financial Activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 10 |
THE PYN & B HYAMS TRUST
MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS
YEAR ENDED 5 APRIL 2024
Registered charity name The PYN & B Hyams Trust Charity number 268129 Trustees Naresh Shah Laurence Newman Accountants Lubbock Fine LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB Independent examiner Marianne Neuhoff FCA Chartered Accountant Claydons Barns 11 Towcester Road Whittlebury Northants NN12 8XU
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THE PYN & B HYAMS TRUST
TRUSTEES ANNUAL REPORT
YEAR ENDED 5 APRIL 2024
The Trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 5 April 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.
THE TRUSTEES
The Trustees who served the charity during the year were as follows:
Naresh Shah Laurence Newman
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity was created by a Deed of Settlement dated 25 July 1974 and is controlled by the Trustees, new Trustees are appointed by the surviving Trustees. The Trustees' policy is to invest funds to provide a continuity of income for the various charities it supports.
OBJECTIVES AND ACTIVITIES
The objectives of the trust are to contribute towards charitable and other similar causes.
ACHIEVEMENTS AND PERFORMANCE
The investment properties continued to produce steady income. The Trustees consider the market value of the investment properties to be not less than their carrying value at the Balance Sheet date.
The net (deficit) / surplus on the revenue account after charitable donations and other expenditure of £76,283 (2023 - £68,631) amounted to (£5,235) (2023 – £1,946). The accumulated fund is unrestricted and the amount carried forward at 5 April 2024 was £882,877 (2023 - £888,112).
The Trustees are satisfied with the results and achievements for the year.
Signed on behalf of the Trustees
................................... – Trustee
Laurence Newman
................................... – Trustee Naresh Shah
��������������� Date: ........................................ Date: ........................................ ���������������
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THE PYN & B HYAMS TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
YEAR ENDED 5 APRIL 2024
The charity's trustees are responsible for preparing the Trustees Annual 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 and 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 the incoming resources and application of resources of the charity for that period. In preparing these 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 Charities 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 operation.
The trustees have carefully considered the Public Benefit Guidance issued by the Charity Commission and are satisfied that the Charity meets these requirements in both its objects and in the furtherance of its objectives in the day to day undertaking of its charitable activities.
The Trustees are responsible for keeping proper accounting records that 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 and the Charity (Accounts and Reports) Regulations 2008. The Trustees 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.
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THE PYN & B HYAMS TRUST INDEPENOENT EXAMINER'S REPORT YEAR ENDED 5 APRIL 2024 I reKK)rt on the accounts of the charity for the year ended 5 Apnl 2024 sel out on paga 5 10 g. The financial repO.g framework that has been apled in their preparation is applicable lo law and United Kingdom Accounting Standards IUK GAAPI. RESPECTIVE RESPONSIBIUTIES OF TRUSTEES ANO INDEPENDENT EXAMINER The charity's trustees are responsible for the preparatn of the accounts. The charity's trustees consider that an audit is not reqvired for this year under paragraph 1.. section 144121 ol the Charitses Act 2011 that an indeFendent examination needed. 1115 rny responsibility to.. examine the arxounts under section 14515) Ib} of the Charities Act 2011.. to follow the procedures laid down in the General Directions gNen by tr¢e Charity Commission (under section 14515) Ibl of the Charities Act 20111.. and lo slate whethgr particular matters have come lo my attention. BASIS OF INDEPENDENT EXAMINER'S STATEMENT My examination was carried out in aecordance with th8 General Directions given by the Charity Commission. An examination includes a reVW of the aecounling fetLJrds kept by the charity and a omparison of the accounts présented those records. 11 also indudes con5ideralion of any unusual itèms or disclosures in the aeeounls, and soekn'ng explanation8 from you as trustees concerning any such mattèTS. The procedures undertaken do not provide all the evidence that would be required In an audit, and consequently I do not express an audit opinion on wheihgr the accounts present a 'lrue and lair view and the report 1$ limited to th¢Jsa matters sel out in the $tal8menl below. INDEPENDENT EXAMINER'S STATEMENT In connection wrth my examination, no matter has come to my attention.. 111 whlch gwes me reasonable cause lo b8lieve that in any material respect the Iruslees have not mgt the requirements to ensure that proper accounting recofds are kept in accofflance wlh section 130 of the Charities Act., accoun15 are ppared which agree with the a¢ntIng records and ¢omply wth the accounting requiremènls of the Act". or 121 lo which, in my opinion, attention should be drawn in ordef to enable a PTopef understanding of th8 accounts lo be reached. Marianne Neuhoff FCA Independent examiner Chartered Accountsnt Claydons Barns 11 Towcest&r Road ittlebury Northants NN12 8XU
THE PYN & B HYAMS TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 5 APRIL 2024
| Total Funds | Total Funds |
||
|---|---|---|---|
| 2024 | 2023 | ||
| Notes | £ |
£ | |
| INCOMING RESOURCES | |||
| Incoming resources from generating funds: | |||
| Investment income | 2 | 71,048 | 70,577 |
| ---------------------------- | ---------------------------- | ||
| TOTAL INCOMING RESOURCES | 71,048 | 70, 577 | |
| ---------------------------- | ---------------------------- | ||
| RESOURCES EXPENDED | |||
| Costs of generating funds: | |||
| Investment management costs | 3 | (6,372) | (2,282) |
| Charitable activities & support costs | 4 | (69,911) | (66,349) |
| ---------------------------- | ---------------------------- | ||
| TOTAL RESOURCES EXPENDED | (76,283) | (68,631) |
|
| ---------------------------- | ---------------------------- | ||
| NET INCOMING/(OUTGOING) RESOURCES BEFORE OTHER | |||
| RECOGNISED GAINS AND (LOSSES) | (5,235) | 1,946 |
|
| OTHER RECOGNISED GAINS AND (LOSSES) | |||
| Unrealised gain on revaluation | - | 85,000 | |
| ----------------------------------------- | ----------------------------------------- | ||
| NET MOVEMENT IN FUNDS | (5,235) | 86,946 |
|
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 888,112 | 801,166 | |
| ------------------------------------------ | ------------------------------------------ | ||
| TOTAL FUNDS CARRIED FORWARD | 882,877 ========================================== |
888,112 ========================================== |
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
The notes on pages 7 to 10 form part of these financial statements.
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THE PYN & B HYAMS TRUST
BALANCE SHEET
AS AT 5 APRIL 2024
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS: Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted income funds 10 TOTAL FUNDS |
2024 £ £ 860,000 17,230 47,603 64,833 (41,956) 22,877 ------------------------------------------ 882,877 ------------------------------------------ 882,877 ========================================== 882,877 ------------------------------------------ 882,877 ========================================== |
2023 £ £ 860,000 23,646 25,040 48,686 (20,574) 28,112 ------------------------------------------ 888,112 ----------------------------------------- 888,112 ========================================== 888,112 ------------------------------------------ 888,112 ========================================== |
|---|---|---|
��������������� These financial statements were approved by the trustees on ............................................... and are signed on their behalf by:
................................... – Trustee
Laurence Newman
................................... – Trustee
Naresh Shah
The notes on pages 7 to 10 form part of these financial statements.
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THE PYN & B HYAMS TRUST
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
1. ACCOUNTING POLICIES
Basis of preparation of going concern
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these 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 (Charities SORPS FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom & Republic of Ireland (FRS 102) and the Charities Act 2011.
The PYN & B Hyams Trust constitutes a public benefit entity as defined by FRS 102.
The principle accounting policies, which have been applied consistently, are set out below.
The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Donations
All monetary donations and gifts are included in full in the statement of financial activities when receivable, provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met. If there are donor restrictions and the funds have been received then these are recognised as restricted funds.
Expenditure
All expenditure, which is charged on an accruals basis, is allocated between:
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1) Expenditure incurred directly to the fulfillment of the charity’s objectives together with support costs relating to these activities
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2) Expenditure incurred in order to raise funds for charitable activities including support costs;
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3) Expenditure incurred in the governance of the charity and its assets
Fund accounting
Unrestricted funds are rental and other incoming resources received or generated for expenditure on the general objectives of the charity.
Investment properties
The investment properties are carried at fair value determined annually by the trustees who have accordingly applied prudent valuations and derived from the current market rents and investment property yields for comparable real estate. No depreciation is provided and changes in fair value are recognised in the statement of financial activities.
The notes on pages 7 to 10 form part of these financial statements.
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THE PYN & B HYAMS TRUST
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
2. INVESTMENT INCOME
| Unrestricted | Total Funds | Total Funds | ||
|---|---|---|---|---|
| Funds | 2024 | 2023 | ||
| £ | £ | £ | ||
| Rental income from UK investment properties | 70,250 | 70,250 | 70,250 | |
| Interest income | 798 | 798 | 327 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| 71,048 | 71,048 | 70,577 | ||
| ============================ | ============================ | ============================ | ||
| 3. | COSTS OF GENERATING FUNDS | |||
| Unrestricted | Total Funds | Total Funds | ||
| Funds | 2024 | 2023 | ||
| £ | £ | £ | ||
| Property management fees | 2,070 | 2,070 | 2,282 | |
| Insurance | 230 | 230 | - | |
| Agent fees in relation to new lease | 4,072 | 4,072 | - | |
| ----------------------- | ----------------------- | ----------------------- | ||
| 6,372 | 6,372 | 2,282 | ||
| ======================= | ======================= | ======================= | ||
| 4. | COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE | |||
| AND SUPPORT COSTS | Unrestricted | Total Funds | Total Funds | |
| Funds | 2024 | 2023 | ||
| £ | £ | £ | ||
| Grants to institutions | 60,000 | 60,000 | 60,000 | |
| Bank charges | 3 | 3 | 2 | |
| Accountancy fees | 2,736 | 2,736 | 3,918 | |
| Independent examination fee | 600 | 600 | 600 | |
| Professional fees | 6,572 | 6,572 | 1,829 | |
| ------------------------------ | ------------------------------ | ------------------------------ | ||
| 69,911 | 69,911 | 66,349 | ||
| ============================ | ============================ | ============================ |
5. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Grant funding | Total Funds | Total Funds | |
|---|---|---|---|
| activities | 2024 | 2023 | |
| £ | £ | £ | |
| Grants to institutions | 60,000 | 60,000 | 60,000 |
| ============================ | ============================ | ================================ |
6. STAFF COSTS AND EMOLUMENTS
There were no staff employed in the current year or prior year. The total employment benefits of key management personnel were Nil (2023 – Nil).
During the year no trustees were reimbursed for expenses in respect of support costs (2023 - Nil).
The notes on pages 7 to 10 form part of these financial statements.
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THE PYN & B HYAMS TRUST
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
7. INVESTMENTS
| Movement in market value | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Market value at 6 April 2023 | 860,000 | 775,000 | |
| Unrealised gain on revaluations in the year ended 5 April 2024 | - | 85,000 | |
| ------------------------------------------ | ------------------------------------------ | ||
| Market value at 5 April 2024 | 860,000 | 860,000 | |
| ========================================== | ========================================== | ||
| Historical cost at 5 April 2024 | 790,350 | 790,350 | |
| =================================== | ==================================== | ||
| Analysis of investments at 5 April 2024 between funds | |||
| Total | Total |
||
| Unrestricted | Unrestricted |
||
| Funds | Funds |
||
| 2024 | 2023 | ||
| £ | £ | ||
| Other investments | |||
| UK Investment Property | 860,000 | 860,000 | |
| ========================================== | ========================================== | ||
| 8. | DEBTORS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Other debtors - Amounts held by letting agents | 15,980 | 23,646 | |
| Accrued income | 1,250 | - | |
| ------------------------- | ---------------------------- | ||
| 17,230 | 23,646 | ||
| ============================ | ============================ | ||
| 9. | CREDITORS: Amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Rent received in advance | 15,315 | 15,315 |
|
| Accountancy, professional & Independent examination fees accrued | 3,739 |
5,259 |
|
| Other creditors – tenant’s rent deposit | 22,902 | - |
|
| ---------------------------- | ---------------------------- | ||
| 41,956 | 20,574 |
||
| ============================ | ============================ | ||
| 10. | UNRESTRICTED INCOME FUNDS |
| Unrealised | ||||||
|---|---|---|---|---|---|---|
| Balance at | Incoming | gain on | Outgoing | Balance at | ||
| 6 | April 2023 | resources | revaluation | resources | 5 April 2024 | |
| £ | £ | £ | £ | £ | ||
| General Funds | 888,112 | 71,048 | - | (76,283) | 882,877 | |
| ========================================== | ================================== | ================================== | ============== =========================== | ========================================== |
The notes on pages 7 to 10 form part of these financial statements.
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THE PYN & B HYAMS TRUST
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Net current | |||
|---|---|---|---|
| Investments | assets | Total | |
| £ | £ | £ | |
| Unrestricted Income Funds | 860,000 | 22,877 | 882,877 |
| ------------------------------------------ | ---------------------------- | ------------------------------------------ | |
| Total Funds | 860,000 | 22,877 | 882,877 |
| ========================================== | ============================ | ========================================== |
12. RELATED PARTY NOTE
One of the trustees is a member of Lubbock Fine LLP and the other trustee is a consultant who both carry out the accounting and administration functions for the charity – fees to Lubbock Fine LLP amounted to £9,308 (2023: £5,747).
The notes on pages 7 to 10 form part of these financial statements.
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